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Obama's Next 'Sweet' Bailout

Tyler Durden's picture





 

"Clearly, the USDA has made up its mind that Big Sugar is going to trump the American consumer," is how industry exec perceives the news that the government is considerng buying 400,000 tons of sugar, as WSJ reports, to stave off a wave of defaults by sugar processors that borrowed $862 million under a government price-support program. Since these 'loans' were given nine-months ago, sugar prices have plunged 18% - and could leave the government's price-support program with an embarrassing $80 million loss given the additional sugar-to-ethanol purchase losses. Of course, rather than pass on lower prices to a struggling consumer, the government's decision is to avoid a loss for corporations such as American Crystal Sugar Co., Amalgamated Sugar Co. and U.S. Sugar Corp., and, as Sen. Jeanne Shaheen notes "unfairly leaving consumers and businesses on the hook to foot the bill and that is unacceptable." Moar Big Gulps...

 

 

Via WSJ,

The U.S. Department of Agriculture is considering buying 400,000 tons of sugar to stave off a wave of defaults by sugar processors that borrowed $862 million under a government price-support program.

 

The action aims to prop up tumbling U.S. sugar prices, which have fallen 18% since the USDA made the nine-month operations-financing loans beginning in October.

 

...

 

The move would benefit companies that turn sugar beets and sugar cane into granulated sweetener, a business plied by American Crystal Sugar Co., Amalgamated Sugar Co. and U.S. Sugar Corp. The USDA wouldn't say how many companies have received loans, or identify them. U.S. Sugar said it doesn't have any USDA loans outstanding. American Crystal and Amalgamated didn't respond to requests for comment.

 

Higher prices would hit food companies including candy giants Mars Inc., Hershey Co. and Nestlé SA, and could ultimately boost retail food prices, at a time when many consumers are financially stretched.

 

"Clearly, the USDA has made up its mind that Big Sugar is going to trump the American consumer," said Pierson Bob Clair, president and chief executive at Brown & Haley, a confectioner in Tacoma, Wash., that makes Roca butter-crunch candy.

 

The USDA makes loans to sugar processors annually as part of a program that is rooted in the 1934 Sugar Act. The loans are secured with some 4.1 billion pounds, or 2.05 million tons, of sugar that companies expect to produce from the current harvest. That comes to almost a quarter of total U.S. output that the USDA forecasts for this year.

 

...

 

The loan program was designed to operate at no cost to taxpayers. A June 2000 study by the Government Accountability Office, then called the General Accounting Office, estimated the program's cost to the U.S. economy at $700 million in 1996 and $900 million in 1998.

 

The National Confectioners Association, which represents about 350 candy companies, including Mars, Hershey and Nestlé, estimates that the U.S. Sugar Program has cost consumers about $14 billion since the Farm Bill's passage in 2008.

 

...

 

Any defaults on loans this year would be the first test of a provision in the 2008 Farm Bill that requires the USDA to sell forfeited sugar to ethanol producers. Most ethanol in the U.S. is distilled from corn.

 

To entice ethanol producers to buy sugar to mix in with corn, the USDA expects it will have to take a 10-cent loss on every pound of sugar it sells, bringing the total to $80 million if 400,000 tons are purchased, Ms. Fecso said.

 

...

 

"If the USDA has to intervene…we're going to be unfairly leaving consumers and businesses on the hook to foot the bill and that is unacceptable," said Sen. Jeanne Shaheen (D., N.H.), co-sponsor of a bill that would give the USDA more flexibility in handling the sugar program.

 


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Wed, 03/13/2013 - 10:18 | Link to Comment Lost Wages
Lost Wages's picture

This dude needs to be more like Governor Jesse Ventura when I lived in Minnesota and send ME some motherfuckin' checks.

Wed, 03/13/2013 - 10:20 | Link to Comment otto skorzeny
otto skorzeny's picture

if you're not an unemployed single black woman w/5 chilluns or a big US company you're SOL

Wed, 03/13/2013 - 10:25 | Link to Comment CH1
CH1's picture

The productive class will be looted - there is no other choice.

Wed, 03/13/2013 - 10:36 | Link to Comment Surly Bear
Surly Bear's picture

I will forever hold a grudge that Hostess Brands was not bailed out. Twinkies are a better economic indicator than any bank or automobile manufacturer.

Wed, 03/13/2013 - 10:45 | Link to Comment NotApplicable
NotApplicable's picture

Umm... they'll be back on the shelves as soon as the bankruptcy is finished.

Like most of America, Hostess had a wholly unsustainable business model.

Tyler wrote about it yesterday.

Wed, 03/13/2013 - 11:47 | Link to Comment malikai
malikai's picture

Is it just me, or does anyone else find the surge in sugar price from last friday to be a bit, uh, suspect?

Wed, 03/13/2013 - 13:25 | Link to Comment TruthInSunshine
TruthInSunshine's picture

This is awesome. Truly.

It's a taxpayer bailout of sugar refiners who are allegedly at risk of defaulting on their existing taxpayer-backed loans of close to a billion USD as previously provided by BigGov.org.

This is akin...no, wait...it's exactly like the government forcing taxpayers to buy 400,000 tons of sugar at artificially high prices, which will then create higher prices for products for many of these same taxpayers when they buy products containing sugar, in order to ensure that the money the government already forced taxpayers to loan to sugar refineries isn't defaulted on (for now).

"The USDA is considering buying 400,000 tons of sugar in an aim to limit supply and boost prices so that sugar producers can pay back government loans that they’re in danger of defaulting on, the Wall Street Journal reports. The move would be an exercise of an untested provision inserted in the 2008 farm bill called the Feedstock Flexibility Program, which allows the USDA to intervene in the market to raise prices."

Epic. Forward, Komrade Kapitalism!

Wed, 03/13/2013 - 10:46 | Link to Comment Manthong
Manthong's picture

Bloomberg needs to ban all sugar related instruments from his terminals.

Wed, 03/13/2013 - 10:53 | Link to Comment john39
john39's picture

local government bans sugar....  federal government bails out and subsidizes big sugar...  yeah, it all makes sense.

Wed, 03/13/2013 - 11:18 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

just like tobacco in canada; or perhaps even elsewhere

Wed, 03/13/2013 - 11:17 | Link to Comment AlaricBalth
AlaricBalth's picture

The Fanjul family of Florida, owners of a vast sugar conglomerate including Domino Sugar, Florida Crystals and Flo-Sun, is one of the most egregious beneficiaries of federal government largesse. According to OpenSecrets.org, they have contributed hundreds of thousands of dollars to both political parties to ensure that the money continues to flow from the taxpayers into their own lavishly lined pockets. Some of the recipients of Fanjul donations include Barack Obama, Harry Reid, Eric Cantor, Robert Menendez, John Boehner, Alcee Hastings, Debbie Wasserman-Schultz and many more. This family knows how to cover all the bases. Just this past year, equal amounts have been donated to the Dem and Rep National Committees.

http://www.opensecrets.org/usearch/index.php?q=fanjul&searchButt_clean.x...

Wed, 03/13/2013 - 11:28 | Link to Comment Hobbleknee
Hobbleknee's picture

Imagine how cheap sugar would be if imports weren't taxed to protect domestic sugar.

Wed, 03/13/2013 - 12:27 | Link to Comment tarsubil
tarsubil's picture

Wait. You said they contributed to both political parties? I only see one.

Wed, 03/13/2013 - 16:43 | Link to Comment AlaricBalth
AlaricBalth's picture

You are right, of course. I should know better. I stand firmly corrected.
:-/

Wed, 03/13/2013 - 10:57 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Hence the lack of the productive person's desire to be productive.  I doubled my compensation in 2012 over 2011 and all I got was a fucking HUGE tax bill.  My tax advisor keeps telling me to take advantage of tax breaks in 401K's and such with the mantra of "Pay yourself instead of Uncle Sam."  I corrected him and said Uncle Sam owns that market too, it's just some other schmuck in a suit takes a skim off of that cash first before going right to Uncle Sam.  He looked like a dog hearing a high pitched noise, head all cocked to the side, wide-eyed and shit.

Wed, 03/13/2013 - 10:25 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Ridiculous comment of the day.

So a single black woman with as you say "5 chilluns" is somehow financially equatable with a big US company?

You are a sick racist, aren't you? Go ahead, be loud and proud and admit it.

I hope you lose all of your belongings and fortune and have to rely on gubermint aid. Sincerely I do.

Wed, 03/13/2013 - 10:35 | Link to Comment otto skorzeny
otto skorzeny's picture

they are both welfare queens suckling at Uncle Sam's dry and cracked teat and feel free to support both with your tax dollars. Sincerely-you're a knee-jerk douchebag that should be posting at HuffPo.

Wed, 03/13/2013 - 10:53 | Link to Comment Transitory
Transitory's picture

Thanks, missed that thread. You're saying that indirectly we're all SNAP recipients just by going to the grocery store. Ugh.

Wed, 03/13/2013 - 11:45 | Link to Comment Bryan
Wed, 03/13/2013 - 11:00 | Link to Comment otto skorzeny
otto skorzeny's picture

this is all part of the problem-if you can't afford an unsubsidized product-YOU SHOULDN'T BUY IT(and that includes using fucking credit cards).or-if you can't afford to run a business without govt "help" YOU SHOULD NOT BE IN BUSINESS. sorry I'm not in your little ZH mutual admiration society HH.

Wed, 03/13/2013 - 11:01 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

sorry I'm not in your little ZH mutual admiration society HH.

Want some government cheese to go with that whine?

I admire you and appreciate you, Otto, but this is Fight Club. 

 

Wed, 03/13/2013 - 11:03 | Link to Comment otto skorzeny
otto skorzeny's picture

you do have your share of sycophants on here

Wed, 03/13/2013 - 12:41 | Link to Comment a growing concern
a growing concern's picture

You'll get some love here too once you start posting some photos of delicious, non-horsemeat meals.

Wed, 03/13/2013 - 10:49 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Oh, I post there. I trounce those idiots there, too. Those who think that Chairman Ben and Paul Krugman are gods. I am an equal opportunity trouncer.

Otto, admit you're a racist, and move on. Because, I guarantee you - there are thousands of po' white folk in rural areas who get preggers at 15 and suck off of the cracked teat, as well.

Douche.

Wed, 03/13/2013 - 10:55 | Link to Comment otto skorzeny
otto skorzeny's picture

care to come up with some hard #s as to the % of babies born to unwed teenaged minorities as opposed to caucasians? how about the % of crimes committed by minorities as opposed to whites? or the % of minorities in prison as opposed to whites? and don't give me that bullshit about the system fucking them over.

Wed, 03/13/2013 - 11:21 | Link to Comment DOT
DOT's picture

How about gross amount paid, Otto? After all we are talking about the effect it has on those that pay for it. Focus on the power not the pawn.

Wed, 03/13/2013 - 11:39 | Link to Comment Troll Magnet
Troll Magnet's picture

WHO THE FUCK CARES IF OTTO IS A RACIST OR NOT?
jesus fucking christ, dude. people have the right to not like anybody for whatever reasons. we don't live in a fucking kumbaya world. get over your pathetic PC self.

Wed, 03/13/2013 - 12:06 | Link to Comment Ricky Bobby
Ricky Bobby's picture

Tsar what a fucking troll idiot. Ouch call me a rayciss - a fate worse then death. Jesus only in the mind of a libtard does the word racist hold any power.

Wed, 03/13/2013 - 12:25 | Link to Comment shuckster
shuckster's picture

The White Welfare Queen argument is a media manifestation based on false premises

Wed, 03/13/2013 - 10:36 | Link to Comment LFMayor
LFMayor's picture

I'd call him a sick realist.  Emphasis on the realism part.  He's a dick most of the time but he's spot on with this.

and you are a blind, willing little dumbass tool, praying to your diversity and inclusion golden calf.

Just where exactly do you think all that "gubermint aid" fucking comes from?  It just materializes?  Oh, they can print money anytime they need it.  Do you realize that the only reason all these leeches are fed this morning is because we've been coasting along, using up all the inertia supplied by hardworking people over the last 60 years?  Once that inertia is spent we're going to play mad max. 

And all these poor, downtrodden "gubermint aid" beneficiaries that you rise in magnificient defense of are going to fucking use your rib bones to tie up their hair, oh champion of the downtrodden.

Wed, 03/13/2013 - 11:00 | Link to Comment McMolotov
McMolotov's picture

+1 for the "rib bones in the hair" visual.

Wed, 03/13/2013 - 11:15 | Link to Comment MrButtoMcFarty
Wed, 03/13/2013 - 13:03 | Link to Comment Lost My Shorts
Lost My Shorts's picture

Otto is a racist.

He is also Catholic, and acts hurt at the vicious anti-Catholic stuff that gets posted any time the Vatican or pope is mentioned at ZH.  You would think he might learn from that, something.  About how it feels to be on the receiving end of casual hatred.  Maybe the spirit would enter his mind of that hairy no-job hippie from wayback who said "Do unto others bla bla."

Welfare queens have the same impact on the taxpayer regardless of color.  A numerical majority are White, even if the percentage is higher among Blacks.  It was totally gratuitous for Otto to specify black.  He did it because he wants to sow hatred and burn every bridge that might exist in society.  (WWJD)  That is why the USA has no chance.  People like Otto should be trying to build bridges to anyone, of any color, who shares his philosophy.  But instead he sows race hatred, and makes it clear to any black person that they had better stick with Barry-O and PK, because everyone here at ZH hates him and blames him for all the problems.

Wed, 03/13/2013 - 14:46 | Link to Comment JOYFUL
JOYFUL's picture

fyi...not much traction generated here by calling out someone as a "racist"....kinda like walking into the ring wearing a chicken suit...might as well bring your own tar...

this here "Otto" is a victim too! Plenty of good folks get catched up in the sionist divide n conquer campaign...set whitey against the fro bros., or the towel heads, throw a match, step back, and steal everybody wallets. Happens all the time.

There's just no way outta this mess till we turn around and look at the dancin & laughin 'raelis behind every punch up. Blacks take a lot of flak for having a culture of dependency...but what would happen if all your best and brightest were targeted for elimination or enticed into addiction\dead end easy money dopin...

the 1960s was all about turning black people away from their real leaders and creating phony values and slick dope culture media memes to break their spirit, and will to get ahead in whitey's world. Smartest blacks left now  are the ones what want nothin to do with us, till we clean up our own act and get rid of the race traitors in our midst.

Then we can all live happily ever after...cept for u no hoo!

Wed, 03/13/2013 - 19:41 | Link to Comment mkhs
mkhs's picture

You be dreamin again.

 

Wed, 03/13/2013 - 10:51 | Link to Comment NotApplicable
NotApplicable's picture

Gee, talk about a sicko... openly wishing disaster on someone who merely points out various types of welfare queens.

But that's the kind of evil incoherence to be expected by a violent statist looking for a benevolent dictator to "make it all fair."

You can try and justify theft for the benefit of one person over another, but you'll never escape the fact that it relies upon theft, and as such, it UNDERMINES ALL OF SOCIETY.

See, once an action is accepted, it can be applied to ANY goals, like say, massive theft to fund war.

You think you're a do-gooder, but never once look at the evil you perpetrate to achieve your ends.

Or perhaps you're the best troll EVAR? Poe's Law is a bitch, sometimes.

Wed, 03/13/2013 - 12:04 | Link to Comment stormsailor
stormsailor's picture

well,  you brought it up but, yeah.   a single minority woman with 5 dependents probably receives in total government largesse, 120,000 a year.  now thats a guess, but i read a report done 4 years ago for minority females with 2 dependents in mississippi and at that time it was the equivalent of 102,000.

 

as much as i hate this fascist corporatocracy corruption.

 

i equally hate the same batch that allow the other.  and the simple fact is there are 10's of thousands of the latter.

 

 

Wed, 03/13/2013 - 10:58 | Link to Comment infinity8
infinity8's picture

Most of the welfare queens in my neck of the woods are white. And there's plenty of them.

Wed, 03/13/2013 - 11:28 | Link to Comment McMolotov
McMolotov's picture

Obviously black people don't live in the woods.

Wed, 03/13/2013 - 11:55 | Link to Comment infinity8
infinity8's picture

multi-generation, expertly home-schooled to achieve their own full plate of "benefits" by the time they turn 18. it's a real career.

Wed, 03/13/2013 - 17:04 | Link to Comment de3de8
de3de8's picture

McMolotov,
Tk's for the gut laugh!

Wed, 03/13/2013 - 11:08 | Link to Comment marcusfenix
marcusfenix's picture

so your saying that only black women have five chilluns running around sucking at the government teet?

then you need to get out more, cause at least where I live white women are doing it to, so are the Latinos, hell even the Asians are getting into the act...

everybody's doing it, of course it doesn't help that the younger generation of "men" don't have any concept of commitment beyond the first two minutes.

maybe you lead a sheltered life, but this is a affliction that at least from what i've seen, goes way beyond color. 

Wed, 03/13/2013 - 11:43 | Link to Comment shuckster
shuckster's picture

Based on your ring kissing of government and big media talking points, I'd wager you are on the government tit as we speak

Wed, 03/13/2013 - 12:03 | Link to Comment marcusfenix
marcusfenix's picture

so my personal observations made in the area in which I live are now "big media talking points"?

why is that, because they don't line up with your personal world view?

and what would it matter if I was on the tit, according to your above comment that's ok, because I'm white I have the "moral high-ground" right?

that is what you said.

and how does expressing an opinion on a subject become "government ring kissing", I suppose a real hardcore freedom fighter has to think, talk and sound like you...

I would guess you consider yourself a "real American" by the comment you posted further up on this thread but I've got to wonder, what boat did your ancestors come off of?

Wed, 03/13/2013 - 12:34 | Link to Comment shuckster
shuckster's picture

Its called talking your book. Whichever position you support, generally, they are your paymasters. If you are using liberal talking points, its probably because you are receiving checks from the government

Wed, 03/13/2013 - 12:59 | Link to Comment marcusfenix
marcusfenix's picture

first I'm not using liberal talking points, my comment once again, was based purely on personal observation about the area in which I live.

what about that do you not understand?

my "paymaster" is a shipping/receiving warehouse and distribution center and not politically aligned beyond the personal views of those that work there (we are non- union). 

if you were to read any of my past comments on ZH you would see that I am clearly not a supporter of either the fake left or right positions that exist in this country. it's all just part of the PTB's social engineering program which has been probably been going on since your ancestors came off the boat from Europe. Obama, for example, is nothing more then the same empty suit teleprompter reading mouthpiece that Bush was before him.

they all have the same paymasters and as much as people like to label them (and by extension themselves) democrat or Republican, conservative or liberal ect. it's all just a well managed puppet show and the adherents to this paradigm are living a blue pill fantasy. I am well aware, maybe even more than most,of how far the media continues to go to protect and propagate this lie to which sadly many Americans continue to cling to. 

as far as showing respect, my ancestors came here from Russia and built the society you now call home. you should show some respect.

 

 

Wed, 03/13/2013 - 14:09 | Link to Comment stormsailor
stormsailor's picture

yeah, see black women have chilluns,  white women have youngins, lol

Wed, 03/13/2013 - 11:02 | Link to Comment Groundhog Day
Groundhog Day's picture

No losses for corporations period.  Isn't capitalism grand 

Wed, 03/13/2013 - 11:28 | Link to Comment DOT
DOT's picture

Capitalism? I think you may need to explain your definition.

Wed, 03/13/2013 - 11:39 | Link to Comment whatsinaname
whatsinaname's picture

Moar some Sugar on me !!

Wed, 03/13/2013 - 10:20 | Link to Comment localsavage
localsavage's picture

So what your saying is that borrowing to hide real inflation won't work.....

Wed, 03/13/2013 - 10:21 | Link to Comment digalert
digalert's picture

What? USDA palms greased?

Wed, 03/13/2013 - 10:44 | Link to Comment 20834A
20834A's picture

Pepe Fanjul was on the phone with Clinton while Monica was servicing him. Now THAT"S influence. Get the picture? The Fanjul brothers are about as slimy a 1% as you'll find, and that's saying something.

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

 

Wed, 03/13/2013 - 11:03 | Link to Comment QQQBall
QQQBall's picture

So who gave Slick Willie wood? Monica, or?

Wed, 03/13/2013 - 10:29 | Link to Comment astoriajoe
astoriajoe's picture

Isn't sugar already like 3x the price of world market?  WTF?

Wed, 03/13/2013 - 11:08 | Link to Comment McMolotov
McMolotov's picture

That's the way Uncle Sugar likes it.

Wed, 03/13/2013 - 10:23 | Link to Comment Son of Loki
Son of Loki's picture

One (free) pound of sugar with every GM car you buy with a 30-year, zero down car loan you take out.

 

Sounds bullish to me!

Wed, 03/13/2013 - 15:09 | Link to Comment BooMushroom
BooMushroom's picture

But you have to put it in the gas tank of your old vehicle. Broken windows for everyone!

Wed, 03/13/2013 - 10:22 | Link to Comment Unprepared
Unprepared's picture

Can we now call him Mr. Brown Sugar Daddy?

Wed, 03/13/2013 - 10:26 | Link to Comment CH1
CH1's picture

Can we now call him Mr. Brown Sugar Daddy?

I don't give a shit what he looks like - I care that he's a thug who wants to be thanked for his extortions.

Wed, 03/13/2013 - 10:40 | Link to Comment DblAjent
DblAjent's picture

You've positioned yourself quite strategically alluding any implications of being a racist. Way to stand out. /sarc

Wed, 03/13/2013 - 10:22 | Link to Comment GolfHatesMe
GolfHatesMe's picture

This wouldn't happen if real sugar was in soda. 

Wed, 03/13/2013 - 10:38 | Link to Comment LFMayor
LFMayor's picture

Throwback formulas, bitches.  Like turning back the clock.  Hell, they even use the original logos on the boxes.

Wed, 03/13/2013 - 15:11 | Link to Comment BooMushroom
BooMushroom's picture

We actually get the "Mexican formula" coke here in CA, made there in Mexico, with real sugar in 12oz glass bottles.

Wed, 03/13/2013 - 10:23 | Link to Comment buzzsaw99
buzzsaw99's picture

Turn it into vodka and give all us peon comrades a ration like they did in former soviet union and did also with gin in 1984.

Wed, 03/13/2013 - 10:23 | Link to Comment tony bonn
tony bonn's picture

the sugar terrorists should be prosecuted just like the tobacco companies - same goes for the fast food chains and their lard cuisine...

Wed, 03/13/2013 - 10:56 | Link to Comment Real Estate Geek
Real Estate Geek's picture

That's a slippery slope you're on, TB.  How about we instead let people eat, drink, and smoke what they want? 

Rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add 'within the limits of the law' because law is often but the tyrant's will, and always so when it violates the rights of the individual.

~Thomas Jefferson

Wed, 03/13/2013 - 11:53 | Link to Comment Umh
Umh's picture

Did you mean persecuted?

Wed, 03/13/2013 - 10:23 | Link to Comment otto skorzeny
otto skorzeny's picture

ethanol sucks but there is alot more energy for it in sugar than corn(which is not a whole lot). alot of brazil's ethanol comes from sugar cane

Wed, 03/13/2013 - 10:34 | Link to Comment Cursive
Cursive's picture

@otto skorenzy

At this rate of Kafkaesque silliness, the USDA will buy it with our tax dollar and send it, free of charge and shipping, to Brazil.  Meanwhile, SNAP participation continues to climb....

Wed, 03/13/2013 - 10:46 | Link to Comment Dr. No
Dr. No's picture

My bet is sugar cane ethonol is illegal due to corn lobby.  I know sales of ethanol from natrual gas is illegal.  It wouldnt surprise me sugar is as well.

Wed, 03/13/2013 - 10:58 | Link to Comment Real Estate Geek
Real Estate Geek's picture

And even more energy in hemp.  (But now that I think about it, Jesus made hemp a bad, bad plant.  So we should hate it and all that stems from it.)

Wed, 03/13/2013 - 11:42 | Link to Comment Rustysilver
Rustysilver's picture

How much Brazil's ethanol makes to the US?  How much $$$ makes to Brazil for cotton subsidy?

Wed, 03/13/2013 - 10:23 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

"we're going to be unfairly leaving consumers and businesses on the hook to foot the bill and that is unacceptable," said Sen. Jeanne Shaheen (D., N.H.), co-sponsor of a bill that would give the USDA more flexibility in handling the sugar program." - The financially illiterate bitch.

 

Gotta find ways to spend the oceans of currency being manifested. Use that money to line our pockets and to keep the people complacent by giving them chocolate.

Wed, 03/13/2013 - 10:53 | Link to Comment pods
pods's picture

I could not understand her statement.  Did she mean if the loans defaulted we are on the hook as taxpayers?

Or if they made the loans good we would be on the hook in terms of higher prices?

Either way I have a sinking feeling my ass is getting fucked again.

BOHICA

pods

Wed, 03/13/2013 - 10:25 | Link to Comment NoDebt
NoDebt's picture

I know nothing about the sugar industry.  But I know if the government and "loans" are involved it's bound to end in disaster.  Not for the borrower, but for me the taxpayer.

Applies to a lot more than just sugar, too.

Wed, 03/13/2013 - 10:31 | Link to Comment machineh
machineh's picture

All you need to need to know is that these uncompetitive losers have been on the gov't tit since we were in diapers.

Without a protected market featuring U.S. domestic sugar prices that are multiples of the freely-traded world price, these corporate welfare queens wouldn't exist.

BIG SUGAR -- losers, extorting money from productive people through bent politicians.

Bill Bradley tried to shut down Big Sugar's stinking scam a quarter century ago ... and got nowhere.

Wed, 03/13/2013 - 10:43 | Link to Comment NoDebt
NoDebt's picture

Is Archer Daniels Midland (ADM) involved with sugar?  I always keep my ear to the ground for ADM.  They have got to be the biggest government-teat-sucking ag company on the planet.  I swear they wouldn't exist if they stopped getting government hand-outs.  This just FEELS like something they would be involved in, but, like I said, I don't know the sugar industry so I don't know if they are involved in this market.  Wouldn't want to paint them with this brush without knowing the facts first.

Wed, 03/13/2013 - 10:52 | Link to Comment pods
pods's picture

Pretty much every large corp still going strong has their hand in our pocket.

I read a sugar racket story about a couple brothers in Florida a while back.  Everyone has carved up their own little niche of the taxpayer.

The whole government is one dead, bloated and stinking pig floating down a polluted river.

pods

Wed, 03/13/2013 - 10:36 | Link to Comment Cursive
Cursive's picture

@NoDebt

Solyndra, FTW.

Wed, 03/13/2013 - 10:26 | Link to Comment rehypothecator
rehypothecator's picture

I would be happy to have more Big Gulps, if it would help.  But it won't, because most soft drinks are sweetened with high fructose corn syrup, due to the high price of sugar - thanks to sugar price supports.  Archer Daniels Midland produces HFCS, and by an amazing coincidence, also lobbies for sugar price supports. (Hard to believe, I know.) 

Wed, 03/13/2013 - 10:26 | Link to Comment the not so migh...
the not so mighty maximiza's picture

Pro Bailout forces must be routed out and terminated.

Wed, 03/13/2013 - 10:27 | Link to Comment eclectic syncretist
eclectic syncretist's picture

Bernanke you sorry sack of shit,...get the price of silver down so my HL call bid gets hit now, you stupid motherfucker.  What the fuck do you think you're printing my money for anyway, to give away to the big banks?????  Jackass.

Wed, 03/13/2013 - 10:37 | Link to Comment GolfHatesMe
GolfHatesMe's picture

Calm down, Friday is your friend, POMO $4.75 - $5.75 billion, and no VIX

Wed, 03/13/2013 - 11:20 | Link to Comment eclectic syncretist
eclectic syncretist's picture

How can I calm down when 15 years of experience is telling me that a big window of opportunity is currently open but will probably begin closing anytime now?  I don't give a damn about Friday, because my timing is so bad I have to look out over a year into the future to have any success forecasting (chronically early). 

Wed, 03/13/2013 - 10:28 | Link to Comment busted by the b...
busted by the bailout's picture

Equities, banks, auto cos, houses, sugar... how many fingers do they have left to stick in the leaky dike?

Soon our eceonomy will be all government all the time, aka central planning, I guess. 

Good luck with that.

Wed, 03/13/2013 - 10:27 | Link to Comment Desert Irish
Desert Irish's picture

but... but.. wait didn't they resind Bloomberg's ban on excess sugary drinks? BULLISH!!!

Wed, 03/13/2013 - 10:29 | Link to Comment the not so migh...
the not so mighty maximiza's picture

thats corn syrup anyway.

Wed, 03/13/2013 - 10:45 | Link to Comment monad
monad's picture

Thats genetically engineered high volume aphid excrement. Like us, corn is the unwilling, unwitting host. That shit makes sheople. You don't see the party members eat it, do you? Anyway.

Wed, 03/13/2013 - 10:28 | Link to Comment IamtheREALmario
IamtheREALmario's picture

Comrade dictator Obummer has foiled the free market and decided who wins and who loses again. Maybe if the banks were not manipulating the price of sugar there would be no need for Obummer to buy the sugar from the banks and speculators.

Wed, 03/13/2013 - 10:29 | Link to Comment Spastica Rex
Spastica Rex's picture

Drop bags of sugar from helicopters.

Wed, 03/13/2013 - 10:29 | Link to Comment rehypothecator
rehypothecator's picture

Sweet!

Wed, 03/13/2013 - 10:31 | Link to Comment Cursive
Cursive's picture

Where is Mike Bloomberg when we need him?  Probably making crass comments about some woman and worrying that somebody, somewhere is having a better time than him.

Wed, 03/13/2013 - 10:31 | Link to Comment Cdad
Cdad's picture

The loan program was designed to operate at no cost to taxpayers.

I'm sure no one can spot the problem contained within that sentence.  MOAR fascist government programs, please.

Wed, 03/13/2013 - 10:36 | Link to Comment machineh
machineh's picture

You mean this program is not being funded with unlimited free money?

I am shocked -- SHOCKED -- to learn that taxpayers may be on the hook for gov't largesse.

Surely Congress will investigate this travesty! /sarc

Wed, 03/13/2013 - 11:10 | Link to Comment GraveyardSpiral
GraveyardSpiral's picture

SWEEEEEEEEEEET!!!!!!!!!!!! 

MOAR SUGAR!!!!!!!!!

Wed, 03/13/2013 - 10:35 | Link to Comment Lord Of Finance
Lord Of Finance's picture

The federal government is like so many Americans health situation. It is out of shape, overweight, and lazy. Now it can also be a diabetic government as well. 

 

You are what you eat. So it is with individuals, so it is with nations.

Wed, 03/13/2013 - 10:39 | Link to Comment swissaustrian
swissaustrian's picture

Everytime I meet a socialist telling me that speculators are responsible for high food prices, I'm telling him that governments are the biggest food speculators in the world via

- Farm subsidies, either to cultivate or NOT to cultivate

- Ethanol subsidies

- Government sponsored agricultural credit

- Import tarrifs

- Export subsidies

- the grant of intellectual property rights on seeds and crop protection

Wed, 03/13/2013 - 11:18 | Link to Comment Racer
Racer's picture

And in the UK farmers can get a criminal record for not telling the seed companies that they didn't grow anything on their own land!!!

Wed, 03/13/2013 - 12:38 | Link to Comment swissaustrian
swissaustrian's picture

Guilty until proven innocent

Wed, 03/13/2013 - 15:55 | Link to Comment darteaus
darteaus's picture

I bet it get pretty quiet right after that.

Wed, 03/13/2013 - 15:55 | Link to Comment darteaus
darteaus's picture

I bet it get pretty quiet right after that.

Wed, 03/13/2013 - 10:37 | Link to Comment yogibear
yogibear's picture

Bubble Bernanke and the Fed are buying up everything with printed money. Until the US dollar crisis occurs.

Once the US dollar is toast Bernanke and the Fed loose all control. Bernanke and the Fed will trash the US dollar until it blows up, it's a given.

 

In the mean time enjoy the party because Bernanke and the Fed are going for broke.

 

Wed, 03/13/2013 - 10:39 | Link to Comment Zen Bernanke
Zen Bernanke's picture

the scumbaggery continues.  

Wed, 03/13/2013 - 10:40 | Link to Comment RhoneGSM
RhoneGSM's picture

Easy fix make rock candy sell at Whitehouse 

tours

 

Wed, 03/13/2013 - 10:40 | Link to Comment RhoneGSM
RhoneGSM's picture

Easy fix make rock candy sell at Whitehouse 

tours

 

Wed, 03/13/2013 - 10:40 | Link to Comment Keyser-Soze
Keyser-Soze's picture

That's a SWEET deal for the sugar corps. Get it!? SWEET Deal? Like sugar is sweet and the deal is benefitting the Sugar corporations because theyr'e getting bailed out. Get it?!

Wed, 03/13/2013 - 10:44 | Link to Comment darteaus
darteaus's picture

hmmm. Sorry, but I still don't get it.

/s

Wed, 03/13/2013 - 11:21 | Link to Comment Lord Of Finance
Lord Of Finance's picture

You dont get it?

 

What Keyser IS saying IS that it IS a deal about sugar. Since sugar is SWEET, it becomes a SWEET deal for the sugar companies, since they make sugar, which is SWEET. Get it? 

Sugar is SWEET! So the deal is SWEET for the sugar companies, since they get a bailout by the gov't. 

 

Get it? It's SWEET.

 

Get it?

 

 

/sarc + 3

 

 

 

 

Wed, 03/13/2013 - 12:01 | Link to Comment Keyser-Soze
Keyser-Soze's picture

See LoF Get's it!!

Wed, 03/13/2013 - 10:41 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

If you think precious metals are not manipulated have a look at kitcos gold chart.

Fuck YOU's all bankers.

Wed, 03/13/2013 - 10:42 | Link to Comment darteaus
darteaus's picture

Just like the depression! FDR dumped milk, and 0bama will be dumping sugar, and GM cars, and ethenol, and.

Wed, 03/13/2013 - 10:45 | Link to Comment TrulyStupid
TrulyStupid's picture

Don't worry we can switch to Aspartame and give the subsidies to Monsanto.

http://rense.com/general33/legal.htm

Wed, 03/13/2013 - 10:49 | Link to Comment TrulyStupid
TrulyStupid's picture

There is also a subsidy opportunity to the dairy industry:

http://www.naturalnews.com/039244_milk_aspartame_FDA_petition.html

Wed, 03/13/2013 - 10:46 | Link to Comment GolfHatesMe
GolfHatesMe's picture

10:30, Nice to see you Mr. Henry.

Wed, 03/13/2013 - 10:47 | Link to Comment MickV
MickV's picture

Get a clue TD. There is no "law" and no "Constitution" and no "United States". It has been Usurped by the New World Order and its front man Barack Hussein Obama, a non natural born British subject, born of a British subject father.

There is no "law" when the President, who is the executor of the laws, is an illegal entity. The law is now what evil and capricious men say it is, and the beatings will continue until the mass realization that the President is an illegal entity. Only with that realization will Obama's entire presidency be voided, and the blood of tyrants and patriots restores the Republic.

I thought your mission was to inform the public. Are you a coward?

Wed, 03/13/2013 - 10:51 | Link to Comment Mr. Hudson
Mr. Hudson's picture

Yes.

Wed, 03/13/2013 - 10:52 | Link to Comment TrulyStupid
TrulyStupid's picture

Hmmm.. I thought Obama, like most people, was born of his mother.

Wed, 03/13/2013 - 20:54 | Link to Comment MickV
MickV's picture

iT DOES TAKE A MOTHER AND A FATHER--- YES? THE SON OF A FOREIGN FATHER MARRIED TO THE CHILDS MOTHER WOULD ASSUME THE NATIONALITY OF THE FATHER ALSO. DUAL NATIONALITY AT BIRTH VOIDS ELIGIBILITY TO BE POTUS.

Wed, 03/13/2013 - 10:48 | Link to Comment Mr. Hudson
Mr. Hudson's picture

"...pour a little sugar on it, honey, ahhh sugar..."

http://www.youtube.com/watch?v=h9nE2spOw_o

Wed, 03/13/2013 - 10:49 | Link to Comment Seasmoke
Seasmoke's picture

Sugar Daddy

Wed, 03/13/2013 - 10:51 | Link to Comment gaoptimize
gaoptimize's picture

As a new bee keeper, a policy that drives up the price of sugar does me direct harm.  Winter and parts of April, the bees need to be fed sugar if there is going to be honey to spare in the fall.  I'll never see any of the ~10% to 30% increase in productivity of the fields my bees visit.  I deserve a subsidy, but would rather they stop.

Wed, 03/13/2013 - 11:23 | Link to Comment Winston of Oceania
Winston of Oceania's picture

Maybe you could keep enough bees to make it without subsidy?

Wed, 03/13/2013 - 11:36 | Link to Comment Lord Of Finance
Lord Of Finance's picture

Totally unfair, but the government is not about fairness, no matter what those lawyers/politicians spew at the voters.

 

Do you get property tax breaks for the bee's? In my state we do. I rent a cottage on old former farm land and the owners are retired and are financially fed up with their dwindling dollar holdings. We have been talking about becoming bee-keepers. Their son does it, but he lives up in the mountains in our state. He does it to avoid the taxes. 

 

We want to do it for that purpose, but also because the honey that bees provide is such an amazing product of nature. We are very health conscious and we know the value of honey to our well beings. Do you get property tax breaks? In my state, we get farm tax benefits if you keep bees and produce honey. It qualifies as a bee farm.

Wed, 03/13/2013 - 19:26 | Link to Comment de3de8
de3de8's picture

Just don't tell the bees what's up .

Wed, 03/13/2013 - 10:52 | Link to Comment shovelhead
shovelhead's picture

Dayum...

Suger frosted gubbmint cheese. Awesome.

Can we gets it in them spraycans too?

Wed, 03/13/2013 - 10:55 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Sweet deal .

Wed, 03/13/2013 - 11:10 | Link to Comment Racer
Racer's picture

Less sugar producers would be a boon for consumers.. less sugar in food would be fantastic news

Wed, 03/13/2013 - 11:23 | Link to Comment Winston of Oceania
Wed, 03/13/2013 - 11:13 | Link to Comment Decimus Lunius ...
Decimus Lunius Luvenalis's picture

Those fucking neo-mercantilist Germans and Chineses directly supporting domestic industry by manipulating prices.  Wait...

 

Wed, 03/13/2013 - 11:38 | Link to Comment shuckster
shuckster's picture

...

Wed, 03/13/2013 - 11:37 | Link to Comment thebondfreak
thebondfreak's picture

I wonder how many union workers these surgar companies employ?

Wed, 03/13/2013 - 11:41 | Link to Comment Paracelsus
Paracelsus's picture

The Booze mfgr's were discussing whether to water down their products.Take the surplus sugar,make alcohol from it,put it in the booze.Fixed it for ya.

Don't worry.Be happy.

Wed, 03/13/2013 - 12:11 | Link to Comment ToNYC
ToNYC's picture

UST coupons will offer better terms when clipping bags of sugar and bricks of cheese instead of weak and tasteless paper.

Wed, 03/13/2013 - 13:29 | Link to Comment Quinvarius
Quinvarius's picture

This is a JP MORGAN BAILOUT FROM A VERY BAD SUGAR TRADE:

http://www.bloomberg.com/news/2011-03-02/sugar-deliveries-for-new-york-march-futures-surge-to-jpmorgan.html

You knew it all along.  All crony bailouts lead back to JPM.

>>>1.35 Million Tons

“JPMorgan’s futures business accepts and makes deliveries on behalf of clients, as part of our normal business operations that facilitate customer access to global commodities exchanges,” Justin Perras, a JPMorgan spokesman, said today in an e-mailed reply to Bloomberg questions. JPMorgan is the second-largest U.S. bank by assets. <<<

JPM was storing their bad trade at Cargil.  All you ever have to know is that JPM took delivery of 1.35 million tons of sugar.  The rest is smoke, mirrors, and complete lies.  They tried to bluff and muscle the market.  They were destroyed.  It was just another whale trade.

Thu, 03/14/2013 - 01:23 | Link to Comment Youri Carma
Youri Carma's picture

Obama the Long-Legged Sugar Daddy

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