Thread: McCain's Chief economic adviser throws US under the bus

.....Then hits reverse & peels out on our face.

That's not change we can believe in!

McCain's Chief economic adviser Phil Graham singlehandedly created the law that has one word missing...energy & because of that little 'trick', we are getting reamed in the ass without reach around or lube.
It's affectionately known as Texas Bull riding.

- during the confusion in the dark of night during the constitutional crisis in 2000, without debate, a nasty little law was passed the 'Commodities futures modernization act' in it was Enron 2 the return. This time it's gone global.

By adding that one word back...energy, we cold get our gas prices cut 25 to 50%.

Regardless of part we should rightly be enraged...

All Bets Are Off « kavips

But then, late one December night, while America’s attention was fixed on the Supreme Court decision affecting the outcome of the 2000 election, a 262 page rider (Commodity Futures Modernization Act (“CFMA”)) was surreptitiously slipped into an 11,000 page Omnibus bill just as Congress was to leave on Christmas break, written in language that only a corporate lawyer could decipher, by one Senator Phil Gramm. (R-Tx). Not only did this rider wipe out all Federal oversight of this very speculative market, but it subsequently wiped out each and every state and local ordinance that up to that point, had regulated this commodity.


.....And this was accomplished by the sneaky tactic of one Republican, on the floor of the Senate in December of 2000., with no disclosure, no debate, and no reckoning.

That one person……Phil Graham (R-Tx) is currently serving as the Republican contender John McCain’s financial adviser. As we all know, John McCain by his own admission, does not know economics as well as he should. If he did, he most certainly would not have the single one person responsible for America’s economic fall from grace……..as his most trusted senior adviser…….

The Republican party is entirely to blame for our current economic problems. They shoulder the blame alone for creating this shadow economy that may still yet……………………..destroy us all.





Greenberger's Testimony: I-Banks Control the Energy Market - Seeking Alpha

Michael Greenberger, the former head of the CFTC's Division of Trading and Markets, testified yesterday before the Senate Commerce Committee on the topic of Energy Market Manipulation. He stated that the investment banks, namely Goldman Sachs (GS) and Morgan Stanley (MS), control the price of oil and natural gas through the ICE futures market. He cited that Morgan Stanley currently owns 27% of the natural gas futures.

He stated that former Senator Phil Gramm of Texas sneaked the Enron loophole through a large piece of insignificant legislation years ago: the result was that regulations upon the futures industry were abandoned. This loophole eventually allowed the current CDO-subprime crisis, and the current energy market crisis because regulations, which once protected the market from manipulation, are no longer enforcable.

Greenberger suggested that the current attempt of closing the Enron loophole by Senator Levin through the Farm Bill, would not work - as it would leave the government with the constant burden of proof to prove manipulation was occurring. Also it would only be enforcable on domestic market manipulators and not international ones.

Greenberger said that legislation immediately closing the Enron Loophole with a broader, international scope would stop market manipultion and would cause oil prices to plunge over 25% overnight.

Originally Posted by crowonapost

.....Then hits reverse & peels out on our face.

That's not change we can believe in!

McCain's Chief economic adviser Phil Graham singlehandedly created the law that has one word missing...energy & because of that little 'trick', we are getting reamed in the ass without reach around or lube.
It's affectionately known as Texas Bull riding.

- during the confusion in the dark of night during the constitutional crisis in 2000, without debate, a nasty little law was passed the 'Commodities futures modernization act' in it was Enron 2 the return. This time it's gone global.

By adding that one word back...energy, we cold get our gas prices cut 25 to 50%.

Regardless of part we should rightly be enraged...

All Bets Are Off « kavips

But then, late one December night, while America’s attention was fixed on the Supreme Court decision affecting the outcome of the 2000 election, a 262 page rider (Commodity Futures Modernization Act (“CFMA”)) was surreptitiously slipped into an 11,000 page Omnibus bill just as Congress was to leave on Christmas break, written in language that only a corporate lawyer could decipher, by one Senator Phil Gramm. (R-Tx). Not only did this rider wipe out all Federal oversight of this very speculative market, but it subsequently wiped out each and every state and local ordinance that up to that point, had regulated this commodity.


.....And this was accomplished by the sneaky tactic of one Republican, on the floor of the Senate in December of 2000., with no disclosure, no debate, and no reckoning.

That one person……Phil Graham (R-Tx) is currently serving as the Republican contender John McCain’s financial adviser. As we all know, John McCain by his own admission, does not know economics as well as he should. If he did, he most certainly would not have the single one person responsible for America’s economic fall from grace……..as his most trusted senior adviser…….

The Republican party is entirely to blame for our current economic problems. They shoulder the blame alone for creating this shadow economy that may still yet……………………..destroy us all.
Greenberger's Testimony: I-Banks Control the Energy Market - Seeking Alpha

Michael Greenberger, the former head of the CFTC's Division of Trading and Markets, testified yesterday before the Senate Commerce Committee on the topic of Energy Market Manipulation. He stated that the investment banks, namely Goldman Sachs (GS) and Morgan Stanley (MS), control the price of oil and natural gas through the ICE futures market. He cited that Morgan Stanley currently owns 27% of the natural gas futures.

He stated that former Senator Phil Gramm of Texas sneaked the Enron loophole through a large piece of insignificant legislation years ago: the result was that regulations upon the futures industry were abandoned. This loophole eventually allowed the current CDO-subprime crisis, and the current energy market crisis because regulations, which once protected the market from manipulation, are no longer enforcable.

Greenberger suggested that the current attempt of closing the Enron loophole by Senator Levin through the Farm Bill, would not work - as it would leave the government with the constant burden of proof to prove manipulation was occurring. Also it would only be enforcable on domestic market manipulators and not international ones.

Greenberger said that legislation immediately closing the Enron Loophole with a broader, international scope would stop market manipultion and would cause oil prices to plunge over 25% overnight.

Again, Liberals try to use the name "Enron" to cover up Clinton's disaster.
There is no Phil Graham from Texas.
When did London move to the USA?
Who was the President in 1999?


CFTC moves to close 'London loophole'
Regulator takes step as lawmakers target speculation in commodities trades
By Laura Mandaro, MarketWatch
Last update: 8:31 p.m. EDT June 17, 2008
Comments: 47
SAN FRANCISCO (MarketWatch) -- The Commodities Futures Trading Commission moved Tuesday to make London traders of the benchmark U.S. oil contract meet the same position requirements as their U.S. counterparts, one of a series of actions the futures watchdog says it's taking to stamp out "excessive speculation" in the oil markets.
The CFTC said traders of the West Texas Intermediate (WTI) contract on ICE Futures Europe, the London-based trading platform of the Intercontinental exchange Inc.

ICE 132.65, +8.32, +6.7%) , would have to follow the same position limits as U.S. traders of the oil contract.
ICE said it plans to comply with CFTC's terms, which are detailed in an amended no-action letter prepared by the regulator's staff, within 120 days.
The CFTC caps the size of U.S. traders' positions during the last three days of the trading contract as a way of prohibiting speculators from cornering the market when commercial traders are trying to close their positions. Traders using ICE's British platform to trade WTI oil had been exempt from these limits under a 1999 agreement between ICE Futures Europe's predecessor and the CFTC.
But that provision had come under fire in recent months as U.S. lawmakers, pressured by constituents from homemakers to big industrial users, look for reasons behind skyrocketing oil prices. Congress has recently set its sights on the role of speculators and manipulators in the energy markets, and some lawmakers have cited the so-called 'London loophole' as one area vulnerable to abuse.
The CFTC seems to have agreed. In testimony before a Senate hearing on oil markets, CFTC Acting Chairman Walter Lukken said the regulator "was trying to address all points of entry for crude," including by addressing overseas trades of a contract such as WTI that settles on a CFTC-regulated exchange.