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The Oilbama Megathread

Started by Admiral Yi, June 25, 2011, 05:36:45 PM

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Razgovory

#30
June 27, 2011, 11:38:26 AM
While we are at it, it should be illegal to invest in Gold.
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

Habbaku

#31
June 27, 2011, 11:46:21 AM
I don't think it's valid to shut down a single business.  What has Gold Company Financial ever done to you?
The medievals were only too right in taking nolo episcopari as the best reason a man could give to others for making him a bishop. Give me a king whose chief interest in life is stamps, railways, or race-horses; and who has the power to sack his Vizier (or whatever you care to call him) if he does not like the cut of his trousers.

Government is an abstract noun meaning the art and process of governing and it should be an offence to write it with a capital G or so as to refer to people.
-J. R. R. Tolkien

HVC

#32
June 27, 2011, 11:52:39 AM
Quote from: Grey Fox on June 25, 2011, 08:59:35 PM
Quote from: MadImmortalMan on June 25, 2011, 07:04:36 PM
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?

Yep. Saved us a hundred bucks in gas over the next couple months, and knocked the value of our 401ks down by a five grand.



Also, a bunch of trades the previous day are under investigation.

Investing in oil should be illegal.
Don't have to make it illegal. Just tax capital gains on oil at 70% and take away the ability to carry forward/back or allocate losses to other gains.
Being lazy is bad; unless you still get what you want, then it's called "patience".
Hubris must be punished. Severely.

Razgovory

#33
June 27, 2011, 11:57:32 AM
Quote from: Habbaku on June 27, 2011, 11:46:21 AM
I don't think it's valid to shut down a single business.  What has Gold Company Financial ever done to you?

Of course it is.  You can't invest in cocaine can you?  Investing in Gold is betting against America.
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

Habbaku

#34
June 27, 2011, 11:58:48 AM
Quote from: Razgovory on June 27, 2011, 11:57:32 AM
Quote from: Habbaku on June 27, 2011, 11:46:21 AM
I don't think it's valid to shut down a single business.  What has Gold Company Financial ever done to you?

Of course it is.  You can't invest in cocaine can you?  Investing in Gold is betting against America.

:hmm:  Does Gold Company Financial hold some sort of nuclear arsenal that is pointed at the USA?
The medievals were only too right in taking nolo episcopari as the best reason a man could give to others for making him a bishop. Give me a king whose chief interest in life is stamps, railways, or race-horses; and who has the power to sack his Vizier (or whatever you care to call him) if he does not like the cut of his trousers.

Government is an abstract noun meaning the art and process of governing and it should be an offence to write it with a capital G or so as to refer to people.
-J. R. R. Tolkien

Razgovory

#35
June 27, 2011, 12:02:49 PM
Possibly.  I don't actually know.
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

CountDeMoney

#36
June 27, 2011, 10:22:41 PM
Quote from: Grallon on June 27, 2011, 11:01:27 AM
Quote from: dps on June 26, 2011, 02:56:04 PM

I'm ideologically opposed to socialized medicine...


An accurate description - logical yet entirely irrational.

I was about to say there are plenty of examples of socialized systems that not only deliver quality services but are also cost effective - but the irrationality displayed above can't be reasoned with.  So keep paying more per capita than anyone else in the Western World for spotty services.  *shrug*

I love it at work, where everybody's bitching about our healthcare coverage and how they have to pay out more for a variety of services than our previous healthcare plan that was dumped to cut costs, yet they still continue to call Obama a Commie, think "socialized medicine" is a Commie plot, and continue watching Fox News.
The irony is beyond giggly.

Razgovory

#37
June 27, 2011, 11:46:27 PM


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I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

MadImmortalMan

#38
June 28, 2011, 02:59:57 AM
Cramer is now on record saying the oil release was the death blow to commodity inflation and we're about to enter a new golden age. Brilliant!
"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

The Minsky Moment

#39
June 28, 2011, 10:15:32 AM
The release was a shot across the bow of the OPEC dissidents after last meeting's fiasco, and secondarily designed to create future ambiguity as to the potential use of strat reserves.  Very likely the Saudis were informed in advance.
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

Caliga

#40
June 28, 2011, 10:19:20 AM
Quote from: MadImmortalMan on June 28, 2011, 02:59:57 AM
Cramer is now on record saying the oil release was the death blow to commodity inflation and we're about to enter a new golden age. Brilliant!
"Should I be worried about Bear Stearns in terms of liquidity and get my money out of there?"
"No! No! No! Bear Stearns is not in trouble. If anything, they're more likely to be taken over. Don't move your money from Bear."
0 Ed Anger Disapproval Points

MadImmortalMan

#41
July 07, 2011, 12:19:18 PM
The reprieve is coming to an end.


http://www.cnbc.com/id/43645073

"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

HisMajestyBOB

#42
July 07, 2011, 12:39:24 PM
Quote from: MadImmortalMan on July 07, 2011, 12:19:18 PM
The reprieve is coming to an end.


http://www.cnbc.com/id/43645073

I'd better fill up this afternoon then.
Three lovely Prada points for HoI2 help

MadImmortalMan

#43
July 07, 2011, 03:57:03 PM
More talk about insider trading the SPR release.


Quote

Did Markets Know Obama Was Going to Tap Oil Reserve?
Published: Wednesday, 6 Jul 2011 | 3:07 PM ET


Tapping the Strategic Petroleum Reserve was supposed to lower oil prices but instead has only raised questions about market manipulation.

The price of US crude actually is higher now than when the Department of Energy and International Energy Agency made the controversial move on June 23 to hit up the SPR in an effort to ease the gasoline burden on consumers and goose the economy.

At the time, critics blasted the move because oil prices already had fallen considerably – more than 16 percent in just two weeks' time, in fact.

In retrospect, the price move is starting to look fishy to some traders.

Dennis Gartman, a hedge fund manager and author of the widely followed "Gartman Letter," constructs a timeline of how the oil release came to be and the trading action surrounding it.

He notes the most recent peak of oil on May 2, discussions with Gulf oil ministers on May 5 as the price started to decline, and the ultimate announcement seven weeks later, when oil was around its near-term bottom.

The price drop leading into the SPR release indicates that the market may have been anticipating the move and selling oil accordingly.

"When presented this information in this simple but elegant format, how can we not believe that someone in a position of some authority did indeed know what was in the works regarding the SPR?" Gartman wrote.

"May 2nd was an outside reversal to the downside, marking the very top...the very absolute top in the crude oil market," he said, referring to the trading pattern in which a high and low price on a particular day exceed those of the previous session. "It was followed by a massive, violent $9/barrel collapse on the very day that the Saudis were apparently being told of the decision to sell crude from the SPR!

"We are not conspiratorialists here at TGL, but certainly this is worthy of investigation."

For the record, officials at the Commodity Futures Trading Commission, Securities and Exchange Commission and the Financial Industry Regulatory Authority would neither confirm nor deny any such probes.

But Gartman apparently is not alone in his suspicions.

He cites Ross Clark, an advisor at CIBC Wood Gundy in Vancouver, who also questions the oil trading.

"Call me a cynic," Clark writes, "but there appears to have definitely been money made on inside information. As a rule of thumb, some of the best opportunities occur by trading opposite the headline news once prices stabilize."

Oil has traded in a fairly tight range over the past three weeks but is clear of the $94.40 opening level the day of the SPR announcement. Gasoline, meanwhile, has fallen about 20 cents a gallon over the past month about are down about 35 cents a gallon from the early-May oil price peak.

"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers
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