Friday JUly 24th documentary on oil: "Over a Barrel: The Truth About Oil" amazed me. They brought up things I never thought I would hear in a documentary on M$M.
They talked about how the price of oil does not include the money spent securing middle east oil fields. They interviewed Wesley Clark who said securing oil was "one of the key factors driving U.S. foreign policy".
.... In interviewing Vijay Vaitheeswaran, a professor in residence at New York University, PRof. V said:
"We're paying for the geopolitical complications of oil, but we pay it through the Pentagon budget and we pay it through the lives of our soldiers lost overseas." .... They also had an interview with Michael Masters, the hedge fund manager who gave testimony before Congress in 2008 that speculation on oil and other commodities is what drove up the price of oil and food commodities. Masters was interviewed before on
"60 Minutes" about speculation driving up oil prices form 2007 to 2008.
This was on ABC!!
They also pointed out that "legislation" was passed by congress that removed controls limiting postitions investors could take on commodities. They stopped short of saying the name of the "legislation" but the showed a picture of the title of the bill: "THe Commodities Futures Modernization Act" - (which I have written about a couple of dozen times on this and other sites) here's excerpts from Michael Master's testimoney:
http://www.geocities.com/jwalkerxy/Masters_Testimony.htm If you want read his whole written testimony to the Homeland Securities committee go here:
http://hsgac.senate.gov/public/_files/052008Masters.pdf - it's not that long and it's extremely informative.
I recommend going to the ABC site and watching the show. See part three for the Masters interview. I think Wesley Clark's interview is in part 4. (they've broken up the show into segments of about 10 minutes each.)
http://abcnews.go.com/2020/Story?id=8113439&page=3 . (note they do not have a complete transcript there, so you won't find the masters interview in the written text. That is only a small part of the entire report)
Excellent work ABC. You surprised me, a very pleasant surprise. Start showing more of this kind of gutsy journalism. This was a great report!
By the way if you want to see and excellent explanation and a little history on the Commodity Futures MOdernization Act go here:
http://www.cbsnews.com/stories/2008/10/26/60minutes/main4546199.shtml
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
