I was just thinking about the mess we are in in America. I remember that when OPEC wanted to lower production or raise the price of oil when Clinton was in office he would tell them we would stop buying oil for a while and use our reserves, which would leave them with oil that would sit and they would make no money.
Now enter The "W" era, as the price went up the American response was to continue to purchase 70,000 barrels of oil a day at the going rate, even as the price reached 147 a barrel we continued to buy it and never released the reserves or asked for more production. As we all remember the price of gas went over 4.00 a gallon. As the public was struggling with this unforeseen cost to their monthly budget, it caused some to miss payments on their mortgage, and then their interest rates went up to the maximum their loan would allow, and therefore start the fall of the mortgage industry!!!
Am I just CRAZY or does this kind of make some sense???
P.S. I know I am a little Crazy, and proud of that!!!
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"Your out of your element Donnie"
I think that you have a selective memory. Bill Clinton, at one point actually sent then energy Sec. Bill Richardson to Opec and told them to decrease production so that Opec profits would rise. Why would he do this??? So that some third world members of Opec would be better able to pay back delinquent loans to the US. He was actually asking Opec to artificially increase prices and better their profit margin on the backs of American consumers so that foreign countries could pay us back with our own money! He would look like a hero of course. What a great prez.....
Matthew
Quote:
Originally Posted by dabyabby
I was just thinking about the mess we are in in America. I remember that when OPEC wanted to lower production or raise the price of oil when Clinton was in office he would tell them we would stop buying oil for a while and use our reserves, which would leave them with oil that would sit and they would make no money.
Now enter The "W" era, as the price went up the American response was to continue to purchase 70,000 barrels of oil a day at the going rate, even as the price reached 147 a barrel we continued to buy it and never released the reserves or asked for more production. As we all remember the price of gas went over 4.00 a gallon. As the public was struggling with this unforeseen cost to their monthly budget, it caused some to miss payments on their mortgage, and then their interest rates went up to the maximum their loan would allow, and therefore start the fall of the mortgage industry!!!
Am I just CRAZY or does this kind of make some sense???
P.S. I know I am a little Crazy, and proud of that!!!
You're all focusing on symptoms and not the cause. Adding what would amount to a relatively insignificant supply to the world's oil reserves would not have reduced its price per barrel much. The price had jumped partly because of speculation, but mostly because the Fed was literally flooding the market with dollars right around the time our first credit crunch started last year. Commodities are the first to jump when this happens and oil, gold, silver, etc (hell, even dirt), all followed suit. Once Bernanke realized this wasn't going to work and turned off the spigot around July of this year, you'll notice that's when commodities started to fall back down. Given the infusions going on now (depending on how many takers there really will be for all this credit being offered) we may very well see another jump in commodities again.
I was just thinking about the mess we are in in America. I remember that when OPEC wanted to lower production or raise the price of oil when Clinton was in office he would tell them we would stop buying oil for a while and use our reserves, which would leave them with oil that would sit and they would make no money.
Now enter The "W" era, as the price went up the American response was to continue to purchase 70,000 barrels of oil a day at the going rate, even as the price reached 147 a barrel we continued to buy it and never released the reserves or asked for more production. As we all remember the price of gas went over 4.00 a gallon. As the public was struggling with this unforeseen cost to their monthly budget, it caused some to miss payments on their mortgage, and then their interest rates went up to the maximum their loan would allow, and therefore start the fall of the mortgage industry!!!
Am I just CRAZY or does this kind of make some sense???
P.S. I know I am a little Crazy, and proud of that!!!
George Bush screwed up everything he touched. He and his rabid followers are the crazy, scary ones. His demented followers are too dumb to disagree and too chicken to wait in a 'witch free' Wasilla campground for the return of baby Jesus.
George Bush screwed up everything he touched. He and his rabid followers are the crazy, scary ones. His demented followers are too dumb to disagree and too chicken to wait in a 'witch free' Wasilla campground for the return of baby Jesus.
We can blame GWB for many things. I blame him for massively increasing our spending, trying to force an unrealistic Utopian democracy into the middle east and drastically compromising many of our own constitutional rights. The fluctuating price of oil, however, was primarily caused by loose fiscal policies in place well before he ever took office, and exacerbated by the Fed afterward.
Don't forget, Bush paid the CIA to fly the planes into the World Trade Centers, he also personally blew up the levys in New Orleans.....
-Rocky-
gag, tis better to remain silent and have people think you're a fool, than to post shit like you do and remove ALL DOUBT!
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ROCKYMT
Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows not victory nor defeat."
I'll give it 18 months, and you'll be longing for the "good 'ol days" of Bush. (although I don't think hussein will last that long..............)
-Rocky-
PS. Looks like you'll be goin' back to work, that part time MSF job aint gonna pay the bills when they clean you out "redistributing wealth"
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ROCKYMT
Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows not victory nor defeat."
You my "friend" are a tool, he is the future Commander in Chief of my country, If called upon I would lay down my life to protect his. That being said, I didn't vote for him, I disagree with many of his proposed policys, but I hope he proves me wrong and becomes one of our greatest presidents ever. Our great nation is on the brink of being in some deep shit, the time has passed for infighting and back biting, we need to pull together and put Nation First. We will have the chance in 4 years to change tracks if that's what the majority want, it's called a democracy.
-Rocky-
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ROCKYMT
Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows not victory nor defeat."
You my "friend" are a tool, he is the future Commander in Chief of my country, If called upon I would lay down my life to protect his. That being said, I didn't vote for him, I disagree with many of his proposed policys, but I hope he proves me wrong and becomes one of our greatest presidents ever. Our great nation is on the brink of being in some deep shit, the time has passed for infighting and back biting, we need to pull together and put Nation First. We will have the chance in 4 years to change tracks if that's what the majority want, it's called a democracy.
-Rocky-
Thats why I love ya Rocky. Great thing to say on V Day you old sod.
I do wish you'd stop making Obama death innuendos cuz it's such a dismal thought.
dabyabby
I think you're underplaying the housing/banking problems a tad. A few late payments did not cause the bottom of the US housing markets to drop out. Lots of things were happening at the same time for years. The mortgage default crisis: the American dream becomes a nightmare.
Ken
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Quotes From Turd Burglar 51
Quote:
Originally Posted by Area 51
I'm fifty and ride a sport bike. I guess I'm a tool too - just like you, bros. Got a few hunting guns too.
Quote:
Originally Posted by Turd Ferguson
Can't say for sure but I suspect Rand Paul is an ass.
Pot and Kettle..together forever. Hypocrisy knows no boundaries..
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Originally Posted by nero
IQ51 still fits, i see...
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The problems we face today exist because the people who work for a living are outnumbered by those who vote for a living.
dabyabby
I think you're underplaying the housing/banking problems a tad. A few late payments did not cause the bottom of the US housing markets to drop out. Lots of things were happening at the same time for years. The mortgage default crisis: the American dream becomes a nightmare.
Ken
I am not saying that a few late payments are the cause I am just asking if this seems to be one of the last logs in the game of Jenga that caused a collapse of the financial markets globally!
I had heard that the FBI was looking into fraud by a lot of stock market types for emails over two years ago.
What it amounts to is a case of smoke and glass schemes brought on by the greedy.
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"Your out of your element Donnie"
A theory, a thought, let me know what you think
or does this kind of make some sense???
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