WASHINGTON (Reuters) - Oil trading data that exposed the extensive positions speculators held in the run-up to record high prices in 2008 were intentionally leaked by Sen. Bernie Sanders, sparking 'harrumphing' by various elements of the Vampire Squid industry.
"The CFTC [Commodity Futures Trading Commission] has kept this information hidden from the American public for nearly three years," he said. "This is an outrage. The American people have a right to know exactly who caused gas prices to skyrocket in 2008 and who is causing them to spike today."
The leaked information has sparked concern at the CFTC, which is legally prohibited from releasing confidential information that identifies trader positions and identities. However, members of Congress are not prohibited in any way from releasing information they obtain from CFTC in their course of their investigations.
"This type of incident will have a chilling effect on derivatives trading in the U.S." one of the usual propagandists was quoted as saying. GOP pols have raised concern that collection of data from hedge funds and banks may constitute a regulatory overreach, another expression of their commitment to allow the Vampire Squid industry to finish off wrecking the US economy while politicians on both sides do their utmost to distract the electorate with irrelevant issues in the never-ending re-election campaign, financed by contributions from Vampire Squids. Remember kiddies, government regulations are EVIL unless & until they benefit the oligarchy. Review the economic definition of 'rent-seeking.'
#3
However, members of Congress are not prohibited in any way from releasing information they obtain from CFTC in their course of their investigations.
No more than classified defense or security information sent to their favorite media outlet. Remember one man's source is just another special interest group's leak. Heh.
#4
Also note that futures speculation only matters in the spot market. The vast majority of oil is handled in enormous, fixed contracts with the major players, thus is significantly cheaper than the spot market, which only comes into play for those who aren't major players, or when the major players underestimate their needs. Which is why the major players spend so much time figuring out their needs to the barrel. And from there, the crude goes to the refineries who have taken fortune telling to a fine art, to figure out exactly how much gasoline, HHO, airplane fuel, etc. they are going to have to retool for.
#5
I would like to read explanations for the petro price bubble of 2008, from those who don't think speculation was the problem. Whatever it was, it sure as hell wasn't due to 'supply and demand.' "Drill everywhere" will not help government sponsored price manipulation.
The comparison of releasing this type of information to the release of security/defense info is absurd.
#6
This is the usual blame the speculators nonsense from the economic illiterates. If so, why are the pigs squealing? Who benefits from Goldman Squid pushing & pulling money out of commodities? The regulation of commodities markets did not originate in a socialist plot.
#7
IIRC, the price of petro paid by common consumers is determined by the 'spot price.' This does matter to a few million of us. Educate me if I'm wrong on this. Explain the 2008 petro price bubble.
#10
It seems like people such as Sanders and Soros are quoted a lot declaiming the evil 2008 oil speculators.
I almost always prefer to be on the opposite side of the fence from the commies.
Question: what caused the 2008 bubble to burst? It wasn't around for long...
Question 2: Should I care overmuch? The current oil prices are not speculative at all- it's the 'Arab Spring' or whatever you call it...
#11
The 2008 collapse of the bubble matches too closely to the freeze of bank liquidity that prompted the panic that generated TARP. Had the agencies and institutions call margin as soon as the price hit 100, it would have had a similar effect. Instead we had to wait till the banking/investment system almost came to a full halt to watch it pop. When they couldn't get backing, gambling with other people's money, the game ended.
h/t gates of vienna
I am the true embodiment of a socialistic president;
My community organizing skills are eminently evident.
Weapons legal on our streets make shooting much too common;
Lets sell them south to the Zetas so that they can shoot some lawmen.
Im very well acquainted, too, with matters economical.
I understand a stimulus, both small and astronomical.
Billions spent to keep a failing auto maker steady;
And shovel-ready projects that are never shovel-ready.
And shovel-ready projects that are never shovel-ready.
And shovel-ready projects that are never shovel-ready.
And shovel-ready projects that are never shovel-ready.
My style of public speaking is deceptively transparent,
While its penchant to bamboozle is intrinsically inherent.
Since my dialectic skills are quite eminently evident,
I am the true embodiment of a socialistic president.
Since my dialectic skills are quite eminently evident,
I am the true embodiment of a socialistic president.
I know the mythic history of our socialist progression,
The overriding principle of federal intervention.
I know that life on welfare is a right and not an option;
And the public need not like a law, if I prefer adoption.
I understand the outlook of all modern PC-osophy
Equality of the working class and an added small apostrophe:
Of the many hues of bigotry that have worldwide come to light,
The only one that matters is the one thats colored White.
The only one that matters is the one thats colored White.
The only one that matters is the one thats colored White.
The only one that matters is the one thats colored White.
And I can form committees and full plenary commissions,
To offer me solutions which have no hope of fruition.
You can see by my creative ways of raising an impediment
That Im the true embodiment of a socialistic president.
You can see by my creative ways of raising an impediment
That Im the true embodiment of a socialistic president.
In less than three full years as your socialistic president,
Ive taught the nation as a whole the joy of self-embarrassment.
Our allies of long-standing have been snubbed and denigrated;
For Stalinists and jihadists, we have kowtowed and prostrated.
Non-citizens flood in to us from somewhere neath our border.
And giving them the vote is really far, far out of order
Unless, of course we show them that its good for them to vote for us
And an unsurpassed campaigner in a big, black eco-hostile bus.
And an unsurpassed campaigner in a big, black eco-hostile bus.
And an unsurpassed campaigner in a big, black eco-hostile bus.
And an unsurpassed campaigner in a big, black eco-hostile bus.
Now, while my skill at governing is obviously secondary,
My wielding of polemic thought is reputed legendary.
And since my dialectic skills are visibly pre-eminent,
I am the true embodiment of a socialistic president.
And since my dialectic skills are visibly pre-eminent,
I am the true embodiment of a socialistic president.
Posted by: Redneck Jim ||
08/19/2011 20:12 Comments ||
Top||
#2
D *** NG IT, and to absolutely positively categorically undeniably, ....@etc. prove he is indeed a de facto "SOCIALIST" LEADER, IN TRUE SECULAR SCIENTIFIC LEFTY GUMPTION HE-WHOM-MUST-NOT-BE-NAMED DOESN'T LABEL OR DESCRIBE HIMSELF AS "SOCIALIST" NOR OPENLY USES THE TERM "SOCIALIST" ANYWHERE, EVERYTIME???
Thank goodness thats cleared up.
It takes an ADOLF HITLER to openly publicly use the terms "Socialist" + "Socialism".
#3
Once again, Virginia, we learn why God invented RON PAUL to discuss how the DEBT DEAL is putting America = Amerika on the path of SOCIALISM + [beloved] SOCIALIST MASS DEBT.
#3
Any investor who has confidence in the economy under the current misgovernance, needs to have his head examined.
Until the 2008 collapse, many companies set up mutual fund alternatives to employee savings. Those have all evaporated. And it was that type of institutional investment that drove post WW2 prosperity.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
