Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Democratic lawmakers criticize a recent Commodity Futures Trading Commission report downplaying speculators' role in high oil prices.
WASHINGTON (AP) -- Democratic senators say a government report issued last month on oil prices was based on flawed information. They're asking for an investigation into the matter.
In a letter Thursday to the inspector general of the Commodity Futures Trading Commission, four senators criticized an interim study that said fundamental supply-and-demand factors were to blame for the run-up in oil prices. The study played down the role of speculation. The senators said the study was based on inaccurate data and they questioned the timing of its release.
The study was issued a few days before the Senate voted not to move forward on legislation that would have required the commission to set limits on trading in oil markets by investors and speculators.
Don't really know what to think of this... _________________ The man who moves a mountain begins by carrying away small stones.
Democratic lawmakers criticize a recent Commodity Futures Trading Commission report downplaying speculators' role in high oil prices.
WASHINGTON (AP) -- Democratic senators say a government report issued last month on oil prices was based on flawed information. They're asking for an investigation into the matter.
In a letter Thursday to the inspector general of the Commodity Futures Trading Commission, four senators criticized an interim study that said fundamental supply-and-demand factors were to blame for the run-up in oil prices. The study played down the role of speculation. The senators said the study was based on inaccurate data and they questioned the timing of its release.
The study was issued a few days before the Senate voted not to move forward on legislation that would have required the commission to set limits on trading in oil markets by investors and speculators.
Don't really know what to think of this...
Its pretty obvious.....The democrats are convinced that speculators are the cause of high oil prices, no matter what the actual data says.
Posted: Thu Aug 14, 2008 3:33 pm Post subject: Re: Report on oil prices is flawed, senators say
Plantagenet wrote:
Its pretty obvious.....The democrats are convinced that speculators are the cause of high oil prices, no matter what the actual data says.
I am not a dem, but i know many of them, and for the most part they are NOT convinced that speculators are the cause of high oil prices. Your comment is therefore rendered totally useless.
Posted: Thu Aug 14, 2008 3:44 pm Post subject: Re: Report on oil prices is flawed, senators say
Cochise wrote:
Plantagenet wrote:
Its pretty obvious.....The democrats are convinced that speculators are the cause of high oil prices, no matter what the actual data say.
I am not a dem, but i know many of them, and for the most part they are NOT convinced that speculators are the cause of high oil prices. Your comment is therefore rendered totally useless.
Cochise wrote:
Location: LA
Does that mean you from Los Angeles, Louisiana, or elsewhere???
Here in Los Angeles most all of my friends believe it is speculators.
joeltrout
Posted: Thu Aug 14, 2008 3:48 pm Post subject: Re: Report on oil prices is flawed, senators say
@ jeltrout i live in LA. the most people i know think that the high gas prices are here to stay and that they are the result higher demand/shorter supply.
These people are more o less evenly distributed between dems and reps. Maybe i am unconsciously picking people that are similar minded to me , who knows...
Posted: Thu Aug 14, 2008 3:52 pm Post subject: Re: Report on oil prices is flawed, senators say
Plantagenet said:
Quote:
Its pretty obvious.....The democrats are convinced that speculators are the cause of high oil prices, no matter what the actual data say.
Well we can’t let a few facts get in the way. Facts like shorts and longs are usually about even so they cancel out, and to move prices upward the speculators would have to store the product to prevent it from going back onto the market at present market prices. Know anyone with 600 mb stored in their garage?
Washington thinks that it has to play the game that makes them look they are doing something about the problem, when in reality that can’t do a dam thing. This is one of biggest obstacles we have to addressing the PO problem; stupid, short sighted, self serving politicians!
Posted: Thu Aug 14, 2008 4:34 pm Post subject: Re: Report on oil prices is flawed, senators say
Can you picture these ignoramuses on the Titanic:
"We don't believe the results of the study that say that taking on water is the cause of the current sinking. We're forming a commission to look into it.
Talk about a goose chase. _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Posted: Thu Aug 14, 2008 5:38 pm Post subject: Re: Report on oil prices is flawed, senators say
They got an answer they did not like and want a second opinion in the hope that it will be different. What is more, if the second opinion does turn out to be different, they will accept it without questioning the inconsistency. _________________ Volatility. When life isn't exciting enough.
Posted: Thu Aug 14, 2008 6:54 pm Post subject: Re: Report on oil prices is flawed, senators say
There's no need to do studies, or argue the question theoretically. The most efficient approach is simply to run the experiment. Force the long-only roll-every-month index traders to liquidate, and see what happens to the price.
The experiment has already been done once, and the results were outstanding. In 2006, index speculators were forced to sell $6 billion worth of rolling long positions in gasoline due to a rejuggling of the composition of the GSCI, and gasoline prices fell $0.82 in four weeks.
Of course, you guys might be right. Long-only roll-every-month index speculators may be having no impact at all on the price. If that's true, then nothing whatsoever will happen when we force them out of the market -- i.e. there won't be any negative affects. So we don't have anything to lose by trying. _________________ Thinking outside the petri dish.
Last edited by JohnDenver on Thu Aug 14, 2008 7:22 pm; edited 1 time in total
Posted: Thu Aug 14, 2008 6:57 pm Post subject: Re: Report on oil prices is flawed, senators say
Quote:
Institutional Speculators Disrupt Futures Markets: The Evidence Mounts
The Wall Street Journal finally is catching up on the investigation of the roles of institutional speculators in the cotton, petroleum and grain futures markets, and a careful reading of its page one story Wednesday shows that pension, index and hedge funds have been very disruptive in the markets.
Link _________________ Thinking outside the petri dish.
Joined: Apr 09, 2007 Posts: 6376 Location: Alaska (its much bigger than Texas).
Posted: Thu Aug 14, 2008 7:03 pm Post subject: Re: Report on oil prices is flawed, senators say
Cochise wrote:
@ jeltrout i live in LA. the most people i know think that the high gas prices are here to stay and that they are the result higher demand/shorter supply.
These people are more o less evenly distributed between dems and reps. Maybe i am unconsciously picking people that are similar minded to me , who knows...
Hi Cochise:
I'm surprised you don't know that the democrats in Congress are the ones blaming high oil prices on evil speculators. I suggest you try re-reading the news article that this topic is discussing. It reports that....
Democratic lawmakers criticize a recent Commodity Futures Trading Commission report downplaying speculators' role in high oil prices. -- Democratic senators say a government report issued last month on oil prices was based on flawed information. The Democratic senators are asking for an investigation into the matter. In a letter Thursday to the inspector general of the Commodity Futures Trading Commission, four Democratic senators criticized an interim study that said fundamental supply-and-demand factors were to blame for the run-up in oil prices. The study played down the role of speculation. The Democratic senators said the study was based on inaccurate data and they questioned the timing of its release.
-------
DEMOCRATIC Congressman and Senators, including Nancy Pelosi, have consistently blamed the high oil prices on speculators. This article reports on exactly the same political reality. Its nice that some of your democratic and republican friends in Los Angeles hold different views. Perhaps they could write to Barbara Boxer and Sen. Harry Reid and their local congressperson and to Nancy Pelosi in an effort to convince the Congressional democratic leadership that the law of supply and demand is also playing a role in the current high oil prices.
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