Then again, the same people have been doing the same thing for 25 years. Yet regulation just keeps getting weaker. "You will know that somebody's serious when they put 500 FBI agents and a dozen of our best prosecutors on Wall Street," says Kelleher.

In the meantime, it could all get a lot worse if Mitt Romney is elected. Even after the J.P. Morgan fiasco, he reiterated his plan to repeal Dodd-Frank, which also contains measures guarding against future bank bailouts.

Writes Politico: "Romney's reaction is the equivalent of putting out a small fire in your house then deciding that the lesson is you need to stuff your house with matches, throw out your fire extinguisher and cancel your fire insurance. And doing all this after the house nearly burned to the ground less than four years ago."

Former international securities lawyer Dennis Kelleher: “I asked the senior official at Goldman [Sachs] at the time. There were no supply and demand issues that could remotely explain the doubling and doubling again of oil prices.”
Charles Steck
Former international securities lawyer Dennis Kelleher: “I asked the senior official at Goldman [Sachs] at the time. There were no supply and demand issues that could remotely explain the doubling and doubling again of oil prices.”
William Black, former bank regulator turned economist at the University of Missouri-Kansas City: “People can’t conceive of a world without these massive institutions, and can’t believe they’re a negative influence.”
Forester Michael
William Black, former bank regulator turned economist at the University of Missouri-Kansas City: “People can’t conceive of a world without these massive institutions, and can’t believe they’re a negative influence.”

These days, the oil market has again begun to dive — through no help from our leaders. A stalled Chinese economy, plus fears of serial bank crashes in Europe have caused speculators to scatter. Prevailing theory: The world may soon be too broke to buy gas.

But at some point, the economy will show signs of recovery. And Washington has ensured that the speculators will return, there to suffocate it in its infancy. 

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16 comments
northsiderasta
northsiderasta

Remember when gop lackeys & hacks worried that BP would not have enough money to drill for more oil?

Richard1980
Richard1980

Goldman Sachs, and others, have done the same thing to metals. They've bought warehouses and are "hoarding" steel and aluminum supplies, manipulating the market and pushing prices higher. Wall St. and the banks need to be kicked out of the commodities markets. They've turned our "free markets" into "manipulated markets," their own Las Vegas, and they are putting our economy on the gaming table, as long as they win, our economy, and citizenry, be damned. http://www.protopage.com/buy-keflex-online http://www.protopage.com/buy-clomid-online http://www.protopage.com/order-amoxil-online http://www.protopage.com/bigger-breasts

Daniel Mays
Daniel Mays

just more republican lies when will u people see whats going on and vote democratic for the people not corporations get rid of citizens united reinstate glass- steagall reelect obama

Don G
Don G

Finally! Someone else with the same conclusions I have had from the get go. Nothing more than big business in politicians pockets. What a bunch of A$$ holes!

Imapayne_57
Imapayne_57

And their blaming Obama for this. This was spear headed by George W.

Snazd
Snazd

Maybe we could put a few of our jobless Americans to work - building guillotines to set up on Wall Street and in front of the Capitol building.

Jacquebquique
Jacquebquique

Timothy Geitner was the "fair haired boy" of Goldman-Sachs. I wonder where he ended up?

Mzonker1
Mzonker1

RE Petro terrorists You are beyond "full of crap". Follow the $ to see who profits from increased gas prices. How long will u remain a sophomore in Jr College?

Not Applicable
Not Applicable

I agree with the major tenets of the piece - politicos are soft on regulation and my calculations show gas today would be $2.40 to $2.70 a gallon in STL without speculators (but not 40% less). There are ways to deal with this, but there isn't the political willpower to do so (combined with the reality that too many voters are economics/math challenged and can't understand the true factors involved).

Trista DiGiuseppi
Trista DiGiuseppi

I'm pretty liberal, but this article is ridiculously subjective. Sorry, I believe there is some truth to this piece of work, but I also smell a lot of sour grapes and bullshit.

Droptheduck7
Droptheduck7

How is the WAR on DRUGS going??? Makes one beleive that Congress and Wall Street are making very nice Profits on BOTH!!! - and NO NEWS NETWORK addresses either!!! After reading this article, it is evident to me that BOTH PARTIES MIGHT ON THE TAKE!!! - However, I have no concrete proof of either - except results, or lack there of !!!

Danieljoeoconnor
Danieljoeoconnor

thankyou for this article. i hope your house doesn't get hit by a drone attack. the fact that this insanity continues unabated despite all common simple logic is evidence of an ulterior motive being perpetrated by evil men in league with senator phil ghram. and that is the imploding of our economy along with other sovereign nations economies to create a problem in need of a solution: the new world order global government. it all ties in with the inside 911 job, all the fema camps across the nation, to the rehearsing of martial law complete with tanks in the streets of st. louis. our government has obviously been hi jacked by the satanic devils that eisonhower and john f kennedy warned us about a week before they blew his brains out.

Robert
Robert

The only way America is going to show congress and these corporate fat cats we are tire of their s#*t is to do what they think we wont do. We have to literally storm congress and wallstreet and throw these people out into the streets right and their faces. We would have to start with congress first, the very place these crooks are hiding at. The sad part is America seems to not be ready to stand up so we continue to get raped without the use of any lube. All I see and hear is people talking about doing something and yet nothing happens and the false promises from campaigners telling us what we want to hear for an election. The great John Adams stated that American democracy would destroy itself from within and that is exactly what is happening. So if congress and big bussiness think they don't have to follw the rules, THEN WHY SHOULD THE REST OF AMERICA HAVE TO FOLLOW ANY RULES.

Lennonsmum
Lennonsmum

Most of the country's working people, or should I say unemployed and underemployed, are hiding their heads in the sand. When there is no more money anywhere but in the hands of the ultra-wealthy, there is no one to blame but ourselves for not throwing the thieves in prison. I am very disappointed with how little the average person reads about what is going on. The sound-bites on TV is all they hear and then think they are so well-informed...What's worse is that most people have given up and don't listen or read much of anything; they have given away their power...

Rikarius
Rikarius

And that my dear is how they get away with it. Total denial by citizens as to the depth of corruption in todays political and judicial arena. If one questions the integrity of our leaders we are considered unpatriotic, in reality the opposite is true. It is our duty as citizens to be diligent in the safeguarding of our rights. Politicians only have the power which we give them. To blindly follow any parties or pollitical agenda is ignorance of the highest degree. Businesses only purpose is to make money. The human, environmental or any other factor is contrary to their purpose. If a loophole exist is it there duty to exploit it. It is our duty to amke sure to close it. To allow this type of corruption to exist for so long says a lot about the intelligence and gullibility of our nation as a whole.

 
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