Why does change always have to be someone's "fault"? High oil will burst American's bubble that a 40 mile commute in a 9 mi/gallon pickup is a right. And that will be a good thing.
Posted by Tex at June 6, 2008 01:38 PMDow ends at 394. Oil skyrocketed. Unemployment rate jumps. 4100 dead GI's any day. By the time November comes around, and everybody is biking to work (the ones still employed), watching their investments dive, foreclosing on their house, and the prospect of a 100 year Iraq occupation....gee, I'd sure hate to be running for office as a Republican. I wonder when that's gonna dawn on McBush?
Posted by T2 at June 6, 2008 01:57 PMI heard Harry Reid say something about a bill that would hold opec countries to the sherman anti-trust laws if they're collaborating to raise prices?? Or something like that? How exactly can the US use US anti-trust law against another country?
Posted by CG at June 6, 2008 02:09 PMI wonder when America will wake up and realize that the market is being manipulated to:
A) Scare the "Democrat" crap out of middle America?
B) Make sure gas prices trump universal health care concerns?
C) Oh, so you won't take lobby and PAC money?
D) Oh, so you want to raise taxes...on the rich?
E) Big Media will never out the Bush/Pentagon war lies or market manipulation because they want more bandwidth, tax-the-net and more monopoly?
I could go on, but, Republicans are so predictable.
Hey Steve and Turk..(eg. small media) you paying attention? Or, are you still talking about the losing (yesterday's news) candidate (with hurt feelings?)who voted for war and K-street and turned to racism and sexism in an attempt to cater to our worst fears and divide "our" party?
Aren't you guys tired of being scared? Doesn't this country have nuclear weapons? Any general will tell you...it's the economy stupid? He who controls the capital, calls the tune.
Would you mind paying attention to who OWNS THE CAPITAL and what they are doing with it to bend the electorate to their will?
Geeez..enough with the Clinton "Cryin' Game"
One World,
Domino49
PS.
Get ahead of the curve, for cryin' out loud.
The worst thing any editor or journalist can become is ......yesterday..!!
Watched this market closely Turk and as ugly as what it was, the sky is not falling, yet. While the Dow took out the May low of 12,479.63 (to close at 12,209.81) there was no confirmation from the Transports which closed 105 points above the May low of 5145.14 (although the transports had a higher losing percentage).
The significance being a NON-CONFIRMED bear market signal.
My opinion is that we are experiencing a correction to a primary bull market. And although the market is a forward looking economic indicator, as so aptly reported by our in house financial guru, Muck, it is important to note that US multi-national corporations now garner a large portion of their sales from foreign jurisdictions.
In other words, a primary bull market on the Dow doesn't necessarily fortell good things for the American economy (or McFlop in November for that matter) as it would have before globalization.
As I mentioned in an earlier post, I am suspect of the timing of the Israel - Iran threat coupled with the Morgan Stanley oil report (claiming $150/bbl by July 4th) and my sense is there is manipulation at work in the oil futures market as traders try to profit as much as possible before a change in the administration. The fundamentals for oil are weakening and do not warrant such a price hike. Here's the Shanghai Market Index, which is showing weakness because of anticipated lower demand worldwide for the crap they produce. Their products are cheaper but distance is money in this environment, so inflation will be coming soon to every store near you.
I will be keeping an eye on the Transport Index next week and should the Trannies confirm a bear market signal, it would be prudent to go to cash and wait it out.
This advice is free...lol
Posted by Goyo at June 6, 2008 04:27 PMSpeculators are but a small factor in the run up of crude prices. The major impact is supply-demand. World demand is up, and will continue to go up. Supplies are constant or declining. And then the war chat-up with Iran would also threaten supplies. That's freshman year economics.
Iran has made their intentions clear: Israel must be wiped off the map.
It's not even like a Hillary misstatement. When she talked about sniper fire in Bosnia or RFK assasination, she eventually just said she was tired and misspoke.
But not Iran. When asked to retract their statement on Israel, they reaffirmed their intentions: Israel must be wiped off the map.
Newsflash: Israel doesn't want to be wiped off the map.
My take on Israel is that they would rather act the day before Iran gets a nuke rather than the day after.
With Obama likely to win by a wide margin in November, Israel is just letting folks know that she is willing to defend herself. My take is that despite Obama's claim about chit-chat and tea, he is just pandering to his base and is willing to send in the troops if that's what it takes. And he knows that this is what it will take:
"I will do everything in my power to prevent Iran from obtaining a nuclear weapon -- everything."
--Obama at AIPAC today, to a standing ovation
Posted by Muck at June 6, 2008 04:37 PMAn Israeli deputy prime minister on Friday warned that Iran would face attack if it pursues what he said was its nuclear weapons programme.
"If Iran continues its nuclear weapons programme, we will attack it," said Shaul Mofaz, who is also transportation minister.
"Other options are disappearing. The sanctions are not effective. There will be no alternative but to attack Iran in order to stop the Iranian nuclear programme," Mofaz told the Yediot Aharonot daily.
He stressed such an operation could only be conducted with US support.
I think Israel will have Obama's online buddy code for this, don't you? Game on.
"I will do everything in my power to prevent Iran from obtaining a nuclear weapon -- everything."
--Barack Obama, to a standing ovation
Ain't it great being a War President, Mr. Obama?
Posted by Muck at June 6, 2008 04:44 PMGoyo is a Dow theorist. LOL.
Hey, but just YESTERDAY was a confirmation day for the bulls! (If you follow Investors Business Daily's William O'Neil).
So now I suppose for IBD followers, the next thing would be a confirmation to the downside in the weeks ahead.
Ah, the perils of short-term trading... Welcome to Whipsaw City. But hey, trade early trade often. I loaded up on ETrade in the $2s, so every transaction in-and-out and back again, is MONEY!
Posted by Muck at June 6, 2008 04:53 PMMuck: I have read your economic nonsense for years...you are just plain wrong....Brazil has just found a possible 5-8 billion barrels. Alberta has larger deposits than Saudi Arabia. The price of oil was $22bbl when these assholes took over...you telling us the Chinese and Indians have driven demand up five fold since then...have more kool aid sunshine.
Iran never said it wanted to wipe Israel off the map...that's neo-con bullshit so show me the links.
And yes I am a Dow Theorist ...and have been for two decades and stock market averages must confirm each other.....as I said earlier junior...load up on those SPUs if you want and all the best to you.
Goyo...Surely you jest.
Yes, 2 BILLION more people looking for energy sort of outnumber our 150 million.
Jimmy Carter created ANWR and put it off limits to drilling. President Reagan made a great effort to start drilling in ANWR. President Clinton VETOED a bill which would have started drilling. The CONGRESS is responsible for the mess we are in and the rest of the world is PO'd with us for our greed. We are willing to soon pay $200.00 a barrel for oil while we have more than enough withing our own borders. Had we been exploring and drilling for oil in our own country, we'd be OIL INDEPENDENT TODAY. Instead, China and Cuba are drilling off the coast of Florida. IF we had built 100 nuclear reactors we'd have that many less using oil.
All the wacked out left wing liberal conservationists are responsible. Put the blame where it lies!
As for Iran...get a grip. How many times does someone have to tell you they are going to kill you before you take it serious? Before or after they pull the trigger?
Iran: Israel, US will soon die
Ahmadinejad: Be assured that the US and Israel will soon end lives
Yaakov Lappin Published: 01.23.07, 22:24 / Israel News
Israel and the United States will soon be destroyed, Iran's President Mahmoud Ahmadinejad said Tuesday during a meeting with Syria's foreign minister, the Islamic Republic of Iran Broadcasting (IRIB) website said in a report. Iran's official FARS news agency also reported the comments.
"Iranian President Mahmoud Ahmadinejad… assured that the United States and the Zionist regime of Israel will soon come to the end of their lives," the Iranian president was quoted as saying.
One other quote for you. From another newspaper.
Iranian President Mahmoud Ahmadinejad said on Thursday that the state of Israel is a "stinking corpse" that is destined to disappear, the French news agency AFP reported.
Iranian President Mahmoud Ahmadinejad
Photo: AP
Slideshow: Pictures of the week "Those who think they can revive the stinking corpse of the usurping and fake Israeli regime by throwing a birthday party are seriously mistaken," the official IRNA news agency quoted Ahmadinejad as having said.
"Today the reason for the Zionist regime's existence is questioned and this regime is on its way to annihilation."
Ahmadinejad further stated that Israel "has reached the end like a dead rat after being slapped by the Lebanese" - referring to the Second Lebanon War in the summer of 2006.
Dont miss the rally to 1600, Goyo. and you talk of other country's oil reserves when we have a lot in Alaska, offshore and in the heartland that we could drill.
Like these CA libs who ban coal plants in CA then import coal power from Wyoming as if theyre doing the planet a favor.
Hey Markle, the IEA just said we need to build 1400 new nuclear power plants by 2050 to fi climate change. I dont care their reason but Im glad theyre finaly on board.
Posted by Muck at June 6, 2008 09:31 PMBoy there is an enormous amount of wishful oil thinking going on in people's minds, if such a term can be used for cretins like malarkle.
The world consumes around 30 billion barrels of oil a year, the US accounting for around a quarter of that. There are no meaningful untapped reserves left in the US---the Arctic Refuge, ND, offshore drilling----these are all penny packets (of very expensive, hard to get at oil) that will have exactly ZERO effect on world oil supply if they were to come to market.
Not one of those small deposits accounts for even a single YEAR of even US consumption, even if every postulated barrel was recoverable. Drilling in the US "solves" nothing whatever.
The idea that that more drilling in the US would result in "oil independence" today had we been drilling them (as malarkle blathers) is simply beyond cretinous and is pure self retardation, so common on the Right. Even Big Oil does not maintain this.
The Alberta tar sands are oil solids, not liquid oil. They will require enormous amounts of natural gas and fresh water to "develop" and will be very expensive oil in any event. Ditto all these other South American heavy oil deposits. Don't see anyone banging down the door to begin the investment necessary to develop them, despite billions of oil profits made each Qtr. Big Oil knows the game is up, and is transitioning out of oil!
The last cheap unexploited reserves of liquid oil on earth are in the ME, especially (you guessed it) Iran and (especially) Iraq. That's why we invaded Iraq, that's what Cheney's 2001 Energy Task Force concluded, that's why we're hanging on to Iraq despite no legitimate reason for being there, that's why we are demanding massive basing rights. "Spreadin' Democracy" is really "Securing Oil".
As for Iran, it's not stopping its nuclear program for nothing, whatever little Israel threatens. You don't get something for nothing--that's what neocons don't understand. And Israel apparently thinks we are necessary for any operation. I do think Cheney will attack Iran as the final catastrophe of his disastrous administration, and you ain't seen instability (oil and otherwise) until that happens!
But Cheney's Attack won't be a great event for the US (or world) economy, duh, as excited as militarist pinheads like malarkle get over US and Israeli bombs droppin' on "bad guys".
Posted by euzoius at June 7, 2008 06:51 AMMuck: "Iran has made their intentions clear: Israel must be wiped off the map."
spoken like a true neo-con psychopath lusting for war against Iran, too bad you don't have the balls to enlist you yellow cur
and ANWR is just a drop in the bucket in America's oil consumption, dumbass
Posted by gay veteran at June 7, 2008 04:02 PMeuzoius...
Where do you get your missinformation?
The Rocky Mountains alone have THREE TIMES more oil reserves than Saudi Arabia.
We have at least 200 BILLION barrels of oil off our coasts.
TODAY China and Cuba are drilling for oil only 50 miles from Key West.
The Nutroots have blocked every attempt the U.S. has made to be energy independent. NOW those same Nutroots are trying to foist the blame off on anyone but themselves.
Keep in mind, during the Republican held Congress, gas prices at the pump increased from $1.44 to $2.10 per gallon. Since the Democratic Congress, after Pelosi promised "they" had a plan for lower gas prices, prices have increased from $2.10 per gallon to $4.00 per gallon. Great work guys!
So why is America NOT energy independent?
Because, over the past 30 years:
Democrats have blocked the development of new sources of petroleum.
Democrats have blocked drilling in ANWR.
Democrats have blocked drilling off the coast of Florida.
Democrats have blocked drilling off of the east coast.
Democrats have blocked drilling off of the west coast.
Democrats have blocked drilling off the Alaskan coast.
Democrats have blocked building oil refineries.
Democrats have blocked clean nuclear energy production.
Democrats have blocked clean coal production.
Democrats sold out to environmentalists.
Democrats set up "No Zones" where they will not allow drilling or development:
yes, and I'm sure you have a bookmark in every internet garbage trough that contains this slop, malarkle---but that doesn't mean it has the slighest basis in reality.
shale oil is not part of US reserves, BTW. Not by anyone sane, anyway.
But keep thinking that excess "regulation" is the "real problem" with US energy and that we have way, wa more oil and natural than anyone could possibly need---that's the sort of self retardation you Rightists labor under.
Posted by euzoius at June 7, 2008 07:32 PMdumbasses like malarkle think we can drill ourselves out of the mess we're in
the stoopid, it BURNS
Posted by gay veteran at June 8, 2008 09:39 AM