 | Blogs > 60minman > My Blog > Blame the Speculators........prices are rising |
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......It seems that we now have a new kid on the block to blame the high cost of oil and other commodities on. The speculator. Actually a futures market is beneficial to our economy. It insures a supply of a certain commodity in the future. Suppose I have a hunch that oil in 2012 will trade for 250 dollars a barrel. At its current price of 140 dollars I would stand to make a nice profit if I held that oil for 4 years. Foul you say, but wait what if my hunch was wrong and in 2012 its selling for 95 dollars a barrel. It could happen. Now who among you hasn't speculated. How many of you have filled their gas tank because you think its gonna go up tommorow? If it does go up your running around with cheap gas, but if it went down a little your running around with expensive gas. But hey at least your running around right? So it is with the Speculators you win some and you lose some. .......The futures market, which takes into account both the present and the future availability of goods, is a vital part of a smoothly functioning economy. Unfortunately, that fact provides little comfort to people frustrated over the high prices of food and fuel. As such, it provides fodder for political demagogues, charlatans and quacks who rush in with blame and prepare "solutions" for the problems they themselves have created — the high prices for food and fuel are directly linked to the policies of the White House and Congress of both parties past and present. Both parties need to share the blame instead of blaming everyone else....... ....Wouldnt it be grand to have a car that runs on water. Oh yeah? what if we have a drought? |
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 6/26/2008 6:10 pm |
Ah, 60, yes, the futures market brings so much to each of us....like Enron. Run out and give a few cheers for Enron, Enron, Enron RAH RAH RAH.....Oil, Oil, Oil, RAH RAH RAH Depresssion, Depression, Depression BOO BOO BOO GGGGEEEEZZZZZ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
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6/26/2008 6:59 pm |
......LuckyLady what the H*** does enron have to do with this blog? or the oil companies for that matter? well at least you didnt blame it on the Bilderbergs or Rothchilds...... ....Wouldnt it be grand to have a car that runs on water. Oh yeah? what if we have a drought?
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 6/26/2008 7:24 pm |
Having worked on the technical end of the stock market in NY and overseas I do agree that we are reaping what our politicians and policies sowed.....However, I dont think that traditonal econonmics is robust enough to encompass all the unknowns of todays economics.... I worked for several trading firms that had expensive SEC fees for their actions in inflating the markets they were in and for trading practices that fed speculators and therefore led to huge losses by many who should not have been in those markets. The last time the markets were like this for commodities I watched all the small farms left in my husbands home town go under and the farmers with the subsidies bought them out.... oh well... just my point of view from where I sit.
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6/26/2008 7:48 pm |
It will be interesting to see if this new bill involving the speculators, will get past, and if so, see the price of gas go down to $2.00 a gallon in a month. Election year,so it could happen, right?
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6/26/2008 8:25 pm |
It will be interesting to see if this new bill involving the speculators, will get past, and if so, see the price of gas go down to $2.00 a gallon in a month. Election year,so it could happen, right?
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6/26/2008 9:19 pm |
...Your opinion and actual personal expertise are of significant value Kieralyn...! Actually, there is another lady here on SFF who has extensive personal expertise working with oil lobbyists in the past whom I wish would share her first hand knowledge also....
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6/26/2008 11:13 pm |
Another little fact about speculation and oil,it is a global commodity,which means the USA,Congress,and the administration doesn't have a whole lot of clout. Fact is,all the places in the world that used to get by on foot and with a bicycle or a water buffalo used to be happy to have a bowl of rice.Now they are building economies,industry,and buying motor vehicles. The people of the world are bidding up the oil.If someone in India or China or Belium or whocares where says "I bid $145 a barrel",that is the price. Can't blame Bush,or big oil,or Enron or anyone else. Who we can put on notice is the Congress,Nancy Pelosi and Harry Reid,for doing absoflipping nothing zilch zero about it . If we miraculously had a glut of oil our 30 + years old few refineries are maxed out.Today,yesterday,we need to break ground on new refineries.Screw McCain's 300,000,000 dollars for a battery we don't have a power grid to charge.If he has 300,000,000 dollars,lets build refineries,or politely ask Big Oil,please,kind sir,if we give you a place and co-operation would you build us a new refinery? How many people in USA right now are designing our next nuke power plant? None? You know,the silly azzed folks who are against it want us to become a socialist third world country. If that is what you want,spend more time walking around in old cemeteries. Oh,better save that stimulus check.Heating your home this winter will be up 50% Probably be more next year and within 2 years gas will probably break $ 6.00 a gallon because we aren't doing anything to send a message to the market we can stand on our own feet.As long as we let the current people in office keep doing as they are doing,we deserve it.Fire them,drill,and build refineries. A watermelon is $10.00 A ribeye is $10.00. Folks,better stop using chemicals on your lawns.Eat dandelions.Get used to looking for roadkill,and keep a close eye on your dog.It is going to get rough.Buy at least 1000 rounds of .22 ammo. Laugh and call me a nut,the ask your Granny if she was around for the Depression. Because the real wingnuts are going to win,and we aren't going to drill,and we aren't going to build refineries because we don't know anything about lack,and pain,and empty shelves and watching our children die because of some stupid simple thing that isn't there. Thats OK,try it on for size.As a nation,we have forgotten .Eveybody should see their mother cry because there is no food and no money and she doesn't know what to do.Everybody should know what a blessing a dead deer on the side of the road is. James Clavell wrote Shogun and Taipan.He also wrote King Rat.Good read.
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6/27/2008 12:52 am |
Speculators, 60, have everything to do with it. Just watch. You DO remember what happened to Enron, don't you? The little debacle that ruined the future, retirements, investments of how many million Americans, let alone foreign investors? All based on speculation. Kno is right about drilling, refining, our do-nothing politicians.......but what's going to happen if/when this bubble bursts and every fund in this country has invested in futures? I grew up hearing about the Depression. My mother was so scarred by it that it determined almost every action in her life. I guess if you had eaten nothing but red beans, corn bread, and canned tomatoes for eight years, it might have effected you, too. One good thing is we won't have a problem with over weight anymore. Might have a problem LOL (and just teasing) with cannibalism, though! By the way, talked to an engineer who has a device that gets 100 miles to the gallon......costs $1100. and is guaranteed. Has been tested and is on the market. I have an old 78 Pontiac Station wagon that I'm going to try it on. If it works on that, I'll put one on my van. How many people do you think would purchase something like that if they knew their mileage would at least quadruple? Then, the "bubble" will slip....might not burst....but it will slip. It would hurt me, but not because I've invested, but because I get checks for gas and oil every month from 360 acres near Seminole, Texas, on oil and natural gas. So, either way it goes, I'm behind the eight ball. Kieralyn knows about what she writes. Wisdom would behoove us to be attentive to her experience. Now.....all we have to do is wait. It won't be "the shot heard around the world". It will be the sonic boom that effects every life in developed countries. The Bilderbergers and Rothschilds? 60, you do not even have a hint of a clue. Like Rothschild did when lying about the outcome of the Napolean's final joust with Britain.....and like Kieralyn said.....speculators will purchase or have the mortgage on and foreclose.....on everything everyone can no longer afford. Has ANYONE read Jeff's blog on Enron? Please do.....will amaze you as to who is now advising McCain.....and the connection of that individual to Enron.....and it's collapse. And, 60, what he writes, and the info he offers is FACT.....not an idea. IT IS FACT! I'll say GGGGEEEEEZZZZZZZZ again.....60, do some ------- research. Just because you think a thought does not mean it's true. The truth is based on research and fact. There is nothing so black, so day, so hopeless, 60, as a mind that is closed....as yours is.
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6/27/2008 1:03 am |
Jeff's blog----Analysts: If Congress acts, gas could go to $2.00 a gallon in 30 days. GOOGLE WHAT HE RECOMMENDS. AND CALL YOUR SENATORS. E-MAIL THEM. THE PEOPLE INFLUENCED THE IMMIGRATION BILL. WE CAN INFLUENCE THIS IF WE SIMPLY PICK UP THE PHONE OR PUT OUR FINGERS TO THE KEYS AND VOICE AN OPINION.
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6/27/2008 1:31 am |
kno2....I had no idea anyone besides me had ever read "King Rat". That book made one heck of an impression on me when I first read it in high school. A gov't big enough to give you everything you want is strong enough to take everything you have.
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6/27/2008 4:46 am |
The Lucky Lady, You know I like you, your comments are enjoyable to me and I am sure to others but I do believe Frank Sinatra said it best in this song.......you might want to listen to it one day Fairy tales can come true, it can happen to you If youre young at heart For its hard, you will find, to be narrow of mind If youre young at heart You can go to extremes with impossible schemes You can laugh when your dreams fall apart at the seams And life gets more exciting with each passing day And love is either in your heart or on its way Please have a nice day Im sure everything will be fine....Oh and Jeff Pilot is a friend of mine he rings my bell every time......smile ....Wouldnt it be grand to have a car that runs on water. Oh yeah? what if we have a drought?
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6/27/2008 11:04 am |
? Kno2chuz, re: "How many people in USA right now are designing our next nuke power plant? None".... According to an article in the May 2008 Popular Mechanics magazine (article: "New Spin on Nuclear Power", by Mark Wolverton-- "Nuclear power, which already provides 20 percent of the electricity in the United States, is a leading option for addressing the country's energy crunch. In 2007, operators filed license applications with the Nuclear Regulatory Commission for 7 new reactors; experts say double that number could be filed this year (200  .
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6/27/2008 11:06 am |
...pardon the typo at the end, but I don't feel like re-typing it...
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6/27/2008 12:46 pm |
Valentine thats great news.I must confess I haven't been studying Popular Mechanics Thanks.When do the bulldozers cut dirt?
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6/28/2008 7:57 am |
60-----when this all comes craaaaasssshhhhinng down.....shall we call you and George the two Humpty Dumptys.....'cause ole George sure has dumped it on the American public and the rest of the world.....talk about a fairy tale, 60, you live in one I fear. So glad the rest of the country by a large, large majority doesn't feel as you do. Will the coming crash be enough of a reality check, 60? Guess we'll wait a little while and see your comments then. As you said, "Fairy tales can come true, it can happen to you......". Only this is not a fairy tale for the people of this world....and the future has little but the foreboding of the wolves at the door. Have a good day, 60.....and again I suggest you do the one thing you obviously refuse to do.........research and learn.
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