THE DOT - if this turns orange or red be alert

Wednesday, June 16, 2010

part 2

2. Obama used the same words about wallstreet 2 years ago like - reckless - and -make no mistake - especially the last one he uses quite often all it seems to imply is that rather the opposite will happen only this time he has to keep the heat up til mid term elections.
It was reckless of Bernanke and Geithner to let Lehman go bust and have JP Morgan steal Bear Stearns with taxpayers hooked up for the toxic assets.
It is reckless that the FED bought up at insane prices MBS from banks hooking up taxpayers with trillions of bad assets if you add the bullshit Fannie and Freddie were ordered to buy.
It is reckless Mr President to tell the people that the economy is fine then you cook numbers and give false information - make no mistake you do not get out of a depression by just denying it and printing money.
It is reckless to create a carry trade for banksters by creating negative interest rates for Mainstreet and let them pay record bonuses with stolen money from mainstreet.

excerpt

Obama Vows BP Will Pay for Gulf Well ‘Recklessness’


By Catherine Dodge and Nicholas Johnston

June 16 (Bloomberg) -- As devastation from the worst U.S. oil spill mounts, President Barack Obama vowed that BP Plc will pay for all damage caused by its “recklessness” and that the government would commit to restoring the Gulf Coast.

“We will fight this spill with everything we’ve got,” Obama said last night in his first address to the nation from the Oval Office. “We will make BP pay for the damage their company has caused. And we will do whatever’s necessary to help the Gulf Coast and its people recover from this tragedy.”

Almost two months into the environmental disaster, Obama sought to reassure Americans as BP’s blown-out well continues spewing crude into the sea, threatening livelihoods and economies in the coastal states.excerpt 2


Matt Simmons Revises Leak Estimate To 120,000 Barrels Per Day, Believes Oil Covers 40% Of Gulf Beneath The Surface





Matt Simmons was on Bloomberg earlier, adding some additional perspective to his original appearance on the station, in which he initially endorsed the nuclear option as the only viable way to resolve the oil spill. Simmons refutes even the latest oil spill estimate of 45,000-60,000 barrels per day, and in quoting research by the Thomas Jefferson research vessel which was compiled late on Sunday, quantifies the leak at 120,000 bpd. What is scarier is that according to the Jefferson the oil lake underneath the surface of the water could be covering up to 40% of the entire Gulf of Mexico. Simmons also says that as the leak has no casing, a relief well will not work, and the only possible resolution is, as he said previously, to use a small nuclear explosion to convert the rock to glass. Simmons concludes that as punishment for BP's arrogance and stupidity the government "will take all their cash." Now if only our own administration could tell us the truth about what is really happening in the gulf...


No comments:

About Me

I am a professional independent trader