Bubblicious and gamey

May 28, 2008

Finally someone hit the nail on the head about this bogus “oil crisis.”

“Record high prices without record low oil inventories, analysts saying that so much money flows into oil commodities that it gives the impression of shortages, when in fact no shortage exists. ”

“There it is in plain sight for everyone to see, exactly what I’ve been reporting for the past few years: Many individuals who are investing in oil and natural gas futures are going out in the media and trying to convince the American public that either we are out of oil or there is a serious supply shortage of crude against worldwide demand. The question is: Does it surprise you to discover that the US Senate investigated the rigging of the oil market by speculators in the summer of 2006 – and concluded that there was no supply and demand problem with oil? Did you know that their conclusion was that speculators were responsible for a 70 percent overcharge in the price of oil in the months leading up to the summer of 2006?”

“in Texas, under deregulation of our public utilities, our electric rates can be set using the futures market for natural gas, so the manipulation of the natural gas market spelled trouble for us. Consider this, by 2006, according to http://www.powertochoose.org, electricity rates for us had climbed to 15 cents a kilowatt-hour due to the high cost of natural gas. But, that was the exact same time period that Amaranth was proven to be manipulating the market and sending natural gas futures through the roof. Two months later the hedge fund collapsed and natural gas prices fell. Therefore, most Texans paid higher electric bills for Amaranth’s manipulation of the natural gas market.”

-Ed Wallace [Part 1] [Part 2]

Not to mention that California electricity rates spiraled out of control through artificial shortages engineered by Enron (“Welcome to Hell, Ken”) in the “dregulated” electricity market.

It is a fact gasoline prices at your local station are set today using futures prices as a benchmark. If you think that the gas you’re pumping into your car today was refined from oil bought and paid for at today‘s oil prices, you would be wrong, sir. It was refined from oil that was bought a long, long time ago at a much lower price. The actual profit they are making is a metaphorical slap in the face. Maybe we need that to wake us up to this Enron-style scamming that has become the US economy.

The prices at your local are quick to rise and slow to fall- so the oil companies get to skin you going both ways.

You may ask yourself, “Why doesn’t are gummint do something about it (instead of that numbskull OPEC lawsuit and ‘investigating’ unimportant but grandstand-worthy topics like steroids in professional sport)?”

Well, seeing as the state and federal governments are skimming a percentage, and today’s prices are at all-time record highs, it isn’t exactly in their best interest (as you’ve no doubt surmised, neither are we, the voting public).

If you ever harbored the illusion that when you fillerup you were getting what you paid for (cost of production) plus a reasonable profit, think again.

#I’m just a a paper tiger

I think it is best to close now with the following thought:

“We started as a society that worships hard labor and the basic business ethic of building value into the goods you create. How’d we get from there to worshiping Wall Street’s billion-dollar boys — who create nothing, build nothing, own nothing and deliver no goods, and yet can throw so much money into products made by others that they determine what we consumers will pay for those goods?”

[Hat tip]

“this has all of the ear marks of a speculative corner of the oil market by parties unknown.” –Jim of San Marcos

A Congressional Specuvestard?

May 24, 2008

“That’s disgusting!” (to quote Tangelo Orangezillo)

“If Rep. Richardson is going to base legislative proposals on her own experience, then it matters to the rest of us what that experience was. So click the link below if you can stand to hear about it.” [Calculated Risk]

Congresswoman Richardson defaulted on 3 CA properties(!)

Did Rep. Richardson fraudulently overstate her income?

The public has a right to know!

“We cannot defend freedom abroad, by deserting it at home.” -Edward R. Murrow

“As a nation of prudent and wise people we cannot encourage or condone reckless investing by allowing specu-investards to write laws rewarding their own foolhardy behavior and bad judgement.” -Paco Bell

Who thought owning your own home

May 19, 2008

would become the AMERICAN NIGHTMARE!


Seriously, a so-called “healer and metaphysical mystic” (I shit you not) got herself a liar loan.

Her lawyer- yes, she had one- says he expressed reservations BUT STILL she proceeded. The lender accepted her account of her (phantom) income. Then, using her properties like an ATM she MEWed her way into a total of 1.6 million in debt- and is now facing foreclosure and bankruptcy.

“Ms. Sotire financed much of her debt in 2005 and 2006 through ‘no doc’ loans, where she didn’t have to verify income. She said brokers seemed satisfied when she told them what she believed her potential income to be, based on a certain number of clients she estimated she could see each day.”

How is this NOT fraud?

“She’s very strong-willed and she was going to go through with it.” -her lawyer.

By the way, a little bit of advice to Mrs. Sotire: if you’re paying a lawyer to give you advice, try putting on your listening ears and… well, shit, why waste the bytes, after all she knows what’s best.

Why! oh! why! tell me why! should either her or the lender get bailed out?

What’s so bad about foreclosure anyway? Take your lumps, get on with life, and stop acting like big babies!

The death of a spouse or a child, divorce, sex difficulties, pregnancy, injury from a car accident or fall… even losing a job all have a deeper impact on the human psyche than foreclosure– something you can walk away from physically unscathed. Sure it ‘hurts’, the way a traffic fine ‘hurts’ or an audit from the I.R.S. ‘hurts-‘ which is not as much as the sting from pulling a band-aid off real fast.

Yank it and it’s all over. Reward yourself with a lollipop!

I swear- betweeen congress critters biting their nails because they are unsure how much their constituency cares about foreclosure and the subprime debacle, to Bukkake and the Fed‘s deep concern their banking brethren don’t take a major hit (and why should they when they can pass the losses on to you, the American consumer), to the damnable Wall Street predators who peddled this shit like it was Oxycontin and all their clients had a Rx as big and legitimate as the appetites of Lush Rimjob- I don’t know which of these goddamn detestable pussies are worse! Franklin, Jefferson, Washington couldn’t imagine what a bunch of wankers we’d become, getting ourselves all bundled up in a straitjacket of deriviatives and hanging upside down from a crane over a tank of sharks and only 30 seconds to escape. Hey, how’s that done by the way?

The same way it’s done on Wall Street, old cock, smoke and mirrors, smoke and mirrors.

Pain in French is bread, by the way- the metaphorical possibilities are boundless!

It’s not even bricks and mortar people, it’s sticks and gypsum and pergraniteel on a small plot of land- and it is that land which holds the intrinsic value of what you owe, not the structure, however pretty it may be.

Get over it already and let’s git ‘er done!

Welcome to the courthouse steps

May 6, 2008

No takers today?

Condo sales turn sour
“Market-distorting rebates and incentives helped move units at Vintage Grand, and banks are left with bad loans”

We have a tag team of assholes today:

“That was certainly the case with nine loans secured by Tampa real estate investor Michael Chadwick. In late February and early March 2007, Chadwick’s Sarasota real estate agent, Pat Brester, bought nine Vintage Grand units and immediately resold them to Chadwick at much higher prices, enabling the Tampa investor to get loans that exceeded original purchase prices by nearly $90,000.”

Sweetheart deal!

“‘I could not have carried the properties otherwise,’ he said.”

Smart move, dickhead.

“’All in all, it was just a bad real estate decision,’ Chadwick said. ‘I didn’t know how bad the market was going to get.’”

He was a victim.

“Chadwick filed for bankruptcy protection, listing $3.04 million in debts and $2.095 million in [declining] assets.”

Bailout Biatch alert!

[Hat tip]

Don’t lose a finger… catching a falling knife

Uh…. Okay

May 2, 2008