<DrumBeat: September 23, 2008 The Oil Drum DrumBeat: September 24, 2008>

55 comments on Gloom and Doom - with a smile - the ASPO-USA 4 meeting in Sacramento

Comments can no longer be added to this story.

| Show without comments | PDF version

tonyw on September 23, 2008 - 5:29am Permalink | Subthread | Comments top

Reporting the Oil Story here's your dose of Doomer porn for the day:
The Mexican energy ministry Pemex has reported that oil production fell 9.2% over the first eight months of 2008 compared with the same period in 2007, leaving exports down 16%.

Cantarell was down 2.3% from its July level, is this an accelerating decline or just a one-off?? Hold tight going down. Hang on in there for next month's exciting report, same time same channel.

As I write this WTI has jumped over $18, hold tight going up, next stop soiled underwear, who knows. Has Yergin said oil is going down???

More scary stuff, in today's independent newspaper "Exclusive: The methane time bomb"
http://www.independent.co.uk/environment/climate-change/exclusive-the-me...

How much are we supposed to tip(ping point)?

Sorry no smiles from me today, spent all last week talking with bankers so just pissed off right now with how the sheeple are only interested in trivia.

Comments can no longer be added to this story.
ccpo on September 23, 2008 - 7:10am Permalink | Subthread | Parent | Comments top

Their exclusive isn't quite so exclusive as they claim. This has already been reported, and posted and commented on here. Here's the first link I could find.

http://www.theoildrum.com/node/4469#comment-400867

Thanks for the link. This piece does go into greater detail, particularly about the chimneys and the extent.

Some other stuff:

http://www.treehugger.com/files/2008/06/arctic-melting-inland-warming.php

http://www.loe.org/shows/segments.htm?programID=08-P13-00026&segmentID=3

Cheers

ADD: Got these links from your link.

http://www.independent.co.uk/opinion/commentators/steve-connor-the-ultim...

Scary: http://en.wikipedia.org/wiki/Clathrate_gun_hypothesis

Comments can no longer be added to this story.
tonyw on September 23, 2008 - 9:46am Permalink | Subthread | Parent | Comments top

ccpo, thanks for this I knew of the hydrates before but thought this was a new report! Oh well just another reminder not to trust the media too much.

On the subject of trust and getting my smiles back today, I received this Nigerian 419 email today, what do you think should I do?? It sounds soo good, money for nothing, chicks for free. After all J.P. Morgan paid lehman 138 billion dollars after Lehman had already filed for Chapter 11 bankruptcy, so why can't I have a share?

"Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transaction is 100% safe.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds. "

Yours Faithfully
Minister of Treasury
I'm Comrade Hank Paulson and i endorse this request

Comments can no longer be added to this story.
x on September 23, 2008 - 10:40am Permalink | Subthread | Parent | Comments top

The Administration and Secretary Paulson are giving the bum's rush to Congress just as Bush did with the Iraq war authorization. They failed in their duty to oversee the financial markets and relied on the free market ideology of the Republican Right which has now failed big time.

Ariana Huffington has a good post on her site. Her point is: Why should we let the bums who did this to the country define the fix?

It's a good point IMO. Rather than spending $700 Billion on Wall Street and banker bail outs, why not spend the same $700 billion on mortgage bailouts for homeowners who have screwed up. It kills two birds with one huge stone.

The defaulting mortgages are made whole again as well as the bankers and Wall Street. Every body wins. What's not to like?

If the bailout goes through as proposed, it should include a tax increase on corporations as well as upper income individuals to pay for it. Socialism for the rich should be paid for by the rich IMO.

Isn't that what the Right always tries to do when any social programs are aimed at lower incomes?

Comments can no longer be added to this story.
Sam Foucher on September 23, 2008 - 10:46am Permalink | Subthread | Parent | Comments top

You forgot to add this:

P.S: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Taken from Section 8 of the initial plan (http://blog.heritage.org/2008/09/20/text-of-the-bailout-legislation/).

Comments can no longer be added to this story.
research24 on September 23, 2008 - 12:41pm Permalink | Subthread | Parent | Comments top

Oh, and I like the part about all financial institutions become "an agent of the U.S. Government."

Wow, imagine Goldman Sachs and your 401k as agents of Henry IX.

Comments can no longer be added to this story.
tonyw on September 23, 2008 - 1:55pm Permalink | Subthread | Parent | Comments top

Khebab, old motto i just made up, what you don't ask for you don't get. First point in negotiating is to ask for something larger than what you expect to setle for, unlimited powers and no recourse sounds good to me.

If they get away with this they will just come back and ask for more. Next round, cut social security - do you have this in the USSA?

Right now the option of doing nothing is worse than this bailout since everything would completely freeze. Even though it would cost me big I am coming to the conclusion we cannot let these bar stewards get away with it and need to fire all the "investment" bankers just leaving those necessary for regular business.

Comments can no longer be added to this story.
reddot on September 23, 2008 - 2:49pm Permalink | Subthread | Parent | Comments top

and this:
Draft Notice For The Banks: The proposed financials "bailout" creates a Selective Service for banks and other money interests. Grab a hold of this...
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY
TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1...
Sec. 2. Purchases of Mortgage-Related Assets.
(a) ...
(b) Necessary Actions...
(1) ...
(2) ...
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

Dear XYZ Bank,
you are hereby legally drafted to serve at the government's pleasure.The Federal Sovereign Executive Branch rules, not Congress or the Supremes. Do not be so foolish as to misinterpret the word "reasonable". You are duly advised our drafting authority allows no recourse to protest or appeal. Only in that respect is it different from a Military Draft wherein you may request a Court Martial.
BTW, can someone explain the difference between a military draft and slavery?...or involuntary servitude?

Comments can no longer be added to this story.
tonyw on September 23, 2008 - 3:03pm Permalink | Subthread | Parent | Comments top

the difference between a military draft and slavery?...or involuntary servitude?

It's easy really, we draft, they enslave or involuntary servitude (that's not a real word!!) The first is legal because we are doing it, the other two are not because we're not, unless of course we are doing it for a good reason then it's in the interests of the people isn't it especially if we have managed to whip them up against something like commies, bin laden, saddam.... Heck, there's not much of a difference really is there?

Comments can no longer be added to this story.

55 comments on Gloom and Doom - with a smile - the ASPO-USA 4 meeting in Sacramento

Comments can no longer be added to this story.

| Show without comments | PDF version