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Jeff Macke's Replacement Explains Why Oil Is Going To $93-98
A new requirement for CNBC in its quest to regain some of its collapsing ratings: drunk guests, or at least people who do an amazing Jeff Macke impersonation. To wit, Sean Brodrick of Weiss Research, explaining why oil is going to the moon (we quote verbatim): "Just today... well, that's interesting, right today, we're seeing the, uh, a bond, actually move, like, lower so as the move lower, as they move out of the bonds, it moves into the, uh, it, like, moves into energy. However that's short-term. In the intermediate term I think we should see $93 to, like, $98 just because of this expectation that around the world things will improve."
It doesn't end there:
"One thing I would like to address is, like, all the, like, new oil we can find here, costs a lot of money to get out of the ground. They have oilwells in the Gulf of Mexico that are as deep as Mount Everest is high. You can get oil out of them, but they aren't going to be cheap oil. So the replacement oil we find tends to be very expensive. Over the long-term this is going to drive the price of oil much, much higher.So I don't see $50 oil unless there is a major global depression, and I really think that's an outlier, I don't think that really gonna happen."[Sic throughout]
Someone please send us the copy of Introductory Drilling for Idiots book from which the distinguished guest got his insight into the oil market. At least we can take comfort in Sean's soothing words of tremendous insight that a depression is not going to happen. After all he speaks for everyone who is at least just as smart as he is.
It is not fair that CNBC hides these diamonds in the rough, and does not give them their own shows, either to segue into Cramer, or to rule over that much coveted 8pm spot which used to be Dennis Kneale's kingdom. It would do miracles to those collapsing ratings. In other news, these are the kinds of people who are left to trade markets: should explain pretty much everything.
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Choke
It's difficult to watch. You could see him struggle to look inward and visualize how interest rates and bond prices move inversely and then verbalize it. This is a prime example of why I write and not speak. Because I would look like that guy. :>)
I guess when you don't have a teleprompter in front of you it gets a little more difficult to remember your lines especially when they only deliver them 15 minutes before you go "On The Air".
Bring back Dennis Kneale.
DavidC
well, look what all the "slick" folks did>
Switch on those taps - just make sure its cold .
I see oil going above $90 with a depression, and easily to $140 and beyond, with an economic "recovery", hence the need for "Cap N Trade" which is for all those folks that can't afford $140/bbl oil.
People forget Cap N Trade isn't for "global warming", its primary purpose is income redistribution.
How else can the poor & middle class afford massive currency debasement?
They can't.
I can see the future - traffic chocked streets of Beijing and masses of the proletariat happily cycling to to the great workplaces of London and New York to continue their vital work of allocating capital in thee most efficient manner
Ah maybe we won't bring you back soon, moron.
This guy should work at my company. He'd fit right in. Schedule a teleconference and there is bound to be some joker who has to blabber on about nothing, just so the boss knows he's calling in instead of popping a frosty at opening day.
No one touches Macke's meltdown... no one.
"just nod your head and say okay...."
I was wondering if he would ever open his eyes again.....
Yea, I've noticed that CNBC haven't been getting the big names as much anymore. Maybe they have ran for the hills and/or just don't want their name on the propaganda when the crap hits the fan.
Well, I think we ARE in a depression because if you calculate the unemployment rate the way they did in the 1930's, it is more like 20%. And I think it will get worse. That will bring oil down into the 50's. In the long term, oil will be going to the stratosphere due to the weak dollar, peak oil, etc, which is why I'm in the process of converting my house to natural gas.
While we are on the subject of oil, I have to correct something I said a while back. I said thatI thought the estimates of Iraq producing 12 million BOPD were way over-exagerated. After speaking with some people in Egypt, these estimates are accurate. They say the problem with Iraq is that they kicked out the Western oil people in the early '70's, and they can't manage the industry themselves. I was suprised they said that. But none of them think Iraq will ever produce that much because the place will collapse into a civil war the minute the US armed forces leave. Apparently the US whacked the only person that could keep order in Iraq, Saddam Husein.
Apparently the US whacked the only person that could keep order in Iraq, Saddam Husein.
I believe the correct word was hung. What a way to treat an old friend.
And thus created the Middle East power vacuum that Madmood Iminajihad has stepped in to fill. Thanks Dubya! Even your daddy knew better than to set that disaster in motion.
They have oilwells in the Gulf of Mexico that are as deep as Mount Everest is high.
Where did the get this guy, from the back ally.
Mind if I recap the original...
Dennis Kneale: Macke let’s start with you…Patty Daum is talking about how the credit markets tonight are really thawing tonight…and her sources tell her it’s going to be helping the stock market. What do you think of that?
Jeff Macke: I have no idea Dennis…I’m going to talk to you like a child…if you understand what I’m saying, just say ‘yeah.’
DK: Okay, yeah.
JM: Yeah…see…you’re what happens when you’re trying to talk to car people at like half an hour ago…I dismissed these people as idiots YEARS AGO. And not that I finally try and engage them, they have no idea what I’m talking about.
DK: Okay…
http://dealbreaker.com/2009/05/jeff-mackes-new-approach-to-cnbc-commenta...
Macke is the man.
At least we can take comfort in Sean's soothing words of tremendous insight that a depression is not going to happen
???????
Watching this jerks free a memorable righteous indignation line from the "Heathers" cow-tipping scene uttered by Christian Slater, "sorry, I'm feeling a little superior tonight."
beyond some who have objections to his content, i think broderick has an issue with stuttering. my brother also has the same condition with a similar delivery. stuttering can be exhaserbated under stressful situations. if so, feel free to object to the content, but show some compassion to the delivery.
http://www.youtube.com/watch?v=Xoglm_HcPzs haha another nail in the coffin of the sec if this is true..the russsia today reporter has nice solid d cups so it's worth the view..
That was painful to watch. Thanks Tyler.
+1
Reminded me of Yeltsin http://www.youtube.com/watch?v=FZykFtKkeOk&feature=related
Anyone catch Ron Insana hosting on Bloomberg today? Did he got a regular gig there?
atleast he finished strong
Any "investor" that cheers for higher oil prices is a fucking moron with no foresight.
Sss..sss.sss.sss..sstutter much?
LOLOLOLOLOLOL!
I expect Obama to appear on CNBC in the coming weeks...
White House to media--'Don't report what you discover'
http://www.examiner.com/x-37620-Conservative-Examiner%7Ey2010m4d5-White-... ^
White House to media--'Don't report what you discover' April 5, 5:31 PM
Conservative Examiner
Anthony G. Martin
In light of numbing revelations over the last several days concerning fraudulent statements on Barack Obama's resume, this piece of information curiously comes to light.
The White House has instructed the 'mainstream media' not to report what they may discover.
The White House directive was issued as part of a deal struck between the Office of the President and reporters of the mainstream media.
In exchange for being given unprecedented access to Barack Obama, reporters would promise not to report 'certain matters' they may discover while covering the President.
He'll get the swing of things. Sean has been on Howestreet for yeArs talking about commodities and it's been a decent track record. He's just nervous about TV.
He has interesting insights into specific miner plays and generally is a bear on the markets.
Oil going higher is dubious- but who out here is going to bet the farm it won't go to 90. Noooobody.
DTO = doubleshort oil. Put yer toxic cash where the mouth is...
What is really getting me to the point of violence is that buffalo mozzarella farmers were cutting the real buffalo milk with something other than pure buffalo milk.
I've totally lost interest in the US markets. I don't give a phuck if we go to the moon. I have greater headaches. Like don't PHUCK with the buffalo mozz. Is that too friggin much to ask?
I guess so. If that is not an indication of what is going on in Europe than I don't know what is...unless we now have to question Cotes Du Rhone also. Now just shoot me.
NOTHING IS SACRED ANYMORE!
that's fucked up man. NOBODY fucks with my pizza.
So, like, the guy was nervous, ok. Like, maybe public speaking is new for him, ok. So, like, not sure, but, like, cut the guy some slack. [sic=sarcasm]
Jesus, if I ever debate anybody on air I'm gonna pick this guy.
Both guys are tools doing their "job" to perpetuate maximum confusion for the masses to help part them from their money.
Comical (delusional really) that the blathering buffoon thinks a global depression is an "outlier" event.
CNBS IS PATHETIC!
The trading and legal history can be hard to find as it is on a different web page and not on the money and markets web site where it should be. It is also under a vague heading, it's there but not in plain sight. You will see why it's been buried away when you view the results as most of the subscriptions show massive losses. Because Martin Weiss and his associates such as Larry Edelson, Tracey L Butz and Jack Crooks are under pressure regarding their performance, they have now started to state that 90% will expire worthless.
http://www.moneyandmarkets.co.uk/
Martin Weiss Larry Edelson Jack Crooks Tracey L Butz
Nilus Mattive Claus Vogt
PLEASE DO NOT TRUST THESE PEOPLE
Oil is up because the WS Banks have Tankers full of oil ..they are the reason for high oil.
Wall Street speculating.
The supertankers, each of which can hold over 2 million barrels of oil, are steaming “all ahead full” to deliver their stores of crude, heating oil and other distillates to the United States.
Their clients - which include several huge Wall Street investment firms - are eager to unwind what’s become known as the oil storage trade.
Since late 2008, Goldman Sachs Group Inc. (GS: 173.16 0.00 0.00%), JPMorgan Chase & Co. (JPM: 45.34 0.00 0.00%) and Morgan Stanley (MS: 29.29 0.00 0.00%) and other investors have been accumulating oil and putting it in storage on huge tanker ships.
Quest for ratings..... so F**** Dumb!
My god. In Russia, alcoholics would say this guy has a drinking promblem. Cheers.
My God. In Ireland, people would say this guy needs more drink. Slainte.
Because Martin Weiss and his associates
the $ 5000 dollar men. your have just five days and two slots left ,
Sean Brodrick has been calling for gold to fall to the 900s.
Good luck with that call, Sean.
Sean is expecting a strong economic recovery. Is that AFTER the PIIGS countries along with the other 14 nations have a debt default?
What about the December 31, 2009 article discussing the 26 mile long glut of idle oil tankers at The Oil Drum and other blogs.
Maybe certain financial bank investment houses are manipulating the oil market.
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