Skip to main content



EXCLUSIVE: Eric Cantor Promises Oil Speculators That Republicans Will Block Financial Regulations
By Lee Fang, ThinkProgress  -- May 18, 2011

[...]  Cantor told the audience of speculators that his Republican caucus would “do our part” to block the implementation of financial reforms passed last year as part of the sweeping Dodd-Frank law. He even called out the Commodity Futures Trading Commission, the regulators in charge of overseeing derivatives and energy speculation, and promised to stop regulations from going online:
CANTOR: [...] We want to help you continue to lead for America, that means we gotta do our part when you see the implementation of Dodd-Frank coming at you like a barreling train. We want to help control that so that we can get some sensible, sensible follow up to that legislation. [...] Whether it’s the EPA, the FDA, the FCC, the SEC, the CFTC, you name it, there is an acronym for a federal agency causing harm right now. We’re trying to pull that in.


http://youtu.be/...
Video recorded by Campus Progress staff writer and ThinkProgress Blog Fellow Micah Uetricht.


[H/T to Ed Schultz team for the leads on this story.]


... to paraphrase what Ed Schultz said on the Radio today:

The Senate Vote on Ending Oil Subsidies proves WHO is really running the Country these days.  Here's a Hint:  It's NOT the People, because 74% of the People want to end these Subsidies ... even if NONE of the Republicans do ...


Remember: 74% of Americans Want to End Big Oil Subsidies
by Brian Merchant, Brooklyn, New York on 05-17-2011

While 0% of the Republicans in the House of Reps voted against extending multi-billion dollar subsidies for the nation's largest oil companies, 74% of Americans wish they hadn't. Remember, the most recent NBC/Wall Street Journal poll shows that a vast majority of Americans want to stop government handouts to the most profitable companies in the world.


The GOP Austerity Hawks in the Senate, proved who's Pocket they are in, with their Vote too:

Question:  On the Motion to Proceed
(Motion to Proceed to the Consideration of S. 940 )

Vote Date:     May 17, 2011, 06:17 PM

Required For Majority:     3/5    [60]

Vote Result:     Motion to Proceed Rejected

Measure Number:     S. 940 (Close Big Oil Tax Loopholes Act )

Measure Title:     A bill to reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes.

Vote Counts:   

YEAs     52
NAYs     48


U.S. Senate Roll Call Votes 112th Congress - 1st Session

Grouped By Vote Position

YEAs -- 52   [end the subsidies]  [60 Votes needed.]

Akaka (D-HI)
Baucus (D-MT)
Bennet (D-CO)
Bingaman (D-NM)
Blumenthal (D-CT)
Boxer (D-CA)
Brown (D-OH)
Cantwell (D-WA)
Cardin (D-MD)
Carper (D-DE)
Casey (D-PA)
Collins (R-ME)
Conrad (D-ND)
Coons (D-DE)
Durbin (D-IL)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Johnson (D-SD)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
Manchin (D-WV)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
Murray (D-WA)
Nelson (D-FL)
Pryor (D-AR)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Shaheen (D-NH)
Snowe (R-ME)
Stabenow (D-MI)
Tester (D-MT)
Udall (D-CO)
Udall (D-NM)
Warner (D-VA)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)

NAYs -- 48   [continue the subsidies]

Alexander (R-TN)
Ayotte (R-NH)
Barrasso (R-WY)
Begich (D-AK)
Blunt (R-MO)
Boozman (R-AR)
Brown (R-MA)
Burr (R-NC)
Chambliss (R-GA)
Coats (R-IN)
Coburn (R-OK)
Cochran (R-MS)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Hatch (R-UT)
Heller (R-NV)
Hoeven (R-ND)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Johnson (R-WI)
Kirk (R-IL)
Kyl (R-AZ)
Landrieu (D-LA)
Lee (R-UT)
Lugar (R-IN)
McCain (R-AZ)
McConnell (R-KY)
Moran (R-KS)
Murkowski (R-AK)
Nelson (D-NE)
Paul (R-KY)
Portman (R-OH)
Risch (R-ID)
Roberts (R-KS)
Rubio (R-FL)
Sessions (R-AL)
Shelby (R-AL)
Thune (R-SD)
Toomey (R-PA)
Vitter (R-LA)
Wicker (R-MS)


Americans, Remember THIS Vote when it comes Election Time.


Who's working for YOU?

and Who is working instead, for Big Oil Speculators?


The Austerity Party -- yeah right.

Feel that "Shared Sacrifice" ...  feel the burn ... every time you filler-up!




EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  List of Senators who don't care about deficits (4+ / 0-)

    Alexander (R-TN)
    Ayotte (R-NH)
    Barrasso (R-WY)
    Begich (D-AK)
    Blunt (R-MO)
    Boozman (R-AR)
    Brown (R-MA)
    Burr (R-NC)
    Chambliss (R-GA)
    Coats (R-IN)
    Coburn (R-OK)
    Cochran (R-MS)
    Corker (R-TN)
    Cornyn (R-TX)
    Crapo (R-ID)
    DeMint (R-SC)
    Enzi (R-WY)
    Graham (R-SC)
    Grassley (R-IA)
    Hatch (R-UT)
    Heller (R-NV)
    Hoeven (R-ND)
    Hutchison (R-TX)
    Inhofe (R-OK)
    Isakson (R-GA)
    Johanns (R-NE)
    Johnson (R-WI)
    Kirk (R-IL)
    Kyl (R-AZ)
    Landrieu (D-LA)
    Lee (R-UT)
    Lugar (R-IN)
    McCain (R-AZ)
    McConnell (R-KY)
    Moran (R-KS)
    Murkowski (R-AK)
    Nelson (D-NE)
    Paul (R-KY)
    Portman (R-OH)
    Risch (R-ID)
    Roberts (R-KS)
    Rubio (R-FL)
    Sessions (R-AL)
    Shelby (R-AL)
    Thune (R-SD)
    Toomey (R-PA)
    Vitter (R-LA)
    Wicker (R-MS)

    Plutocracy too long tolerated leaves democracy on the auction block, subject to the highest bidder ~ Bill Moyers

    by Lefty Coaster on Wed May 18, 2011 at 08:09:39 PM PDT

  •  Eric Cantor... (6+ / 0-)

    born with a silver spoon up his ass.

    Obama's wallet is the one that says Bad Motherfucker on it.

    by Uncle Chigurh on Wed May 18, 2011 at 08:53:06 PM PDT

  •  do people understand speculation? (2+ / 0-)
    Recommended by:
    eeff, jamess

    COMMODITY market is the key to this charade.  CEOs won't explain it.

    Here's where you get some excellent background John T. Harvey, FORBES: Why You're Paying So Much For Gas

    Second source, is read Matt Taibbi's gonzo writing on commodities in "Griftopia" chapter 4 called "Blowout" page 124.  You can also find this on Rolling Stone website and Google Books, in part.

    •  John T. Harvey is a goddamn idiot (1+ / 0-)
      Recommended by:
      jamess

      Seriously, I'm struggling to get through the first two paragraphs.

      The flaw in his supply-demand argument is that "known oil reserves" is not what's on the x-axis of the relevant supply and demand graph. What should be on the x-axis of the supply and demand graph is oil production. I.E. If we find a gazillion barrels of oil 10 miles deep under a mountain range, that results in 0 barrels of oil reaching the market.

      On the other hand, actual oil production was flat for 2005-2008, while demand was increasing due to increasing population and increasing development. Thus you see the entirely expected rise in price.

      On a side issue, speculation in markets tends to moderate prices - not lead to wild price fluctuations. The reason is that if you're betting on oil being > $100/bl in 6 months, you have to put your money where your mouth is. You're on the hook financially for being wrong. So, who enters this game? The people who have a good fucking idea where the equilibrium price point will be for oil in 6 months. The speculators aren't driving up prices. The scenario of a flat oil supply and increasing demand is driving up prices. Speculators are thus bidding it up because of the impending shortages and current lower prices. As they bid it up, the oil companies see new oil wells becoming profitable, and begin more production earlier than they otherwise would.

      And despite it's obviousness, he can't locate that the gigantic drop in price in 2009 coincided with a collapse of demand - exactly what you would expect.

      John T Harvey needs to stop calling himself a post-Keynesian economist and pick up a micro book.

      Try looking at things another way.

      by atheistben on Thu May 19, 2011 at 02:22:18 AM PDT

      [ Parent ]

      •  the short version (0+ / 0-)


        Derivatives are temporary Contracts,

        that let investors and speculators -- essentially Bet,

        on the direction that the Price of a Commodity will take,

        in the short run, up or down,

        with little personal Risk;

        without ever having to take possession of

        the X number of Barrels of something,

        that they currently control, and temporarily own.


        How convenient -- for them.


        It a play on the market,

        not an investment in it.


        Got Time?
        Take ten, to find something else informative and fun to read. Thx.

        by jamess on Thu May 19, 2011 at 05:54:46 AM PDT

        [ Parent ]

        •  Well, I guess it's not an investment (0+ / 0-)

          in the market in the traditional sense, but it does lead to more stable markets. Speculation plays a critical role in the capital markets. Speculators aren't bad guys.

          Try looking at things another way.

          by atheistben on Thu May 19, 2011 at 08:48:47 AM PDT

          [ Parent ]

          •  riddle me this (1+ / 0-)
            Recommended by:
            jamess

            The distinction I'm concerned about is the distortion from the swap traders vs. the physical hedgers.

            I'm trying to run my business for the next year with a needed commodity that fluctuates in price due to fluctuating demand and supply.

            Then some punk who can get money cheap enters the market with absolutely no interest in taking delivery and starts distorting my market. He then suckers his former MBA classmates into playing the game with the goal of pumping up the market.  It's no similar to the pump-and-dump scheme with thinly traded small companies.

            We've had this huge distortion of money flowing into the commodity market because the Fed is pumping it out, and it's not being lent out to growing businesses but instead is being sucked up by the commodity speculators.

            Evidence: Why are oil and silver being bid far beyond demand?

      •  i think your classic model is broker (1+ / 0-)
        Recommended by:
        jamess

        ben,

        I'm not going to quibble with his chart, but the underlying patterns are what I'm seeing.

        My observation is that the recurring booms and busts in short order are evidence of a fundamental distortion and change in something other than economic activities.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site