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Obama, Holder Declare War On Oil Traders, "Speculators"
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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Look, the "Community Organizer and Chief" is an economic moron who spouts blather on a daily basis. In the final analysis, he is jealous. He is truly upset that he is is not successful in his personal manipulation of the American psyche. Americans have looked behind the curtain and see a Ding-Dong, or possibly a Ho Ho.
http://www.TheAngryGrapes.Com
Come on people. This is no different than in 2008, when oil peaked at 147, and McCain demands everyone go to DC immediately to solve the gas price crisis. Obama was there, saying "pump up your tires fellow americans.
It reminds me of the Mitch Hedberg joke qabout the mobile home repo man.
Man it must suck to be a mobile home repo man!
"Hello Miss, can you go cut your grass, and look that way for 30 mins, while I ......
So inclusion, Obama's prepaid tele promoted remarks are a just a distraction from the really news of the day or crimes of the centuary, depending on where you get you r news.
So gas going to $5 a gallon, again, because of war mongering assholes and the GS trading desk is nothing new, and all americans can feel the pince in the wallet and relate to the story, no matter how fabircated it is.
Just like a story about Sheen, there favorite topic in blanketing the most americans with bad infomation, the prrice and reason for the price of oil.
Yawn, another dog and pony show. When are Americans going to realize this is just crap and more shitzzzzzzzzzzzzzzzzzzzzz.
Didn't they start on this rant in 2006-7 too? Uhhhhhh.....ya....they did. I remember it when oil started breaching $120.00 a barrel and the crecendo rose steadily as oil raced higher. For all those who think peak oil is here to stay I would seriously take this little rant from Obama very seriously. It signifies that we are approaching a major top. All you have to do is look at a monthly chart of oil to see the meteoric rise in oil. You can see quite clearly that it is not a trend at all. Rogers is talking about being cautious with Silver right now....and I would add just about every other commodity that has been the recipient of this hot, speculative money. I have heard all these nonesensical rebuttals many times over the years about how high everything is going to go. Not once did these predictionsever hold the ring of truth. Usually what happens is the herd gets wiped out. Time will tell if I am right and I suspect that time is fast approaching.
Didn't they start on this rant in 2006-7 too? Uhhhhhh.....ya....they did. I remember it when oil started breaching $120.00 a barrel and the crecendo rose steadily as oil raced higher. For all those who think peak oil is here to stay I would seriously take this little rant from Obama very seriously. It signifies that we are approaching a major top.
- - - - - - - - - - - - - - - - - - - - - - - - - -
In like: Something has to break; another bubble .... that's what's going thru my mind ...
Barack Obama is the new "O.J.", because O.J. Obama is a bigger liar than the former running back and has far less credibility.
O.J. Obama's DNA is all over the high gas and food prices causing riots elsewhere in the world. His own Energy Secretary said he wanted $9./gallon gas for Americans and OJ Obama said his policies would necessarily cause energy prices to skyrocket... the only thing he has kept his word about.
His policies: reckless spending, massive deficits/debt with stealth redistribution of wealth, shutting down offshore oil drilling with 100k out of work, and then paying foreign countries overseas billions of US taxpayer $$ to drill so Americans can import the high prices and hurt US foreign trade accounts further.
Opps
+1 or $5 per Gallon!
What's the big deal? This is standard stuff you're going to see in any socialist country...
While maintaining wars, Gitmo and starting new wars, the great peacemaker declares war on a commodity. This one named Operation Nobel for Oil.
Don't you want somebody to blame
Don't you need somebody to blame
Wouldn't you love somebody to blame
You better find somebody to blame
I want to see all Fed officials and their owners blindfolded at the gallows.
Wow, the "culprits?"...does this mean half of the traders at GS, JPM and a handful of others are heading to the slammer?
haha - that would be sweet.....but don't bet all your gold on it
Mike Cembalest from JPM private bank whose research ZH has used on several occassions even wrote to clients in a note that speculators were to blame for $150 oil back in '08. It's well known by everyone on wall street that traders and speculators are to blame for the games and shennanigans of commodity prices, the question is does Obama, Holder and DOJ have big enough balls to call them out and bring them to justice? my guess is they don't. might "disrupt the markets" or "jeopardize national security" or some other lameduck excuse to keep raping the public and keep the interest of wall street elite in tact.
agreed, I think this is some sort of saber rattling...Obama needs an economy to not be completely tanked, Wall Street want their money. A good CFTC guy was saying 70 percent of cases CFTC brought to DOJ were not pursued by DOJ...I think Holder is totally corrupt...he was way too well accepted by establishment when appointed, but his boss has some political realities...so he sends a message, looks like he is doing a little something, but not enough to really correct this market manipulation and corruption
So if I dabble in oil futures I am evil? But let's let the fucking banksters slip away.
Boy ya wonder why somebody doesn't go postal here.
Morgue
Squid
the list is endless - take your pick asshole
All together now, Obama is a fucking .......?
Well, apparently, Bernank, Geithner, Paulson and the banksters are not black gold speculators or they'd be turning a blind eye......Though likely he's pulling a Dick Durbin here and grandstanding hoping to get people distracted. S& P's said what again?......yeah, figured nobody was paying attention
Paraphrasing Samuel Johnson, “Vilifying speculators is the last refuge of a politician’s failed policies.” President Obama—NOT speculators—your economic team and your handling of the economy is killing Main Street. Please get your head out of Wall Street’s ass. A billion dollars in campaign contributions from bankers cannot be that important.
so who failed in 2008 when same thing happened to price of oil.
And consider the successes of countries that have reduced speculation...Malaysia on fx speculation that saved country when rest of Asia tanking it, Singapore and Hong Kong on real eestate speculation...really, review what reasonable tamping down of speculation on everyday needed goods has worked, can work for common wealth.
What a joke, the Euro is going up daily (actually the dollar is going down) and hyperinflation is slowly raising it's head. WalMart cut my precooked ribs (comes in a package already cooked just needs to be heated up) into smaller packages. But the price is the same for the small ones as it is for the large one (essentially they took the big one and cut it in half). Food inflation and inflation everywhere is hitting people.
Yes, "Pound cake" is now 12 ounces...
I pound bags of berries are now 12 oz (for a higher price)
Silk Black coffee now $11.95 (one yr ago $6.95)
What a joke, the Euro is going up daily (actually the dollar is going down) and hyperinflation is slowly raising it's head. WalMart cut my precooked ribs (comes in a package already cooked just needs to be heated up) into smaller packages. But the price is the same for the small ones as it is for the large one (essentially they took the big one and cut it in half). Food inflation and inflation everywhere is hitting people.
What a joke, the Euro is going up daily (actually the dollar is going down) and hyperinflation is slowly raising it's head. WalMart cut my precooked ribs (comes in a package already cooked just needs to be heated up) into smaller packages. But the price is the same for the small ones as it is for the large one (essentially they took the big one and cut it in half). Food inflation and inflation everywhere is hitting people.
i thought it was george bush!
He is just expanding the war on terrorism like comrade patriot Bush. If anyone spends their irredeemable dollars on anything other than i-pods they are a terrorist. Common fucking sense. We will win the War on Terror when everyone can go to the grocery store with plenty of Fed notes or food stamps in there pocket and shop for the plenty of moldy, rotten, spoiled produce that will be all they market will be able to keep in stock. It's called American Capitalism and it's change we can believe in and why we will always be the greatest nation on earth. Yeah! USA! USA!
"We will win the War on Terror when everyone can go to the grocery store with plenty of Fed notes or food stamps in there pocket and shop for the plenty of moldy, rotten, spoiled produce that will be all they market will be able to keep in stock."
you forgot to mention "radioactive" & contaminated....
To the folks lamenting the castigation of the poor, beleaguered speculators who just yearn to make a buck..remind me, how much does it actually cost to extract a barrel of oil from the ground? Ballpark?
You mean like, the International Commodity Exchange of Atlanta in Georgia, owned by Goldman Sachs, Morgan Stanley, JP Morgan Chase etc. – the big oil banks that benefit enormously from the inside?
Those clowns?
A History of Rigged & Fraudulent Oil Prices (and What It Can Teach Us About Gold & Silver): http://www.theundergroundinvestor.com/2011/03/a-history-of-rigged-fraudu...
don't know what it costs, just know in 2002 they were selling the stuff for less than $20 a barrel and no oil companies were going bankrupt. I'm so glad the Repubs stopped us from pulling subsidies to oil companies, because, can you imagine how much oil would be costing if we didn't pay they to make more money than God :)
oh god the thea-turrr. what ducklings you've never seen this play before? now he says NATURAL GAS. ooooohhh. which is sexier than switch grass? and of course the drones will take out Gaddafi. If not drones, then tactical nukes, but sort of covert tactical nukes. Hey Obama knows where you live! His Google Politburo Department of Transportation has your every move tagged. haha little ducklings, so you are all so naive. gas $3.50 by election day. Sarah who, Donald who? please please, bow down to the President for life. (poor Bush he almost pulled it off)
Finally change we can beleive in!!
Oh good, we're declaring war on OPEC. It's about time.
Freaking hilarious he is the speculator sponsor, this is the WTF world.
agree Mr. O, we must declare war on speculators, especially those who have made the poor speculative decisions which resulted in a lower standard of living for the majority of Americans over the last 50 years; any guess who those 536 (435+100+1) people are?
Why doesn't opukeA declare war on the EPA while he's at it. This guy can't manage the the fiscal policy of (Of four Gold Fish) in a feeding frenzy during a six year olds birthday party.
SHANGHAI (Reuters) - A two-day strike over rising fuel prices turned violent in Shanghai on Thursday as thousands of truck drivers clashed with police, drivers said, in the latest example of simmering discontent over inflation.
About 2,000 truck drivers battled baton-wielding police at an intersection near Waigaoqiao port, Shanghai's biggest, two drivers who were at the protest told Reuters.
The drivers, who blocked roads with their trucks, had stopped work on Wednesday demanding the government do something about rising fuel costs, workers said.
http://af.reuters.com/article/worldNews/idAFTRE73K2F120110421?pageNumber=1&virtualBrandChannel=0&sp=true
Partly Bernanke's fault; partly unregulated futures trading at ICE and elsewhere. CFTC needs to apply same rules to oil speculators as wheat speculators.
China can't revalue the Yuan fast enough! Takes time to diversify 1.3 Trillion in USD holdings. They can't load up on JGB's, and the Euro is so overbought it's pathetic. The carry on AUD is still favorable, but even the Aussie is forming a weekly topping pattern. I'm staying mostly flat. Plus the light volume and lack of VIX and XLF and Baltic Dry.
Poor Barry, he seems so dim, so out of touch. I almost feel sorry for him.
Almost.
Obama's just a black Jimmy Carter. Don't worry about this sabre rattling. There's gonna be a selloff and then start going shopping for top metals mining names.
At least Jimmy the peanut farmer had employees ! Olooser Is a 3/4 term( wanabe no voting) ONE term meat puppet that can't even write!
...one of the best thread revelations ever, because of the time, in response to such a pathetic offer from Rose Mary's Baby and the Evil Lunatics.
Has Zero Hedge drawn the passion of the Summer Harvest season, and gathered a portion of the generation, those whom are compelled by the Truth?
...may there be no doubt! http://www.youtube.com/watch?v=xMJNKOOVqc0&feature=related
Ha ha. Did I not warn about this? Check my comment about 6 months back that CB will not make retail to ever ever make money off Gold and Silver. They will manage its rise and will just about let you make the same that you would make from any other asset in the world.
So if Gold, Silver is getting out of control, how much time to an executive order banning trading and battering of PMs. In fact there could be blanket order, that they cannot be even sold in the market which will kill those who were waiting for large rrise in gold and silver. Till now Gold has given about 50% return from $1000. Korea, India equity index has given better returns. :)
I love PM but unfortunately there rise is never out of the control of CBs nevermind Gold bugs who really do not understand anything other than the fact there is dollar decline.
NOBAMA,
Duh...ask Timmy what he is up to with Ben on oil speculation. No need to look any further you schmuck.
Washington is a bunch of self serving a-holes who like to put on a great show, when infact they are the culprits.
News flash Obama...we know you are the cause of all this. Save your bank buddies....lose the election.....maybe some of your buddies will go to jail when you are gone.
For now STFU Obama.
NOPOMO
gold revaluation
And when will Obama start an investigatin into the manipulation of silver and gold by JP Morgan?
Not a recent development at all.
Ozzie Scott
The crude oil market is so much more than a commodities market, that you can't consider "speculators" in this market the same way you would consider speculators in a typical, free market.
The current oil market functions on many different levels, accomplishing many different outcomes, for very diverse reasons, which go far beyond the simple buying and selling of crude oil, so you can't assign to the crude oil speculators the same characteristics you would assign speculators in a traditional free market.
For instance, the United States Treasury has created certain market conditions and controls prices for the purposes of maintaining the value of the U.S. dollar, and soaking up excess dollars sitting in other countries national banks, and for repatriating U.S. currency, among other things. Further, when the U.S. Dollar comes under pressure, the U.S. always benefits from higher oil prices because higher oil prices have an immediate strengthening affect on the dollar.
Using oil prices to bolster the value of the dollar is an operation that can be undertaken very quickly, with immediate results. Resultant dollar strength can be achieved in a matter of days, or weeks, which is much quicker than trying to strengthen the dollar by lowering the national debt, or increasing taxes.
Raising oil prices also creates an immediate increase in demand for U.S. Treasuries, and the increase in the demand for treasuries can be achieved very quickly through an increase in oil prices. Saudi Arabia and Quwait for example, both have agreements with the U.S. to use oil sales reciepts for the purchase of U.S. government securities, and an increase in the price of oil provides for an increase in these countries' oil sales reciepts, which provides for their increased ability to purchase U.S. Treasuries.
So in the case of crude oil, the largest speculator is the U.S. government, operating through proxies. Their goal is not to produce enormous speculative profits for themselves in the same way a typical "speculator" would. Under these circumstances, while it would probably be worthwhile to eliminate the U.S. government as a "speculator" from the market, but I really don't think it would be possible.
One thing is certain, the recent dramatic increase in the price of crude oil has nothing to do with the availability of supply, or any increase in demand. Saudi Arabia cut their production because there currently is an oversupply, and they correctly predicted that the rapidly increasing prices would result in lower demand, and a further increase in supply, for which, they would not be able to find enough buyers. They cut supply because they have no choice, they simply don't have anywhere to put increased supply, and increasing the supply doesn't have any effect on the price, which is controlled via other non market mechanisms.
The last time oil went sky high, Saudi Arabia went on record with statements that they had additional supplies available, but there were no buyers interested in purchasing any increase in supply. This statement shows very clearly that supply and demand no longer play a role in the pricing of crude oil.
Obama's statements about getting tough on speculators are just more of the usual political drivel designed to give our pathetic news media personalities something else to debate with their usual boring and totally pointless analysis.
German newspaper "Die Welt" reports on rumors of a military coup in Thailand.
http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout...
I'm in Thailand and everyone in the office is dozing lightly after a big lunch. No coup or rumors of coup.
No coup, but there is a very nasty bug going around in Chiang Mai. For the future wellbeing of the nation the King of Thailand needs to work out some decent succession plans.
we should set up some kind of thai ZH drinking club, or maybe an Oprah book club. either/or
Hey Obama. I voted for you. ASSHOLE. LIAR. PRICK.
(Don't even think for a fucking moment that the above has ANYTHING to do with politics or race)
Tell the people the truth. Tell them that the people that actually control the country control you.
Speculators are simply reacting to the reality of our countries policies. Oil isn't going up because of demand or because of speculators. It's rising because of the debasement of our currency. That is happening because NO ONE has the FUCKING GUTS to actually do the RIGHT thing and instead serves those that got them into power instead of the people.
It DISGUSTS me to be an American.
I hope oil gets away on you (Obama, Tim, Ben) and the fucking oligarchs who control you. I would like to see oil at $200 a barrel so that it FUCKS our country and the world economy long enough so all of the oligarchy gets fucked too.
Don't even think of starting a war - you think the anti-Vietnam era was bad - you have not seen anything yet. With the internet its not as easy to fool us now.
Start actually making real changes for normal Americans or FUCK OFF.
I share your outrage and loathing of the sociopaths who dare claim to "lead" us.
how the fuck could you watch this guy fly to DC and yes for the bailout that 99% of americans were AGAINST and not realize you were ravenously devouring a line of fucking bullshit the whole time?
i mean seriously- use your fucking brain, dude.
Its a question of weeks, the silver correction:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&start=140#p31889
The observed acceleration of price growth and coming crash was predicted here, on March 13th:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...
To understand its a precrash situation, just measure the sharp growth number of times word silver is used in trader communications, in this site, for example. To have a bubble in silver, its not necessary to involve larger public, its enough that clusters of precritical herding are created within trading community where everyone shouts "buy physical silver".
That said, long term OWNING of silver is still safe, if its not used as collateral to some loan, but bought with own money, the value will drop for about 1-1,5 years by 40-60% (or , to 25-30 USD) compared to today, more compared to eventual peak ( 50 USD? -predicting superexponential peal values is almost impossible-its fine balance of unlimited sentiments and limited resources and creeping fear ) but having long positions is not-it is very dangerous right now.
Will a drop in silver cause drop in stocks as well as all commodities will correct a bit, except oil? It should, I think. But I am not sure.
what the fuck are you talking about?
One of my favourite quotes from Napoleon is...
"Strategy is the art of using time and space well !"
I think your analysis of the the Silver price is ridiculous. You state that bubble's don't have to engage wide participation....but that's one of the key defining characteristics of a bubble. Silver is very much under-owned. And what about lack of supply? I went to CNI (the largest bullion dealer in Southern California) today to buy 100 ounces of silver, and to my surprise, they were OUT OF STOCK. What's so surprising about this is the fact that CNI has never been out of stock in Silver. It's a huge deal that they are out because it means that NOBODY is selling. Everyone is buying, even at these prices. And it's not all institutional buying, subject to reversals when financing for purchases runs out. This means that Silver has gotten into strong hands.
I have some I'll sell you. In a week or three.
Does this website have a purpose anymore? is there mission statement or something? Or is it just to bitch about every frickin' thing that happens? Ten months ago there were articles on here about the rampant manipulation of the oil markets; about no demand for oil and mothballed tankers filled for storage of oil to create the illusion of demand to artificially prop the price of oil up. Now there is someone saying they are going to do something about that and everyone on here starts bitching about that. What am I missing here?
You seem to be doing your fair share of bitching, too. Genius!
Brilliant response. Did it really take you almots an hour to come up with that one?
it's more like what aren't you missing.
and contrary to your mighty little universe, people don't sit around for an hour thinking of what to respond to you with.
You are missing the US dollar is on its deathbed.
Understand that. The price of oil is heavily influenced by the debasement of the currency. But there is a link to the price of oil and manipulation in the oil markets as well. As far as the currency goes there are not enough smart people in Congress (or the White House) to know that we are being bambuzzled by the Fed. Economics is all unproven theory as far as I can tell and there seem to be both pros and cons for both debasement of the currency and preservation of it. There is enough question out there about what the correct path is that our politicians are paralyzed to do anything about it. In their own minds it is simply beyond their job descriptions. I mean to really fix it we would have to get off this fiat money system but there is even enough question about that to generate inaction by our politicians. To be short you all put way too much responsibility on our politicians. They are totally incapable of fixing any of this. The problems we face will only be fixed by us and we better do it quick before all hell breaks loose.
who are you asking to do what again?
Simply put, our politicians are not going to do anything until we force them to. Either force them to by voting them out, protest, etc... What gets me about this post is that we are bitching when they try to make it right, bitching when they are doing nothing, just all around bitching. I heard a barrel of oil was traded 37 times before it reachs market. That isi a lot of middlemen taking out their slice of profit. Why don't we let them (Obama) fix this and then address the debasement issue.
The problem is, when socialists/marxists/fascists see other people making money by 'predicting' the market/the future, they want to equalize everything and "spread the wealth" for those that didn't store nuts for the coming winter. And then they call these preppers "speculators" who 'steal' from the common good.
Well, that might be most of us who have bought PM's - we are speculators, aren't we? We looked at the Fed printing like crazy starting 3-4 years ago and we started buying PMs to offset our currency losses and now, because we've seen appreciation in our (PM) assets could also be labeled speculators. So anyone who tries to prep and tries to offset against the foolishness of their government is targeted?
I'm at a loss of enough 4 letter words to call these bastards, whom we pay to rep us, and screw us 10 ways to Sunday. We just paid these fuckers on April 18th and the next day they are looking to screw us in every orifice 10cubed?
William Banzai to the rescue - please design our bumper sticker the reads "we wont pay" with the Benjamin Franklin snake.
i don't see what all the interest is in watching this marionette spout rhetoric to make the masses feel better somehow. i get ADD just looking at the dude.
it must be boredom mixed with sheer elation of silver reaching true value.
both issues of which have been flagrantly obvious to us for quite some time...
So, let's see. Speculators make money, REMOVE their share of money from the transaction but they aren't to blame from higher prices?
LOL, who the hell are you trying to BS here? The ZH posters have to be very stupid rednecks to think it's even worthwhile to try
Can someone please check to see if Eric Holder over in the Department of Justice is leaking sawdust? He must be stuffed something. Styrofoam would just make him look lumpy. Could he be a computer graphic? Or is he just a simple slab of cardboard with a photo glued on.
J.H. Kunstler, excerpted from Clusterfuck Nation, April 18, 2011
Little did we know that Eric the Holder is in fact the reincarnation of Howdy Doody http://www.youtube.com/watch?v=FQEqLUtp9Bg
Notice that the SAME STRINGS are there! Notice the same kind of crowd cheering him on! What other similarities can you notice? Who is the modern day clown? Who is playing the piano to the tune to which he dances?
It's all there....just watch the clip in the link above.
However, this modern day evil reincarnation is now known as:
Doody: howdy (translation from street jive to English is "feces: hello" or "Yo piece of shit, whassup?"
this commenmt was banned from max keisers site.
sorry obout it been of topic but wanted to get it out there.
full of shit again max.instead of imagineing george as a banker. think of him as a hard working productive individual. and imagine the needy guy as someone on benefits whos never worked in his life and is happy to sit on his arse oll day waiting for the gov. to rob the productive guy.you sound like a communist max.
regards
ozzy
Did Julian Assange get pushed through a stargate? Whatever happened to the super top secret bank info?
Does this mean Holder is going to arrest Obama and Bernanke? That will be awkward.
Barama displays prezidential skills launching another war from the front lines of the campaign trail. While attending another progressive fundraiser, Barama promises his followers that the war/s will not affect his golf or campaign 2012 efforts.
GEE as ELECTION nears OHBOMBA takes a vacation from his vacations while on vacation to try and give a shit now????? So predictible and transparent
Obama: Hey everybody look over here at this sparkling shining glitter object.... while I and my regime called Washington DC destroy your savings/currency/standard of living.
OH the Political Blame Game 101... "I came into Egypt, not knowing"
People have to wake-up this BS game played by government!