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Maries Two Cents

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Homeland Security Advisory

June 22, 2008

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Barack Obama Is An Absolute Dumbass!!

Obama Calls For Oil Crackdown

With the cost of gas a top issue in the presidential campaign, Barack Obama on Sunday will announce a plan to crack down on oil speculation by tightening regulations on energy traders.

The announcement is further evidence that an Obama administration would take an activist, populist approach to regulating business.



Obama wants to close a loophole in federal law that exempts some energy traders from regulations that govern other exchange-traded commodities. Democrats call this “the Enron loophole” because it benefited the Houston energy-speculation firm that collapsed in an accounting scandal.

In response, John McCain campaign spokesman Tucker Bounds said: “The truth is Barack Obama is following John McCain’s lead to close a Wall Street loophole that was signed into law by President Bill Clinton. John McCain has supported bipartisan efforts to close this loophole and will work to address abuses in oil speculation.



"Barack Obama has voted the party line for Democrats who claim the loophole is fixed. The fact that Barack Obama is attacking John McCain, despite McCain’s leadership on the issue, shows that Barack Obama is driven by the partisan attacks that Americans are tired of.”

The Obama campaign accuses Phil Gramm — the former U.S. senator from Texas, who’s now a McCain campaign co-chair and economic adviser — of helping insert the exemption. Gramm's wife, Wendy, was a member of the Enron board of directors.

So today’s announcement — in an early-afternoon conference call featuring New Jersey Gov. Jon Corzine — allows the Obama campaign to both side with consumers and take a whack at McCain’s brain trust.



Obama said in a statement: “My plan fully closes the Enron Loophole and restores common-sense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future.”

The campaign calls the loophole “one example of the special interest politics that put the interests of Big Oil and speculators ahead of the interests of working people.”

Obama said: “For the past years, our energy policy in this country has been simply to let the special interests have their way — opening up loopholes for the oil companies and speculators so that they could reap record profits while the rest of us pay $4 a gallon.”

Here are excerpts from the text of the four-part “Obama Plan to Crack Down on Excessive Energy Speculation,” as provided by the campaign:



1) Fully Close the “Enron Loophole”: One of the reasons our energy market is particularly vulnerable to excessive speculation is the so-called “Enron Loophole” … [which means] Commodity Futures Trading Commission (CFTC) is unable to fully oversee the oil futures market and investigate cases where excessive speculation may be driving up oil prices. This regulatory gap is dangerous because: 1) the absence of government oversight has the potential to facilitate abusive trading or price manipulation. And 2) the failure of a large derivatives dealer could trigger disruptions of supplies and prices in energy markets. As President, Barack Obama will go beyond the changes included in the recently-passed Farm Bill and fully close the Enron loophole by requiring that U.S. energy futures trade on regulated exchanges. He will call for new, disaggregated data on index fund and other passive investments to increase transparency and oversight of the growing number of institutional investors participating in commodities futures markets. And he will support legislation directing the CFTC to investigate whether additional regulation is necessary to eliminate excessive speculation in U.S. commodities markets, including higher margin requirements and position limits for institutional investors.



2) Ensure That U.S. Energy Futures Cannot be Traded on Unregulated Offshore Exchanges: CFTC oversight of oil market speculation is also limited by rules that allow energy traders to engage in unregulated transactions through foreign subsidiaries of U.S. exchanges. Currently, about 30 percent of U.S. oil futures trades fly below the regulatory radar because they are transacted on a U.S. exchange that works through a subsidiary in London. Similar arrangements are being pursued by U.S. exchanges in partnership with Dubai as well. Barack Obama would limit the price impacts of excessive speculation by preventing traders of U.S. crude oil from routing their transactions through off-shore markets in order to evade speculation limits and also impose reporting requirements.



3) Work with Other Countries to Coordinate Regulation of Oil Futures Markets.

4) Call on the Federal Trade Commission and Department of Justice to Vigorously Investigate Market Manipulation in Oil Futures.

Story Here

Maps And Charts Shamelessly Stolen From:
Mike's America

VIDEO: ABC News Greenroom (This Week) Donna Brazile: "We Have To Shut Him Up"
VIDEO: Donna Brazile
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What part of GETTING OFF FOREIGN OIL AND DRILL FOR OUR OWN OIL does Obama NOT understand? All this talk is fine and dandy but it doesnt wash anymore. Obama is just like John Kerry, he will promise everyone the world and deliver on nothing.

This isnt change. This is the first step in the government takeover of oil company's! Then we ALL will really be paying at the pump.

Sweet Jesus when I read this all I could think of was Dumbass!




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6 Comments:

Blogger The WordSmith from Nantucket said...

Barack Obama Is An Absolute Dumbass!!

And this is Marie when she's toning down her language, folks.

June 22, 2008 2:56 PM  
Blogger The Liberal Lie The Conservative Truth said...

Great title Marie!!! Typical liberal response to anything regulate and let the government rather than the free market , "solve, " the problem. It is this type of regulation that has prevented our using our own resources for 30 years as well as building refineries that has created the problem in the first place. Yet Obama thinks more of the same will solve the problem.

Your discriptive name is right on the mark for BHO

June 22, 2008 4:19 PM  
Blogger J_G said...

Marie, Obama isn't exactly a dumb ass. He is giving his lockstep followers what they want. They want to see government take control of private business especially oil. They don't think we should pay low prices for oil either. The communist/socialist movement (they now call themselves progressives or greens)want you to pay even higher prices for gas and have all drive around in shoe boxes and ride mass transit so you have to sit there and let people cough all over you while you try to read the morning propaganda in the leftist newspaper.

The whole idea is to cut back on your freedoms and bring more control to government agency to regulate your life. They believe only a few are actually qualified to be in control and guess who that might be? Yes communist/socialists like Obama and his monied backers like george soros. Obama may be a dumb ass but he's smart enough to give the progressives or c/s's (as you can call them) what they want to hear.

Obama is weak, he believes in weak economic principles and a weak defense posture, this is the mainstream beliefs of the leftists.

June 22, 2008 9:56 PM  
Blogger Marie's Two Cents said...

LOL Word,

I cant help it.

Obama really pisses me off he's so damn stupid.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Ken,

I get what you are saying but Government cant get us out of this problem.

Congress says "The Oil wont be online for at least 10 years"!!

THEN WE BETTER GET STARTED!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Jenn,

Yes and privatizing oil, and Obama being in lockstep with and pleasing his followers at our expense MAKES HIM A DUMBASS!!

June 23, 2008 10:00 AM  
Blogger DD2 aka Debonair Dude said...

"Barack Obama Is An Absolute Dumbass!!"

Well Duh! Marie, did you just wake up?
LOL

June 23, 2008 10:11 AM  
Blogger Marie's Two Cents said...

DD,

I just feel it neccessary to remind everyone.

You know me, I call 'em as I see 'em.

June 23, 2008 9:38 PM  

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