Obama slamming oil price manipulation shows a powerless President on shakey moral ground.

We should all focus on making life hard for the lobbyists’ clients

The Black Dude in the White House is (predictably) getting a little antsy about the price of gas at the pumps. Obama doesn’t do hot under the collar, he’s more a cool under pressure sort of guy. But further to my post of March 29th, oil price manipulation by the ten-gallon hats is making him slightly tepid under the arm. 

In that piece, I wrote “Estimates suggest that 93% of oilco political contributions go to Republican candidates….There are powerful elements in the oil industry who do not like Barack Obama one bit. Again this Friday, Barry hopes to finalise and pass a Bill to remove the oilco tax breaks and subsidies.’.

Yesterday, the President called on Congress to raise civil and criminal penalties on individuals and companies involved in manipulative practices. “We can’t afford a situation where speculators artificially manipulate markets by buying up oil, creating the perception of a shortage, and driving prices higher, only to flip the oil for a quick profit,” Obama commented at his press conference. And he pressed for more money to fund the agency charged with policing the markets to hire “more cops” to oversee price movements.

Equally predictably, GOP spokespeople called the move “an election gimmick”.

The Slog’s view is that neither Party has a tenable position on this one. As my piece last month showed in a way a five year old could grasp, you don’t need a 100 cops to add up three columns and see that the oilcos are obviously cheating the consumer (to raise money for new exploration) and trying to sabotage Obama’s election chances at the same time.

On the other hand, Barack Obama complaining about market manipulation – two overt and one covert QEs on his watch to keep the stock markets high – is a bit rich. Then there’s the gold market, the value of the Dollar, the price of Fed bonds, and the value of the Iranian Rial….all manipulated by those in charge of making Obama look competent.

Meanwhile, Republicans calling his plans ‘a gimmick’ would enjoy more credibility if they weren’t, in at least thirty cases, bankrolled by the Texas Teamen.

It illustrates two recurring themes at this site: the power of money to pervert politics; and the reality of where power now resides in both the US and Great Britain: among the globalist banks, multinational business, and media owners.

None of this matters, because Romney won’t win anyway if the EU manages to avoid meltdown before next October. And even if he wins, he’ll be just another puppet doing the same macabre dance of denial as Obama does today.

Forget lobbying politicians, it’s a waste of time – and none of us have enough money. Focus on – peacefully and legally – hitting monopolistic commerce where it hurts.

28 thoughts on “Obama slamming oil price manipulation shows a powerless President on shakey moral ground.

  1. With all this state sponsored crony capitalism nowadays, is it any wonder: “The US financial markets have become an abandoned playground left to the High Frequency Trading freaks”.

    • Yes, as though we live in a world of science fiction. Oh, please don’t anyone go calling me a Luddite on account of that remark. :)

  2. Pingback: John Ward – Obama Slamming Oil Price Manipulation Shows A Powerless President On Shakey Moral Ground – 18 April 2012 | Lucas 2012 Infos

    • @Kergoff. Here in the UK over the years there have been several email campaigns, encouraging people to boycott certain chains of petrol retailers, because of perceived misdemeanours. The aim was to hit them where it hurts – income.
      These campaigns never really get off the ground because too few people were concerned enough to go out of their way to find a different petrol station.
      My own personal determination now is to avoid all supermarkets and instead support local growers. [I may make an exception with Waitrose and the Co-op because they have employee stakeholder scheme, which I support].
      That way, money stays in the local community and I stick two fingers up to Tesco. And I eat better. Yes, food items cost more but because they are better quality one tends to be satisfied with less, actually.
      Will it make a difference? Of course not. But if enough people did it ….

      • I now buy most of my food from a British organic supplier and fresh fish from a local (direct from the catch in British waters) supplier. All fresh and un-messed with.
        I am also growing sprouts and working on a polytunnel garden. The food costs more than the supermarkets, but I way this off by not buying any unnecessary crap( if the polytunnel works out I should start to save money and any extra can go to family and friends).
        I walk/cycle more to save fuel costs and it helps to stay fit.
        Also looking into solar heating and electric and have installed a 1250l water butt.
        I think self reliance will be a greater necessity in the future but also family,friends and neighbours and local communities need to get more involved now as the grubyment will leave us hanging when the shtf.

      • “Oh, and simply consume less”
        YES! YES! THAT! It’s the weapon we all have, and it does work if we can only reduce our addiction to ‘stuff’. With some organisation behind it, i.e., boycotting specific goods or suppliers, we can have an effect. Yes we can! (Er, that may not be the best slogan to use)

      • Don’t mean to throw a spanner, but much of what the monopolies sell is to other monopolies within the space where end-line garden variety consumers don’t exist.

    • Spend cash wherever possible and negotiate discounts with traders based on it. Consume less and conserve more (on a personal level)

      And if you feel that way inclined, avoid any taxes you can. They’re only going to waste your money anyway.

      • go fishing. chris and me went out at the weekend. lost count of the mackerel, pollack etc. VERY cost effective,also one gets very pleasantly pissed. atb cc

  3. More on market manipulation from today’s Telegraph:

    “QUOTE OF THE DAY
    “Buy in the last hour of trading…the goal is to put each stock price as high as possible at the close.”

    Patrick Sejean,one of the former Cantor Fitzgerald traders
    http://www.telegraph.co.uk/finance/financial-crime/9209574/Fund-manager-Stefan-Chaligne-tried-to-ramp-price-of-shares-in-his-fund-tribunal-hears.html accused of conspiring to ramp the price of shares , gives instructions to a colleague.”

    • It’s so pathetic — there seems to be no end of this ‘white collar’ crime as it is called in the US.

      Look on the right column of your link, btw: they list the top 12 US fraudsters of all time by their reckoning. I’m wondering why Vesco is left off the list? Maybe his $280million in 1970 dollars is considered piddling? Or he dates too far back for average present memories? But that last would be inconsistent with putting Ponzi on the list, who was a roaring twenties sort of crook if memory serves.

      • Yeah, Ponzi was the first operator of a ponzi scheme in 1920. The worrying thing is that virtually every welfare, pension and state-owned-run health system in the Western world today. And a whole lot more meet the characteristics of a ponzi scheme.

  4. ‘…reality of where power now resides in both the US and Great Britain':
    Mark Carney, the governor of Canada’s central bank, (and Goldman Sachs old boy) is a candidate to replace Sir Mervyn King as head of the Bank of England in June next year.

  5. A Romney Administration, IMO, would be worse than the Obama Admin. It is not the qualitty of the President as much as his advisers and Romney is beholden to even worse interests the the Big O including the MilIndComplex, energy, health, finance, and the religious and tax nutters. Unlike the UK with its pathetic 70 spads the USG replaces the top 5 levels of every department with political appointees. These come from his campaign supporters, many of whom have effectively boughgt their positions, and reflect these special interests. The UK has too little control over its unaccountable civil service whilst the US loses its corporate memory every 4-8 years to the special interests du jour.

  6. A fine start for the current US president. Will he be adding all the other speculators utilising all the levers of finance and government in the “managed” outcomes on a daily basis.

    Most of the financial companies along with the administration would already be in jail for life.

  7. Get us the f* off oil – like he promised.

    This oil and gas game is against ourselves – and we are so wrapped up in it we can’t even stop playing.

    Hoping for this big oil find – then we have to keep technology so that we stay on oil forever – but as with the Argentinian President – thanks I’ll take that oil field – love the way your long pipes reach down to my oil – she must be saying to the poor Spanish!

    [Invest somewhere else is the byword - we are moving from the oil lamp to the electric light in car terms. we will survive.]

    We are so brainwashed that the view of our future is limited to looking down an oil well.

    Inventions are quashed – to our detriment – even for those who took out the inventors.

    [Guy says, hey look I've got a new energy invention - next you say what happened to that guy - Oh, they used the erasure-ray on him!]

    It’s time to move on!

    There is the politicians, the scientists and the businessmen – who need to work together to look beyond immediate gain – and there’s the people who need to talk this new stuff into reality.

    Electric cars are a good start!

    $4 to fill’er up

    Then after we can choose which religion we want to follow!!

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