Washington Post:
The Commodity Futures Trading Commission will consider new measures to curb speculation in the markets for energy and other commodities, the agency is set to announce today.
Commodities Speculation Symptom of Larger Problem -- Seeking Alpha
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If Wall Street objects then it's not going to happen. We will probably get some platitudes about personal responsibility from the President, or a "reform" bill that is just a subsidy plan for oil interests written by the lobbyists.
Chances are if wall street is objecting to it, we don't need it now..........We needed it years ago.
We needed international regulations for this issue as Sarkozy and Merkel wanted but Obama and Goldman Sachs are against, they are the biggest offenders along with Morgan Stanley...and control this White House...
Let them speculate in gold, not oil. Ha, ha, ha. Even better, let them get an honest job!
I would be happy if the closed the Enron Loophole.
We are borrowing the stimulus money. More stimulus is equivlent to throwing gasoline on the fire. We can't possible pay the debt back... legitemately. The government will use inflation to cheapen the debt. Unfortuneatly, this will hurt the poor, the working class, and the elderly on fixed income. Reckless government spending is not a Liberal value. http://www.alexandria.lib.va.us/link/redir.pxe?www.iamned.com
Stimulus is a joke of a concept; it doesn't end up with real economic growth in the long term. Even the New Deal failed to increase private investment. It wasn't until 1941 that domestic private investment reached 1929 levels. The fact that the first stimulus has failed to stop the bleeding yet isn't surprising. Our government deficit for the year which is over 20% of GDP (when the omnibus bill, first stimulus, bailouts, and on-budget deficit are summed) is unsustainable and something's gotta give, whether it be the lenders or the interest rates.
hat tip to http://www.alexandria.lib.va.us/link/redir.pxe?www.iamned.com
The corporations will continue to have more power than the citizens as long as we lie down and take this and keep buying gasoline.
We are slaves.
We used to be "wage slaves" with inflation eating up your paycheck and putting us in higher marginal tax rates by the mere passage of time. Now, the rug is being pulled out from underneath the Middle Class because they are just a nuisance to the growing economic dominance of the Wall Street-Washington connection. It's almost like musical chairs how the players rotate into government from investment banking, like the generals in to and out of the Pentagon.
The MIC should be the Military-Money Industry-Congressional Complex where wars are manufactured and money is created out of thin air.
We will call it the "MMICC." That's who ate democracy. Money is stronger than democracy. Benjamin Franklin knew this so we had checks and balances which have failed to counter these industries who claim to protect us. If they are protecting us why do they milk us and tax us so that they make money. It is a protection racket with a Ponzi scheme. It was good so long as money trickled down or at least appeared to trickle down.
Out--was it you who pointed out that Eisenhower originally planned on including Congress in that acronym and took it out at the last minute? Great minds...
Agreed. We go into debt to fuel their speculative bubbles. Meanwhile our tax dollars bail out the oligarchs when their speculation fails. We don't have a free market, we have a captive market economy ruled by the capital (big money) and capitol (big government) class.
How long until the "free market" figures out ways to circumvent regulation and just do whatever they want?
I give it about a half hour.
As someone here (maybe you?) suggested--we make a set of rules that says only what is allowed, and everything else is assumed to be illegal, rather than the other way round.
Takes all the guess work out of it...
Our congress is heavily invested in oil, and oil is about the only thing right now still making money,
so don't get your hopes up. They will always look out for themselves. Maybe they can take it with them
when the grim reaper comes calling?
This regulation would help. The only people profitting on speculation is a handful compared to everyone else who ends up on the losing end and paying more at the gas pump> another example of the widening gap between the wealthy and the middle class
OUTLAW all speculation on ALL stocks.
Speculation is what drove the oil prices so high last year, America can not survive those high prices again.
Seconded.
Americans need to learn that a company's profits are not more important than the survival of this nation.
Americans? The Americans I know are already well aware of this.
Perhaps there is a specific group within the larger set that you could teach this lesson to.
They are called Republicans.
"Wall Street firms, which fear the efforts could cut into profits"
how sad......well, bank robbers don't like to give up the loot either. It's time for the "Wall Street firms" to learn how to make an honest living.
The new chief of The Commodity Futures Trading Commission is Gary Gensler.
Don't know him?
Look him up. He's another in a long line of GOLDMAN SACHS alums working for Obama.
Goldman was the biggest part of the manipulation problem last year. How do you think this will go down?
another Sachs guy? aw man! we are getting hosed on the financial side of this admin.
And you know he's just the tip of the iceberg, Tyler. Stimulus part deux will just be more money poured down the wall street rat hole while Americans who've been sandbagged by predatory mortgages, lost jobs, lost services, lost rights, will get about what they've gotten so far--nothing. On huffpo today--
http://www.huffingtonpost.com/2009/07/07/lenders-avoid-modifying-l_n_227188.html
When it is that blatant and Obama says Nothing, who are we supposed to think he works for?
PS--just wait until Goldman gets their cap and trade bill pushed through congress. Matt Taibbi has called this the next big wall street bubble. And like every bubble they've blown up, in the end it means you and I will pay for it.
No, no--it's peak oil. Really..........
LMAO
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First Posted: 07- 7-09 12:57 AM | Updated: 07- 7-09 01:00 AM