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Which Way Wednesday – Popping or Topping (again)?

ilene's picture




 

Which Way Wednesday – Popping or Topping (again)?

By Phil of Phil's Stock World

What a ride!  

At 1am, in Member Chat, we were discussing why the market was selling off 1% but by 5am, we had rallied the Futures back above yesterday's close causing me to say at 5:33:  

The Euro itself is up 1% to 1.352 but not the Pound and the Yen is below 77 so still time for all this to reverse again and we’ll be back to where we were last night (down 1%).

Nas Futures are my favorite short (/NQ) at 2,365 with a stop at 2,371 and that’s $20 per point so be very careful. Oops, silly me – oil (/CL) is my favorite short at $99.50 with a stop over that line. 

We caught that move, and the Nasdaq fell right back to that -1% line at 2,340 for a $500 per contract gain and oil came back to $98.60 for a $900 per contract gain by 6:10.  That was enough for our morning drive to McDonald's AND a tank of gas so congrats to all the early risers and we really had it this morning with the 3am trade working like a charm followed by the double dip at 5:33 am and now we have a silly bounce back (8 am) but, so far, not high enough to get us excited about shorting again.  

SPY 5 MINUTEWe left off yesterday with plenty of short positions from our afternoon Member Chat - JUST IN CASE we had a repeat of last Wednesday's 400-point drop.  While we didn't expect such a violent move (caused last week by Belusconi's resignation which was, a day later, turned into a good thing - see "Whipsaw Wednesday - Yawn!"), we did think yesterday's rally was overdone (see David Fry's chart) and, since nothing happened overnight to change that outlook, perhaps some of the following trade ideas from yesterday's Member Chat at 3:21 will still be playable this morning:  

  • GOOG $625/620 bear put spread at $3.10 is a nice downside play – figure risking $1 to make $1.90.
  • MMM $82.50 puts are $1, also a good trade for a crash tomorrow.
  • WYNN $130/125 bear put spread at $1.90.
  • XOM $77.50 puts at .21 are a fun play too.
  • Still shorting oil (/CL Futures at $99.90 at the time) is my favorite bet at the moment. 

That short bet on oil is a great chance to stick it to the pump crew at the NYMEX, who are doing their best to fake demand for oil near $100 a barrel.  My premise is, if they are willing to pretend to want to buy oil for $100, then we should be more than happy to sell it to them!  There were, in fact, 143,659 open contracts for December delivery to Cushing, OK as of the NYMEX close yesterday. Those contracts terminate on Friday. Cushing can handle, at most, 40M barrels in a month so, at a minimum, 100,000 of those barrels have to be cancelled or rolled over the next 3 sessions.  Since the strategy by the oil crooks at the NYMEX has been to leave less than 20M barrels for delivery to Cushing each month (creating an artificial shortage of oil in the weekly inventories and robbing the American public of hundreds of Billions of Dollars while our elected officials do nothing - aside from accepting hundreds of Millions in pay-offs from the oil industry to look the other way, of course), we can assume there is a need to dump 120M barrels of oil over the next few days.  

Current Session
Prior Day Opt's
Open High Low Last Time Set Chg Vol Set Op Int
Dec'11 99.33 99.75 98.39 99.18 07:52
Nov 16
- -0.19 35776 99.37 143659 Call Put
Jan'12 99.30 99.77 98.43 99.17 07:52
Nov 16
- -0.26 24496 99.43 321702 Call Put
Feb'12 99.20 99.61 98.35 99.05 07:52
Nov 16
- -0.30 5533 99.35 84773 Call Put
Mar'12 98.99 99.49 98.28 98.84 07:52
Nov 16
- -0.43 3053 99.27 89125 Call Put

This is a fantastic opportunity to observe the workings of an actual criminal conspiracy to defraud the American people in action. Those December contracts represent 143,659,000 barrels of oil that we have locked in for delivery.  This would give us a MASSIVE surplus of oil into the holidays and would provide enough oil to withstand a complete disruption of all imports (even Canada and Mexico) for two full weeks any time next year - it's National Energy Security right there in front of us and you will see, over the next few days - how it is stolen from you in order to gouge you at the pump for another month.  

How much gouging?  Rex Tillerson of XOM himself said that oil prices would be $60 to $70 a barrel without this speculative manipulation of our oil supply.  He said that in May and I called for an investigation then but, of course, nothing happened and Americans have paid an average of $25 per barrel MORE than the head of the World's largest oil company says we should be paying for the 20M barrels a day we consume for a total RIP-OFF of $500 MILLION PER DAY or $15Bn per month or $180Bn per year!  

But that's just the cost of a barrel of oil. At the pump, you pay $3.50 per gallon and, in a 42 gallon drum that's $147 per barrel - almost DOUBLE where it should be.  Then there's the pass-through costs you pay for heat and electricity and food and a host of other products that are derived from oil - all told, this NYMEX scam is costing the American people over $500Bn a year and, Globally, we're talking about a $2.5 TRILLION crime (see my 2009 article: "Goldman's Global Oil Scam Passes the 50 Madoff Mark!").  

THIS is what is crushing the Global Economy.  We did not used to spend 10% of our $60Tn GDP on energy products.  Under Clinton, oil was in the $20s - Bush's deregulation of the industry and destruction of the CTFC sent energy prices not just in California to stratospheric levels courtesy of Enron but Globally prices rose from less than 3% of the Global GDP to over 10% - That's over $4Tn that were taken away from other sectors to be spent on a commodity we literally burn.  We don't get more production out of a $100 barrel of oil than we did out of a $25 barrel - our family car doesn't go farther on a $50 fill-up than it did when a fill-up was $15 - we simply have $35 less to spend at the Mall once we get there.  

But NO ONE in the MSM or, of course, our Government talks about this problem because they are filthy and corrupt and in the pockets of Goldman Sachs and the Energy Industry, who are slowly but surely taking over our World Governments and ratcheting up the cost of necessities like food and fuel and medical care until there isn't any room left for discretionary spending - just a life of wage slavery for the average American as they try to just make enough money to keep up with the inflation in the very items the Federal Reserve pretends don't exist! 

Even as I write this, oil (/CL) is hitting $100 in the futures (9am), spurred on by TBoone Pickens' special guest spot on CNBC - even as the markets continue to turn sour on the fundamentals of a Global Slowdown, caused by austerity measures and weak demand that is NOT going to turn around any time soon.  Globally, we are consuming less oil now than we did in 2008, when oil bottomed out at $45 a barrel yet $100 is the bid this morning and I say TAKE IT!   Offer to sell those barrels for $100 (a short position) on the assumption they can be bought at a later date for less money to fulfill your obligation.  

My advice to President Obama, who has 720 Million Barrels of oil in the Strategic Petroleum Reserve is to sell all 143M barrels worth of "demand" for $14.3Bn and then simply refuse to buy the contracts back.  Then you will see those prices plunge to $95, $90, $85 and $80 a barrel very quickly as the absolute WORST thing that can happen to these energy traders is that they would be forced to actually put 143M barrels of oil on the market into historically weak December demand.  Imagine a WEEKLY build of 35M barrels in our inventory reports for the month of December - what would that do to prices?   

Yet the entire reason oil prices are at $100 now is because the CRIMINALS at the NYMEX, who wear badges to trade for Goldman and the Morgans and, of course the Koch Brothers - are FAKING demand for 143 Million barrels of oil in December that, AS OF THIS FRIDAY, they will cancel.  It's a scam and the scam is being played on YOU - even if you are in the top 1% - YOU are being robbed every single day - don't you think you should do something about it?  

Send this post to your favorite crooked Congressperson and tell them we're on to them! Let them know that we are as mad as Hell and we're not going to take it anymore!  Let them know they can no longer line their pockets with money that the Banksters and the US Energy Cartel picked from yours!    

I don't have to tell you things are bad. Everybody knows things are bad. It's a depression. Everybody's out of work or scared of losing their job. The dollar buys a nickel's worth; banks are going bust; shopkeepers keep a gun under the counter; punks are running wild in the street, and there's nobody anywhere who seems to know what to do, and there's no end to it.

We know the air is unfit to breathe and our food is unfit to eat. And we sit watching our TVs while some local newscaster tells us that today we had fifteen homicides and sixty-three violent crimes, as if that's the way it's supposed to be!

We all know things are bad -- worse than bad -- they're crazy.

It's like everything everywhere is going crazy, so we don't go out any more. We sit in the house, and slowly the world we're living in is getting smaller, and all we say is, "Please, at least leave us alone in our living rooms. Let me have my toaster and my TV and my steel-belted radials, and I won't say anything. Just leave us alone."

Well, I'm not going to leave you alone.

I want you to get mad!

I don't want you to protest. I don't want you to riot. I don't want you to write to your Congressman, because I wouldn't know what to tell you to write. I don't know what to do about the depression and the inflation and the Russians and the crime in the street.

All I know is that first, you've got to get mad.

You've gotta say, "I'm a human being, goddammit! My life has value!"

So, I want you to get up now. I want all of you to get up out of your chairs. I want you to get up right now and go to the window, open it, and stick your head out and yell,

 "I'm as mad as hell,

and I'm not going to take this anymore!!" 

 

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Thu, 11/17/2011 - 10:50 | 1886725 falak pema
falak pema's picture

More in line with this article I would like to add my tuppence worth :

In 1982, Ronald Reagan rang up King Fahd and told him :  "Open up the tap buddy and keep it open for as long as its necessary to bring down Oil price to below USD 18/bbl. That's what we want to get our supply side, financial services, deregulated, risk  asset based NEW WS economic model, my Reaganomics, off the ground and into orbital."

King Fahd did, as the US had him by the short hairs. They were jointly involved in the riskiest War mongering of that era, in their joint effort to take out Ayatollah IRAN via surrogate spear carrier Saddam Husain. What followed is history. The financial economy took off; OPEC and the Seven Sisters lied through their teeth, saying there was as OIL GLUT, which made supply beat out demand, thanks to North Sea etc. ALL BS and contrary to what the same Seven Sister Oligarchs had been screaming in 1979; which was PEAK OIL, based on their own assesments world wide. In the mid 90s suddenly as Chindia appeared as NEW energy guzzler the same Oil Oligarchs, OPEC/Seven Sisters, now hunkied up in bed thanks to Bush senior, were all beginning to say ...humm, looks like we are running out of oil. Of Course, in 2003, when the shit and the US army hit Irak in WMD scam, the oil scene had gone to Peak Oil in unescapable reality, as Saudi peaked and started spitting water from EO injection along with oil. Then we were back in 1979 scenario all over again BUT WITH A VENGEANCE. 

Obviously th Bush lobby made hay as the sun shone and also paid back their buddy-buddy Oil bedfellows in Saudi; for having kicked the cheap oil can during the 80/90 decades. So it was payback time to Oil sector, but NOT from finance sector moguls who benefitted from the free ride on cheap oil in previous asset bubble. As always, it was the global taxpayer who paid the bill. Thats what OligarchIes are all about. Thank you Reaganomics, for the birth of the GLOBAL Oligarchy world wide.

Now they have us all by the short hairs...and its going down hill...all over the world. Can't lie all the time, to all the people...

Thu, 11/17/2011 - 10:24 | 1886587 falak pema
falak pema's picture

 

Reposted : OT, about the Banking crisis now reaching boiling point.

the recent posts over the last months on ZH have ALL been about Euro sovereign debt shenanigans; and everybody took their eye off the ball.

ITS ALWAYS BEEN ABOUT BANKING CRISIS ON BOTH SIDES OF THE POND. THIS IS JUST THE AFTERMATH IN EUROPE OF THE 2008 GLOBAL PONZI CRASH. AND EURO BANKS ARE TOTALLY GS RUN/COMPATIBLE AS WE SEE EVERY DAY OF THE WEEK. ITS ALWAYS BEEN ABOUT SOCIALISING DEBT AND PRIVATISING PROFIT.

Through ongoing derivative mountain plays, to pilfer social riches making it into private profit via the banking debt 'broke back market-mountain' ponzi. It goes on and on right before our eyes every day.

 

LOOK AT US CONGRESS : ART 10B5, SEA,  MISUSE IS LIKE PAPAL INDULGENCE AND SIMONY. WE'RE BACK TO THAT AGE.

US CONGRESS : THE WHORE OF BABYLON. 

If PETRARCH  were alive today he would spit on them. 

How can the elected members of the biggest capitalist country pretend controlling the financial banking ponzi if they are busy getting rich thanks to it? The Borgias run the world OPENLY. And they are all servants of the banking cabal, the new global ponzi church. USD being its divine God to which they bow.

Just look at the numbers in Euroland : Total sovereign debt 10T; Total Banking asset 50 T (of which socialised debt base : 50%, Oligarch private profit in off shore locations : 50%, aka 25 T  held by 185000 people around the globe).

Which do you think the political Borgias will preserve? The 50T  of which HALF is their ill gotten accumulated private profits. Not the Sovereigns. 

Game OVER, WS will rule the western world....Let the people burn. But...how do you stop contagion...If MErkel defies GS take over of EUrozone...Fourth Reich or continuing pax Americana? 

O'bammy's speech today in Australia is a clear signal that US Hegemony in PAcific is not over. China is not going to get a walk over. All three pillars of world economy now fragile, banks or tanks, its not getting better it's getting worse.

 

Thu, 11/17/2011 - 00:51 | 1885778 HAL 9000
HAL 9000's picture

Look,  I can see you're really upset about this...I honestly think you ought to sit down calmly, take a stress pill and think things over

Thu, 11/17/2011 - 12:47 | 1886371 barkster
barkster's picture

...

Wed, 11/16/2011 - 22:30 | 1885516 merchantratereview
merchantratereview's picture

Time zone? duh............

Wed, 11/16/2011 - 20:07 | 1885223 ptolemy_newit
ptolemy_newit's picture

ilene,

trading and skimming commisions is not healthy.   Do you have any other skills that will contribute to society?

 

Thu, 11/17/2011 - 06:13 | 1886094 Cult of Criminality
Cult of Criminality's picture

Ptolemy Nitwit ....?

How do you get these accusations about Ilene out of Phils article ?

Oh.... I get it, you work for the Lamestream media empire.

Must be to early need more coffee I just cannot connect the dots,just the facts Nitwit can you just give us the documentation of this Ilene skimming proof.

Thanks in advance

Wed, 11/16/2011 - 19:58 | 1885186 CapitalistRock
CapitalistRock's picture

The is absolute BS. If you really think oil is being manipulated higher then just buy some stock in oil companies and you are perfectly hedged to take advantage.

But you won't. Because you don't believe it. Which is wise. But your excuse will be that the story is true but there is some other reason you won't hedge.

Speculators have been blamed by leaders since the Roman Empire. The masses believe it until it is too late. Then they realize the problem is debasing of the currency and that the leaders are doing that. So they sat on their hands, waiting on the leadership to shutdown the speculators, only to find their leaders had turned them into sheep and robbed them. The story about speculators was to placate the masses and make them invest in an ever depreciating currency.

And that is how you rob the middle class. Blame speculators while debasing the currency.

Wed, 11/16/2011 - 21:39 | 1885425 Stuck on Zero
Stuck on Zero's picture

Unfortunately the current generation of Wall Street speculators don't speculate.  They engineer profits with the aid of their stooges in Washington.

Wed, 11/16/2011 - 19:58 | 1885185 PulauHantu29
PulauHantu29's picture

Buy and Hold still applies to oil imo. I keep adding when oil drops below $90 per barrel. There is no question oil will rocket past $150 when troops are moved from Iraq to Syria, Iran's pal.

Wed, 11/16/2011 - 20:25 | 1885269 CompassionateFascist
CompassionateFascist's picture

And when the ZOG actually attacks Iran: Hormuz Straits close, cutting off 40% of world oil, oil price goes asymptotic, JapanChina shed dollars/dollar collapses, and value of Gold skyrockets. Which is why no audit of Fort Knox for decades: our gold emigrated to Israel. There. Tied it all together for 'ya.  

Wed, 11/16/2011 - 19:40 | 1885127 Everybodys All ...
Everybodys All American's picture

Lost me with the Koch brothers ... just how are they involved?

Wed, 11/16/2011 - 23:50 | 1885684 ISEEIT
ISEEIT's picture

It Sucks to admit it: The Koch brothers are Crony motherfuckers too though. Just like Soros and obama.

 

The old expression that "so goes California, goes America" Has never been so true (unless of course you pick up Chigago as an indicator).

Hee- Haww

Wed, 11/16/2011 - 19:57 | 1885184 El Yunque
El Yunque's picture

They own refineries and 4000 miles of pipeline.  If you look for a fucked up deal in a big business somewhere, chances are better than average that the Koch brothers were close by.

The Koch brothers are like the Hunt brothers of the silver days: only they're bigger and nastier, and if there's one set of brothers that wants to end American government, it's those fuckers.

Their tentacles spread far and wide.

Wed, 11/16/2011 - 21:08 | 1885356 jeff montanye
jeff montanye's picture

they don't want to end it.  they want to control it.  they want the gun.

Wed, 11/16/2011 - 18:19 | 1884808 masterinchancery
masterinchancery's picture

Utter baloney, worthy only of lefty kleptocrats --it's the "speculators" fault again.

Wed, 11/16/2011 - 20:01 | 1885198 jimmyjames
jimmyjames's picture

it's the "speculators" fault again.

***********

Speculators are fine-the problem is the hot money that's being used to speculate with-belongs to taxpayers and when not if those hot money speculators lose-they will be back for more-

When you can speculate basically risk free with taxpayers money-free market dynamics are distorted-

Wed, 11/16/2011 - 17:56 | 1884701 blindman
blindman's picture

Network - We're In A Lot Of Trouble!
http://www.youtube.com/watch?v=HFvT_qEZJf8&feature=player_embedded
.
It's the Individual that's finished.
http://www.youtube.com/watch?v=NcpWk2WKhEM
.
Australia Going down the toilet
http://www.youtube.com/watch?v=UR200B0RUAc
.

Wed, 11/16/2011 - 17:18 | 1884452 Madcow
Madcow's picture

@oil ... The demand curve is falling faster than the supply curve. That results in a lack of investment in new production. So soon enough, the supply curve will be falling faster than the demand curve is falling, which will result in price increases - even in the context of a deflationary depression.

Wed, 11/16/2011 - 17:03 | 1884307 El Viejo
El Viejo's picture

Going long:  Tele-commuting

Wed, 11/16/2011 - 16:48 | 1884211 Iwanttoknow
Iwanttoknow's picture

Can someone please comment on the Baltic States?

Wed, 11/16/2011 - 20:38 | 1885292 nmewn
nmewn's picture

Is that a Lithuania in your pocket or are you just happy to see me? ;-)

Thu, 11/17/2011 - 10:00 | 1886502 Iwanttoknow
Iwanttoknow's picture

I'm glad that you are a fan of Mae West.I was hoping to find someone knowlegeable on Baltic economy.

Wed, 11/16/2011 - 16:37 | 1884132 el Gallinazo
el Gallinazo's picture

I'd never short oil right now.  The crazies are talking about attacking Syria or Iran.  First thing,  Iran would pump a few missiles into a few supertankers in the strait.  Maybe take out the Saudi tanker loading areas next.  

A) What's oil worth when the Persian Gulf is shut down?  

B) What would that do to the global economy?

C) Since TPTB are not total idiots, why would they want to go down that path?

Thu, 11/17/2011 - 08:00 | 1886180 BlackVoid
BlackVoid's picture

C) Since TPTB are not total idiots, why would they want to go down that path?

Exponential economic growth is over - in fact that is THE problem.

What better way to shut it down?

Wed, 11/16/2011 - 20:46 | 1885309 El Yunque
El Yunque's picture

I was in such a hurry to pour myself another class of cheap whiskey, I forgot to mention the obvious.

We worked purty hard on the iraqis to create the play-government and pass the oil law there that makes the next nationalization of our oil fields there a global no no. Brings the full weight and power of the American International law system down on the next pour bastards heads for wanting to repatriate their coins or oil as the case may be.

We also handed out Bens (363 tons of the shit) or about $40 billion fiat notes to people that either used it for ass-wipe, or just burned the shit for warmth, as it seems to have disappeared. Shows what 363 tons of green paper will get you.

And last but not least, if Dicky Dick (Cheney) hasn't been gathered up by the junk droids for a trip back to the Death Star for a little tin heart refurb, he probably has the answers on why and how Unocal (now married to Chevron, after CNOOC tired to acquire them and Presidente' Arbusto got invloved) were sporting a woody over  pipelines in the area to the Indian Ocean and the North Sea. See CIA, Taliban, CentGas Consortium, and Robert Oakley.

Ain't a soul standing in this mess that ever thought a "democracy" had a flying fishsticks chance in hell of ever lasting in the that zone.

Look at the ground shift in the American economy in 2000, from science, technology and innovation, back to the oil bidness power circle of Tejas, faith-based problem solving, and the dumbassing of the American public in pursuit of the glory days of wildcatting.

Look at how well that shit worked out.

And it ain't even over yet.

Wed, 11/16/2011 - 20:31 | 1885279 CompassionateFascist
CompassionateFascist's picture

A good question. The only "rational" answer I can think of, as above, is that the gold that's supposed to be in Ft. Knox isn't there anymore. It's in Israel.

Wed, 11/16/2011 - 20:14 | 1885241 El Yunque
El Yunque's picture

Here's some more heartburn for you: The new gas fields east of Cyprus - Turkey, Israel, Russia, and who ever else wants to dogpile it.

And just plain ole biblical oil: http://www.oilinisrael.net/

It should be a really interesting century, if we complete it.

Oh, as to your questions:

A. More

B. What does shit piled on shit look like? Imagine that image - small part of the answer.

C. Mobius strip. TPTB catches itself and begins digesting own body.

D. And Just for giggles: Imagine our oil flowing out of Iraq via a pipeline across a large poppy field to the North Sea.

Wed, 11/16/2011 - 19:56 | 1885178 GeoffreyT
GeoffreyT's picture

Your point (A) is the key - what happens when a Yahkonts (an SS-NX-26 anti-shipping missile... Iran has plenty) slams into a big fat slow carrier, and R2D2 (Phalanx) reveals it's too slow to plot a firing solution for a missile with a volatile end-path (and forget the anti-missile missile systems like RIM - they're a joke... the developers gave Navy procurement a 'RIM-job' there). 

During Falklands, the RN had all sorts of problems with Exocets - 90% of all CAP sorties were flown as defensive countermeasures rather than infantry support - and Yahkonts is faster, has a longer range, a larger payload, and more sophisticated guidance than an Exocet (and Yahkonts can be ground-launched, given its range).

Sheffield got cut in half, and folks ought to remember the Stark, too.

Putting a great fat open-water carrier group in (or even NEAR) what is effectively a salt-water lake (the Gulf) will be shown to be a MASSIVE fuckup if anything ever kicks off; the Strait of Hormuz will be immediately shut (clogged with billions of dollars of scrap metal), and oil will fly through $200 a barrel in a session.

Wed, 11/16/2011 - 22:44 | 1885542 rocker
rocker's picture

I like the way you think. One must remember too. As one or two nation taunts another nation to do what many oil bulls would love to see.  Didn't some banksters just buy tankers of oil to sit off shore for capital gains in the future.  Hmmmm.

There is a very large trading partner that trades with Iran. Hint, one of our largest trading, (suppliers) of goods we buy from all the time. They will and do persuade against Iran from doing something foolish. After all, they are huge trading partners.  One has Oil, the other has refineries.

What blows me away is how Americans, sad to say I'm one some times, just don't know the whole story. The motives like Greed and influence one does to create more opportunties for more greed are limitless.

As we watched a BBC interview that ZH gave us in which the BBC guest said, "Goldman Sachs rules the World" and will do whatever it takes to make a ill begotten million dollars. This is a most disturbing fact that the OWS crowd are just putting a finger on. Yet, have no clue how ruthless the squid is.

Wed, 11/16/2011 - 19:17 | 1885030 jimmyjames
jimmyjames's picture

I'd never short oil right now.  The crazies are talking about attacking Syria or Iran.  First thing,  Iran would pump a few missiles into a few supertankers in the strait.

************

Does Ilargi say that would be bearish for Gold?

Wed, 11/16/2011 - 16:32 | 1884096 Georgesblog
Georgesblog's picture

There is one sure way to beat the scam. Pull your money out of the game for a week. That would just make my day, seeing no demand for oil contracts at it's present price level. Let's see how the PPT handles being told to bite the wall.

http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/

Wed, 11/16/2011 - 16:30 | 1884084 The trend is yo...
The trend is your friend's picture

Only one solution.....coordinated spending holidays by the masses....similar to the move your money from a big bank day.  They only way to win is to save your money and not spend it on the corporations that bribe the corrupt politicians.  its difficult i know, but its the best solution i can come up with thats non violent

Wed, 11/16/2011 - 16:28 | 1884070 el Gallinazo
el Gallinazo's picture

Wall Street is the dog that wags the tail (Washington).  Our "elected" misrepresentatives just follow the money like pigs looking for truffles.  This attempted dichotomy between the banksters and the pols is just plain stupid - like trying to split siamese twins with a shared brain.  However, bankers will always be bankers while politicians aren't quite always corrupt, particularly when the pitchforks come out.  So I will admit that Washington is a better leverage point to attack the system.  But never lose sight who pours their slops into the pig trough.

Wed, 11/16/2011 - 16:22 | 1884033 Melin
Melin's picture

Separate Economy and State

Wed, 11/16/2011 - 15:50 | 1883872 ISEEIT
ISEEIT's picture

Great post and points well made. LOTS to be mad as hell about. I guess my question would be though obama has been President for three years and this has been going on that entire time, so why has the guy not done anything about it?

Glorious old bill clinton could just maybe get some sort of public forum to bring this criminal activity to the publics attention and yet curiously enough he has not done so.

I'm just trying to ensure that the point is made that the ENTIRE system is corrupt and out to screw the 99%. It isn't the 'good guy' democrats VS. the 'bad guy' republicans. It is them against us. That is why I find OWS to be nothing more than a bogus attempt to divert attention from the failings of the obama administration and the ( democratic party by extension ) and to place focus on their buddies on wallstreet. Public anger needs to be focused on the broken system. The corrupt, constitution ignoring, market manipulating, fiscally ruinous, globalist elite who are 90% finished with destroying this country forever.

Thu, 11/17/2011 - 04:33 | 1886028 barkingbill
barkingbill's picture

most ows know that obama is complete and utter establishment failure. 

Thu, 11/17/2011 - 00:00 | 1885702 ceilidh_trail
ceilidh_trail's picture

Speaking of coruption: Hillary clinton's cattle futures bonanza and now, chelsea clintons big job at nbc- you know, mr immelts place? not bad for a kid out of college... Do you think a normal person would get such a deal? Come on philly, why don't you mention this crap as well?????????????

Wed, 11/16/2011 - 17:35 | 1884572 Shizzmoney
Shizzmoney's picture

I guess my question would be though obama has been President for three years and this has been going on that entire time, so why has the guy not done anything about it?

Because he wants to get re-elected? 

The last president that actually tried to improve the situation in America, to mak our savings and money worth more, was JFK.  He wanted, and was ready to draft the USD back, onto the Gold standard.

A week later, they shot his ass. 

Thu, 11/17/2011 - 10:06 | 1886522 rwe2late
rwe2late's picture

I am not a fan of Kennedy or the Democrats, but there is a plausible argument to give Kennedy some credit.

 

 

From the book titled, JFK and the Unspeakable, Why He Died and Why It Matters, by James Douglas:

After the Joint Chiefs demanded troops for Laos, he told Geneva Conference representative Averell Harriman:

"Did you understand? I want a negotiated settlement in Laos. I don't want to put troops in."

He opposed nuclear weapons use in Berlin and Southeast Asia. During the 1962 Cuban missile crisis, he refused to bomb or invade. Afterwards he said, "I never had the slightest intention of doing so."

In June 1963 (a few months before his assassination), he called for abolishing nuclear weapons, ending the Cold War, and advancing "general and complete disarmament."

In October 1963, he signed National Security Action Memorandum (NSAM) 263 to withdraw 1,000 US forces from Vietnam by year end and all of them by 1965.

He wanted "to splinter the CIA in a thousand pieces and scatter it to the winds."

Before Gaza, the West Bank and East Jerusalem were occupied, he supported UN Resolution 194, authorizing diaspora Palestinians' right of return they never got.

He wanted the American Zionist Council (AIPAC's original name) registered as a foreign agent. He opposed Israel's nuclear weapons program.

He wanted peace, not conflicts. It cost him his life. Future presidents got the message. The rest, as they say, is history.

 

 

 

 

http://www.globalresearch.ca/index.php?context=va&aid=27627  

 

Thu, 11/17/2011 - 10:23 | 1886595 Bastiat
Bastiat's picture

Great book.

Wed, 11/16/2011 - 22:26 | 1885508 riley martini
riley martini's picture

 The only good JFK did  was forced by protest and riot by the American people .

Wed, 11/16/2011 - 18:14 | 1884783 Mark123
Mark123's picture

I have heard this before about Kennedy, but from I have seen (and based on his family history) the guy was a corrupt asshole (just l;ike all the presidents we have had in the last 100 years).  I doubt he would have been a real proponent of sound money.

Wed, 11/16/2011 - 16:59 | 1884270 Uchtdorf
Uchtdorf's picture

The only thing that keeps America, and, by extension, the rest of the world, from being in total FEMA re-education camp mode is Lohan Dancing With Karshadian Price Is Right Can I Buy A Vowel? If people ever look up from their Pop-Tarts, it will require millions of blue helmets to silence the riots.

Wed, 11/16/2011 - 17:44 | 1884634 Shizzmoney
Shizzmoney's picture

There won't be enough cops to handle what will happen, especially once they learn they won't get paid right away (or maybe even never).

We'll see how Blue the NYPD will be when JPM and Goldman even cant pay their bill

Fri, 11/18/2011 - 20:22 | 1892970 Uchtdorf
Uchtdorf's picture

I meant UN blue, not Police Dept blue.

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