Obama & Oil

[SXSMITH]

Wait a minute. If he's elected president, doesn't that take him out of the Senate where legislation is written?

Why can't he do what he's proposing RIGHT NOW???

Obama calls for oil crackdown - Mike Allen - Politico.com

[Gaolee]

Sounds like we need McCain in the Senate. He proposed it first.

[gfarce]

Hmmm, I wonder what bill which closes the "Enron Loophole" our boy Dubya would put his name on?

Thankfully, McCain's not been a patsy on this issue so far, but let's not forget: Phil Gramm is his chief financial advisor and Gramm's wife, Wendy, was on the Enron board and is a central figure in the creation of the freewheeling regulatory atmosphere that many believe has brought hockey-stick increases to energy prices.

So it very well could make a big difference who's in the Oval Office when something like this gets done in Congress. Like the difference between a simple majority in both houses and a 2/3 veto override.

[baldheadeddork]

Originally Posted by gfarce

Hmmm, I wonder what bill which closes the "Enron Loophole" our boy Dubya would put his name on?

Thankfully, McCain's not been a patsy on this issue so far, but let's not forget: Phil Gramm is his chief financial advisor and Gramm's wife, Wendy, was on the Enron board and is a central figure in the creation of the freewheeling regulatory atmosphere that many believe has brought hockey-stick increases to energy prices.

So it very well could make a big difference who's in the Oval Office when something like this gets done in Congress. Like the difference between a simple majority in both houses and a 2/3 veto override.

Ding ding ding...

Trusting Phil Gramm to correctly give the time of day is reason enough to question McCain's competence to become president. Gramm is singularly responsible for three of the biggest economic scandals of the last decade. (Accounting scandals of 2002, mortgage and bond scandals of 2007-200?, energy trading scandals of 2002 and 2007-2008.)

Listening to him on economics is like taking advice on birth control from the Jim Bob and Michelle Duggar.

[SXSMITH]

So if we do something about the so-called Enron Loophole, all markets around the world obey?

This wouldn't be the first time that Democrats believe they pass Intergalactic Laws.

Oh, BTW...

The "loophole" refers to 7 U.S.C. §2(h)(3) and (g) of the Commodity Futures Modernization Act of 2000 or CFMA (Public Law 106–554, §1(a)(5) [H.R. 5660], December 21, 2000, 114 Stat. 2763, 2763A–365, 7 U.S.C. § 1).

The legislation was signed by President Bill Clinton in December 2000 to allow for the creation, for U.S. exchanges, of a new kind of derivative security, the single-stock future.

[Tripped1]

It'll never happen, even it we elect Obama AND he follows through on a campaign promise, it'll never make it through congress there is simply to much campaign money coming out of big oil.

[shah269]

Big oil owns us. no ands iffs or buts!

[Tripped1]

NYT: Obama closely linked with ethanol - The New York Times - MSNBC.com

Another GREAT idea....not.

[SXSMITH]

Originally Posted by Tripped1

It'll never happen, even it we elect Obama AND he follows through on a campaign promise, it'll never make it through congress there is simply to much campaign money coming out of big oil.

If Bill Clinton signed the Enron Loophole into law, wouldn't Obama be for it?

[SXSMITH]

Originally Posted by Tripped1

NYT: Obama closely linked with ethanol - The New York Times - MSNBC.com

Another GREAT idea....not.

Why on earth are we burning our food?

[Gaolee]

Originally Posted by SXSMITH

Why on earth are we burning our food?

Because we are yeast.

[gfarce]

Ethanol is a giant boondoggle to support the farmers.

One of McCain's stands that I admire is -- or is it "was"? -- his opposition to it.

Wastes a valuable food crop, too much energy in for not enough out, dumb tariff on more sensible Brazilian stuff, all make it a very expensive gift to the farm lobby. That it is supposed to be more "carbon neutral" is pretty cold comfort at the moment.

Given the droughts/famines around the globe right now, the farmers should be able to do quite well, thank you, selling their food grains -- for food.

I hope there will be a complete reassessment of all this starting next January. It's probably too much to expect McCain to stomp on one of the GOP's most reliable constituencies, or Barack to turn on his down-state support, before then.

[Tripped1]

Originally Posted by SXSMITH

If Bill Clinton signed the Enron Loophole into law, wouldn't Obama be for it?

Here's a news flash. He's trying to get elected, this means he will do and say whatever he has to to get elected. Once he gets elected either he will forget he ever said it or congress will dick the dog.

Besides, oil is an international market. Even if we straighten out the NYSE there is nothing we can do to regulate the OTHER major global markets. So guess what, even if he DOES get it passed, the net result is nothing, the oil prices will continue to be regulated on the GLOBAL scale, no matter what greenie crap we try to do.

[SXSMITH]

Originally Posted by Tripped1

Here's a news flash. He's trying to get elected, this means he will do and say whatever he has to to get elected. Once he gets elected either he will forget he ever said it or congress will dick the dog.

Besides, oil is an international market. Even if we straighten out the NYSE there is nothing we can do to regulate the OTHER major global markets. So guess what, even if he DOES get it passed, the net result is nothing, the oil prices will continue to be regulated on the GLOBAL scale, no matter what greenie crap we try to do.

Well, we do agree on that.

[baldheadeddork]

Originally Posted by SXSMITH

So if we do something about the so-called Enron Loophole, all markets around the world obey?

This wouldn't be the first time that Democrats believe they pass Intergalactic Laws.

We wouldn't need to pass intergalactic laws. We're the largest oil consumer in the world, we have what is by far the largest oil trading exchange in the world, and we're the only country with a large trading market that has allowed this idiocy.

If we close the Enron loophole here, it ends.

Oh, BTW...

The "loophole" refers to 7 U.S.C. §2(h)(3) and (g) of the Commodity Futures Modernization Act of 2000 or CFMA (Public Law 106–554, §1(a)(5) [H.R. 5660], December 21, 2000, 114 Stat. 2763, 2763A–365, 7 U.S.C. § 1).

The legislation was signed by President Bill Clinton in December 2000 to allow for the creation, for U.S. exchanges, of a new kind of derivative security, the single-stock future.

One of many reasons why I did not want the Clinton's back in the White House or running the Democratic party...

And Bill Clinton isn't Barack Obama's top economics adviser. Phil Gramm, who created this crap, does have that role for John McCain.