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Enron....errr....I mean Big Oil!

Discussion in 'Political Discussion' started by Holy Diver, Jun 19, 2008.

  1. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    http://www.msnbc.msn.com/id/21134540/vp/25252591#25252591

    for those fo you confused about WHY Gas prices are so high, you should check out the link above.

    After living through the Bull$h!t called 'rolling blackouts' in California, and the Enron scandal... I see it again, but this time I undertsand it.




    Imagine if you will, owning a company, or being a shareholder in a corporation that never has to report actual earnings?
  2. otis p. driftwood

    otis p. driftwood Rookie

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    I really don't like watching vids, Dio, can you summarize or put in a text link?
  3. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    Its quite complex.....and simple at the same time.....as best I can recall.....here:

    Big Oil is using the same loophole that Enron wa susing to report earnings.
    The Loophole allows comodities trading to go UNREGULATED.
    This loophole was passed on the last day of George HW Bush's presidency.
    McCains' economic advisor, Grahm....and his wife (Who worked for Enron for 10 years) helped push this and also helped (along with Johnny McCain to block its closure)

    This Loophole allows the trading on projected FUTURE earnings.
    Thats why traders are driving up the price. It makes tehm and the oil companies rich.
    Its all bogus though, none of the price or projections are based in reality.

    I believe this loophole was just closed last month in a farm bill.
    McCain opposed this bill, claiming "pork"

    its really easier to watch the video. I am not doing the reporting justice.
    Last edited: Jun 19, 2008
  4. otis p. driftwood

    otis p. driftwood Rookie

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    As I understand it, the bill was passed in 2000...I think it was in the closing days of Clinton's presidency. But I read an article on marketwatch yesterday (hat tip, shmess) that talked about it, I'll try to find it.

    They said if they repealed the law oil would tumble automatically to about $80/bbl just like *snap*.
  5. otis p. driftwood

    otis p. driftwood Rookie

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    http://www.marketwatch.com/news/sto...91E94-0184-4106-95AB-00071CE87DC1}&dist=msr_2

    Now I have no idea if this is the same deal as what you're talking about, HD, but it sounded the same.
  6. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    It went through under George the first,Clinton allowed it to continue as did George the second. These guys can buy stock in oil then speculate that its going to rise it does and they make a fortune. But it sounds almost treasonous to me.
  7. otis p. driftwood

    otis p. driftwood Rookie

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    Don't know. The marketwatch.com article only says it passed in Dec. 2000. That's Clinton.
  8. PatsFanInEaglesLand

    PatsFanInEaglesLand Rookie

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    #37 Jersey

    No I blame that stuttering boob, RFK, Jr., as his ilk for the high gas prices.

    Not some douche Olbermann hatchet job with democrats convieniantly left out.
  9. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    I think we'ed have to look it up independently. I heard it on msnbc, you on market watch cnbc. But i remember definetly hearing that Bubba inherited it and let it continue. And if thats true its as bad as letting it pass in the first place because he could have done something to stop it from what i remember from last night and didn't. I'm pointing the finger at the last three POTUS'S.
    Last edited: Jun 19, 2008
  10. otis p. driftwood

    otis p. driftwood Rookie

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    marketwatch.com isn't part of cnbc.
  11. Terry Glenn is a cowgirl

    Terry Glenn is a cowgirl Banned

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    Er, what is dollar worth nowadys?

    That has to be at least part of the reason why everything is so high.

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