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Obama, Holder Declare War On Oil Traders, "Speculators"

Tyler Durden's picture




 

And for today's case of pure unadulterated idiocy:

  • ( RTR ) 04/21 02:30PM OBAMA SAYS HAS ASKED ATTORNEY GENERAL TO CREATE TEAM TO "ROOT OUT" FRAUD, MANIPULATION IN OIL MARKETS THAT COULD HIT GAS PRICES
  • ( RTR ) 04/21 02:31PM OBAMA, IN PREPARED REMARKS, SAYS TEAM'S FOCUS WILL INCLUDE OIL MARKET TRADERS AND SPECULATORS
  • ( RTR ) 04/21 02:31PM OBAMA SAYS WILL MAKE SURE THAT NO ONE IN OIL MARKET IS TAKING ADVANTAGE OF THE AMERICAN PEOPLE FOR THEIR OWN SHORT-TERM GAIN

Number of mentions of the one true satanic culprit for oil price explosion? Zero. For everything else there is scapegoating. And again. And again.

And the next question: how long before executive order XXXXX decides that it is in the national interest to sequester all black gold held in speculative accounts? And how much after that will all gold be confiscated, without prejudice for color?

h/t Chris

 

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Thu, 04/21/2011 - 14:39 | 1193292 tmosley
tmosley's picture

Oil rationing, coming soon to a former superpower near you!

Thu, 04/21/2011 - 14:43 | 1193315 TheGreatPonzi
TheGreatPonzi's picture

Barry Soetoro and the Bernank perfectly know that WTI>120 is the "end game"

So be prepared for more announcements like this in the coming days. 

Thu, 04/21/2011 - 14:48 | 1193331 TruthInSunshine
TruthInSunshine's picture

What?

No mention of The Bernank's prolific, money printing ways?

Say it isn't so!

Thu, 04/21/2011 - 14:47 | 1193343 magpie
magpie's picture

And someone said print more, and the price will go down.

Thu, 04/21/2011 - 15:14 | 1193473 hedgeless_horseman
hedgeless_horseman's picture

It's those damn short sellers...ban them all...I mean longs.  That's it!  It is the speculators buying that are driving up the price!  Right.  Ban longs...in oil, but shorts in banks.  That's it.  Go get 'em Mr. Attorney General, good ol'...what is his name?

Thu, 04/21/2011 - 15:16 | 1193512 TruthInSunshine
TruthInSunshine's picture

Paul Krugman is advising Obama to urge Bernanke to lower interest rates and to print more dollars to lower oil prices.

Thu, 04/21/2011 - 15:19 | 1193536 Rodent Freikorps
Rodent Freikorps's picture

You gotta wonder if the Goa'uld symbiont comes with the prize.

Thu, 04/21/2011 - 16:35 | 1193651 Kitler
Kitler's picture

( RTR ) 04/21 02:31PM OBAMA SAYS WILL MAKE SURE THAT NO ONE IN OIL MARKET IS TAKING ADVANTAGE OF THE AMERICAN PEOPLE FOR THEIR OWN SHORT-TERM GAIN

 

I just found the culprits. It turned out to be the usual suspects once again. But they are outside of the US and are in it for their LONG TERM gain, thus by-passing Obamas search criterion.

 

 

“Traders of the the ICE core membership (GS, MS, BP, DB, RDS.A, GLE & TOT) wouldn’t really have to put much money at risk by their standards in order to move or support the global market price via the BFOE market. Indeed the evolution of the Brent market has been a response to declining production and the fact that traders could not resist manipulating the market by buying up contracts and “squeezing” those who had sold oil they did not have. The fewer cargoes produced, the easier the underlying market is to manipulate.” – Chris Cook, Former Director of the International Petroleum Exchange, which was bought by ICE.

Goldman Sachs, Morgan Stanley, BP, TOT, Shell, DB and Societe General founded the Intercontinental Exchange in 2000. ICE is an online commodities and futures marketplace. It is outside the US and operates free from the constraints of US laws. The exchange was set up to facilitate ”dark pool” trading in the commodities markets. Billions of dollars are being placed on oil futures contracts at the ICE and the beauty of this scam is that they NEVER take delivery, per se. They just ratchet up the price with leveraged speculation using your TARP money. This year alone they ratcheted up the global cost of oil from $40 to $80 per barrel.

That was then... $120 is NOW!

 

Hell, the Saudi's are even cutting back production.

No shit.

Read.

http://www.forexyard.com/en/market-analysis/commodity/reduced_oil_output_has_little_impact_on_price-2011-04-20

Reduced Oil Output Has Little Impact on Price Wednesday, 20 Apr 2011

Oil prices fell for a second day Tuesday despite recent sentiments expressed by the Organization of Petroleum Exporting Countries (OPEC) and Saudi Arabia in particular. The oil cartel insisted on Monday that global supply was adequate and blamed market speculation and a variety of unrelated factors for the recent run-up in price.

 

 

Next mystery?

Thu, 04/21/2011 - 17:01 | 1194054 silvertrain
silvertrain's picture

Who does he think bids up the s&p?

Thu, 04/21/2011 - 17:05 | 1194074 rocker
rocker's picture

WTF  Now Bambi wants us to believe he thinks somebody will take advantage of us.  Now......

        After the Morque, Godman Shafts and Shitty Bank leveraged oil up.  They did everything from trading the futures market, to buying tankers full of it and holding offshore until they jacked up the price. With our tax dollars, bailout money and pomo funds.  Nice.  Now.......  WTF.......Unbelievable !!!

Thu, 04/21/2011 - 17:08 | 1194092 Rodent Freikorps
Rodent Freikorps's picture

Never forget BP.

They donated a lot of money. They need Libya.

What a coincidence.

Thu, 04/21/2011 - 17:37 | 1194216 Ident 7777 economy
Ident 7777 economy's picture

BP: Tool. A means to an end by the speculators, the hedge funds seeking 10 - 15% return ... regardless of the pain inflicted to the rest of us ...

Thu, 04/21/2011 - 19:58 | 1194736 avonaltendorf
avonaltendorf's picture

They [BP] need Libya.

Not true. Repsol and Eni, yes. BP no.

Thu, 04/21/2011 - 21:58 | 1195010 eatthebanksters
eatthebanksters's picture

Ironic....a week ago he was telling people to buy more fuel efficient cars and get rid of gas guzzlers...now he wants to root out fraud and corruption in the oil markets...why doesn't he attack fraud and corruption in the subprime scam the same way?  It's all a fucking distraction in a lame attempt to pass the responsibility to someone else.  Obama is a worthless fucktard!

Fri, 04/22/2011 - 02:09 | 1195424 US Uncut
US Uncut's picture

Cause he doesn't really intend to do anything. Just that the price of oil at the pump is fresher on people's minds than housing which is so passe. So he can appear to be championing for the little guy.... part of his "hope and change" old strategy. He is hoping he can do good and change the price for us so we will be so happy and reelect him.

Fri, 04/22/2011 - 06:05 | 1195557 jeff montanye
jeff montanye's picture

maybe g.w. bush was wrong about fool me once, shame on you, fool me twice, well won't get fooled again.  but again and again and again by the same guy?  obama managed one of the great long cons in the history of the world but i think he's wrong to try the very same one with the very same marks.  again.

Thu, 04/21/2011 - 17:04 | 1194078 max2205
max2205's picture

Saudi is major pissed at us for Eygpt Prepare!

Thu, 04/21/2011 - 17:11 | 1194083 lynnybee
lynnybee's picture

KITLER :   thank you for that info / am still a learner .   holy crap, now i understand.   it's all such a scam .

Thu, 04/21/2011 - 20:07 | 1194757 Bringin It
Bringin It's picture

We're all still learning Lynnybee.

Thu, 04/21/2011 - 17:58 | 1194336 TheClub55
TheClub55's picture

Saudi's are not "cutting" production... they just can't produce any more.  We are not a peak oil, just peak easy oil and they had lots of easy oil that's ending.

Thu, 04/21/2011 - 19:32 | 1194645 JW n FL
JW n FL's picture
Peak Affordable Oil / Peak Lite Sweet Crude NOT! Peak Oil.. Wake Up Sheepeople! Share with a dumbass friend!
Thu, 04/21/2011 - 21:01 | 1194828 Madcow
Madcow's picture

 

 

 

Thu, 04/21/2011 - 20:44 | 1194829 Madcow
Madcow's picture

yes - 

there is plenty of technology on tap to blast deep sticky hydrocarbons with heat and steam and fuel compounds. military aerospace engineers have figured this out. they can get out the heavy oil and unconventional hydrocarbons.  

oil is expensive - but only for 4-5 more years. 

 

 

Thu, 04/21/2011 - 21:14 | 1194906 CrashisOptimistic
CrashisOptimistic's picture

But in 4-5 more years, even more conventional fields die.

You're trying to run up a down escalator.  You'll get tired.  And then you'll die.

Thu, 04/21/2011 - 21:25 | 1194940 Bent Nail
Bent Nail's picture

I've always thought of it as enery expended to extract oil < energy derived from oil is a winning proposition. This equation is getting closer to equalibrium.

Thu, 04/21/2011 - 21:22 | 1194931 GoinFawr
GoinFawr's picture

kitler is purring

Fri, 04/22/2011 - 07:10 | 1195590 Hexus
Hexus's picture

Great post. This article is another example of zerohedge defending the bankers and hedgefund pirates under the guise of the "free market".

"So what if they're taking our money, putting it into fraudulent financial instruments in order to drive up the prices of food and oil, leaching money out of the real economy and starving millions? If you're against that then you're a communist." - Insane ex-military tea partiers who populate this site.

When will you realise you are useful idiots of the Koch brothers, the whole Libertarian scam is designed to make you believe we shouldn't tax the rich. That is IT!

Mon, 04/25/2011 - 19:42 | 1205828 tomster0126
tomster0126's picture

The Saudis scarily have everyone by the balls...i think the world in the future is going to be run by the Dubai princes and all of these guys sitting on top of their oil hoards.  when everyone else is dying of starvation they'll still be driving supercars.

 

www.forecastfortomorrow.com

Thu, 04/21/2011 - 16:28 | 1193890 jmc8888
jmc8888's picture

Someone needs to pass out the Tretonin to rid us of the bankster goa'uld symbiote (i.e. parasite on the American economy), instead of the monetary heroin or naquadah they prefer.

Glass-Steagall

American (Hamiltonian) Credit System

 

Thu, 04/21/2011 - 18:21 | 1194266 Antarctico
Antarctico's picture

Someone needs to pass out the Tretonin to rid us of the bankster goa'uld symbiote...

What you want to use on the banksters is Goa'uld Symbiote Poison. Tretonin is the life sustaining drug used by a Jaffa after their symbiote larva is removed. Yea, I'm out of the geek closet. ;D

Thu, 04/21/2011 - 18:37 | 1194470 Rodent Freikorps
Rodent Freikorps's picture

+10 seasons.

I thought Claudia Black made it watchable again.

I miss that show.

Thu, 04/21/2011 - 18:51 | 1194535 Antarctico
Antarctico's picture

I thought Claudia Black made it watchable again.

I agree! With a less interesting actress than Claudia Black, the character of Vala could have jumped the shark on SG-1 all by herself.

Thu, 04/21/2011 - 19:52 | 1194567 Rodent Freikorps
Rodent Freikorps's picture

I've been in love with her since Farscape.

She is not only a good actress, she is smoking hot.

Did you know Christina Hendricks got her start on Firefly?

And let's not forget Inara from that show, too.

Scifi chicks are the hottest.

Thu, 04/21/2011 - 21:02 | 1194862 serotonindumptruck
serotonindumptruck's picture

 

"Scifi chicks are the hottest."

+7 of 9

Thu, 04/21/2011 - 21:24 | 1194930 Antarctico
Antarctico's picture

+7 of 9

Ha! I see what you did here! :D

Fri, 04/22/2011 - 00:26 | 1195308 Burnbright
Burnbright's picture

I feel like such a dork for understanding everything you guys are saying.

Fri, 04/22/2011 - 00:56 | 1195360 faustian bargain
faustian bargain's picture

You have been assimilated.

Thu, 04/21/2011 - 18:54 | 1194546 Pez
Pez's picture

Nah just use fast actin' Tinactin. A fungi is a fun-guy

Thu, 04/21/2011 - 17:48 | 1194289 TBT or not TBT
TBT or not TBT's picture

Who is John Goa'uld?   It's Barry Soetero.   There would be no need for the chairsatan to buy so many treasuries nor for the Treasury to sell so many bonds if this anti-american manchcurian candidate had vetoed his evil buddies in Congress down to, oh, a quarter of the deficit level he's running.  

Thu, 04/21/2011 - 19:01 | 1194571 Rodent Freikorps
Rodent Freikorps's picture

John Galt v John Goa'uld. There has to be a good short story in that at least.

Thu, 04/21/2011 - 19:47 | 1194687 tmosley
tmosley's picture

Can you say "crossover"?

lol

Rand's capitalists uncover a stargate, and proceed to use it for what it should have been used for in the first place--trade en extremis.  Galt and his 1940's tech combined with free market efficiency versus the super-advanced Goa'uld and their arcane authoritarian slave economies.

Thu, 04/21/2011 - 18:20 | 1194422 Antarctico
Antarctico's picture

You gotta wonder if the Goa'uld symbiont comes with the prize.

Damn, never thought I would see an Stargate SG-1 analogy on ZH! :)

Thu, 04/21/2011 - 23:42 | 1195220 DeadFred
DeadFred's picture

Reptilian symbionts.  We were put into the reptilian sphere of influence by the treaty of Darvox.  (Sarcasm honestly but you sometimes gotta wonder)

Thu, 04/21/2011 - 15:31 | 1193595 knukles
knukles's picture

".... NO ONE.... IS TAKING ADVANTAGE OF THE AMERICAN PEOPLE FOR THEIR OWN.... GAIN"

Thu, 04/21/2011 - 16:48 | 1194009 Zardinuk
Zardinuk's picture

Obviously the man doesn't understand the mutually beneficial exchange of goods...

Thu, 04/21/2011 - 18:58 | 1194555 Pez
Pez's picture

Not like the SEC understands.

Thu, 04/21/2011 - 16:56 | 1194037 sunkeye
sunkeye's picture

+1 @ hedgles_hors brutally witty or wittily brutal im not sure either way nice one

 

Thu, 04/21/2011 - 22:54 | 1195137 Lets_Eat_Ben
Lets_Eat_Ben's picture

Let's see em' sell the public on the idea that it's also the silver investors who are to blame (which i'm sure they would love to do) then i'll be impressed.

Thu, 04/21/2011 - 17:09 | 1194106 whatsinaname
whatsinaname's picture

A rather long winded but rational rant aka explanation (for the sheeple) as to why gas prices are really rising by a trader -

Deficit Drop Off
Phil Flynn of PFGBEST - InsideFutures.com - Tue Apr 19, 8:43AM CDT
The Energy Report for April 19, 2011

In school we were taught that the US was the bedrock of the global economy and our triple credit rating was almost a foregone conclusion. US bonds were the safest investment in the world and the chance of a default was unthinkable. Of course with our politics in Washington, we now know that we are living in a fool’s paradise and what should be abundantly clear is that we can’t continue to have our cake and eat it too. 

Call it a deficit drop off! Oil prices dropped dramatically after the S&P downgraded the US debt outlook from stable to negative.  Precious metals saw extreme volatility as traders were not quite sure whether to take this news as bullish or bearish. Normally if the US debt rating is lowered the value of interest-rates will have go higher to attract investors to buy our out of control debt.  In that case, the value of the dollar would go higher. Yet higher rates could slow economic growth thereby creating a double whammy for energy prices. Lower demand and a higher dollar would mean lower prices. Normally that would be bearish for precious metal yet the threat of a downgrade for the US could shake confidence in the entire structure of the global economic system, creating a desire to get rid of worthless government paper and get into hard assets like gold, silver and even Black Gold, our precious crude oil. 

Now the question is whether Washington will finally wake up to the very real threat that stands to shake the confidence in the greatness of the Untied States of America. Our politicians live in a fool’s paradise just like the fools that are saying that evil speculators are driving up the cost of oil. Why can’t these people acknowledge the risks that are right in front of them? Why can’t they see that the US debt and the steps to keep our economy afloat is a major factor driving commodities? The Untied States of America is running a dangerous deficit printing money like it is going out of style and we are now at the highest risk of default in many years and people wonder why they have to pay four dollars of US paper to buy a gallon of gas! Is it any wonder why open interest is running to commodities? It is because the fundamentals demand it! Interest rates in the US are below zero forcing money into commodities! 

Wake Up! It is time to grasp the truly historic macroeconomic events that are playing out before our very eyes and realize that by printing money to pay off debt has a real cost to everyone in this country. It impacts the cost of oil. It shakes confidence in the purchasing power of the dollar. It shakes confidence to the global economic infrastructure and makes commodities inherently more valuable. I am tired of the growing attacks on the free markets and freedoms in general as people want to live in a world of denial. The US is in big trouble if they don’t get their budget under control. Oil is more expensive because the US has been printing money to prop up its incredible amount of debt.  I am tired of Washington blaming Wall Street or capitalism or speculators for the global economic problem when the problem is mainly created in Washington by those same politicians. They can’t keep spending money the US doesn’t have. You can’t keep printing money to pay of your gluttonous spending. You can’t keep strangling economic growth by taxing the heck out of the most productive parts out of our economy and continue to expect that we can provide the type of growth it will take to get the economy out of its current fiscal situation. Wake Up!

 

I am tired of analysts with such a narrow view of fundamentals who can’t acknowledge that the market is right and they are wrong. The market is acknowledging the impact of the US debt situation as well as the geo-political threat to oil which is at the highest level since the Arab oil embargo. Ever since I have been in the futures business I have heard people blame speculators for the price increases in oil, yet looking back over the last 25 years you can see a solid fundamental reason for the price moves. In fact I have been telling people since the year 2000 that explosive economic growth in China and OPEC manipulation has been driving the price of oil and not speculators.

 

Thu, 04/21/2011 - 17:47 | 1194263 Ident 7777 economy
Ident 7777 economy's picture

... and not speculators.

- - - -  - - - -  - - - -  - - - -  - - - -  - - - -  - - - -  - - - -

Had me until those last three words ....

What caused the sudden drop (in oil, crude prices, etc) in 2008 again?

Thu, 04/21/2011 - 20:51 | 1194842 John_Coltrane
John_Coltrane's picture

A potential deflationary debt death spiral.  And what is the most valuable commodity in deflation?  Currency and bonds paying a fixed interest.  Every $ needs to be hoarded to pay down debt since it will become even more onerous in the future.  In an inflationary credit/debt fueled economy commodities of every kind are the most valuable because they are finite and debt is good as it becomes more worthless in the future.  In deflation currency is finite.  Which is why we need sound money backed by a commodity (gold, oil etc)  and the elimination of that satan creditor of last resort-the FED. 

Fri, 04/22/2011 - 09:13 | 1195751 Dr. Impossible
Dr. Impossible's picture

"... and not speculators.

- - - -  - - - -  - - - -  - - - -  - - - -  - - - -  - - - -  - - - -

Had me until those last three words ...."

 

 

please keep in mind, what is a "speculator"

http://en.wikipedia.org/wiki/Speculation

 Any asshole can write an opinion, where the break-down in this is the confusion between using an opinion verses fact to base a judgement, personal or otherwise.

 So, what it boils down to is its just some assholes opinion, with ***RISK*** attached, akin to how in U.S. law, the BAR association, (engages in the use of private "legal opinion", and foreign linguistical verbiage in order to disguise/encumber fact). Verses how laws are written(to the letter) by our Congress and signed by the POTUS.<=== i want a refund for all the laws that have been written (and paid-in-full at the time of). For the writing of these laws (paid-in-full by the people at the time of), and subsequently "defunded". As this "defunding of the enforcement of these laws" is nothing short of undermining the efforts deemed necessary by the US Congress, and the U.S.Constitution, and all the labors involved in drafting of laws. Its to my understanding that when laws are writing, funding for enforcement is also included, and agreed upon. This agreement has been violated by the action of "defunding"

 It's my opinion that speculation is what keeps free market capitalism alive. If i can't take the risk(aka speculate) to invest for a gain. Why the hell should i participate, muchless trade/invest/risk my assets against others who have no down-side risks due to taxpayer funded subsidies/bail-outs/laws written to benefit, which manifest as a price discovery issue, and create market distortions not based upon the principles of "supply and demand"(either by way of tangibles<commodities> or intangibles<FRNs,$,credit>) aka free market trade.

disclaimer....i have been long and holding FAZ for about 3 years now..yes have lost my ass on that holding..think i can prove damages on my assets yet?

Fri, 04/22/2011 - 07:22 | 1195601 Hexus
Hexus's picture

Of course he'd say that, he's one of the greedy parasites responsible for the ridiculous oil price. See Kitlers post above for the real cause.

Oil prices reached there highs in 2008 before the crash, they plummeted during the few months of the crash because SPECULATORS were liquidating their positions to get cash.

Fri, 04/22/2011 - 13:47 | 1196670 Dr. Impossible
Dr. Impossible's picture

"because SPECULATORS were liquidating their positions to get cash."

or maybe ....because asset holders were liquidating to speculate on cash.

Thu, 04/21/2011 - 17:45 | 1194277 alangreedspank
alangreedspank's picture

 

Ben said he prints money then said he doesn't. Everything's alright!

 

 

Mon, 04/25/2011 - 19:45 | 1205835 tomster0126
tomster0126's picture

Ever since Ben figured out how to work the printing machine, we haven't been able to get him off of it!  We even tried giving him some cookies, milk, and a stuffed bear to play with, but he wouldn't leave!  now we're just printing money all day and we can't stop.  oh well....lol "Inside Ben's Office"

 

www.forecastfortomorrow.com

Thu, 04/21/2011 - 15:15 | 1193490 Josh Randall
Josh Randall's picture

Soetero, Soetero, Soetero, Soetero -- there, now some @sshole can junk me too

Thu, 04/21/2011 - 17:47 | 1194274 Cpl Hicks
Cpl Hicks's picture

Click your heels together while you say that and you might end up back home in Kenya, or is it Indonesia?

Thu, 04/21/2011 - 17:54 | 1194306 Bay of Pigs
Bay of Pigs's picture

Oahu, Hawaii......or is it Chicago?

LMAO.

Fri, 04/22/2011 - 04:20 | 1195504 DivisionBell
DivisionBell's picture

I think you mean Connecticut.

Thu, 04/21/2011 - 17:13 | 1194123 whatsinaname
whatsinaname's picture

Its funny but his favorite constituency is probably hurting the most from this lopsided policy that BB is implmenting. 2012 is done.

Thu, 04/21/2011 - 23:01 | 1195160 moneymutt
moneymutt's picture

ummm, how is this different than spring of 2008, oil up to $140 barrel, congress investigates speculation, oil drops. When this happened on Ws watch is was just "China" now it is all Bernanke and Obama.....

get off the partisan crap and realize the same folks that screwed us in 2008 are doing it againg, the hedgies, speculators, investment banks

Fri, 04/22/2011 - 00:58 | 1195361 Michael
Michael's picture

Obama is the most retarded president we ever had.

Fri, 04/22/2011 - 04:04 | 1195500 The Navigator
The Navigator's picture

+14.9Trillion

I thought the reality of "Idiocracy" was some years way off in the future - my timing was way way off as it's here, now.

A damn pity there's not a continent or state we can run away to, to avoid these assholes or pen them up in.

Fri, 04/22/2011 - 04:22 | 1195506 DivisionBell
DivisionBell's picture

There's Antarctica... but some assholes want to stop global warming.

 

Thu, 04/21/2011 - 14:47 | 1193324 long juan silver
long juan silver's picture

dumbass comment

Thu, 04/21/2011 - 14:48 | 1193348 tmosley
tmosley's picture

Yes, it was, both times you posted it.

Thu, 04/21/2011 - 14:56 | 1193399 long juan silver
long juan silver's picture

lotta white folk in lubbock?

Thu, 04/21/2011 - 15:05 | 1193438 tmosley
tmosley's picture

Why do you insist on making so many insipid and pointless comments?

Thu, 04/21/2011 - 21:44 | 1194977 long juan silver
long juan silver's picture

because you do

Thu, 04/21/2011 - 21:43 | 1194984 akak
akak's picture

Grow up already.

Really, I am embarrassed for you.

Thu, 04/21/2011 - 23:19 | 1195186 tmosley
tmosley's picture

I just jumped off of a bridge.  You should do that too.

Thu, 04/21/2011 - 17:12 | 1194120 still kicking
still kicking's picture

actually there are a bunch of mexicans there too of both the legal and illegal variety

Thu, 04/21/2011 - 14:58 | 1193325 long juan silver
long juan silver's picture

where's col cooper the poodle?

Thu, 04/21/2011 - 21:44 | 1194985 long juan silver
long juan silver's picture

He's banned for racist/homosexual pejoratives ad nauseum

Thu, 04/21/2011 - 14:47 | 1193328 Popo
Popo's picture

When banking stocks are involved, we hear all about the "evil shorts".   Now we've got "evil longs".   Morality in financial markets it seems, is closely linked to the direction we'd all like things to go.

Hey Obama, how about we just get rid of this whole "free market" thing, cut to the chase and declare America to be the Soviet style kleptocracy that it's become.

 

Thu, 04/21/2011 - 14:53 | 1193382 XenoFrog
XenoFrog's picture

When you think commodities are going to go up, you're evil for making your trade to reflect that. When you think commodities are going down, you are evil for making your trade to reflect that.

Basically, any action that results in you making profit on an investment is abhorrent and unamerican. Welcome to 21st Century USA.

Thu, 04/21/2011 - 18:23 | 1194425 Ident 7777 economy
Ident 7777 economy's picture

When you think commodities are going to go up, you're evil for making your trade to reflect that.

- - - - - - - - -

What is it called when you make commodities go up?

Used to be, markets were places buyers and sellers congregated to do business ... now it's a haven for investment banks and hedge funds looking to make serious money since their other favorite haven, Wall Street, has become so rigged ...

Thu, 04/21/2011 - 22:02 | 1195019 sun tzu
sun tzu's picture

Ever heard of spot price?

Thu, 04/21/2011 - 22:31 | 1195081 Ident 7777 economy
Ident 7777 economy's picture

N/A.

Fri, 04/22/2011 - 12:46 | 1196500 RKDS
RKDS's picture

Exactly.  Isn't it ridiculous that so much of the economy revolves around shuffling paper versus actually producing something?  Look, I don't hate all traders, but I have a really difficult time seeing what value they bring to the table.  Is the factory owner or average worker better off because some jerk is bidding up the price of oil before auctioning it off to other jerks doing the same thing?  Wouldn't we be better off if these jerks got jobs in the factory or were investing in some new invention instead?  If there was ever an illustration of what it means to fight over a shrinking pie, it's people flooding into this gambling/speculating as the regular economy collapses.

Fri, 04/22/2011 - 14:11 | 1196770 Dr. Impossible
Dr. Impossible's picture

"traders, but I have a really difficult time seeing what value they bring to the table."

In "free and open markets" traders risk(key word) capital to fund, and provide cash liquidity for business concepts, that otherwise, they may not have access to due to risks involved(look at Prosper.com). I'd think the difficulty you are experiencing is a cause/effect of subsidizing of certain groups of traders/bankers/global governments, which have undermined the aspect models for anticipated risk based trading/investing. Keep in mind, we are not seeing "free,and open market" trading here. But markets subsidized through credit expansion, with the risk going to the labors of an unborn population, indebted 3 generations out now, to my knowledge.

 

Does that make cents?

 

Thu, 04/21/2011 - 17:41 | 1194255 defencev
defencev's picture

This is precisely the point. We need to get rid of Marxists currently in White house who IMHO deliberately destroy this great country.

Thu, 04/21/2011 - 22:24 | 1195064 griff
griff's picture

It seems like most of the people who toss the word 'Marxist' around, dont' seem to have a clue as to what it means. Like Obama, a Clinton corporatist straight from central casting is a Marxist. Please.

Thu, 04/21/2011 - 23:28 | 1195196 serotonindumptruck
serotonindumptruck's picture

Most people who toss that word around have likely never read Das Kapital. (All 1,152 pages of it.)

Incidentally, neither have I, which is why I cringe a bit when someone throws that word around.

 

Thu, 04/21/2011 - 23:58 | 1195256 DeadFred
DeadFred's picture

It was very dry when I tried to read it but I did get through Mao's Little Red Book.  Anyway don't worry about this one way or another.  The teleprompter gives Obama many nice sounding progressive words to say but his actions are pure fascist/corporatist.  I'll be massively surprised if if any thing comes of this that hurts the big corporations and particularly the banks.  He could announce a crackdown but the only teeth will go toward the evil silver and gold speculators, maybe bond speculators if they start being pesky.

Thu, 04/21/2011 - 22:43 | 1195116 sentient
sentient's picture

Exterminate the Marixts first, then lower corporate taxes to 15%, flat tax to 15%, capital gains to 10%, and end the death tax....  then drill every hole until we reach 15M of the 20M used daily in the US... F the rest of the world.....

Thu, 04/21/2011 - 14:59 | 1193398 Azannoth
Azannoth's picture

He stopped short of nationalizin Exxon, but I am sure he gave them the message

Thu, 04/21/2011 - 17:04 | 1194077 ElvisDog
ElvisDog's picture

The only reason to do that would be politically. It would have no effect on oil prices. Exxon is a middleman at best these days. I don't have the exact figures but the overwhelming percentage of overall oil output these days is controlled by sovereign countries, not the "Big Oil" companies.

Fri, 04/22/2011 - 00:29 | 1195313 DoChenRollingBearing
DoChenRollingBearing's picture

dupe post, sorry.

Fri, 04/22/2011 - 00:28 | 1195316 DoChenRollingBearing
DoChenRollingBearing's picture

Correct.

Thu, 04/21/2011 - 17:50 | 1194291 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

Rockefeller is not going to be afraid of the Teleprompter-in-chief. Besides, he should've mentioned the Koch brothers, who've been renting oil tankers to hold crude waiting for the price to rise. 

Thu, 04/21/2011 - 15:04 | 1193432 jus_lite_reading
jus_lite_reading's picture

Funny, because the money trail will lead back to Bernank..... what a scam

Thu, 04/21/2011 - 15:20 | 1193529 silver_serf
silver_serf's picture

Yea, it would.  It's easy to tell when Obama is lying, just look to see if his lips are moving

Thu, 04/21/2011 - 17:35 | 1194209 aeonic
aeonic's picture

You can pretty much extrapolate that to just about any politician who thinks that corporations are more important than their public (eg pretty much all of them).  Re-evaluation time is coming, and things are getting weird.

Thu, 04/21/2011 - 15:06 | 1193455 Buzz Fuzzel
Buzz Fuzzel's picture

I thought this was the guy who said under his policies energy prices will "necessarily sky rocket"?

He is getting what he wanted why is he acting all upset about it?

http://www.youtube.com/watch?v=HlTxGHn4sH4

Thu, 04/21/2011 - 22:01 | 1195022 sun tzu
sun tzu's picture

feigning outrage to placate his ignorant slob masses

Fri, 04/22/2011 - 00:24 | 1195312 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Be careful Buzz.

In Obama land, if you quote something Zero has said on record you are a racist.

We have the most sensitive African American President we will ever have had.

You are free to attack individuals who produce products, ideas, services, or have a belief not based upon who donated to your campaign. You can destroy those kinds of people. But never force Barry to hear something he was told to read in the past. As the best reader who has ever been POTUS he does not actually remember what he reads. They just be words the teleprompter says.

Fri, 04/22/2011 - 00:31 | 1195323 DoChenRollingBearing
DoChenRollingBearing's picture

+ 100

So many 'x's in your moniker reminds me of Calculus...

And quite correct re Prez Teleprompter...

Thu, 04/21/2011 - 15:12 | 1193470 SteveNYC
SteveNYC's picture

02:30PM OBAMA SAYS HAS ASKED ATTORNEY GENERAL TO CREATE TEAM TO "ROOT OUT" FRAUD, MANIPULATION IN OIL MARKETS THAT COULD HIT GAS PRICES

 

Raid Mariner Eccles building.....then you too, Obama, can declare MISSION ACCOMPLISHED.

Thu, 04/21/2011 - 16:19 | 1193846 Obummer
Obummer's picture

Ladies and gentlemen, fellow Americans, people of the world. Today I must speak to you about a subject important to all Americans. As we all know, the cost of gasoline has been going up. My administration has looked at the causes of the price increases.  Folks, we were shocked to find that speculation in the oil markets is the cause. Apparently these speculators make bets that the cost of oil will continue to go up. Because speculators are not willing to take delivery of physical oil this causes the price to actually increase. As you can see, this is a nefarious scheme.

This is not right. This is not the America I love. Let me be clear; I will not allow this speculation to continue. Not as long as I am president of this great nation. I will not allow those with wealth to exploit hard-working Americans in this way.

Some say that oil price increases may be due to my administration's policy of dollar value deflation, or due to our humanitarian mission in Libya. I am here to tell you that these claims are just plain wrong. Not only that, they are dangerous to our way of life. Those who make these claims shoot an arrow into the heart of our democracy. This is the true danger we face each day, much greater than rising gas prices. Like the speculators these are the terrorists who hope to bring our great country to its knees. I will not stand by while our country is infiltrated, as this new menace gathers in our homes and workplaces.

Even as I speak we have various government organizations working to counter this threat. We will protect our democracy. We will stop these terrorists before they strike, I promise you that.  Thank you, good night, and God bless America.

Thu, 04/21/2011 - 16:58 | 1194047 eatthebanksters
eatthebanksters's picture

You forgot to mention your anti-drilling stance as another contributor...get a real and stable policy and think about the ramifications of your actions before you take them, and maybe we might have a chance at some stability.

Thu, 04/21/2011 - 17:00 | 1194048 eatthebanksters
eatthebanksters's picture

You forgot to mention your anti-drilling stance as another contributor...get a real and stable policy and think about the ramifications of your actions before you take them, and maybe we might have a chance at some stability.

Thu, 04/21/2011 - 18:20 | 1194423 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Also, you forgot to coldly tell people to down size their cars and drive less to decrease demand and thus drop the price of gas. (The latter comment was actually made by O today).

 

Luv ya Obummer!

Thu, 04/21/2011 - 22:14 | 1195046 eatthebanksters
eatthebanksters's picture

If he wants to pretend to worry about gas prices, I can deal with that, but don't tell me what kind of fucking car to drive...he's not my daddy or my nanny.

Fri, 04/22/2011 - 00:37 | 1195332 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Who is his daddy is the one answer he will never tell.

 

psssssst His pop was not a man name Barrack Hussein Obama.

 

pssssssssssssssssssssssssst Obama is the son of Frank Marshal. A friend of his grand parents who knocked their teenage daughter up because that is what creepy old guys do to their friends. Pop goes the Zero.

He has a birth certificate. He was born in the USA. But his daddy only dreamed of teenage girls not the kind of hero a community organizer needs to make it to the big time. Dreams of my Father is a bigger lie than Mien Kampf.

Thu, 04/21/2011 - 21:09 | 1194898 Catullus
Catullus's picture

This is golden!

-- Obama Speechwriters

Thu, 04/21/2011 - 22:35 | 1195097 dudditz
dudditz's picture

Good first draft.  Unfortunately, I don't know what hand our president is playing.  I do know that he is pretty much in the back pockets of the bankers.  It is kind of humorous to think that high oil, low dollar is not leading to higher wages like in the 80s.  Thats because most people are on food stamps or government aid.

Thu, 04/21/2011 - 23:11 | 1195174 dalkrin
dalkrin's picture

Cracks me up every time! 

Winning the future never sounded so patriotic!

Fri, 04/22/2011 - 00:36 | 1195328 palmereldritch
palmereldritch's picture

'Winning the Future' was just a little in-your-face inside joke from Obammie's CBOE mafia contollers.  Kind of like his 'War On [for] Speculators'

There's No Future Like the President!

Fri, 04/22/2011 - 10:27 | 1195946 connda
connda's picture

+1 and a *

You know the games rigged when you can lampoon the dialog these NWO jerks use to control the average muppets, errr...I mean voters.  No, I actually mean brainless sheep.  Boy it must be a kick to be in power -- all the sheep march right along with the rhetoric.  Yeah! It would be fun...well, except...I have a sense of morality, and right and wrong.  Oh well, I guess I can't be a NWO wanker.

Good job Barry...Look! Oil Speculators screwing the average Joe over! Bad! Bad!  Oh, don't mind the Bernank behind the curtain printing all that cash.  Evil Oil Speculators! Look! Look!

WTF over!

Thu, 04/21/2011 - 19:51 | 1194714 Mentaliusanything
Mentaliusanything's picture

Wake me up when the Bernank figures how to print Oil, cotton,cereals and clean water. Till then both he and the people in charge can just play pretend with Monopoly Money

 

Thu, 04/21/2011 - 22:09 | 1195039 America- Some A...
America- Some Assembly Required's picture

Unfortunately we have to play with the same worthless scrip. It would be nice if the HNIC would bring back the gold standard, but then he would end up like every other POTUS who tried, a la Lincoln, McKinley, & Kennedy.

Thu, 04/21/2011 - 20:24 | 1194772 bankonzhongguo
bankonzhongguo's picture

How about a task force for mortgage fraud, silver "markets" and all things bankster.

Does the Task Farce include oil markets and attacking Libya?

Hey Obama.

Name the Hawaiian hospital where you were born.

 

 

Fri, 04/22/2011 - 04:55 | 1195526 Twindrives
Twindrives's picture

Obama and Holder.........cowards and bankers' water boys.

Fri, 04/22/2011 - 14:11 | 1196771 sgt_doom
sgt_doom's picture

JUST HOW RIGGED IS IT ???

(This applies to Goldman Sachs & Morgan Stanley as well, but let's address the top rat here.)

JPMorgan Chase was responsible for lobbying congress for the overturning of Glass-Steagall, while it created the credit default swap, and countless variants of CDOs. It has enjoyed the strongest derivatives position since that time.

JPMorgan was responsible for structuring the securitized-mortgage-foreclosure profit cycle:

they profit from lending the mortgage, then profit from its securitization, then profit from its foreclosure (especially the FHA loans, where they automatically are reimbursed almost all of the original amount), then profit from its reselling, then profit when it's securitized again.

And JPMorgan Chase has been involved, both directly and indirectly, in offshoring jobs and promoting massive offshoring of jobs -- when then leads to economic problems and unemployment, thus leading to default on mortgages, resulting in foreclosures, further profiting JPMorgan Chase.

And if those unfortunate souls then must put in for food stamps, JPMorgan Chase profits from that program, as it is routinely, nationally and locally, handled by them and their banks.

And it doesn't end there, as those jobs are offshored to countless foreign factories, and foreign production facilities, and state-of-the-art research & development laboratories and training centers of which normally are financed -- over the past three to four decades -- by US foreign aid (USAID, OPIC, various and sundry other programs, etc.).

That's correct, you the taxpayer and your descendants, have paid for the multinationals' foreign enterprises -- while they pay almost no taxes, or usually none at all (over 70% of American-based multinationals and corporations at last count paid no federal taxes).

Just how rigged is it??? It's completely rigged.

[And about that speculation thing:  everybody who isn't brain-dead knows that Goldman Sachs, Morgan Stanley, and to a slightly lesser extent, Citigroup's Phibro, are involved in endless speculating to drive up, then down, the oil and commodity prices by wash sales on their ICE Futures, and other exchanges. 

That's a given, and we all know the remedy -- the guillotine!]

Thu, 04/21/2011 - 14:40 | 1193295 RealitiveMind
RealitiveMind's picture

Rise up my Irish brothers . . . . . it is time.

 

http://www.youtube.com/watch?v=UHjS8Oz8Gkg&feature=related

Thu, 04/21/2011 - 14:55 | 1193389 Dangertime
Dangertime's picture

I see your video and raise you one Uprising...

http://www.youtube.com/watch?v=w8KQmps-Sog&ob=av2el

and one Young Men Dead

http://www.youtube.com/watch?v=VvKjpGP6P5Y

and one Blow

http://www.youtube.com/watch?v=CFWX0hWCbng

 

The generation of the Fourth Turning is here.....and their music speaks of anger and revolutions.  The people are waking up, but to everyone's surprise, it will be the younger crowd that sparks it all.

Thu, 04/21/2011 - 16:01 | 1193751 lemonobrien
lemonobrien's picture

when you start killing cops and politicians I'll think more highly of your generation and help; but talking shit, marching, protesting, throwing petrol bombs, smashing shop windows... fucking retarded. You have to kill the retards protecting the rich before things change; that's cops, soldiers, gov-workers, politicians. people too stupid to do anything else except work for gov. But, hey, you're probably scared that you'll go to jail and be forever captured and forced upon by retards. fear, that's what keeps us down. When your generation over comes your indoctrination; the fear, you'll totally get my respect. BTW, you loose this as you get older, but the youngs keep them inline by protecting the rich in charge. Look at the cops on the street, rarely over 40, mostly stupid and young.

Thu, 04/21/2011 - 16:04 | 1193786 Rodent Freikorps
Rodent Freikorps's picture

"Amateurs talk about tactics, but professionals study logistics."
- Gen. Robert H. Barrow, USMC (Commandant of the Marine Corps) noted in 1980

Thu, 04/21/2011 - 16:55 | 1194023 Rodent Freikorps
Rodent Freikorps's picture

Got anyone other than Smedley? I've read him.

He didn't oppose war. He opposed limited war and nation building.

He, like Eisenhower, thought if you go to war, the only thing you should be aiming for is destroying them utterly.

Thu, 04/21/2011 - 17:05 | 1194081 NotApplicable
NotApplicable's picture

He opposed "Gangster Capitalism," which he found was the underlying reason for every war he was a part of. You'll find that pretty much all Marines support fighting in defense against an invading force.

Thing is, in the pre-internet days, until you actually enlisted, you've no true idea what's going on. In the six years I was in, '84-'90, not once did I hear of "Uncle Smedley's" book. it was nearly ten years later before I found it on the net.

Thu, 04/21/2011 - 17:10 | 1194102 ATM
ATM's picture

Seems resonable considering the history of US wars since WW2, the last time we fought to win.

Limited war is for suckers and nation building is complete bullshit.

History has spoken.

Thu, 04/21/2011 - 17:28 | 1194186 Translational Lift
Translational Lift's picture

Any conflict that is managed by a civilian is doomed to failure........

Thu, 04/21/2011 - 18:21 | 1194418 SoNH80
SoNH80's picture

Whoa, there Pericles.  Read up on Churchill's experiences with the "donkeys' " aka British officer corps' total mismanagment of WWOne.  Winnie came to the conclusion that without effective civilian leadership, generals will mill around aimlessly, wasting men & resources like at the Somme.  They need overall strategic direction, or else they fight amongst themselves and make the same mistakes over and over.  See also, McClellan v Lincoln, and FDR's/Churchill's leadership in WWII, also President Polk's masterful Mexican-American War guidance.

Thu, 04/21/2011 - 18:30 | 1194448 Translational Lift
Translational Lift's picture

 

Conflicts, conflicts, conflicts....Korea, Viet Nam, Iraq, Afghanistan, Libya (a few days...sic), etc............

Thu, 04/21/2011 - 18:36 | 1194474 SoNH80
SoNH80's picture

Human condition.  Ug vs. Mugg, over a half-eaten rabbit carcass, it went on from there.

"I do not know what sort of weapons will be used in World War III, but I can say that World War IV will be fought with sticks and stones" - paraphrase, Albert Einstein

Thu, 04/21/2011 - 18:44 | 1194488 Rodent Freikorps
Rodent Freikorps's picture

Not a bad point, but politicians who micro-manage are just as destructive.

One of the failings of Bush the Elder was listening to Colon Powell who was so in love with his tin soldiers, he didn't want to see them dirty much less broken. Bureaucrat in a uniform. I hate that bastard.

Thu, 04/21/2011 - 17:19 | 1194146 still kicking
still kicking's picture

Have you ever read up on Napoleon?  Brilliant tactician, maybe the best ever, he would at least have given Alexander a run for his money, the difference was Napoleon was one of the worst logistical leaders of all time, he would have ruled from Russia to England had he understood logistics.

Thu, 04/21/2011 - 17:22 | 1194161 Rodent Freikorps
Rodent Freikorps's picture

Once Wellesley taught the world how to defeat the column, he was much less brilliant.

He was willing to spend men like water.

Thu, 04/21/2011 - 17:27 | 1194181 still kicking
still kicking's picture

Agreed on the spending men like water.  He had a knack for understanding a battlefield in motion though.

Thu, 04/21/2011 - 17:33 | 1194210 Rodent Freikorps
Rodent Freikorps's picture

He was certainly brilliant in first understanding the nearly unstoppable hammer that was a column.

Thu, 04/21/2011 - 16:48 | 1193982 SoNH80
SoNH80's picture

duplicate post

Thu, 04/21/2011 - 16:48 | 1193985 SoNH80
SoNH80's picture

duplicate post

Thu, 04/21/2011 - 16:49 | 1193998 SoNH80
SoNH80's picture

WTF are you smoking?  You certainly fit the Baby Boomer profile, sacrifice the young for your own gain, yep.  You want to kill all government workers?-- including snow plow guys and USDA meat inspectors??  Did that rotten sandwich you fished out the wastebasket at the bus station turn on you?

Thu, 04/21/2011 - 17:40 | 1194238 lemonobrien
lemonobrien's picture

the government sacrifices the young by sending them to Afganistan/Irag/Lybia/etc.And I'm not a Baby Boomer; we don't need government for much; snow plow guys and meat inspectors... why can't I import unpasteurized raw milk cheese from france? they banned foie gras in california and chicago... get my point. I don't like being a slave.

 

 

 

Thu, 04/21/2011 - 18:15 | 1194399 SoNH80
SoNH80's picture

Read the Federalist Papers, "ordered liberty" and all that jazz.  Murderous pseudo-anarchist impulses accomplish nothing (see, e.g., Russia 1885-present), though murderous anarchy may very well be what we'll get by default if the clowns on the bridge don't put down the crack pipe.  Representative republican government, per Madison = good, mass murder = bad.  And if you want fois gras, drive to the North Shore suburbs, already.

Thu, 04/21/2011 - 18:40 | 1194483 lemonobrien
lemonobrien's picture

I like the ideals of our country; I dislike what we've become.

Thu, 04/21/2011 - 19:26 | 1194629 SoNH80
SoNH80's picture

Just be careful with the rhetoric, some poor 15-yr old might take it literally. The thing to do now is gird one's loins.  They ain't nobody upstairs.

Thu, 04/21/2011 - 19:43 | 1194680 lemonobrien
lemonobrien's picture

yeah, I understand.

Fri, 04/22/2011 - 05:32 | 1195536 StychoKiller
Fri, 04/22/2011 - 10:19 | 1195903 mojine
mojine's picture

Snow can only be plowed, and meat inspected by governments???? Get a grip, think, read, dammit - and no, I don't want to kill them. Fire them, yes.

Thu, 04/21/2011 - 16:59 | 1194056 eatthebanksters
eatthebanksters's picture

I want change but not enought to kill the honorable police and troops who serve to protect us...you're a nutbag.

Thu, 04/21/2011 - 17:34 | 1194205 lemonobrien
lemonobrien's picture

ain't nothing honorable keeping down the poor, protecting the rich; cause you like the money.

Fri, 04/22/2011 - 00:25 | 1195315 DeadFred
DeadFred's picture

Changes don't occur by going after the mid-level enforcers.  They happen when those on top are no longer able to tell those under them what to do and have it get done.  The Soviet Union and later the Ukraine collapsed when the orders to quell the crowds were ignored.  Tiananmen square is what you get when the army majors and precinct captains don't like you.  So if you all want change, STFU about going after the low level flunkies.  Most of them are just putting food on their families table.  And beware of the posters who are wearing police issue clothes while they are typing.  You can't see what they're wearing they sound like any other agent provocateur.

Thu, 04/21/2011 - 17:02 | 1194068 ElvisDog
ElvisDog's picture

Do you have teenagers or do you hang around them at all? I have two and spend a lot of time at the local high school. The kids there are singularly unengaged politically. The revolution ain't starting from them as far as my observations can tell.

My captcha question -65 plus 65.

Thu, 04/21/2011 - 17:38 | 1194237 hedgeless_horseman
hedgeless_horseman's picture

I thought that way about most kids (except mine), until I was volunteered to judge a high school debate.  It was an uplifting experience.

Thu, 04/21/2011 - 17:39 | 1194244 aeonic
aeonic's picture

That couldn't have anything to do with their parents, their disengagement, right?  I'm certain that babysitting them with electronics and expecting their teachers to raise them has a whole lot to do with their relative indifference.  Still, things are going to change.  How many people totally freak or lose hope or turn into inhuman murder machines when the machinery collapses, that's tough to say, but humanity will still be around afterwards, and it'll be everyone's responsibility to fix what went wrong.

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