Who are the apologists at CNBC really protecting? Bloomberg says itÃ¢â‚¬â„¢s the investment banks, who have churned free Federal loans along with an investor frenzy into $596 TRILLION of speculative derivative investments “including those based on debt, currencies, commodities, stocks and interest rates.” THIS IS A 44% INCREASE OVER LAST YEAR! Commodity derivatives alone expanded by 26.5 percent as the price of gold and oil reached records. Contracts based on gold rose the most in the second half, by 40 percent to $595 billion. COME ON BODMAN, TELL ME AGAIN HOW THEREÃ¢â‚¬â„¢S NO SPECULATION DRIVING COMMODITIES!
It is important to understand that in commodities, futures prices drive the spot price — however counter-intuitive that may seem — and not the other way around. The chart clearly shows a smallish rise in actual demand but a huge spike in futures trading.
People arenÃ¢â‚¬â„¢t just running out of gas money, they are also starving to death and letÃ¢â‚¬â„¢s hope that our finally Democratic Congress finds this as unacceptable as the people who voted them in think it is.
Indeed. Will President Obama truly be able to deliver, assuming he genuinely wants to? Let’s hope so. A genuinely progressive president would be a huge step in the right direction over the psychoses of the past eight years.