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Live Webcast Of Obama Demonizing Oil "Speculators"
After Obama's "fairness doctrine" was roundly rejected by the Senate last night as the doomed from the beginning Buffett Rule was voted down, Obama needs to find some more evil villains for society to demonize, and whom to blame for the failure of central planning, or rather its success in pushing gas prices to all time highs. Today - it is that mysterious, amorphous blob of vile, conspiratorial henchmen known as "oil speculators." Forget that these "speculators" are merely conduits for the Fed to conduct its open market operations, forget that the same free liquidity that drives stocks up relentlessly in nominal terms (what? no demonization of evil stock pumping speculators?), even as it produces ever increasing inflation in all those items not tracked by the Fed, forget that Obama's speech is about to be replica of Jimmy Carter's Crisis of Confidence platitude in 1979. Finally forget that the biggest speculator is none other than the White House with its periodic release of SPR release rumors any time WTI approaches $110. Forget all that, and merely focus on the hypnotic, undulating intonation of the engrossing, populist sermon: that is all that is demanded of you. Everything else is to be ignored. And now since the time of "fairness" is over, it is time to do a shot every time "speculator" is uttered. And get ready for many, many CL margin hikes.
Watch live at 11:10 am:
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damn evil speculators
Bet he doesn't mention QE or Ben or the FED or money printing or debt spending liquidity bubble inflating commodity prices - or his trips to Hawaii.
If crude oil was my son, he would look like me.
Brown, slippery, toxic, and in need of great refinement?
Touche'
I believe you have described the current TOTUS
post of the week award
Geithner and Holderdouche flanking him....?
LOL.....tragic
Holder is on it, with Corzine assisting to root out the corruption in the system.
Timmy the Tax Cheat is on the case too, no worries.
Our oil colored prez...
"...oozing his way across the floor"
Since when is capitalism illegal activity????
Since selling guns to drug runners became legal. That was why Holder was there backing BO up. Justice dept will soon be arresting evil capitalists involved in illegal activities....ummmm unless its JPM of course. They get a pass.
free markets, democracy and oil "exploration" are like neapolitan ice cream. We love the sweet results but the colors rarely mix.
"Strengthen oversight of energy markets ... to prevent manipulation" ?
What about of the silver market ?
Blah, blah, blah.
The biggest market manipulators are the Federal Reserve and the Treasury Department.
Holder should go behind Obama and perp walk Timmy.
So my question is with the new IRS tax law headed through congress, will the treasury secretary be able leave the country or buy a gun?
The more TOTUS talks the higher metals spike.
Hey Dumbo Ears....How about appointing Jon Corzine as a Czar to oversee the " crude oil markets"...
Governments are the only true manipulators.
he sounds pissed...too bad he's powerless.
were it me I would have squashed many a traitorous bug by now.
Manny Moe and Jack-off
Two words: Inaction Jackson
speech is over.. i havent heard so much bullshit at once in a long time.
Well that was good...short and full of good laughs.
Geithner's brow furrowed.
That was when Timmy realized it was Tax day....
We can solve this whole problem of evil speculators by handing control of of the CFTC, SEC etc all over to ex or current JPM and Goldman guys...oh wait..
This king clown puppet is a complete doucheee, we are so fucked.
Enough said?
CL takes off the second his press conference is over.
Why are ALL politicians afraid to talk about the shortage / closure of oil refineries as a factor in high gas prices????
He should blame the federal reserve for the national debt. Even I would support that demonization.
I blame Bush for Obama. Fair enough?
Zero difference imo.
agreed. Jury adjourned.
I feel like puking every time I listen to that Socialist.
A socialist, fascist and communist walks into a bar..
Bartender says: What can I get for you Mr. President?
The president says "I'll take what everybody else is having".
The lie meter has gone parabolic...
Guess it must be the same speculators that have pushed natural gas to a new record high as well?
Obama needs to retire and maybe open a school to teach Constitutional law to the Supreme Court.
If he did it would be the equivalent to the Zoolander School for Kids Who Can't Read Good.
When will all you MORONS understand, that this is an election year...
SPOUT ALL THE DOOM AND GLOOM AS YOU DO EVERY DAY BUT THE MARKETS WILL NEVER COLLAPSE UNTIL THE ELECTION IS OVER AND EVEN THEN IT MAY NOT HAPPEN.
SO ALL YOU BRAIN/BIATCHS, KEEP SHORTING THE MARKET AND LOSE YOUR CASH TO THE LONGS LIKE MYSELF.
WAKE UP AND SMELL THE ROSES FOR CHRIST SAKE!!!
Soo, your sayin 4 more years of this shit? I don't get it.
Never say "never" doomkoff. I do believe that the esteemed readership on ZH (trols included) know that this is an election year.
Ever hear of of the concept of discounting future events? How about gravity?
Take your emblodened caps and shove them up your discount window.
The heat is going to be on the CFTC to have position limits. Precious metals higher and oil lower in the months ahead? I think so.
I believe regulators should hire hundreds upon hundreds of new inspectors - to monitor JPM.
....and monitor the Fed...and this Admin's spending....and monitor my heart rate based on your avatar....ahem.
Forget oil... Which EVIL speculators are keeping the price of wholesome solar energy uncompetatively high??Hmmm..I smell a conspiracy
What about milk? Milk is up. It must be the goddamn milk speculators! OMGZ!!@~!
Tide detergent is on a massive bull run.
yeah pretty disingenuous, but at least he is the king of something. if he wanted gasoline prices lower he could achieve the result, but its common knowledge that asset prices move together, and if you pull one brick from the wall (lets say WTI) then another falls (lets say housing prices) and pretty soon you have the deflation that you are trying to avoid, but while the Fed is targeting inflation, why would you want to lower gasoline prices??
suppose it is possible to keep crude prices high (assets) and gasoline prices low (good for consumers and economic growth) but it takes some form of cooperation from big oil, (while they have their margins squeezed) and price controls. and perhaps the only way to acomplish this goal, is to loan them oil from the SPR, or what have you?, and let them pay it back (much) later at a lower price. if it goes up in price you let them refill at the borrowed rate instead which is still lower than the going rate. (perhaps this is where the price control comes in)
let the taxpayers make up the difference. USG is really the only major industrial economy which can play this game, and others like China are coming late to the party, and must build above ground, which adds a few dollars a bbl to the cost. once every industrial nation has an SPR of 1B bbl or so, then its game on, the users will be able to bitchslap their suppliers. new world order
Obama is in bed with Soros to facilitate the import of Brazilian oil drilled for through "deep sea" drilling off the coast of Brazil - run by Petrobras.
All this spew about high oil prices is exactly what Obama wants. Obama will make a fortune when this happens. That's why Obama blocked Keystone and Alaska drilling.
Obama blamed the environmentalists, but it's really Obama that is the problem. Environmentalists are too stupid to understand this.
Interesting.... Did this come to you in a dream? Or do do you just like to make shit up because it sounds cool?
So based on the rate of change of oil use in Brazil, and the expected turnon of Tupi and what have you, how much oil do you think Brazil will be exporting???
http://mazamascience.com/OilExport/output_en/Exports_BP_2011_oil_bbl_BR_MZM_NONE_auto_M.pdf
I'll give you a hint... not very much....
that's an interesting scenario, since the trip to Columbia didn't solve the issue of how to handle Cuba, perhaps Obama thinks he can deal with these countries one at a time, and pick apart the pro-Castro? alliance. sounds like a page out of W Bush, which makes the notion even more plausible.
high oil prices will ensure that new exploration continues, the real threat is what happens when the Muslim Brotherhood takes power in Egypt and Libya and they start selling all the oil they can to pay for food and medicine. that's all incredibly deflationary, but US energy policy has always been to focus on extracting other than US reserves first, and only develop our own oil when all else fails, or the price is high enough that it would promote higher profits, and new jobs. energy self sufficency (like a sound dollar) is one of the most famous political lies in America. they all tell that one.
so i think you hit on at least three points?
Do you two share the crack pipe very often?
And it is going to cost $52 Billion to do this which is the govt estimate so it will cost $100 billion. Isn't that just costing tax payers more money in the hope that they will pay less for gas?
the idea is for motorists to jump into their (burning) electric cars, which are fueled by electricty (which we all know is free you just put in an outlet and go) and that power is created by natural gas. (even if it would be simpler to just put the NG in the car in the first place and bypass the electric grid which the chinese can crash whenever they feel like it) anyway the infrastruture is already on NG, so if you won't buy a battery powered car, then you can ride an CNG powered bus or train.
I thought they said they were planning to ask Congress for 52 million to be spent on the CFTC....
You know...to "regulate"
More catch phrase creativity....those sycophantic "in house" reporters are not overly bright anyways.
My favorites:
"Regulators are overburdened"
"We need more Cops on the beat"
"tools, resources,....blah, blah, blah....we're doing everything we can to deter the illegal activity"
It's difficult you know....tracking these criminals....they wire such large amounts of OPM like hot potatoes...that we can't keep up with them. That's why we is gonna throw more money at the CFTC...soze they can do their jobs better with more oversight.
Hahaha....I'm sure those "Dolts" in Congress will be more than happy to squander more taxpayer monies on worthless govt. beaurocratic agencies put in existence to enable our Syndicate Overlords
Get ready for $8 a gallon gas.
$4 of which will fund government prosecution and administration costs of "speculators".
WHAT A DOPE.
Cutoff the pipeline and prosecute.
and then give the poor a $4 per gallon subsidy. if you can't repeal the Bush tax breaks, you can stick it to them another way
I think they're looking for a new bubble? Student loans, credit cards and bonds are apparently not enough for O'bummer.
Barry O: the best Lackey Bankers could buy.
LOL! I just finished Charlie Gasparino's book, "Bought and Paid For" yesterday. It sounds like you may have read it, too! Obama truly is the best Lackey the global bankers could buy!
Don Quixote de la Obama has found another evil windmill to attack! He is the Straw Man President!
Is it HIS big government, huge debt, monetization of that debt policies that sends investors, which he calls "speculators", running for cover! It is HIS policies that are causing the devaluation of our currency, combined with Bubbles Bernanke's ZIRP, that robs savers of the value of their savings and sends them scrambling for returns, while denying them the same!
He and his complicit Fed are the true cause of inflationary pressures!
actually it is the people who put him in power aka US voters and their philosophy of the greater good being the highest value.
WTF did he jusy compare this to ENRON?
once again zerohedge has to be hypocritical when it comes to manipulation. jp morgan is evil for driving up or down certain commodities. then, obama is stupid or anti-market for pointing out that the crude price (probably THE most manipulated commodity around) is manipulated by speculators (very big and leveraged speculators).
zerohedge: you cannot have it both ways.
That's a big 10/4.
Is Obama ready to throw the birth certificate under the bus?
“What is emerging in the various state legal challenges to including President Obama on the presidential ballot appears to be an attempt by the White House to divorce itself from the Obama long-form birth certificate released,” said Mike Zullo, the lead investigator in Arizona Maricopa County Sheriff Joe Arpaio’s law enforcement investigation into Obama’s birth certificate and eligibility to be president.
Challenges to Obama’s name on the 2012 election ballot have appeared in more than half a dozen states already.
Zullo questioned why the White House did not instruct Hill to champion the birth certificate as legitimate.
“The White House appears to be acting as if the Obama birth certificate is of no consequence in establishing the fact of Obama’s birth,” Zullo continued.
Some of my favorite right wing bullshit... birth certificate = lol and, and the "death panel". I can't believe you didn't fit that in.
You short bus people rule.
What is Carter II (Obama) going to do next - have the Supreme Court declare the Laws of Supply and Demand unconstititutional?
Carter II should remember what happened to Carter I when he tried to impose price controls on the oil market - gas lines not good in an election year.
Who has the easiest explanation as to why the teleprompter twaddle blaming speculators is a crock of shit?
I liked Professor James Hamilton's explanation.
Suppose speculators have driven the price above the normal market clearing price. More would be supplied than demanded at that price - you would see a suplus.
Where is this surplus? Speculator would actually have to take delivery of this excess and horde it.
Exchanges like ICE who do not have physical delivery can not have any influence at all, anymore than off-track betting can influence the outcome of a horse race.
BTW - Argentina is going to nationalize its oil industry. US refineries are shutting down. The US will have to import refined products. Who would be stupid enough to build a new refinery in the USA and have to deal with the EPA.
Wasn't bailing out banks and auto manufacturers, investing in failing solar companies, also speculating?
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