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Keyword: speculators

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  • More international homebuyers shopping in Austin (TX)

    11/02/2014 8:45:23 AM PST · by bgill · 16 replies
    kxan ^ | Nov. 1, 2014 | kxan
    A study from the Texas Association of Realtors shows international buyers pumped more than $11 billion dollars into the Texas economy between March of 2013 and 2014. One Austin Realtor says people from outside of the U.S. are looking for a secure investment. “An international client can come into the Austin market, get a great value for what they’re buying and almost be insured that there’s profitability in that and that’s unique to the world as a whole,” said J Kuper, owner of Kuper Sotheby’s International Realty.
  • Widow trying to sell family home of 40 years finds she doesn't own $1.2 million property after husba

    04/01/2014 5:49:30 PM PDT · by kiryandil · 89 replies
    UK Daily Mail ^ | April 1, 2014 | Jessica Jerreat
    An elderly widow who had fallen behind in her property taxes discovered she longer owned her home after trying to sell it to pay off her debt. Unbeknown to Hertha Handler, ownership of her $1.2 million Oyster Bay Cove home in Long Island has been transferred to an investor who bought two of the liens against the property. The 73-year-old widow had lived in the property for more than 40 years but after her husband died several years ago, she slipped behind on taxes and had an outstanding debt of $200,000. Multiple liens had been made against the property, where...
  • Why Housing Markets Are Set To Tank Again

    11/24/2013 8:12:05 AM PST · by SeekAndFind · 9 replies
    RCM ^ | 10/03/2013 | Keith Jurow
    In mid-September, a CNN Money headline reassured investors: Our Long National Foreclosure Nightmare Is Over. Sounds great! Now we can finally relax and be glad that Henry Paulson, the Fed and the Big Bankers saved us from the apocalypse.Wait a second. Not so fast. Before you breathe a sigh of relief, why don't we take another good look at the real state of housing markets now. Let's examine some important charts, graphs and tables that the media does not cover. Inventory of Homes for Sale: What It Tells UsIn numerous articles over the last two years, I have emphasized the...
  • U.S. home prices keep rising, but homeownership is down

    04/30/2013 7:31:38 PM PDT · by SeekAndFind · 22 replies
    Los Angeles Times ^ | 04/30/2013 | Alejandro Lazo
    Home prices are rising at levels not seen since the real estate boom, but American homeownership remains on the decline. The two trends underscore the nature of the housing rebound: Gains in pricing have been driven significantly by investors, leaving many would-be buyers behind. Prices are rising because of strong demand, a lack of supply and a sharp recovery in the hardest-hit markets. The number of foreclosed homes coming to market has also dropped dramatically. But because lending standards remain tight, the everyday home shopper is often losing out to investors able to pay cash. "What we are seeing right...
  • Obama Makes the Wrong Call on Oil Speculation (Speculator are NOT to blame for rising oil prices)

    04/27/2012 4:55:28 AM PDT · by SeekAndFind · 46 replies
    Fiscal Times ^ | 04/27/2012 | By BRUCE BARTLETT
    Lately, speculators have come under attack by Barack Obama. The president blames them for raising prices on oil and gasoline, and he has proposed new restrictions on oil traders. But this is a wrong turn on the road to a healthy economy. Back in 1958, onion farmers were concerned that speculators were taking advantage of them. They were especially concerned about the extreme volatility of onion prices, which could often double in a short period of time and then drop to a level below the cost of production. Farmers aimed their ire at the Chicago Mercantile Exchange, the principal futures...
  • Speculators smooth out the rough spots

    03/11/2012 1:56:05 AM PST · by Bobbys1963 · 14 replies
    Philadelphia Inquirer ^ | Sun, Mar. 11, 2012, 3:01 AM | John R. Lott Jr and Grover Norquist
    With regular gas prices topping $3.70 last weekend, angry politicians are blaming the higher prices on speculators and greedy oil companies. On Monday, The Hill newspaper reported that 23 senators and 45 congressmen, all Democrats except for one independent, called for urgent action against the "speculators" they hold responsible. Sen. Bob Casey of Pennsylvania demanded, "Consumers shouldn't be forced to pay higher prices at the pump because of speculative bets on Wall Street." These politicians want the Commodity Futures Trading Commission to use its new regulatory powers under a law signed by President Obama two years ago to limit the...
  • Dem Sen. Casey calls on CFTC to act against oil speculators

    03/04/2012 4:33:50 PM PST · by Libloather · 24 replies
    The Hill ^ | 3/04/12 | Vicki Needham
    Dem Sen. Casey calls on CFTC to act against oil speculatorsBy Vicki Needham - 03/04/12 06:25 PM ET Democratic Sen. Bob Casey (Pa.) is pressing the Commodity Futures Trading Commission (CFTC) to help ease rising gasoline prices. In a letter sent to CFTC Chairman Gary Gensler on Sunday, Casey called on the agency to complete a rule that would limit speculation in the oil market and is two years in the making. “Consumers shouldn’t be forced to pay higher prices at the pump because of speculative bets on Wall Street,” Casey said. “Nearly two years ago Congress gave the CFTC...
  • The Oil Drill : Here’s how NOT to solve the problem of high gas prices.

    05/12/2011 7:12:15 AM PDT · by SeekAndFind · 8 replies
    National Review ^ | 05/12/2011 | The Editors
    Three Senate Democrats angry about the high price of gasoline propose to raise taxes on the firms that produce it. No, it does not make any sense to us, either. For Democrats, expensive gas is just the price of scoring a moral victory over Big Oil, and American consumers will be expected to pay any price and bear any burden that Harry Reid & Co. inflict upon them. The “Close Big Oil Tax Loopholes Act” is a minotaur’s labyrinth of economic illiteracy, with Democratic senators Robert Menendez (N.J.), Sherrod Brown (Ohio), and Claire McCaskill (Mo.) lurking at the center of...
  • Oil Speculators: Manipulative Evil Masterminds or Just Savvy Investors?

    05/11/2011 6:31:50 AM PDT · by SeekAndFind · 21 replies · 1+ views
    Daily Finance ^ | 05/11/2011 | Bruce Watson
    As the price of oil climbed over the past few months, a growing army of commentators and pundits grimly hinted about "speculators" who were manipulating the oil market and profiting from the misery of the American people. In the darkest depictions, these speculators were alleged to be aligned in a vast, global cabal bent on squeezing money out of the U.S. middle class by driving up the price of crude. These rumblings about speculators are hardly surprising: They echo the groundswell that emerged three years ago, the last time that gas prices exploded. For that matter, there's no doubt that...
  • Gasoline Prices: The biggest market rigger is government itself.

    05/09/2011 9:06:35 AM PDT · by SeekAndFind · 9 replies
    The Journal Inquirer ^ | 05/08/2011 | Chris Powell
    As gasoline prices passed $4 per gallon in Connecticut, Sen. Richard Blumenthal and Rep. Joseph D. Courtney joined President Obama in denouncing "speculators" and urging investigation of manipulation in the oil market. There are a few problems with this. First is that such investigations have been undertaken before, including investigations by Blumenthal himself during his 20 years as Connecticut's attorney general, and they never found anything more than the OPEC oil producer cartel's public but uneven efforts to support the oil price. Anti-competitive as its activity is, OPEC's formation a half century ago was only a defensive response to the...
  • Obama's War on Oil

    05/05/2011 11:02:39 AM PDT · by WOBBLY BOB · 20 replies
    american spectator ^ | 5-4-11 | Peter Ferrara
    Why would President Obama want high gas prices? It's a matter of ideology for him. He thinks it's good for the environment for gas prices to be high. The higher gas prices are, the less you will drive. Also, higher gas prices make his beloved "alternative fuels" more competitive. That is because these alternative fuels are inherently more expensive, and so can't compete with cheaper gas. Note this is not a prescription for easing the financial burden on working people. High gas prices make it more likely you will buy expensive "alternative fuels." But either way, your wallet will still...
  • In Defense of Greedy Oil Companies and Speculators

    05/04/2011 3:30:10 PM PDT · by JohnRLott · 7 replies
    Fox News ^ | May 4, 2011 | John R. Lott Jr.
    The price for regular gas is hitting $4 a gallon this week, and Americans want to know who is to blame? that's easy, it's greedy oil companies and speculators, that is if we are to believe President Obama’s anti-business rhetoric over the last couple weeks. In fact, he has already a Department of Justice investigation into "manipulation in the oil markets that might affect gas prices, including any illegal activity by traders and speculators." Even high-ranking Republicans might go along with the investigation. Last week, House Speaker John Boehner discussed possibly accepting the President’s proposed tax hikes on oil companies...
  • Gasoline Prices and Speculators: They Think You Are Stupid

    04/25/2011 4:17:14 AM PDT · by radioone · 21 replies
    American Thinker ^ | 4-25-11 | Joseph Svetlic
    It is with great interest that I read this past week about the President's initial response to rising gas prices. What or who was to blame? According to the President...speculators. Nameless, faceless speculators. They are to blame for the rising price of crude oil up and the accompanying price at the pump! The problem is...speculators and people make various bets, and they say, you know what, we think that maybe there's a 20 percent chance that something might happen in the Middle East that might disrupt oil supply, so we're going to bet that oil is going to go up...
  • More White House Demagoguery on Gas Prices

    04/23/2011 8:20:09 PM PDT · by 4buttons · 35 replies
    PowerLine ^ | 4 23 '11 | John Hinderaker
    Spooked by the rising price of gasoline, the Obama administration has responded in its usual fashion: not by trying to solve the problem, but by looking for someone to demonize. We wrote last night about Obama's attack on "speculators;" he has seen political advantage in going after America's oil companies, too:
  • Gasoline and Dollars: Supply and Demand

    04/23/2011 4:49:46 AM PDT · by Scanian · 13 replies · 1+ views
    The American Thinker ^ | April 23, 2011 | Steve McCann
    Gasoline has exceeded or approached $5.00 per gallon in some parts of the United States long before the normal peak travel season has begun. Already the politicians, headline writers, and some cable and talk show pundits are pointing to the usual suspects. But they have avoided or are unaware of where the fault actually lies. One of the foundational tenets of economics is what is known as the law of supply and demand. Normally whenever a product or commodity is in short supply the cost to acquire it increases; on the other hand, if there is a glut on the...
  • Attorney General Holder To Investigate Law Of Supply And Demand

    04/21/2011 3:00:07 PM PDT · by Slyscribe · 41 replies · 1+ views
    IBD's Capital Hill ^ | 4/21/2011 | Sean Higgins
    In a sign of just how frantic and disoriented the White House is over rising gas prices, it announced Thursday that it tasked Attorney General Eric Holder with investigating “potential violations of criminal or civil laws” in the energy markets. In other words, it was making a show about telling Holder to do what is the attorney general’s job anyway. What was conspicuously lacking from the White House announcement was any data that there was any kind of fraud actually being perpetrated.
  • The Importance of traders and the evils of bankers

    02/26/2011 6:14:49 PM PST · by BfloGuy · 5 replies
    The Cobden Centre ^ | 2/18/2011 | James Tyler
    Trade and commerce is the lifeblood of wealth creation. Without specialisation and exchange, we would all starve. You have oranges, I have apples. Individually we are bored, together we have a fruit salad. For specialisation, exchange and commerce to work its magic, firstly we need some common ground: a market. Now, mention that word to a Socialist, and he starts to froth and foam at the mouth. The evil of markets, how the market forces this and exploits that, blah blah. Unfortunately, they are confused. You see a market is just a bit of space, physical or virtual, where people...
  • Market "Speculators" Are the Economy's Health (Defending Hedge Fund Managers like John Paulson)

    04/29/2010 6:27:33 AM PDT · by SeekAndFind · 6 replies · 180+ views
    Real Clear Markets ^ | 04/29/2010 | John Tamny
    It didn't take long for the non-scandal that allegedly threatened the reputation of Goldman Sachs to die of its own contradictions. As a public company whose sole constituent is its shareholders, evidence quickly revealed that Goldman was serving its owners well through investment vehicles meant to match the needs of both its bullish and bearish customers. Unfortunately, the non-controversy surrounding Goldman dredged up other, more dangerous notions about market speculation itself. To believe the naïve musings of commentators on the left and right, the oft-mentioned trades engineered by Goldman Sachs, along with others of the "speculative" variety, don't serve any...
  • What's driving up oil prices again? Wall Street, of course

    04/03/2010 8:41:46 AM PDT · by q_an_a · 43 replies · 1,269+ views
    McClatchy Newspapers ^ | 4.3.2010 | Kevin Hall
    WASHINGTON — Oil consumption has fallen, demand from U.S. motorists for gasoline is flat at best and refiners that turn crude into fuel are operating well below capacity. Yet oil prices keep marching toward $90 a barrel, pushing gasoline toward $3 a gallon in many markets, and prompting American drivers to ask, "What gives?" Blame it on the same folks who brought you $140 oil and $4 gasoline in 2008: Wall Street speculators.
  • Greece seeks U.S. help regulating speculators

    03/09/2010 6:44:55 AM PST · by SeekAndFind · 18 replies · 156+ views
    Washington Post ^ | 03/09/2010 | Anthony Faiola and Steven Mufson
    Greek Prime Minister George Papandreou will seek President Obama's support at the White House on Tuesday for a European campaign to crack down on global financial speculation that critics say has exacerbated Europe's worst debt crisis in decades. The U.S.-born Papandreou, who assumed Greece's highest office in October, is pushing a plan in Europe that would impose new limits and stricter monitoring on complex and largely unregulated financial bets. Officials in Europe have blamed investors for manipulating the price of Greek bonds, fueling higher borrowing rates across Europe and accelerating the euro's fall against the dollar and other currencies. "Together...
  • Greece’s PM Blames Speculators, Not Country’s Deficits

    03/08/2010 4:43:04 PM PST · by Slyscribe · 12 replies · 80+ views
    IBD's Capital Hill ^ | 3/8/2010 | Ed Carson
    Speculators are unfairly driving up Greece's borrowing costs, charged Prime Minister George Papandreou. He’s seeking U.S. support for having the G-20 take the lead in a crackdown. That follows French President Nicolas Sarkozy, who on Sunday called for a European crackdown. EU officials may meet on credit default swaps next week. Some would fault Greece’s huge deficit, history of poor finances and dodgy data. But as Megan McArdle points out, it’s so much more fun for politicians to blame shadowy speculators
  • U.S. Probes Bearish Euro Bets

    03/03/2010 2:28:54 AM PST · by reaganaut1 · 19 replies · 778+ views
    Wall Street Journal ^ | March 3, 2010 | Susan Pulliam and Kate Kelly
    The Justice Department has launched an investigation into whether hedge funds might have banded together to drive down the value of the euro, people familiar with the matter say. In a letter last week, the department has asked hedge funds including SAC Capital Advisors LP, Greenlight Capital Inc., Soros Fund Management LLC and Paulson & Co. to retain trading records and emails relating to the euro, say people who have seen the letter. The letter was dated Feb. 26, the same day a page-one article in The Wall Street Journal outlined a large bet being made in recent weeks by...
  • The intellectual indolence of those who attack speculators

    07/28/2009 7:05:10 PM PDT · by publius321 · 10 replies · 510+ views
    Table Of Wisdom ^ | 7/28/09 | MrArbitrage
    The big story this week: regulators considering setting limits on Wall Street speculators Forget additional position limits. Ceding that kind of authority to elected imbeciles is probably just as bad if not worse than the actual disease. It is a slippery slope, like allowing these buffoons to determine salaries. I think I would prefer to see the leverage abated. I have heard compelling arguments on the “pro” side of changing margin requirements but not too many “cons”. I don’t think that controlling copious quantities of commodities which are essential to human sustenance -with 10 cents on the dollar- is some...
  • Energy prices tumble, gasoline leads the way

    06/19/2009 12:41:05 PM PDT · by Kartographer · 20 replies · 1,144+ views
    AP/GoogleNews ^ | 6/19/09 | CHRIS KAHN
    Gasoline markets exhibited the first signs that an extended rally in pump prices is nearing an end after 52 straight days on the rise. Gasoline futures started falling midweek after a government report showed a huge surplus. Already, wholesale gasoline prices in key markets like the Gulf Coast and Chicago had begun to fade. Should prices continue to fall on the New York Mercantile Exchange, cheaper gas may be on the way for motorists.
  • I MUST HAVE MISSED IT...

    05/21/2009 3:24:23 AM PDT · by wny · 27 replies · 1,176+ views
    Gasoline bottomed out at $1.75. Now it's $2.50. That's a 43% increase in a few months. Where's the howls of outrage from the MSMwhores? Where's the daily update on the previous days increase and the nationwide average? Where are the sob stories about people having to do without (fill in the blank) due to paying so much more for gas?
  • EIA raises global oil demand decline forecast

    02/12/2009 4:55:49 PM PST · by Danae · 12 replies · 365+ views
    Oil and Gas Journal ^ | Feb 11, 2009 | Nick Snow
    Nick Snow OGJ Washington Editor WASHINGTON, DC, Feb. 11 -- Global petroleum demand will fall by another 400,000 b/d during 2009 as economic conditions worsen, the US Energy Information Administration said on Feb. 10 in its latest short-term energy outlook. EIA now projects that worldwide oil consumption will drop by 1.2 million b/d this year as a deteriorating world economy and a weak oil consumption outlook keep the market well supplied despite two downward revisions in the last 2 months by the Organization of Petroleum Exporting Countries. Reduced demand and rising surplus production capacity through at least mid-2009 reduce the...
  • Oil speculation: It's back

    12/01/2008 7:30:01 AM PST · by thackney · 21 replies · 953+ views
    Fortune, CNN ^ | December 1, 2008 | Jon Birger
    With oil now at $50 a barrel, you no longer hear Congress complaining about oil speculators. The irony is there's probably more real speculation going on today than there ever was back in June and July. I'm talking about the type of speculation that involves hoarding oil today so it can be sold for more down the road. Today's speculators are actually buying oil. They're not merely flipping futures contracts without taking delivery - which is what hedge funds and commodities index funds were doing when they were in the crosshairs of Congress this summer. As I've argued before, investors...
  • Vultures circle Wall Street, but hesitate to feed

    10/10/2008 12:39:25 PM PDT · by IndianPrincessOK · 15 replies · 530+ views
    Breibart ^ | 10/10/08 | DAVID B. CARUSO-AP
    NEW YORK (AP) - When financial panic sweeps Bedford Falls in the 1946 movie "It's a Wonderful Life," the villain, Mr. Potter, moves to snap up the Bailey Savings & Loan, offering a fire-sale price of 50 cents on the dollar. "I may lose a fortune," Potter says with a smirk. The picture's hero, George Bailey, knows better. "He's picking up some bargains," he tells stockholders. That kind of bold opportunism has made capitalists rich for centuries. Now, legions of like-minded bargain-hunters stand ready to do some Potter-style shopping of their own amid the nation's financial crisis. "Vulture" investors, as...
  • McCain Suspends Campaign to Help With Bailout

    09/24/2008 11:52:13 AM PDT · by Qwackertoo · 1,663 replies · 54,210+ views
    FoxNews ^ | 9/24/08 | Sharon Kehnemui Liss, FOXNews.com
    <p>I just saw this on Fox News by Carl Cameron.</p>
  • AP: FBI Investigating Fannie, Freddie, Lehman & AIG

    09/23/2008 4:14:03 PM PDT · by jern · 231 replies · 1,004+ views
    Fox News
    AP: FBI Investigating Fannie, Freddie, Lehman & AIG
  • Pelosi: House Took Strong Action Today to Curb Excessive Speculation in Energy Futures Markets

    09/18/2008 2:17:30 PM PDT · by Sub-Driver · 29 replies · 117+ views
    Press Releases Contact: Brendan Daly/Nadeam Elshami 202-226-7616 For Immediate Release 09/18/2008 Pelosi: House Took Strong Action Today to Curb Excessive Speculation in Energy Futures Markets Washington, D.C. – Speaker Nancy Pelosi released the following statement on House passage of the Commodity Markets Transparency and Accountability Act, legislation that takes crucial, common-sense steps to curb excessive speculation in the energy futures markets. The bill passed the House overwhelmingly by a vote of 283 to 133, and now goes to the Senate. “This week, the Democratic-Led Congress has taken serious and comprehensive steps to ensure American energy independence and help consumers with...
  • As Oil Speculators Lose Backing, Market Exodus Could Ripple

    09/16/2008 8:38:27 PM PDT · by MinorityRepublican · 41 replies · 225+ views
    The Wall Street Journal ^ | SEPTEMBER 17, 2008 | GREGORY MEYER
    Evaporating access to credit and fears of an economic washout are taking a toll on oil prices, forcing speculators using borrowed money out of the market. Lehman Brothers Holdings Inc.'s sudden bankruptcy filing and Merrill Lynch & Co.'s pending sale to Bank of America Corp. suggest big banks may be less willing or able to absorb debt to boost trading positions, with implications for the inherently leveraged oil-futures markets. Analysts believe that could have a ripple effect on other speculative investors in the market. Widespread liquidation of futures contracts compounded fears of faltering oil demand in knocking oil down near...
  • See You Later, Speculator............(politicians wanted a fall guy)

    09/15/2008 5:55:33 AM PDT · by IrishMike · 11 replies · 174+ views
    WSJ ^ | September 15, 2008 | editorial
    It was said to be the year of speculators gone wild. Seemingly everyone in Washington, including Barack Obama and John McCain, decided that oil prices were soaring because profiteers and middlemen were manipulating the futures markets. "Speculators" were spotted everywhere this side of the grassy knoll. The only problem is that there's no evidence to support the conspiracy theories -- and sure enough, federal regulators dismantled this Beltway consensus late last week. In one of the broadest and most authoritative studies to date, the Commodity Futures Trading Commission has offered hard statistical data that financial trading hasn't been driving price...
  • Speculators' Reprieve

    09/11/2008 5:34:39 PM PDT · by Kaslin · 10 replies · 144+ views
    IBD Editorials ^ | September 11, 2008
    Energy: As oil ran up over the last two years, Congress and the media had a field day blaming speculators. But a new report shows they were unfairly scapegoated.The long-awaited report to Congress on speculation comes as the price of oil on global markets has fallen to nearly $100 a barrel — a drop of 32% since peaking at $147.27 on July 11. In its report, the Commodity Futures Trading Commission said this year's spike in crude futures appears to be due to "an appreciation of the value of existing investments caused by the rise in crude oil prices and...
  • Lehman-backed hedge fund fails as oil play peters out

    09/03/2008 7:25:47 AM PDT · by DGHoodini · 24 replies · 928+ views
    BBC via Bloggingstocks ^ | Sep 3rd 2008 | Peter Cohan
    BBC News reports that another hedge fund has closed down thanks to its failure to bail out of the oil speculation trade that boosted oil to a peak of $147 in July. This is yet another piece of evidence that people like Hank Paulson, who insisted that record oil prices were due to supply and demand, were either being less than honest -- particularly since his former employer Goldman Sachs Group (NYSE: GS) was a big beneficiary of this speculation -- or ignorant of reality. The hedge fund in question this time is Ospraie Fund, which invested in commodities like...
  • Why Oil Will Keep Falling

    08/05/2008 8:40:13 AM PDT · by rightinthemiddle · 71 replies · 181+ views
    YooHoo! Finance ^ | Monday, August 4, 2008, 12:00AM | Ben Stein
    I'm not much of a believer in conspiracy theories. I've seen up close and personal how wrong they were in the case of my old boss, Richard M. Nixon. He was not a criminal mastermind. He was not paying attention to a bunch of juvenile delinquent aides and they did him dirt. It was a case of an absent minded father, not a KGB plot. But every so often something happens in the world of finance that is at least a bit like a conspiracy. The Drexel-Milken junk bond fraud was a conspiracy, at least as I saw it (though...
  • Oil prices jump to $126 a barrel on Iran concerns

    08/03/2008 9:58:39 PM PDT · by Fred · 15 replies · 52+ views
    forbes.com ^ | 08.04.08, 12:34 AM ET | ALEX KENNEDY
    Oil prices jumped Monday in Asia on concern that a showdown over Iran's nuclear program could threaten crude supplies out of the Middle East. U.S. Secretary of State Condoleezza Rice said Saturday that the United States would have no choice "but to begin again to prepare sanctions resolutions for the (U.N.) Security Council" if Iran did not halt the development of its uranium enrichment program. Rice said that given the U.N.'s current scheduling, sanctions probably could not be expected in the next few weeks, but the U.S. will begin working with allies toward that goal. "There's concern about a potential...
  • Energy markets and speculators Congress looks for a bogeyman

    07/28/2008 4:43:23 AM PDT · by Delacon · 19 replies · 117+ views
    ReviewJournal.com ^ | Jul. 28, 2008
    Calling President Bush's proposal to lift the 18-year moratorium on new offshore oil drilling "a political gimmick" that he will not allow to come to the floor, Senate Majority Leader Harry Reid is instead pushing his own proposal, a bill requiring the Commodity Futures Trading Commission to curb excessive speculation in energy markets.The bill, which stalled Friday when Sen. Reid was unable to find 60 votes to overcome GOP demands for numerous amendments including one to allow more offshore drilling, would require traders to provide more information about over-the-counter transactions, and also adds restrictions to U.S.-based traders buying and...
  • Government uncovers oil price manipulation

    07/24/2008 10:07:32 AM PDT · by Red in Blue PA · 55 replies · 55+ views
    CNN/MONEY ^ | 7/24/2008 | By Steve Hargreaves
    NEW YORK (CNNMoney.com) -- The government charged an oil trading firm Thursday with manipulating oil prices, the first complaint to be announced since the regulators began a new investigation into wrongdoings in the energy markets. The Commodity Futures Trading Commission accused Optiver Holding, two of its subsidiaries, and three employees, with manipulation and attempted manipulation of crude oil, heating oil and gasoline futures on the New York Mercantile Exchange. "Optiver traders amassed large trading positions, then conducted trades in such a way to bully and hammer the markets," CFTC Acting Chairman Walt Lukken said at a press conference. "These charges...
  • Bill to rein in oil speculators wins test vote

    07/22/2008 1:33:55 PM PDT · by 300magnum · 35 replies · 68+ views
    Reuters ^ | Tue Jul 22 | Tom Doggett and Thomas Ferraro
    WASHINGTON (Reuters) - A Democratic-backed bill to rein in energy market speculators blamed for high crude oil and gasoline prices cleared a U.S. Senate procedural hurdle on Tuesday, but final passage of the legislation remained uncertain. Supporters mustered far more than the 60 votes needed in the 100-member Senate to proceed with the measure, with 94 senators voting "yes" and none against. Yet Republicans may still block a vote on approving the bill unless amendments are added to increase U.S. oil production, such as expanding offshore drilling and developing oil shale fields in the West. The Senate legislation would require...
  • Inconvenient Truths About Oil

    07/21/2008 10:34:45 AM PDT · by Exton1 · 49 replies · 162+ views
    news Media ^ | May 24, 2008 | Tom Glennon
    Inconvenient Truths About Oil USA Tom Glennon -  May 24, 2008   http://www.newmediajournal.us/guest/t_glennon/2008/05242008.htm Before my recent retirement after a career of almost 40 years, I had the unique opportunity to work in the technology areas for a major oil company, an international financial operation, and one of the world’s largest international banks. As a result, although not an expert in either exploration or production of crude oil and its impact on financial and consumer markets, I did have access to information that most American consumers did not. This was not secret data, nor was it proprietary information. It was...
  • Are Terrorists Manipulating Our Markets?

    07/14/2008 4:09:24 PM PDT · by Jo Nuvark · 68 replies · 123+ views
    Investor's Business Daily ^ | 7-11-08 | Frank Ryan
    Congress is investigating oil speculators, bank stocks are being pummeled, and housing prices are dropping precipitously in certain markets. And this is the good news. I was always taught in my graduate and undergraduate classes that markets are rational, but after looking at the current market valuation of bank stocks, one must seriously consider if our markets are being manipulated. It would be reasonable to question whether the U.S. is being subjected to an economic attack. In the aftermath of 9/11, there was a great deal of speculation about...
  • Oil speculators are getting killed: Jim Rogers

    07/14/2008 5:29:38 AM PDT · by thackney · 77 replies · 50+ views
    Commodity Online ^ | 2008-07-14 | George Iype
    SINGAPORE: Investing legend and commodities guru Jim Rogers says crude oil prices have been going up thanks to an unprecedented demand-supply mismatch. He said those who blame speculators for oil price surge do not understand the oil reality in the world. Talking to Commodity Online, Rogers, who founded the Rogers International Commodity Index, said he has been predicting all these years that oil price would go up because of shortage of supply. ”Some people blame speculation for oil price rise. If it is speculation, when the oil price is too high, the people with oil will drown the speculators. It...
  • 12 Airlines call on Congress to curb excessive speculation

    07/09/2008 9:57:29 PM PDT · by Niteflyr · 12 replies · 109+ views
    CNNMoney.com ^ | 7/9/2008 | David Goldman
    NEW YORK (CNNMoney.com) -- Hundreds of grounded planes. Thousands of lost jobs. Nearly two dozen price hikes. Record oil prices have battered the airline industry, and Wednesday the airlines called on Congress to act. In an open letter to all airline customers, CEOs from 12 of the nation's airlines said lawmakers must curb excessive speculation to scale back record fuel costs. "Normal market forces are being dangerously amplified by poorly regulated market speculation," the letter said. "The nation needs to pull together to reform the oil markets and solve this growing problem." The airline industry said that Congress' previously established...
  • Airline CEOs Beg Customers To Push Congress On Speculation

    07/09/2008 10:56:02 PM PDT · by NoLibZone · 57 replies · 1,125+ views
    CNN money ^ | 7-9-08 | CNN
    WASHINGTON -(Dow Jones)- Expecting to lose an estimated $10 billion this year because of skyrocketing fuel costs, chief executives of the country's biggest airlines Wednesday resorted to begging their customers to press Congress for tougher regulation of energy markets.
  • Don't blame the speculators (There is no oil bubble)

    07/09/2008 8:35:21 PM PDT · by curiosity · 75 replies · 682+ views
    The Economist ^ | Jul 3, 2008 | Economist
    ALTHOUGH the price of oil continues to hit new records, it has in one respect been a quiet week on the oil markets. America’s lawmakers are celebrating Independence Day by taking a few days off. That has led to a brief interruption in the torrent of proposals aimed at curbing speculation. Ten different bills on the subject are in the works in Congress. Before the House of Representatives shut up shop, it approved one by a vote of 402-19. America’s politicians are not the only ones to have fingered speculators for the feverish rise in the price of oil and...
  • Stop The Scapegoating Of Oil Speculators And Give Them Good Reason To Go Short

    07/08/2008 7:27:19 PM PDT · by Kaslin · 96 replies · 172+ views
    IBD Editorials ^ | July 8, 2008 | Walter E. Williams
    Despite Congress' periodic hauling of weak-kneed oil executives before their committees to charge them with collusion and price-gouging, subsequent federal investigations turn up no evidence to support the charges. Now oil company executives are getting a bit of a respite as Congress has turned its attention to crude-oil speculators, blaming them for high oil prices and calling for tighter control over commodity futures trading. Let's look at the futures market and for simplicity use corn futures. While corn is different from oil, both obey the laws of supply and demand, just as humans are very different from bricks but both...
  • The Onion Ringer

    07/08/2008 12:29:07 AM PDT · by gpapa · 24 replies · 359+ views
    The Wall Street Journal ^ | July 08, 2008 | Unattributed
    Congress is back in session and oil prices are still through the roof, so pointless or destructive energy legislation is all but guaranteed. Most likely is stiffer regulation of the futures market, since Democrats and even many Republicans have so much invested in blaming "speculators" for $4 gas. Congress always needs a political villain, but few are more undeserving. Futures trading merely allows market participants to determine the best estimate – based on available information like supply and demand and the rate of inflation – of what the real price of oil will be on the delivery date of the...
  • Hunting For Oil Villains

    07/04/2008 5:53:48 AM PDT · by kellynla · 81 replies · 150+ views
    Fortune Magazine/money.cnn.com ^ | July 4, 2008 | ByJon Birger
    NEW YORK (Fortune) -- Atlanta hedge fund manager Michael Masters has been a star witness in two recent Congressional hearings on how speculators are supposedly driving up oil prices. Masters and I don't see eye-to-eye on this issue, so I was surprised to get a call from him after my "Don't Blame The Oil Speculators" column went up on Fortune.com last week. Masters contends that without speculators, the price of oil would be $65 or $70 a barrel. He points out that the amount invested in commodities index products has risen from $13 billion to $260 billion in five years,...
  • Don’t blame the speculators: Politicians ... will just make things worse

    07/03/2008 7:32:43 PM PDT · by USFRIENDINVICTORIA · 53 replies · 142+ views
    The Economist ^ | Jul 3rd 2008 | Not Named
    Politicians who try to make oil cheaper by restraining speculation will just make things worse ALTHOUGH the price of oil continues to hit new records, it has in one respect been a quiet week on the oil markets. America’s lawmakers are celebrating Independence Day by taking a few days off. That has led to a brief interruption in the torrent of proposals aimed at curbing speculation. Ten different bills on the subject are in the works in Congress. Before the House of Representatives shut up shop, it approved one by a vote of 402-19. America’s politicians are not the only...