Read this article this morning. I've to disagree with the writer
Ok I'm not a wall street guy, I'm just an average Indian IT guy with too much negative energy. But this guy is really insulting the readers intelligence.
Let's look at his argument. Since the speculators are not taking the physical delivery of the oil, they're not responsible for the exponential growth in oil prices. But if too much money is chasing too few oil contracts, wouldnt' that raise the price
Say a Goldman sachs guy bought an august's oil futures contract for X dollars for the hedge fund in june. He'll sell the contract to a refienry in the month of June for ...say X+Y dollars. So isn't he making a profit of Y dollars and wouldn't that make a difference in the oil price. Now Y dollars is in billions.
Pardon my french here, but how the F in this world speculators arent' causing the increase. Isn't this taught in Economics 101, too much demand and less supply will increase the price.
Now again a stupid theory that india and china are the reason for oil prices. if demand is increasing at 10% why the prices are increasing at 50% rate.
I've to agree that it's free market economy and every one is in here for profit. Commodities trading has been around for ages, but in the last few years only hedge funds started dumping billions. It wouldn't really matter matter if people are hedging gold and silver. But now the commodities traders are after food supplies and oil futures.
Read the readers comments here
Peace.
Wednesday, July 2, 2008
Wednesday, June 18, 2008
offshore oil exploration, speculation, oil prices...
so now all right wing conservative wants the congress to lift the ban on oil exploration at offshore and antarctica. enlighten me here, I'd be very glad if I'm wrong.
even if they start drilling in offshore and Alaska (screw the environment and make the oil companies even more rich) wouldn't this oil enter the commodities market and get traded by speculators.
if that's true, how the F in this world this additional supply would reduce the price. these food and oil prices are fueled by excessive money channeled into commodities market by speculators. not by "increasing demand in india and china" as media is projecting main stream media is really a bitch. c'mon people, how would demand increase so much in 4 months.
if dubya and all other world leaders are sincere they can stop all this excessive money coming into commodities market. it's not easy as I said or i'm not a financial analyst. but if middle class people in usa are struggling to make the ends meet, what's gonna happen in so called third world countries.
on the side note Bush Sr signed for the ban on offshore exploration and dubya is so keen on lifting that ban. dubya and evil cheney at the end of their second term, aren't leaving any stone unturned in helping oil companies or screwing the environment.
all I can do is countdown the days until the inauguration of next president
peace.
even if they start drilling in offshore and Alaska (screw the environment and make the oil companies even more rich) wouldn't this oil enter the commodities market and get traded by speculators.
if that's true, how the F in this world this additional supply would reduce the price. these food and oil prices are fueled by excessive money channeled into commodities market by speculators. not by "increasing demand in india and china" as media is projecting main stream media is really a bitch. c'mon people, how would demand increase so much in 4 months.
if dubya and all other world leaders are sincere they can stop all this excessive money coming into commodities market. it's not easy as I said or i'm not a financial analyst. but if middle class people in usa are struggling to make the ends meet, what's gonna happen in so called third world countries.
on the side note Bush Sr signed for the ban on offshore exploration and dubya is so keen on lifting that ban. dubya and evil cheney at the end of their second term, aren't leaving any stone unturned in helping oil companies or screwing the environment.
all I can do is countdown the days until the inauguration of next president
peace.
Monday, May 26, 2008
bollocks to comcast
What's the use of a blog, if I don't air my personal grievances...eh here's mine
So two weeks ago, we don't have internet for the whole week, cause of the 'comcastic' (my ass) customer service. I spent 3 hours on customer service calls. If i had one more hour of their BS customer service pitch, I could've been ready to drive their vans across those town and fix those shitty modems.
Anyways talking about those vans, heres some news which will make you sick. Two comcast technicians're doing some good ol' fashioned drag racing in Huntsville, Al and hit a girl. I was thinking that Comcast is all about their BS customer service, no it's not.
I couldn't wait for Huntsville to sue comcast
Peace
So two weeks ago, we don't have internet for the whole week, cause of the 'comcastic' (my ass) customer service. I spent 3 hours on customer service calls. If i had one more hour of their BS customer service pitch, I could've been ready to drive their vans across those town and fix those shitty modems.
Anyways talking about those vans, heres some news which will make you sick. Two comcast technicians're doing some good ol' fashioned drag racing in Huntsville, Al and hit a girl. I was thinking that Comcast is all about their BS customer service, no it's not.
I couldn't wait for Huntsville to sue comcast
Peace
Sunday, April 27, 2008
Darfur Genocide
Folks,
I watched a very grim and depressing program on PBS Frontline about Darfur crisis. Please spare 1 hour to watch this program. I can't really write how shocked I'm, about the executions and way they doing'em.
Darfur crisis is an amalgamation of Genocide and Ethnic cleansing. Sudan denies that it's supporing the militia killing and raping the civilians but it's role is clearly documented. The reasons and causes for this genocide are very complex. Read'em here
After watching this program I'm starting to question Kofi Annan's integrity in his role as UN General. UN as by itself is very weak organization with ridiculous Veto Rule. But china kept vetoing all the resolutions about Sudan or Darfur until 2007.
China has so many Economic interests in Sudan, and it is their biggest offshore oil drilling base. Naturally its stopping all the economic sanctions on Sudan with its Veto right. Same with Russia which has almost the same bad record of human rights violation in Chechnya.
I can't really express my frustration on how china gets way with it's Human rights violation. It killed it's own civilians in Tiananmen Square. Then the attacks on Tibet monks. I'm very glad at all the bad publicity china is getting now for it's olympic torch. US has so much economic dependence on China for its economy. In other word China frickin owns US economy. So US don't want to anger China govt.
The last ray if hope in this crisis is the civilian activity and awareness. God bless all the people who're working on the case. Spielberg brought so much attention to this cause by quitting his adviser job for Beijing Olympics.
One thing I want to complain is US media. Darfur was never given importance in the Cable news or Network news. It's all about Paris Hilton and britney's Drama. God dammit America. There's so much crap in this world which is more important than American Idol. Last year an MSNBC anchor refused to cover Paris Hilton's news and tried burning that news report on the air. Around the same time AP deliberately stopped covering Paris Hilton news. Not sure why they ended it. Unfortunately not even a single day would pass without lindsay, paris or britney's news. And did you ever watch those retarded 10.30 news on FOX channel. As per them, American Idol is the most import thing on this world right now. Global Warming, Darfur crisis, Food prices, gas prices can wait.
I can just pray that this Darfur crisis ends soon and much love for the folks working for this cause.
Peace.
Please find more info about Darfur here.
wikipedia
sudanreeves
frontline
ushmm
I watched a very grim and depressing program on PBS Frontline about Darfur crisis. Please spare 1 hour to watch this program. I can't really write how shocked I'm, about the executions and way they doing'em.
Darfur crisis is an amalgamation of Genocide and Ethnic cleansing. Sudan denies that it's supporing the militia killing and raping the civilians but it's role is clearly documented. The reasons and causes for this genocide are very complex. Read'em here
After watching this program I'm starting to question Kofi Annan's integrity in his role as UN General. UN as by itself is very weak organization with ridiculous Veto Rule. But china kept vetoing all the resolutions about Sudan or Darfur until 2007.
China has so many Economic interests in Sudan, and it is their biggest offshore oil drilling base. Naturally its stopping all the economic sanctions on Sudan with its Veto right. Same with Russia which has almost the same bad record of human rights violation in Chechnya.
I can't really express my frustration on how china gets way with it's Human rights violation. It killed it's own civilians in Tiananmen Square. Then the attacks on Tibet monks. I'm very glad at all the bad publicity china is getting now for it's olympic torch. US has so much economic dependence on China for its economy. In other word China frickin owns US economy. So US don't want to anger China govt.
The last ray if hope in this crisis is the civilian activity and awareness. God bless all the people who're working on the case. Spielberg brought so much attention to this cause by quitting his adviser job for Beijing Olympics.
One thing I want to complain is US media. Darfur was never given importance in the Cable news or Network news. It's all about Paris Hilton and britney's Drama. God dammit America. There's so much crap in this world which is more important than American Idol. Last year an MSNBC anchor refused to cover Paris Hilton's news and tried burning that news report on the air. Around the same time AP deliberately stopped covering Paris Hilton news. Not sure why they ended it. Unfortunately not even a single day would pass without lindsay, paris or britney's news. And did you ever watch those retarded 10.30 news on FOX channel. As per them, American Idol is the most import thing on this world right now. Global Warming, Darfur crisis, Food prices, gas prices can wait.
I can just pray that this Darfur crisis ends soon and much love for the folks working for this cause.
Peace.
Please find more info about Darfur here.
wikipedia
sudanreeves
frontline
ushmm
Monday, April 21, 2008
Hold on people : another mortgage crisis
Folks, it ain't over till it's over.
Read this interesting piece from slate.com
So what if all these upper middle class and upper class people just walk away from their homes.. even though they can afford the payment.
I've mixed feelings for people who lost their homes cause of the sub-prime crisis. Many of them bought homes which they can't afford with ARM loans and few other lost coz of predatory lending. If just the sub-prime crisis caused this much damage imagine what's the pain with the next wave of crisis.
And I can't really blame all these SoCal residents (Few Southern California pricks loved this word, trust me) walk away from their overpriced 5 BR homes. Coz the money they're paying to lender is more than the worth of the home. Moral aspect aside, I might be tempted to do this.
Recently heard on a businessweek podcast that few lenders in cleaveland and the Rustbelt are actually abondaning foreclosed homes. It's a write off for them. But this causes a domino effect. Obviously this will become a hangout for drug peddlers, petty thieves and solicitations. Property values goes down in that community and again people become skeptic about Negative amortization.
Not sure when're we gonna come out of this recession. The problem here is, no one is willing to catch a falling knife.
Peace.
Read this interesting piece from slate.com
So what if all these upper middle class and upper class people just walk away from their homes.. even though they can afford the payment.
I've mixed feelings for people who lost their homes cause of the sub-prime crisis. Many of them bought homes which they can't afford with ARM loans and few other lost coz of predatory lending. If just the sub-prime crisis caused this much damage imagine what's the pain with the next wave of crisis.
And I can't really blame all these SoCal residents (Few Southern California pricks loved this word, trust me) walk away from their overpriced 5 BR homes. Coz the money they're paying to lender is more than the worth of the home. Moral aspect aside, I might be tempted to do this.
Recently heard on a businessweek podcast that few lenders in cleaveland and the Rustbelt are actually abondaning foreclosed homes. It's a write off for them. But this causes a domino effect. Obviously this will become a hangout for drug peddlers, petty thieves and solicitations. Property values goes down in that community and again people become skeptic about Negative amortization.
Not sure when're we gonna come out of this recession. The problem here is, no one is willing to catch a falling knife.
Peace.
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