Posted by
Jesse "The Mind" Norman on Monday, January 12, 2009 1:37:00 AM
Last night after watching one of the dullest football games in recorded history, I watched 60 Minutes because they had a story about what caused the surge in gas prices this past year. I'm sure most of us know that 60 Minutes can lean very far left, but from time to time they can do some great work. Last night was another great piece. With their thorough investigation they found that the biggest perpetrators of the gas price hike were banks and investment firms. The same crooks that President Bush gave the bailout to because of the lending crisis. These banks and firms purposely manipulated the future's markets on commodities, mainly with oil. As their study also showed, there wasn't a rise in demand, which anyone with common sense knew that wasn't the case. They also gave a pass to oil companies over the surge in gas prices. One analyst said the biggest oil company this past year turned out to be JP Morgan Chase because of their investment and manipulation on oil prices. Only reason why the oil companies made record profits were because they owned so much oil to begin with. It was the banks and firms that drove the price up. It wasn't the oil companies afterall.
In previous posts I said that the prices went up solely because of people investing nothing in the future's markets. I had no idea who was doing it though. I knew it had to be big considering oil went up so high so fast. On one day of trading, as was reported in that segment, a price for a barrel of crude went up $25 for absolutely no reason. That's some heavy manipulation.
What will Bill O'Reilly (who I'm a fan of) and those on the left say about this report? Who knows? This report was very rock solid and should be looked at by everyone. I thought why oil went down was because President Bush came out saying he was lifting the ban on offshore drilling. It turns out that was just a coincidence. I was wrong. See, I can admit it. The real reason why oil started going down is because these banks and firms were so broke they had to sell. Look at what has happened now that these banks and firms have gotten at least part of that bailout. Prices in oil and gas are going back up. Banks aren't using the money to lend. They're buying other banks and I guarantee oil. They're not lending, that's for sure. Now President Bush wants to give them the rest? Unbelievable! I want them to sink. They didn't care Americans were struggling to get to work. They didn't care they nearly drove the economy down the tubes just because of gas prices. We shouldn't care if they sink like a stone. The good news is we don't care. Americans by a good majority don't want these banks and firms getting the rest of that bailout, and didn't want them to get any of it in the first place. Nice how politicians listen, isn't it? I guarantee if they get the rest of the bailout, gas prices will go up even more. Then there will be another story to follow up this one on 60 Minutes a year from now. We shouldn't stand for this. I'm writing my congressman and senators telling them I don't want these crooks to get anymore money and want a full investigation on what they did with the first half of the bailout money. I urge you to do the same. To quote a famous line in a movie "I want you to go to the window, open it, stick your head out and yell: 'I'm as mad as hell, and I'm not going to take this anymore!'"