60 Minutes. Discussing the oil speculatoring game. Segment is done now.

[nc4bo]

Peeling layers off the onion. Hope lots of Americans watch 60 Minutes tonight.

I thought they broke down a complicated scheme that should be easily understood by the average American.

Segment should be online soon. Will post a link if/when I find it.

[Horse with no Name]

1. The problem is

This is NOT new information. Many here have known the shell game since it started.
I don't find it THAT informative when they report AFTER the damage has been done. They protected Bush and his merry band of gougers.
Now all of the sudden they want to "appear" legit and report 2 weeks before Bush leaves office?
Puleeze.
THIS "knowledge" in the general public MIGHT have forced Congress into impeachment hearings. Now--they are just reporting how we were screwed after the fact.

[nc4bo]

3. Remember, regime change in 9 days. Fresh start? nt

[Horse with no Name]

7. Is that what you think?

How about...the Neocons don't want to leave any of their toys behind for the Democrats to play with.
Now...the public outrage will be directed at the government in general and not the perpetrators of the scam and putting every decision of the new administration under a microscope. Whereas the "MSM" allowed the Bush government to fuck us over unfettered...with this untimely, irresponsible "reporting", if Obama spends a dollar more on a paperclip than they should have--it will be wall-to-wall news.
Remember how they did Clinton? Think of THAT on steroids.

[nc4bo]

12. You need to watch the segment if you haven't. There is no blame placed on the O Admin.

[Horse with no Name]

17. You need to re-read what I said.

Public opinion will lash out AT THE GOVERNMENT (which by default will be Obama's at that time.)
The backdraft of this will hit during that time and the general public will place blame on the sitting President at that time.

[nc4bo]

18. I'm sorry I don't see it that way. nt

[Horse with no Name]

19. Then you have obviously never talked to a republican who gives Reagan

and Bush complete credit for instituting the policies which created the surplus during the Clinton administration while at the same time blaming Clinton for the instituting the policies which created the deficits during the Bush 43 administration.

[nc4bo]

21. My friend is a Repub. - she knows dang good and well who's watch

this entire financial, including the oil speculating, fiasco occurred on but she's a single issue voter who votes pro-life every single time.

I believe that voters (and they include many Repubs and Indies along with the Dems) who elected Obama, did so in the hopes that his administration will enact laws which would prevent this from happening again.

We believe differently.

[Horse with no Name]

23. Yes we do think differently. You still trust republicans. n/t

[nc4bo]

26. Believe what you wish. nt

[madokie]

42. Think back to Carter

thats where they cut their teeth :hi:

[Junkdrawer]

24. We always seem to get the truth AFTER the perps fall from power....

Enron goes belly up and we learn just how they manipulated energy markets.

Wall Street banks go bust and we learn that the Enron guys went there and manipulated energy markets.

Mark my words: When the American Empire goes bust, we'll find out the truth about 9/11 and the JFK Assassination - among other things.

As long as the blood suckers are making buckets of money, the power of that money shields them. Only after the shields are gone does the truth come out - in public. People who aren't afraid of doing some digging, who know their history and who don't care what others think of them can usually figure out the truth well before it's fashionable.

[babylonsister]

2. Good so far: why did the price of oil go up $25 in one day? Unheard of. nt

[nc4bo]

4. Yeah, I thought so too babylonsister. nt

[malaise]

5. How can the trading be conducted in secret?

Enron - Bush!!!!!!!!!!!!!!!!!!!!

[nc4bo]

6. and Leamon Bros. and AIG....nt

corrected spelling.

[malaise]

9. Morgan Stanley too

sickening. What's interesting is that since their bubble burst oil prices are way down.
Notice that they were speculating that oil would be between $150 and $200 a barrel. They must have lost gazillions on those bets.

[Earth Bound Misfit]

36. Ummm...Lehman Bros. n/t

[Junkdrawer]

8. I remember all the "experts" here that said it was impossible for speculators...

to significantly impact the price of oil.

And anyone who questioned that was an uninformed conspiracy theorist.

Par for the course...

[Horse with no Name]

10. Well you are correct there

but the "experts" that you speak of are pretty much the influx that came on at the same time who have actually pulled DU into the mainstream. You shall know them by their agendas and their apologies.
Some of the hardliner, true progressives here have been silenced by this cadre...in part by being called uninformed conspiracy theorists on many topics that have proven to be justified. Some left on their own, some quit participating at the same level, but many were TS'd.

[Hannah Bell]

11. i remember it too. & the rice shortage, said to have been caused by the oil shortage & high prices.

and the bank bailout.

Same folks, every time, supporting the msm storyline & caling everyone else kooks.

same folks, every time, WRONG, WRONG, WRONG.

[malaise]

15. Some of the bailout supporters came and went

with tasteless haste. I won't forget some of those handles.

[Hannah Bell]

25. some are still here. i remember them, too. several are still pumping whatever comes down the pike.

and pretending "this time it's different!"

or

"who could have known?"

just all the folks they insisted were crazy, that's who.

[malaise]

29. You know I was involved in demonstrations against

IMF policies over 30 years ago. They told us we were wrong then and we were right. I have colleagues who went along with the globalization paradigm because it was easy to do so. Neith hubby nor I compromised for a minute. We have lived to be vindicated while we watched our region destroyed.
When they call me crazy - I anticipate vindication. Nothing they say affects me because they are always wrong. Anyone who goes along with the main stream interpretation of reality is doomed.

Years ago there were DUers who were warning about the economic crisis - with hard evidence. I listened; I read what they wrote and more than a few books by people who know what's going on. We made decisions. We told our siblings in the US to start shredding their credit card and finish paying off their mortgages. Thankfully they listened.

I also remember people telling those DUers that they were wrong. Crazy and right is always better than brainwashed by the mainstream media and wrong. My paternal grandma used to say those who don't hear will feel.

[Junkdrawer]

30. I guess that makes us "Troofers"....

:hi:

[Hannah Bell]

31. Unfortunately, a really bad economy eventually sinks all boats - those who

bought into the fantasy, & those who didn't.

[malaise]

34. True but at least those who read and listen

can reduce their debt and inform others in advance. We haven't had credit cards for years but we were able to give others advice. Otherwise you are right. We're all going to feel this one.

[DCKit]

22. Ah, those were good times.

Never seen a more adamant bunch of pricks and I still maintain that several were working for the speculators.

Peak Oil my ass.

[Frank Cannon]

39. The most resistance I saw to the idea was right here on DU

It seemed just about everyone here had morphed into a peak-oil end-timer who would hear absolutely nothing about price manipulation, which seemed obvious to me what was going on. I felt like the little kid in "Invaders from Mars.

[Subdivisions]

41. It's funny how you guys pile-on the MSM message when it suits you.

I challenge any one of you to show that oil production is increasing, rather than in decline. And don't give me bullshit that the burden is on us to prove our case. If I say it's in decline and you say that it's not, then you also have the burden-of-proof.

[Hannah Bell]

13. details please?

[Junkdrawer]

14. Enron lobbied for and got commodities deregulation. When Enron...

went bust, their market manipulation experts went to work on Wall Street.

[Hannah Bell]

27. thanks!

[YvonneCa]

35. I knew it. Enron. AGAIN. n/t

[vssmith]

37. And who signed the Bill that did that

[nc4bo]

16. Link in here Hannah

http://www.cbsnews.com/sections/60minutes/main3415.shtml

ETA: I'm going rewatch cause I missed a bunch while I was posting hehe.

[Hannah Bell]

28. thank you.

[Idealism]

20. I've been trying to get people to see speculation as a bad thing for years

The solution to the problem: Make speculators TAKE shipment of the commodities. Problem solved! They don't have the capacity to store millions of barrels of oil, nor the desire to build storage for them. That would keep investors out of the things they shouldn't be in.

I've been saying this for a long time :/

[trashcanistanista]

32. Left coasters - 60 Minutes is on at 7:00PM tonight n/t

[autorank]

33. They're late and they know it. This has been out there, easy to get, for months

They waited just long enough for JP Morgan screw New Englanders on winter heating oil (which won't happen with the price dropping. But in the summer, they could have run it. People knew and were talking about it. There's been no new information since then.

What bull shit. MSM lies even when it tells the truth technically. The truth needed to be told on time.

[JANdad]

38. I'm a genius in my own mind...

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=3558713

Pasted:
"The push above $145 a barrel was seen as a last technical barrier to prices hitting $150, in what analyst Olivier Jakob of Petromatrix in Switzerland called "the Morgan Stanley self fulfilling prophecy."

In early June, a prediction by Morgan Stanley analyst Ole Slorer that oil prices could reach $150 by the July 4 weekend caused the Nymex contract to jump nearly $11 in a single day.

http://biz.yahoo.com/ap/080703/oil_prices.html
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I predict I will see an avererage jump in my take home pay of $200 per week beginning Aug 1st....any takers?

Peak Oil My Ass!

nothing but pure speculation on the backs of the middle class (read: poverty stricken)
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[Kansas Wyatt]

40. I said a month or so ago....

That if the truth be told, the same banks who were in trouble and seeking the bail-out money, were the same ones driving up the cost of gasoline, by speculating on the oil market.

Sure enough... It turns out Exxon wasn't the biggest oil company after all. It's the banking industry.

Until Congress gets off it's ass and actually does investigate and prosecute all the corrupt fuckers who have been screwing the American people, nothing will prevent it from happening again. Oh, that's right. We can't have Congress admitting to being corrupt themselves.