Forum Post: Wall Street Manipulation hurts all.....
Posted 13 years ago on Oct. 25, 2011, 10:09 p.m. EST by bbjke
(10)
This content is user submitted and not an official statement
First, the American people have a right to know why oil prices are artificially high. The CFTC report proved that when oil prices climbed in 2008 to more than $140 a barrel, Wall Street speculators dominated the oil futures market. Goldman Sachs alone bought and sold more than 860 million barrels of oil in the summer of 2008 with no intention of using a drop for any purpose other than to make a quick buck.
yes. here's one for you:
So why are oil prices high? The Enron Loophole. Former Head of U.S. Commodity Futures Trading Commission Michael Greenberger speaks to Congress on the high price of oil--and he's not happy about energy deregulations:
http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related
http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related
Rolling Stones Reporter Matt Taibbi: Truth about Goldman Sachs--how they have cornered the markets--basically, The Enron Loophole and the shattering of Glass-Steagall Act in 1999. http://www.youtube.com/watch?v=waL5UxScgUw
Instead of complaining, you should have bought oil stocks and made a killing in the stock market. You are just bitter because you didn't take advantage of the price appreciation. I am willing to pay $5 a gallon at the gas pump knowing that I made $5000+ investing in oil stocks.
Most people dont have 5000 to throw around on a specific stock you moron
What, am i supposed to be blamed for people's mismanagement of their finances? Stop eating out and cook your own meals. Watch tv or go exercise instead of going out clubbing. I bet you if you really work at it, people can save the money.
Not sayings its impossible dude, just saying that when disposable income is minimal for some families, and inflation/BS has made most of the needed items almost double in the last ten years, then someone is fucking with the overall market that doesn have the country'/s best interest in mind.
Before the summer of 2008 when oil prices ran to $140 per barrel Goldman Sachs came out with a report stating that their would be a Super Spike in oil prices to $200 a barrel. After that report the news came out daily about supporting higher oil prices (shortages, war, etc..). After $140 a barrel hit the news stopped and oil prices collapsed.
54% of Americans own stocks. Any one of them could have, and did, buy oil and profit from it (both long and short selling). It is hardly just GS, it is also more than half of the 99%.
These were not stocks they were oil futures contracts bought up by Goldman's own institution, not public investors. The more Goldman bought up the higher the price went up and the more buying power (leverage) they had to continue to buy more and raise the price of oil future prices to $140 a barrel.
And all the big oil companies, which a huge number of Americans own, went along for the ride.
Do you think $4-5 a gallon gas is good for the majority of the American people or bad?
Probably bad, but it is not like only GS benefited from those high prices though, millions of the 99% did too.
And who benefited from this? Goldman as well did. Not the American people. You work for Goldman or what? http://www.youtube.com/watch?v=xUKSU1qahgE
Haha no, I am a shareholder though.