Monday, October 12, 2009

END OF THE DAY MUSING

Joe gives me a call today and rips oil. His point (mine too) is that the health of this economy in the near term depends upon cheap oil to grow out of this mess. In the real world with the consumer's pocket stretched like a 75 cent condom......there is no more room for higher priced oil.

A smart counter would be .....well how bout last summer when they pushed it to 134 a barrel. Ahhh.....well I would answer that with two points. Number one look what happened THEN.... and Number two this aint last summer. The economy is on life support and more importantly GS is in charge. If my suspicions are correct oil will stay in a trading range at the bequest of the administration and their hammer GS.

Could we get a spike over 75 short term? Absolutely. But I have my doubts it would not last longer than a few trading days. Anyway we shall see. Reality is that millions of people are on the verge of bankruptcy and if oil stays at its current level....they are through. Many of these people drive over and hour a day commuting to work and just can't manage the current price levels.

I listen to Terranova now on Fast Money babbling about bullishness on the distillates and all I can say is I hope its not your poor mom driving to some shit job at 10 bucks an hour and trying to meet bills with your bullish distillates.

That is the insensitivity and outright stupidity that is going to make it hard for this country to not wind up with a severe backlash from all of this corporate greed and corruption. I hope all of you make a ton of money shorting oil because I really don't give a shit about the Saudi oligarchy losing their butts. For that matter same to our oligarchy.

ONE MORE THING.....look at these charts and tell me I was wrong about gold

http://news.goldseek.com/GoldSeek/1255327620.php

6 comments:

  1. Goldman Sachs in Talks to Acquire Treasury Department
    Sister Entities to Share Employees, Money


    In what some on Wall Street are calling the biggest blockbuster deal in the history of the financial sector, Goldman Sachs confirmed today that it was in talks to acquire the U.S. Department of the Treasury.



    According to Goldman spokesperson Jonathan Hestron, the merger between Goldman and the Treasury Department is "a good fit" because "they're in the business of printing money and so are we."



    The Goldman spokesman said that the merger would create efficiencies for both entities: "We already have so many employees and so much money flowing back and forth, this would just streamline things."



    Mr. Hestron said the only challenge facing Goldman in completing the merger "is trying to figure out which parts of the Treasury Dept. we don't already own."



    Goldman recently celebrated record earnings by roasting a suckling pig over a bonfire of hundred-dollar bills.



    Elsewhere, conspiracy theorists celebrated the 40th anniversary of NASA faking the moon landing.



    And in South Carolina, Gov. Mark Sanford gave his wife a new diamond ring, while his wife gave him an electronic ankle bracelet.

    TexasBlondie...:)

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  2. The above story from BorowitzReport.com
    http://www.borowitzreport.com/article.aspx?ID=7047
    Sorry guys forgot to fix the spacing...TXB

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  3. Blondie.....LMAO..unfortunately it is notta joke

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  4. BTW Blondie.......GS tells treasury when and how high to jump.......yowza

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  5. Kli, did you listen to the zerohedge...End The Fed Coming To A Night Club Near You? Way too cool!!! Next fall let's vote all those running out of office by landslides!!! WE must send a message, all will go unless they stop spending! This is insanity to say the least! We are the laughing stock of the world!!!
    Agree GS is the snake in the grass...and how in the hell did we the people let this happen? TXB

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  6. it's all about the US dollar and the manner of the devaluation, planned by GS/Treasury or pre-empted by the BRIC/OPEC coalition.

    normally oil should not be here now but due to the monetization games it is.

    Oil and gold will both start trading in parallel like a currency as the monetization and geopolitical games continue.

    gold is approaching a very dangerous upside breakout point, meaning someone knows what nasty things are being planned to b!tch slap the US dollar be it trading in other currencies for oil, war, or just reallocating forex reserves into other currencies or gold/alpo/energy.

    still expecting 10,000 to be taken out too. It's cold here in the Rockies, new record lows were set in some places over the weekend. If the jetstream is really starting to weaken along with fewer sunspots, the next few winters in north america and europe will be really cold; really little room to start a fight to jump start the military industrial complex.

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