"People may be interested to listen to him to get the longer-term perspective," Mr. Schwab said in an interview.

And, Mr. Stumpp said, investors are taking a longer-term perspective toward the market.

Under those sorts of circumstances it makes people take a longer-term perspective.

A longer-term historical perspective on such cycles can be found in the research of the economist Carlota Perez.

Moreover, investors are generally becoming less skittish and taking a longer-term perspective.

"It gives them a longer-term perspective," he said.

Although the duty increases on petrol are above inflation, they are not out of line in a longer-term perspective, as a simple calculation shows.

Instead a much longer-term perspective should be taken.

"The people who actually produce the oil take a much longer-term perspective."

I cannot imagine a longer-term perspective in this situation.