With gasoline heading back toward the $4 per gallon mark again, government regulators are proposing to limit the amounts of oil and other natural resources big investment firms can buy and sell. They’re also proposing to make the traders’ actions transparent. If successful, companies [...]
After a run up from the low 70’s to around $84 per barrel over the past month, oil is now hovering around $77. The 18 percent rise was in the face of continued decrease’s in usage and high inventories. While the hyper’s of the stock market have been saying it’s due to the fluxuating dollar, this latest drop in oil prices comes from a much more realistic reason.
Why three completely different topics in this post? Because they’re all related to CNBC’s biased news reporting. Although CNBC’s biases always come out with glaring undeniability, I thought I’d include these three since they were the main topics this morning.
Comparing the oil industry’s’ earnings drop to the same period last year is like saying Bernie Madoff’s profits fell to zero percent this quarter compared to last year. [...]
Today Bob Pisani of CNBC called them the conspiracy theorist (see first video below). “Them” is those who know oil traders drive the price of oil, not supply & demand — and say so. Sharon Epperson said energy traders on the floor were nervous. At 6:15 this morning oil was down just 20 cents. Then Bart Chilton, one of four CFTC (Commodity Futures Trading Commission) commissioners, was a guest on Squawk Box saying they were investigating energy traders (see second video below – a good one). At 11:00 o’clock CNBC, along with their “reliable source”, Craig Donohue of the CME Group, were vigorously defending the energy speculators (see third video below). At 12:25, while discussing “Products Vs. Profits”, a news flash on the screen said “Citi is scheduled to pay an energy trader a $100 million bonus later this year” (2:19 seconds into the fourth video below). By noon oil was down $1.50.
Corus Bank will be taken over by the Federal Depositors Insurance Corporation (FDIC), which means the taxpayers get nipped again. We taxpayers will get the privilege to pay off that along with any other losses the company has. [...]
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