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EScroogeJr (< 20)

June 2008

Recs

7

So there is no bubble, huh?

June 23, 2008 – Comments (15)

Panel Cites Surge in Speculative Oil Trades By Stephen Power and Ian Talley Word Count: 782

WASHINGTON -- Speculative traders' interest in crude oil has grown to the point that they now account for roughly 70% of all trading in West Texas Intermediate crude on the New York Mercantile Exchange, compared with 37% in 2000, according to an investigation by a congressional subcommittee that forms part of an escalating political assault on Wall Street's role in the run-up in oil prices.  [more]

Recs

1

Dear oil minister

June 22, 2008 – Comments (6)

Please don't do this nonsense. Do the right thing instead. Cut production from 9.7 mln barrels to 9 billion barrels. It's better to sell 9 million barrels for $200 each than to sell 10 billion barrels for $100 each. Help our economy arrive to the Recessionville, it's almost there, but it won't reach the destination without your help. The babyboomers' assets are lying there crying to be purchased for 30 cents on the dollar.   [more]

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1

What a day

June 20, 2008 – Comments (2)

Just one word: wow!

 

 

 

 

 

Recs

5

Saudis decide to play Chamberlain

June 14, 2008 – Comments (14)

The Saudis act like a timid gangster who pulls out a knife only to have second thoughts and put it back. This never works on the streets of Chicago, and it won't work in the US-Saudi ralationship either.   [more]

Recs

2

Wow! What an election campaign!

June 14, 2008 – Comments (3)

Sure it won't happen during his lifetime. It doesn't sound too reassuring for his cause,  given the fact that the 84-year-old Mugabe has already lived way past his actuarial life expectancy.   [more]

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2

Party line: there's no inflation except when oil is rising

June 13, 2008 – Comments (2)

I think I know how he will resist the erosion of inflation expectations: by saying he is detrmined to resist the erosion of inflation expectations. The Fed pretends that expensive oil is the problem, and the market pretends to believe him.   [more]

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4

Don't fuel inflationary expectations, Kohn says.

June 11, 2008 – Comments (4)

Let me also contribute my 5 cents worth of kerosene. Meat inflation has yet to kick in. When grain went up, farmers began to slaughter animals, driving meat prices still lower, which made raising animals even less profitable, which caused them to slaughter some more, etc. This is obviously not sustainable. When they have slaughtered the last chicken and the last cow, the agflation will start for real. Meat is a crucial component in Americans' diet, more important than grain. By the way, the BLS's standard advise to consumers - eat chicken instead of beaf, hamburger instead of chicken, etc. - does not work when the prices of beaf, chicken and hamburgers rise unifirmly across the board.   [more]

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3

BP chairman rejects "apocalyptic" talk of $250 oil

June 11, 2008 – Comments (3)

Just as I said, Gazprom is one of the stupedest energy companies in the whole world. Will you believe it, these cookoos really base their future plans on hopes for $250 oil. Good luck with it.  [more]

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0

Let's increase our trade deficit?

June 10, 2008 – Comments (0)

I don't understand it. So now they're unhappy about cheap Chinese imports? Do they have some other country in mind that can fill Walmart with cheap goodies, or maybe they imagine that the 3 million jobs will come back to America if the yuan goes up another 20%? We'll simply pay more for the same goods, which will increase, rather than decrease, the deficit.   [more]

Recs

4

Time to buy housing stocks

June 10, 2008 – Comments (6) | RELATED TICKERS: KBH , PHM

Few people paid attention, but yesterday the ITB dropped below 16, meeting floridabuilder's condition for buying. So I jumped at the opportunity and bought some KBH and PHM. As I told you many times, my strategy was to accumulate builders gradually over the year and then keep them locked in a safe for the next 2 years, so I couldn't buy a full position yesterday, but I made my position complete by buying the last remaining shares that I wanted. On a positive note, last week's housing panic allowed to me to close almost all my covered calls at a profit, so the upside potential is now unconstrained, though I might sell some calls again when floridabuilder tells us to go short.  [more]

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9

The reason I think oil is doomed (in response to FourthAxis)

June 06, 2008 – Comments (12)

Yes, count me in as a big grizzly permabear. I fully believe that the oil industry as we know it today has 15 years of life ahead of it, and even that is optimistic. Why? Because the numbers tell the story. Look at this graph:   [more]

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0

Foreign central bankers, beware!

June 06, 2008 – Comments (1)

OK, the current excuse is that the puppets are getting out of control. This still raises the question who is next in line for confiscation. Do you still think your currency reseves held in US banks are safe?   [more]

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1

oil bubble begins to pop?

June 04, 2008 – Comments (7)

When another portion of lies from Bernake creates a wave of selling, one can only conclude that oil had risen to an unsustainble level.

 

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