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The American Economy

Discussion in 'Controversial Topics' started by eggplant43, Apr 20, 2011.

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  1. poochee

    poochee

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    Oil prices fall as US supplies grow(y)
    CHRIS KAHN | June 20, 2012 04:37 PM EST | AP

    NEW YORK — A "build" and a "Twist" knocked oil prices to the floor on Wednesday.

    In the morning, the government announced a surprise increase, or build, in U.S. oil supplies. That told investors that America has a bounty of crude and less need to import more from foreign countries. Then the Federal Reserve extended an interest-rate reduction program known as Operation Twist, but declined to take more aggressive steps to boost the economy.

    Together, they sent the price of oil to a nine-month low.

    Benchmark U.S. crude dropped $2.23, or 2.7 percent, to end the day at $81.80 per barrel in New York. That's the lowest level since October. Brent crude, which is used to price much of the oil imported into the U.S., lost $3.07 to finish at $92.69 per barrel in London. That's Brent's lowest finish since December 2010.

    Wednesday's drop was among the biggest in a nearly two-month swoon that has slashed 23 percent off the price of oil.

    http://www.huffingtonpost.com/huff-wires/20120620/oil-prices/
     
  2. ekim68

    ekim68 Mike

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    There have been ample supplies for some time and the US has been exporting Oil for some time...Why is this even news? :confused:
     
  3. poochee

    poochee

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    The Scam Wall Street Learned From the Mafia
    How America's biggest banks took part in a nationwide bid-rigging conspiracy - until they were caught on tape
    I have been referring to them as "The Wall Street Mafia" for some time.
    By Matt Taibbi
    June 21, 2012 11:20 AM ET

    Someday, it will go down in history as the first trial of the modern American mafia. Of course, you won't hear the recent financial corruption case, United States of America v. Carollo, Goldberg and Grimm, called anything like that. If you heard about it at all, you're probably either in the municipal bond business or married to an antitrust lawyer. Even then, all you probably heard was that a threesome of bit players on Wall Street got convicted of obscure antitrust violations in one of the most inscrutable, jargon-packed legal snoozefests since the government's massive case against Microsoft in the Nineties – not exactly the thrilling courtroom drama offered by the famed trials of old-school mobsters like Al Capone or Anthony "Tony Ducks" Corallo.

    But this just-completed trial in downtown New York against three faceless financial executives really was historic. Over 10 years in the making, the case allowed federal prosecutors to make public for the first time the astonishing inner workings of the reigning American crime syndicate, which now operates not out of Little Italy and Las Vegas, but out of Wall Street.

    The defendants in the case – Dominick Carollo, Steven Goldberg and Peter Grimm – worked for GE Capital, the finance arm of General Electric. Along with virtually every major bank and finance company on Wall Street – not just GE, but J.P. Morgan Chase, Bank of America, UBS, Lehman Brothers, Bear Stearns, Wachovia and more – these three Wall Street wiseguys spent the past decade taking part in a breathtakingly broad scheme to skim billions of dollars from the coffers of cities and small towns across America. The banks achieved this gigantic rip-off by secretly colluding to rig the public bids on municipal bonds, a business worth $3.7 trillion. By conspiring to lower the interest rates that towns earn on these investments, the banks systematically stole from schools, hospitals, libraries and nursing homes – from "virtually every state, district and territory in the United States," according to one settlement. And they did it so cleverly that the victims never even knew they were being *cheated. No thumbs were broken, and nobody ended up in a landfill in New Jersey, but money disappeared, lots and lots of it, and its manner of disappearance had a familiar name: organized crime.

    In fact, stripped of all the camouflaging financial verbiage, the crimes the defendants and their co-conspirators committed were virtually indistinguishable from the kind of thuggery practiced for decades by the Mafia, which has long made manipulation of public bids for things like garbage collection and construction contracts a cornerstone of its business. What's more, in the manner of old mob trials, Wall Street's secret machinations were revealed during the Carollo trial through crackling wiretap recordings and the lurid testimony of cooperating witnesses, who came into court with bowed heads, pointing fingers at their accomplices. The new-age gangsters even invented an elaborate code to hide their crimes. Like Elizabethan highway robbers who spoke in thieves' cant, or Italian mobsters who talked about "getting a button man to clip the capo," on tape after tape these Wall Street crooks coughed up phrases like "pull a nickel out" or "get to the right level" or "you're hanging out there" – all code words used to manipulate the interest rates on municipal bonds. The only thing that made this trial different from a typical mob trial was the scale of the crime.

    Read more: http://www.rollingstone.com/politic...learned-from-the-mafia-20120620#ixzz1yRuKRDhx
     
  4. nittiley

    nittiley Banned

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    not saying this is the reason, however.. a week ago, a petition (below) was circulating. it's possible that an announcement of oil prices dropping would make the public feel less inclined to do anything about ending tax subsidies..?

     
  5. poochee

    poochee

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    Merrill Lynch Fined For Overcharging Customers
    The Wall Street Mafia strikes again.
    By The Associated Press 06/21/12 03:23 PM ET

    NEW YORK -- A financial regulator has fined Merrill Lynch $2.8 million for overcharging customers with fees and for failing to provide timely trade confirmations.

    The Financial Industry Regulatory Authority said Thursday that it fined Merrill Lynch, Pierce, Fenner & Smith after it found the broker overcharged nearly 95,000 customer accounts with fees totaling more than $32 million from April 2003 to December 2011.

    http://www.huffingtonpost.com/2012/06/21/merrill-lynch-fined-for-o_n_1616867.html
     
  6. buffoon

    buffoon

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    Said it before but, never one to give up:), I'll readily say it again:

    1. crude exports and exports of refined (such as gas, diesel) should not be confused.

    2. Selling Alaskan or Texas Gulf to geographically favorable locations may incur gains that make imports (from equally geographically favorable locations) more readily affordable.

    3. sales on such basis may also be more competitive, even if the oil company at various locations is one and the same.

    4. consider swaps for the above reasons.

    5. The US oil production is not and never will be enough to cover the US demand.

    6. Gains derived from swaps or selling to one, in order to economically import from another location, may benefit oil companies more than the public.

    May!
     
  7. ekim68

    ekim68 Mike

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    So I guess they can afford to lose 2 or 3 billion without much pain....:eek:

    Study: Mega Bank JP Morgan Chase Receives A $14 Billion Annual Subsidy From The U.S. Government

     
  8. ekim68

    ekim68 Mike

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    Call a timeout on gas exports

    Good for Capitalists I suppose, so say goodbye to our country's resources for the needs of the few...(n)
     
  9. poochee

    poochee

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    ;)June 27, 2012

    Americans' Confidence in Banks Falls to Record Low
    Wonder why?;)
    More Americans have little or no confidence in banks than have a great deal or quite a lot
    by Dennis Jacobe, Chief Economist

    PRINCETON, NJ -- Americans' confidence in U.S. banks is now at a record-low 21%, down slightly from 23% in the past two years and one percentage point below the 22% found in 2009. The percentage of Americans saying they have a "great deal" or "quite a lot" of confidence in U.S. banks is now about half the pre-recession level of 41%, recorded in June 2007.

    http://www.gallup.com/poll/155357/A...ication&utm_content=morelink&utm_term=Economy
     
  10. poochee

    poochee

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    IRS collects $5 billion from offshore tax cheats(y)
    By Blake Ellis @CNNMoney June 26, 2012: 4:43 PM ET

    http://money.cnn.com/2012/06/26/pf/taxes/irs-offshore-tax-cheats/
     
  11. ekim68

    ekim68 Mike

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  12. eggplant43

    eggplant43 Thread Starter

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  13. ekim68

    ekim68 Mike

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    Mark Cuban: High-Frequency Traders Are the Ultimate Hackers

     
  14. Wino

    Wino

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  15. poochee

    poochee

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    Peter S. GoodmanBecome a fan
    Starbucks CEO Issues Open Letter, Calls For Job Creation(y)
    Posted: 06/29/2012 6:08 am Updated: 06/29/2012 10:44 am


    http://www.huffingtonpost.com/2012/06/29/starbucks-ceo-issues-open_n_1632674.html
     
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