They Said It. I Repeat It.

We have a new religion. It’s called free marketry, you know. We’re going to privatize everything. We’re privatizing almost everything that’s privatized, when the Depression came along in the ‘30s, you know, the government played a little role. The government, until Roosevelt, played no role in our cities life except the postmaster. Then it stepped in, benignly, interven-, you had to because free marketry fell on it’s fanny.

Studs Terkel 2003
Television In America: An Autobiography

-AF

**A Happy 96th Birthday, albeit two weeks late, to an American Icon.

The CTFC & Oil Prices: A Barrel Full O' Monkeys, Pt. 1

Reuter's reports "U.S. oil probes focusing on price manipulation":

A U.S. regulatory probe into potential oil-market trading abuses is focusing on possible short-term manipulation of benchmark crude prices and the use of information related to important oil storage tanks to influence prices, the Wall Street Journal reported on Friday.

The report comes a day after the Commodity Futures Trading Commission, under pressure from U.S. lawmakers to crack down on speculators they blame for pushing energy prices to record highs, said it would step up market surveillance.

There's no doubt in my mind that speculators play a large role increased gas prices here in the US. I think the average American can grasp this concept. But I also think the average American wants to know why when the price of that sweet, sweet light crude goes up in the morning, the price of all oil already refined, already in the massive underground tanks at their local gas station, also goes up.

All production and transportation costs for that gas have already been paid. There is no increase in cost of that gas to the oil companies. But there is an increase in it's value. Thus the price you pay to fill up your tank goes up often twice each day.

How can the oil cos. get away with this? Easily. Until we rid our current government of the oil men riddled throughout and our duly elected representatives grow some cajones, we're powerless to oppose them. Our Congressional oil hearings have been a joke.

It's crystal clear Exxon-Mobil and friends are beholden to no one other than their stockholders. Their stockholders are ecstatic. Their stockholders can afford to fill up their tanks too. They probably all drive Hummers, Escalades and RVs. And why not? But I digress...

Fortunately for us, the Commodity Futures Trading Commission AKA the CTFC is on the case:

The CFTC announced a nationwide investigation into energy trading last December, but is in fact pursuing several oil investigations, many of which relate to one another, the Wall Street Journal reported, citing people familiar with enforcement priorities of the agency.

Wow! "Several oil investigations"! That's good, right? Not so fast. According to the CFTC's own 2006 Performance Accountability Report:

In FY 2006, Commission staff conducted daily surveillance of 1,135 active futures and option contracts. In particular, close monitoring was conducted on the energy futures markets...

Still, even with all of that CTFC vigilance, the price of oil has increased 40-fucking-percent in the first five months of this year! So what else can the CFTC do? More Reuters:

It has expanded its probe into alleged short-term manipulation of crude-oil prices via a widely used price-reporting system run by Platts, a unit of McGraw-Hill Cos, the newspaper reported.

They're just now expanding their probe to include Platts? Fer chrissakes, Platts has only been around for 90 fucking years!?! What's this unbelievably long overdue probe about?:

The probes appear to focus on gambits well known by traders in the opaque physical oil market, where trading a small volume of cash crude or gasoline during a short period when benchmark prices are set can yield big profits on derivatives positions.

Oil traders say that these kind of leveraged trading plays -- which are generally not illegal -- were more common prior to the Enron melt-down and the California power trading scandal that triggered increased scrutiny of world energy markets earlier this decade, but rarely had a lasting effect on prices.

Ah, Enron. It's funny how that name pops up. Two CTFC Commissioners(!) played a major role in the development, drafting and passage of the CFMA (H.R. 5660)." That's the legislation that created the "Enron loophole." It's this very legislation that created the oil futures mess in the first place!

That and more in Part Deux when we meet the Republican monkeys on the CTFC.

-AF

VA Sec. James Peake Is A Huge Asshole

He's dumber than dirt too. Via Think Progress:

Over the weekend, Veterans Affairs Secretary James Peake visited Alaska with Sen. Ted Stevens (R-AK). While there, they met with Vietnam veteran John Guinn, who questioned the Secretary about the growing problem of post-traumatic stress disorder (PTSD) amongst veterans. Instead of addressing Guinn’s concerns, Peake dismissed them:

VA secretary Peake suggested some of the concern about post-traumatic stress disorder and traumatic brain injury has been overblown.

Many of the brain injuries are serious but some of them are akin to what anyone who played football in their youth might have suffered, Peake told Guinn.

Guinn wasn’t entirely satisfied with the answers. He said it’s a real issue for returning soldiers as well as their families, and he doesn’t think job training is enough.

On Saturday, Peake also said that many vets with PTSD may just need “a little counseling” and shouldn’t “need the PTSD label their whole lives.”

Despite his 40+ year military career, retired US Army Surgeon General Peake has proven he not only knows nothing about veterans but he also knows jack all about medicine. Where do I start ripping?

Vets with PTSD do not “need the PTSD label their whole lives.” PTSD is not a label anyone would ever want for any reason. With proper intensive treatment, not "a little counseling as Secretary Peake suggests," many vets will lead relatively normal productive lives.

I used to play contact sports. I was also a serious downhill ski racer. I’ve been in a few car accidents. I've whacked my head a few too many times (which explains a lot). I’ve had one diagnosed TBI or traumatic brain injury. I’ve also had PTSD.

Traumatic brain injury is a medical term describing what occurs when your head is struck by something, stops and your brain keeps going striking the inside of your skull. This could be caused by a bomb's concussion blast or a simple slip & fall. PTSD is a psychological term describing a specific response to a severe emotional trauma. While both can happen concurrently, they are completely different medical problems that require specific, intensive and separate treatment.

As long as we have clowns like Peake in charge of their wellbeing, veterans will continue to get short shrift.

-AF

Spy Vs. Spy

Milan's anti-terrorism police chief spied on CIA agents who kidnapped Muslim cleric Abu Omar. The LA Times has the fascinating skinny.



-AF
(HT: TPM)

This Does Not Surprise Me...

...But the sheer extent of it does. The Media fucked us big time.

In the run-up to the Iraq War, news executives across the board dictated that the coverage reflect the wave of patriotism sweeping our nation. Concerned far more about ratings than the truth, the folks upstairs killed stories critical of the administration, admonished/fired/reassigned overly aggressive or outspoken reporters, required two conservative guests for every dissenter(no liberals could be interviewed alone), pushed stories that were positive to the Bush Administration, etc.

Glenn Greenwald has the lowdown.

-AF

My Feelings Exactly

Ribbon-Based Economy.

-AF

(HT: Liesl)

"I Didn't Get Nominated. Waaaaaah!"

Christine Smith quits the Libertarian Party. That was quick. After her surreal literally fangs-bared condescending performance at last Sunday's Libertarian Party Convention, the newbie and wannabe became a has been. Smith couldn't overcome the perception that she was a band wagon jumper. By jumping off the Libertarian wagon, she proved their point. She also came off as a very sore loser.

Claiming her exit was in protest of fellow newbie-band-wagon-jumper-ex-Republican Bob Barr's nomination, Smith ripped her now former party in a rambling resignation letter of sorts, The LP as "The Party of Principle" is DEAD. Here's an excerpt:

I think the party is a waste of time and resources...

No true libertarian would support (or defend) the selection of Bob Barr. (For those who choose to remain in the LP to try and repair it, it will take many years to even return to the place the party was a few days ago.) The hope and enormous potential the LP, as "The Party of Principle," had in 2008 was enormous - now that has been destroyed.

It was my devotion to libertarian philosophy that led me to join the LP, and it is the reason I must leave.

I'm going home and I'm taking my ball with me. Waaah!

Rather than than expend the necessary effort to put her adopted party of some three years back on course thus earning much needed credibility, Smith threw the baby out with the bath water. This story dovetails nicely with an upcoming post.

Stay tuned...

-AF

Andy Ostroy Sez: "Hillary Should Quit."

Dear Hillary:
What happened? No really, what the fuck just happened to you? I can't for the life of me figure out how a once-promising presidential campaign -- a sure thing for Pete's sake -- turned into a pathetic embarrassment?

My feelings exactly. Read the rest here.

I admire Andy Ostroy tons. He's not only an smart cat but he's also the husband of one of my all-time fave actors, the late Adrienne Shelly. (For the most part I act like a tough guy but it's because I can't help shed a tear watching her films that I haven't yet seen her directorial debut Waitress). For those of you unfamiliar with Shelly's work, run (don't walk) wherever you get yer DVDs and grab the astonishing Hal Hartley-directed The Unbelievable Truth (and Trust if you can find it).

In memory of Adrienne, Andy has set up The Adrienne Shelly Foundation. The Foundation's goal is to provide support for female actors, writers and directors. A very worthy cause I endorse it without reservation. Please donate what you can here.

-AF

RIP: Sidney Pollack

Sidney Pollack was a true movie industry titan the likes of which we rarely see anymore. As an aspiring film maker, I've watched all of his films and read or seen numerous interviews. He was a meticulous craftsman.



Pollack died of cancer yesterday at age 73.

Godspeed Mr. Pollack.

-AF

Whereby Pres. Hillary Clinton Resembles Pres. George W. Bush

I'm probably not saying anything new here but I'm compelled to say it nonetheless...

The truth is the longer Hillary insists on staying in this race, the less attractive a candidate she becomes to this voter. (Can you say Senator John Hall, New Yorkers?) Her naked ambition, not to mention that of her husband's, lays her faults bare for all the world to see. What I find most disturbing is how Sen. Clinton, the candidate, has more and more come to resemble George Bush, the President. There, I've said it.

I've already discussed my other Hillary "problems" here and here. What should now be the most critical concern to Sen. Clinton's die hard supporters, and thus all Democratic voters, is two-fold:

1. Her penchant for statements that can easily be "misunderstood" or "taken out of context."
2. Her inability to take responsibility for these statements through a proper, timely apology.

Even if you believe that some of Hillary misstatements were not intentional, and I do not, have we not spent seven-and-a-half years living through a Presidency just like this?

Time and time again we've watched helplessly as our current President has made thoughtless self-serving statements with a total disregard as to how they might be received and/or misinterpreted. Statements that have ranged from those damaging to our country's international reputation (mentioning Hitler at Israel's 60th Anniversary celebration. WTF?) to those endangering our troops' lives ("Bring 'em on!").

For our next Commander-In-Chief, we desperately need the most thoughtful successor possible. Sen. Clinton has offered abundant proof she does not meet this criterion. A sample of Candidate Clinton's most damaging statements:

1. "We all remember Bobby Kennedy was assassinated in June in California."
   
2. "Dr. [Martin Luther] King's dream began to be realized when President Lyndon Johnson passed the Civil Rights Act of 1964…it took a president to get it done."
3. Florida and Michigan primaries "don’t count for anything.’"
4. "(We have a) basic obligation to make sure that every vote in America counts" implying that the Democratic Party doesn't want every vote to count.
   
5. "I am not violating the pledge" referring to her decision to campaign in Florida after pledging not to.
6. "It is well within the Democratic Party rules to take this stand." Then she implied her opponents, who kept their pledges not to campaign in FL & MI, were comparable to those who were for slavery and against women's suffrage.
7. "We have to carry the states that I’m carrying, the primary states, the states that really have to be in the winning Democratic column” minimizing Sen. Obama's primary victories in traditionally Republican Western states i.e. only big states count.
   

All of this and more Hillary Clinton has said in either total disregard for or oblivious to how hurtful it was to individual citizens, certain states' voters, our entire democratic process and her Party. It goes beyond the self-serving. It's flat-out selfish. And the longer her campaign drags on, the more frequently we see this act from either Sen. Clinton or her surrogates.

This is not Presidential behavior, Hillary. It's just not. It is not when President George Bush does it. It definitely is not when Presidential candidate Hillary Clinton does it. There's no excuse for it. Period.

It's not Senatorial behavior either. There's precious little time left for Sen. Clinton to bow out of the race with a modicum of self-respect intact. By doing so sooner rather than later, she has an opportunity to regain some trust and respect from her constituents too.

-AF

PS If you still haven't yet seen it, what's wrong with you?, here's last Friday's Keith Olbermann Special Comment on Senator Clinton.