Archive for June, 2008
U.S. crude oil prices rose more than $9 a barrel to a record $137.70 a barrel, the biggest gain in dollar terms in the history of the market, on bullish forecasts from big investment banks like Morgan Stanley — which said Friday oil could hit $150 a barrel by early July. Morgan Stanley, the same losers that had a total fourth quarter writedown of approximately $9.4 billion (2007) on subprime issues! What right do they have to speculate on oil, when the net result is an immediate jump in gasoline prices for every man, woman, and child in the United States? Morgan Stanley – the same self serving subprime losers that are attempting to make a profit on the backs of everyone and anyone they have yet to touch.
It is interesting to note that some investment banks that lost money – millions or billions – on subprime are now involved with oil, futures trading, index trading, and high oil prices. Are the making up for loses by adding pain for Americans? You decide. On the mortgage issue, nearly 1 in 10 U.S. homeowners faced foreclosure or fell behind in their mortgage payments in the first three months of the year, according to a report released Thursday, a figure that offers a look into the toll caused by the collapse of the housing market.
Should the government investigate current conditions? Will a free economy poison itself, and the rest of the world, as it did with subprime mortgages? Are banks and institutional investors trying to recap $385 Billion dollars (USD) in collaterized debt obligation losses? These questions and many more are being discussed at Crazy Speculators (www.crazyspeculators.com) and we think it is important. The truth is some of the major players that ruined subprime and Alt-A are the same major players driving up everything from oil and gasoline to cotton and corn.