WatchWe get a lid on Oil speculation.
You can't have high Oil prices, and even higher gasoline prices, in a time when consumption is plummeting.
The Financial sector had it's windfall, and got their mulligan, and they chose to flip interest rates between them selves and the over night window at the Fed. All in a time when Oil and Gas companies are posting record profits.
It has been an almost 4 year procession of Major corporations partying on the tax payers, dime with zero economic policy to address low unemployment. We are stagnating, the last 4 years effort of Ben Bernake and Tim Geitner has only served to further burden the worlds economic outlook.
The "Global Economy" is an economy based on Consumerism. The last 4 years of economic policy has failed and failed miserably to address the issues of the consumer class, and manufacturing. With unabated Oil speculation and read price manipulation, it has stifled manufacturing as well as employment. High artificially inflated energy prices only serve as a VAT tax that only benefits a few wealth coffers, and the Government treasury doesn't even get to reep such benefits, from an industry that our very government that gives them Subsidies.
Manufacturing can not resume until there are consumers spending and buying their wares. Consumers can not resume buying, until they get Jobs. Companies can not afford to hire, until they can get a hand on inflationary devices that are stifling their growth. That inhibitor being the high cost of Oil, which translate to higher costs across every economic sector and vertical.
We can all agree the current mode of operation is not working, and dare I say, that we don't have 2 more years to play along with Ben Bernakes School term paper experiment. Let alone one more month of this brutal mauling he is single handedly belting out on the world's economic health.
What do I propose?
You may not bid on Oil contracts unless you are licensed regulated facility that can take delivery of the contracts you buy. You must take delivery of Oil contracts you bid on when those futures come to bare. Only then may you resale that Oil.
Raise the Interest rates across the board.
Tell all Wallstreet businesses they are on their own.
Invest in Innovation, in which the benefactors are new people with new ideas.
No Farm subsidies
No Oil Subsidies
Companies that can afford their own R&D may not apply for grants.
Replace Ben Bernanke or even Tim Geitner with Elizabeth Warren. That is something Obama can do with our with out the GOP's blessing, or a Judge for that matter.
I think this would be good start.
Follow
Befriend (1)
8 threads
242 comments
iwog says
Roughly in the order of increasing importance and long-term impact:
1. Make clear (privately) that IRS will assign its best and most vicious young turks to scrutinize each line of each tax return from oil speculators and their bosses personally, including those from 20 years ago when they were in college. And their spouses, parents, and children, too.
2. Use timed huge releases from strategic reserve (say, before contract expiration) to inflict deep losses on oil speculators
until most swear the game off
3. Nationalize Citgo belonging to Venezuela govt. in reciprocity for their nationalization of US oil and other companies, use it to sell gas at cost to undercut speculators
4. Open for drilling all coastal waters finally, for G-d sake!
5. Bear full-force on our "allies" in Saudi, Iraq, Kuwait, Bahrain, Emirates etc. to ship substantial amounts of oil for free or at the drilling cost ($ 10/barrel). Otherwise, all bases and security guarantees will be withdrawn immediately, they can deal with nuclear-armed Iran on their own.
6. Order DoE to open the Yucca mountain dump and proceed with
nuclear energy construction in all states on Federal land with all haste. If NV is unhappy again, withdraw ALL federal funding from the state. Their economy is in great shape and can easily afford it :-)
Use some imagination for G-d sake, the Russian or Chinese govt. would do all of these and more. Here, all we hear is "can't do ...", "courts would not endorse". That's leadership, yeah. No surprize the country is in such shape ...
And you want me to vote for you? Amazing .....
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
1. takes money that doesn't exist. The IRS was already partially defunded by Republicans.
2. it would take about a week for oil speculators to build predictable timed releases into their models. You can't make huge releases without making huge purchases afterwards. You'd just give speculators a new income source.
3. is illegal.
4. will have no effect whatsoever. One of the reasons oil companies have been making such huge profits is that they sell oil on the global market. "American oil" has no meaning. Because of idiotic policies by our government, America's oil belongs to the world and the highest bidder. A $1 a barrel newly discovered oil source would still be sold at $80 a barrel.
5. OPEC doesn't need us anymore. Our oil consumption continues to decline while China and India keep using more and more. We get twice as much oil from Canada as we do Saudi Arabia, and most of the rest comes from Mexico. Giving OPEC an ultimatum would probably blow up in our face and cause oil prices to rise as well as giving China a leg up.
6. Even the president can't violate a court order.
Follow
Befriend (1)
8 threads
242 comments
I'm telling what a sensible govt. would do, not what is or isn't legal by current laws. Lincoln, btw, was in the race to break the largest number of laws fastest, it seems sometimes. Which is why he is rated the greatest president ever, of course.
On 2, of course releases should be unpredictable. The govt. has more oil (and money) than all speculators and can trivially corner the market if it wishes.
On 3, Chavez can sue. We'll consider his claims in our very glacial legal system.
On 4, sure. But the companies will pay taxes to the US and employ Americans, rather than money going to Saudis etc.
On 5, fine. Let them rely on PRC and India for their defence, then.
On 6, see above.
If we continue like impotent Downs in this way, the time when our respectable judges find out how well the PRC-appointed governor of their district complies with their orders might be not too far.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
You're making suggestions on what we could do if we lived in a dictatorship, not what should be done or what is possible.
Follow
Befriend (1)
8 threads
242 comments
iwog says
Not necessarily a dictatorship, just a different govt. style and polity.
Most of what I say isn't even illegal, which law bans our govt. from setting tough terms to foreign oil-producing nations as a condition of defense/security guarantees? Which law bans playing with full force on the market against speculators to bankrupt them one by one?
They do it with currency interventions or "Greenspan puts" against shorts all the time, why not for oil?
Please don't take it personally, Iwog, but, as a lawyer, you should be familiar with the term "legal idiocy". That generally means a belief that the reality in long term conforms with laws and not the other way around. When laws stop working, they are changed. When a govt. has no resources to enforce the laws, no one cares what judges decide. That what happened in Norway or UK was illegal didn't stop it happening. If our govt. changes not, I'm seriously afraid more similar things would happen here.
If the existing democracy ceased to serve the interest of most people, the democracy will fall like an overripe fruit and be supplanted by a different style of govt., with hardly anyone shouting (much less fighting) in its defense.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
I'm not a lawyer.
The way propaganda is run in this country, ANY deviation from the norm is going to cause cries of totalitarianism and impeachment.
The things you are suggesting would have gotten Reagan thrown out, even if they DID work which I seriously doubt, and Obama would be crazy to attempt them.
This is currently a sick and dysfunctional society where 22-year old men who marry 16 year old girls are occasionally thrown in prison, where a brain-dead woman is a matter for congressional debate, where gambling is considered a "good thing" by most states, where pundits can get books published claiming that 90% of the world's population suffers from a mental disorder, where Mormons are considered the minions of Satan by millions of Christians, and where we impeach a president for getting a blow job.
NOTHING logical that is out of the norm will be tolerated here. I think it's integral to the evolution of an advanced society that democracy will eventually fail and a dictatorship will be necessary. It happened in Greece, it Happened in Rome, it Happened in Britain, and it's going to happen to us.
Either way, Obama isn't the guy and his hands are tied until Americans get a taste of real suffering. Attacking him in the way Trout likes to do is like screaming at a dog to go bite the burglar while it's still locked in a cage.
Follow
Befriend (1)
8 threads
242 comments
iwog says
When ???
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Fisk says
Look up Oliver Cromwell.
Follow
Befriend (4)
159 threads
2,826 comments
Fisk says
What color track suit would he wear?
iwog says
Iwog talks a good game, but he secretly want's everyone to be a Democrat constituent, and not the active kind. But the useful kind, that just sits back and waits for that nice man to do all of those things he promised. But he despises the kind that demands ecconmic justice. Unless it's some pompous Liberal trying to rob money from conservatives, so they can squander on Liberal pet projects. Just to be sure, I'm not talking about the "Projects".
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
You're what again? More liberal than most of the liberals on this board? Really? It sounds like you copied that straight from Fox and Friends.
I want everyone to be a Democrat constituent so they can vote in better Democrats. Instead, politicians in many districts waste time and money fighting off sociopaths in the Republican party. Beyond that, you're full of it.
Follow
Befriend (4)
159 threads
2,826 comments
I'm curious Iwog, what changes would you propose, that would ease the burden of the Poor and the shrinking middle class?
Remember yesterday I reported that 64% of the people in the US don't have a thousand dollars to piss on, or a Bentley to throw it out of.
I think Democrats are getting out of touch from their base, much like Bush Sr., when it was reported he didn't even know how to complete a Grocery store transaction, because he hadn't actually shopped for anything in over 20 years, at the time.
What would you propose, it used to be Education, but I now have reservations about that. For starters, the DOE is already making it hard for poor to actually get student loans. Universities across the board are showing record low enrollments, not because of the negative press about the effectiveness of degrees. But because Barney Frank(one of the very few provisions in his finance reform actually being enforced)
Has disenfranchised the poor and minorities that can't show ability to repay the student loan, with their current economic means.
But take that reality off the table, people need immediate relief, they have managed to get by for 40 years or more on the skills and means they already have. They don't have the time to go back to school(if possible) and relearn new obsolete skills.
They want to know what are Democrat fat cats doing to get their game back on.
You don't even want to entertain the possibility that Oil speculation has created 90% of the real inflation on Main street, prohibiting small companies from hiring.
Main Street Bank is shuttering its doors and reinventing its self as a Small business lender, because Barney Frank has been twisting their hand, as a charter bank to diversify and take more crappy mortgages on and other banking verticals that has not been their business model. They are small business lenders, something Washington refuses to do.
You talk a good game, but you are so quick to shoot down, any "Power to the People" rhetoric with a genuinely mortified tone.
I don't think modern Democrats know who their constituents really are. I would bet they are the opposing business model to the GOP business model, Both with the same goal just different ways to a mean.
Follow
Befriend (4)
159 threads
2,826 comments
Food prices to go up in 2012, and Wall Street and house Democrats couldn't be happier.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
I've detailed extensive changes that I would support.
- Raise the minimum wage
- Reverse Reagan's idiotic tariff and quota cuts
- Handcuff Wall Street and the banks with all the old New Deal legislation.
- Print money and spend it on jobs programs
- Print money and spend it on an electric/solar/natural gas infrastructure
- Raise taxes on the rich
You want some of my more radical ideas?
- Outlaw child support for children out of wedlock
- Legalize marijuana
- Re-institute the draft
- Expand Medicare to cover anyone who wants it
- Reinstate the fairness doctrine for media
- Reform immigration and institute quality control for legal immigrants.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
They can't do anything about it.
Follow
Befriend (4)
159 threads
2,826 comments
iwog says
You solutions are constituent creation agenda based. It does nothing to put people on solid economic footing.
Raising minimum wage would just kill jobs and prospects for the unskilled.
Though it would create more for subcontractors working on 1099 responsible for their own taxes, and end up making even less money in the end. Same reason I had to bail on the flooring industry. Those kind of workers and the companies that hire them are exempt from the minimum wage model. If you are a subcontractor and only make 10cents a week, it's on you.
"- Handcuff Wall Street and the banks with all the old New Deal legislation."
What does that even mean?
"- Print money and spend it on jobs programs
- Print money and spend it on an electric/solar/natural gas infrastructure
- Raise taxes on the rich"
You've been calling for a worthless dollar this isn't surprising.
But you didn't outline or detail what a "Jobs Program" even would be. Sounds like another Liberal sand bag I know.
If electric/solar/Natural gas were so damn viable, then why do we need to print money to support it. Are you validating the Fox crowds accusations that the Green/d industries don't pay.
Raise taxes on the rich, define rich.
What does reinstituting the draft do? Haven't you been reading the news, companies don't want Army government material right now, they are to structured and have been out of the work force for too long. That is why Obama is vamping up SB loans for Vets returning from tours, this has been an embarrassment to the Government and the Armed forces.
"- Expand Medicare to cover anyone who wants it"
You/LIBS just can't say "A Government Healthcare system" can you? There has to be investor pool at the end of the paper trail somewhere doesn't it? Just can't have Government schools and Hospitals, less Iwog makes a buck investing Investing in the local hospital monopolies.
"- Reinstate the fairness doctrine for media"
Yeah I've had a taste of your fairness.
you have me pegged as Rightwing nut that hates Elizabeth Warren. I think you and other Libs are just pissed that the Conservatives can out spin Shit, that Libs thought they perfected.
Quality Control The smartest words you typed in the whole answer.
We had/have, protections that makes your and my arguments a moot point, what we seriously lack is Quality Control and leadership to give a rats ass. That's why Elizabeth Warren was sent packing with a Shit sandwich.
Follow
Befriend (4)
159 threads
2,826 comments
iwog says
Oh really Iwog, does ending the Ethanol subsidy ring a bell, does ending the EPA Ethanol blend in gasoline ring a bell, does ending Oil speculation ring a bell?
These are number one economic fundamentals that attribute to 90% of the inflation in the last 4 years. With out them, we would have had deflation. Which is exactly what we were having before your Uncle GW Bush lit the Oil candle and got the whole ball rolling.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
What part of "The Democrats cannot pass any legislation" do you not understand? Their only window of opportunity was a VERY brief period in 2009 and they used it for health care.
We're back to you rooting for a dictatorship.
Follow
Befriend (4)
159 threads
2,826 comments
iwog says
Then you still haven't answered my question...
WHAT GOOD ARE THEY?
My 3 year old son can't fight forest fires either, you don't see me sending him out into the Everglades every time there's a brush fire or a wet mule catches fire.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
Combined with a return to our economic borders, they would do no such thing. Corporations are hoarding cash like never before. How would sharing a little more of that cash with workers cause layoffs? You think McDonald's is going to outsource to China?
Tenouncetrout says
I've written extensively on what it would be. You have no right to pass judgement on a simple list. Are you really requesting a book on this subject or just taking cheap shots?
We have huge infrastructure deficits that need money. We also have a potential to convert ALL our energy usage to PV solar, wind, and natural gas. These needs can form the basis for a very successful and efficient federal jobs program AND fix your little oil problem. Is that enough detail? When have YOU ever given any details on how we bring oil prices down?
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
Viable is a Heritage Foundation talking point that means "unprofitable" and usually takes a free market into consideration with a huge pile of stupid and invalid assumptions.
Natural gas cars run at about 1/2 the cost of gasoline, a natural gas engine costs the same as a petroleum engine, and they are cleaner and cheaper to maintain. The nation also has more natural gas than we know what to do with.
A federal jobs program might be nothing more than building light rail fueled by natural gas and/or electricity.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
Right now they are a convenient doorstop to prevent wanton destruction of our nation by Republicans. That's not good enough for you so you want to turn it all over to the jackals? I find your political philosophy to be really disgusting.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
Where's the investor pool at the end of the federal interstate system or the war in Iraq?
Nice straw man. I'll take Canadian health care any day over the cesspool the United States likes to kill people with. So would Canadians.
Follow
Befriend (5)
27 threads
2,073 comments
iwog says
Yeah, we already have death panels. They're called insurance companies.
You have to admit though -- the GOP is good at marketing. They turned something about efficiency and being cost effective into a term like "death panel."
Follow
Befriend (4)
159 threads
2,826 comments
iwog says
They don't have to when Obmama is pumping billions into their coffers if they give the illusion jobs are back.
Follow
Befriend (4)
159 threads
2,826 comments
iwog says
Then what's with the "Printing money" to support it? You words not mine.
Follow
Befriend (4)
159 threads
2,826 comments
iwog says
I'll take disgusting over "Stupid", as an upgrade from a talking point liberal.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
It's one of the best revenue options right now that devalues foreign ownership in America and helps with the trade deficit.
Did you have a criticism of it?
Follow
Befriend
35 threads
5,700 comments
Bellingham, WA
iwog says
Henry Hub is priced at $4/mBTU.
A gallon of gas has 114,000 BTU so that's the equivalent of 45c a gallon.
Of course, if everyone burned natgas it wouldn't be 45c a gallon at the hub.
Follow
Befriend (4)
159 threads
2,826 comments
iwog says
No I like the OLD FASHIONED way of making money.
EARN it.
You Libs just want microwaved economies and jiffy Pop prosperity.
Follow
Befriend
35 threads
5,700 comments
Bellingham, WA
iwog says
99% of Americans can't get beyond the thought-terminating cliches like "strong dollar".
Strong dollar is good if you buy imported stuff, bad if you want to work in this country.
Follow
Befriend (4)
159 threads
2,826 comments
Follow
Befriend (5)
27 threads
2,073 comments
I always assumed the trout was in your pants, not your wallet.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
Bullshit. The lower and middle class want to earn it but they can't. Why? People like you keep voting in representatives who concentrate all the wealth into the top .01% WHO DON'T FUCKING EARN IT.
My landscaper works harder than every last person on your Forbes 400 list. If he wants food stamps and government medical care, it's perfectly fine with me. He's earned it.
Troutman: Tireless defender of America's lazy trust babies. I'm sure they appreciate it.
Follow
Befriend (4)
159 threads
2,826 comments
iwog says
OK pay up buddy Boy! What in the fuck are you talking about?
Who are the "representatives" that I voted in, concentrating and kicking all of the Wealth back your way?
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
"People like you" Trout, I have no idea how you vote personally however I guarantee you don't vote for Democrats. Your hated of both Democrats and liberals is well documented and even your criticisms of George Bush were angry. (in contrast your posts about Democrats losing elections are downright gleeful)
Follow
Befriend (4)
159 threads
2,826 comments
Gleeful, hell I had to change my shorts twice on that night.
I got this thing when I laugh...
But thanks for answering my question you just cost me another pair of clean undies.
Follow
Befriend (48)
274 threads
12,646 comments
47 male
Lafayette, CA
Premium
Tenouncetrout says
You really should see a doctor about that.
Follow
Befriend (5)
27 threads
2,073 comments
iwog says
Nah, he just dropped a trout in his pants. It's fine.
Follow
Befriend (1)
296 threads
5,268 comments
iwog says
Wa-Wa-What?
So you're all about making me pay insurance premiums for lazy bums that refuse to work even if I can't afford insurance for my self, but you're OK those same people I should buy insurance for shriek their responsibility, and make me pay for all of the kids support as well.
I was thinking they should line up deadbeat dads and shoot them in a weekly firing line for public viewing.
Follow
Befriend (4)
52 threads
4,416 comments
Corning, NY
Premium