clo, of course Wall Street is responsible for out of control oil and gasoline prices. It's a no brainer for anybody that has bothered to understand what's happening.
Obama says there is no silver bullet. Well, yes there is. Severely restrained position limits and higher margin requirements would bring prices way down in hurry.
Of course Wall Street is railing against that. It would take hundreds of millions out of their coffers.
I cringe every time CNBC reports from the NYMEX oil pit. Excited traders, breathlessly driving the price up. A SMALL fraction of them actually involved in the purchase/sale of "real" oil for real suppliers or users. Mostly it's just "investing" for huge institutions and hedge funds.
So, if several times the market of "real" oil trades everyday, and Wall Street is pocketing hundreds of millions without ever taking delivery of a drop, why would anyone think this doesn't drive the prices out of "normal"?
Good grief.
I wrote a long dissertation on this four years ago, sent it to all my Senators and Reps, along with other Senators and Congressmen that were on pertinent committees. The typical form letter I got back was something like this:
"Thank you for your concern on high oil prices. Please be assured that Mr. XXXXX is in support of drilling in ANWR and opening more offshore drilling areas."
My letter was about reigning in the Street before it brought down the economy with four dollar gasoline, and that's what I got for a response.
And still, nothing has changed.
And what REALLY irks me is the lame argument the Street makes, that they need to be allowed to take huge positions to help provide a liquid market. HAH, the oil market is HUGE just with real oil. Hasn't anybody noticed?
What a pathetic joke.
And it's one of the things that REALLY pisses me off about the GOP. But, of course, the Dems are equally bought and paid for by the Street.
Nothing changes, and this economic recovery we're finally getting is in extreme danger of being shot down by oil again.
If you want to "invest" in oil, buy a tank, fill it with oil.
Stop the massive paper trading!!!!!! Before it destroys us again.
D&O
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