Woops – Goldman Sachs’ Bad Bet

Looks like somebody at Goldman decided to go long on oil futures.  Or, they’re knee deep/bullish on big oil stocks.  Regardless, worthless announcements like yesterday’s (see below) won’t help other than a quick $4 rise in oil futures prices.

http://www.forbes.com/feeds/ap/2008/07/30/ap5271343.html

“A report by Goldman Sachs predicting prices could hit $149 a barrel by the end of year is also feeding the rally.”

Goldman better hope Iran gets some sanctions slapped on them and/or the fed proves even more worthless and does nothing to the interest rate.  BTW – Oil fell slightly in overnight trading.

$3.50 a gallon coming to a station near you though a lot of people are still aiming for $150-$175+ a barrel.  e.g. The Libyan state oil company head (see below) is bullish on oil too.  I wonder why?

http://www.forbes.com/afxnewslimited/feeds/afx/2008/07/31/afx5274405.html

“There is a big fall because prices are currently high,’ he said by telephone. ‘When prices are 130 or 140 dollars per barrel, they fall back more sharply.’

He said that ‘we are following developments (on prices) closely … but we think they will rebound.'”

Fed – it’s time to act…hike the interest rate as originally seen on BccList.com here. Bla.

Update: Oil traded even lower during the day trading today – July 31st.  Awesome.

http://afp.google.com/article/ALeqM5jZe61qipa4iGfZlJ5wNUYWfnZrDg

Who at Goldman Sachs put out that “prediction?”

Note – we’re not out of the “busy driving season” yet so I can’t fully taunt the clowns at Goldman.

CNN Main Page – Taunting Pot Smokers All Over the World

I betcha CNN.com is getting about 420 extra hits a second right now and people are gearing up for an extra long lunch.

Click picture(s) below for screenshot(s) in the event that CNN finally pulls the plug on highlighting drug use on their main page…

Update 1: The CNN main page updated with another pic – those bastards…

Update 2: They finally pulled the pic AND story from the main page.  Here is the link to the original story.

And Then There Were (Supposedly) Three

Tim Kaine, Joe Biden, and Evan Bayh.

It truly doesn’t matter since the general election race is over.  It’s worth noting, I’ve not really paid attention to the VP vetting process once Obama’s additional vote getter – Jim Webb – ADAMANTLY said he would not seek the position.

Regardless, the “scary” thing about all three of these candidates without military experience is that mccain will immediately select a Tom Ridge (security of homeland security from the purple state PA) or somebody with vast military experience to scare the shiat out of us.  Of course, there will be an October Surprise in an attempt to solidify that fear.  But, I don’t think any of Obama’s current and continuous/unwavering 47% support is going anywhere regardless.

Blue = positives.  Purple = so-sos. Red = negatives…

Tim Kaine: Mainstream Media’s shoe in. Born in a purple state – Minnesota.  Went to school in a purple state – Missouri.  Catholic – but, not your normal Catholic.  He took a year off to work for a Roman Catholic missionary.  Mayor, Lieutenant Governor, and now a Governor of a red state that is turning purple if not blue – e.g.  Kaine, Webb, Obama finally up in the VA general election polls, etc. Aside from the aforementioned lack of military experience (all three “front runners”), somebody find me a negative other than his receding hair line and cartoonish looking face.

Joe Biden: Fan favorite during the 2008 dem debates.  Old as the day is long.  Catholic. Vast foreign policy experience/connections.  Born in PA. But, the plaigarizing “scandal” from a past presidential run and being only a senator from an “unimportant” state (Delaware) doesn’t help.

Evan Bayh: Who?  Exactly. Senator and current Governor of Indiana. Awkward HRC supporter. I’d rather see mccain have to waste money in VA trying to beat out Obama with Kaine as his running mate since mccain will probably carry Indiana even with Bayh on the ticket.  Also, not a Catholic.

An Open Blog Posting to the People of Iran

Dear Iran,

Your president makes you look crazier than you probably are!  Don’t worry though, we (alone) can’t afford another “Shock and Awe” and/or managing another country that has turned into civil unrest.  So, you’re in the clear for now though it has to be known your president is a worldwide laughing-stock.  I know, I know – our idiot isn’t much better.

http://www.cnn.com/2008/WORLD/meast/07/29/iran.aids.ap/index.html

Per the link above, Ahmadinejad is nuttier than Mike Tyson and the senile version of Ralph Nader combined.  Translated: That’s fcking SUPER crazy.

Along with previously denying the existence of the Holocaust, the following (from the linked cnn article) is laughable…

“The big powers are going down,” Ahmadinejad told foreign ministers of the Nonaligned Movement meeting in Tehran. “They have come to the end of their power, and the world is on the verge of entering a new, promising era.

Iran’s president on Tuesday blamed the U.S. and other “big powers” for nuclear proliferation, AIDS and other global ills, and accused them of exploiting the U.N. and other organizations for their own gain and the developing world’s loss.”

Ok, I’ll reluctantly concede nuclear proliferation.  AIDS?  Other global ills? The world is on the verge of entering a new, promising era?

Those Bastards at Ford Are Reading My Blog!

From last week – a few days before Ford posted an $8 billion loss…

http://online.wsj.com/article/SB121677426674075729.html

“On Thursday, Ford will announce a plan to transform three North American truck plants to build small cars developed originally for European markets, according to people briefed on the company’s plans.

The plants will be retooled to make compact cars based on a common set of components that Ford now uses in Europe to produce several models. They include the Focus subcompact — which is a sportier version of the Focus Ford sells in the U.S. — as well as the Kuga crossover and the C-Max small wagon.”

As originally seen on BccList.com here

“Judging by the cars you see on the highways, Italians/Europeans definitely think Ford first.  If not first, then second or third.  I see how Ford turned a profit in Q1.  Amazing – Ford should release their standard 4 door European car that I’ve been seeing everywhere in America.  It’s efficient but large enough for a family.  No, it’s not the ugly Ford focus we’re used to in the states…it actually looks decent.  Ford, this isn’t rocket science – you figured things out in Italy/Europe.  Now duplicate the business model of making decent/efficient cars in America.”

Even though a blogger on an overseas trip “announcing” things slightly faster than a company that should have seen this trend 5+ years ago is concerning, I obviously still think there is value in Ford stock as originally seen on BccList.com here.  It was trading at $6.25 last week.  The buy is at least a 2-3 year investment and that’s considered long term for some traders.

Let the Shadiness Begin! Iraq Oil Deals Come to Fruition

As was our country’s original mission, it looks like we – woops, I mean big oil – will start to see some profits out of this nearly trillion dollar war.  God bless America.

http://www.iht.com/articles/ap/2008/07/17/news/Iraq-Oil-Deals.php

“Al-Shahristani was expected to annonce the completed contracts at the end of last month. But he said the government was still negotiating the deals because the firms wanted to participate in oil field production rather than simply provide consultancy services for cash.

Neither al-Shahristani nor the senior oil official named the companies involved.

But Iraqi officials have said the government is negotiating short-term technical service contracts with Royal Dutch Shell PLC, BP PLC, Exxon Mobil Corp., Chevron and Total to boost oil production by 500,000 barrels per day.

The U.S. State Department has said it provided advisers to help draft the contracts, which led to an outcry in Washington.”

Yeah, yeah – Raad Alkadiri at the Washington Post tries to justify the no-bid contracts…

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/25/AR2008072502717.html

“Reports that a number of international oil companies are on the brink of signing contracts with Iraq have prompted a furious reaction in certain parts of the media and on Capitol Hill. The deals have been widely characterized as no-bid contracts, implying that Big Oil has somehow used its political clout to muscle in on Iraq and renewing suspicion that the whole U.S. intervention in Iraq was primarily a grab for natural resources. In the Senate, senior Democrats have argued that the contracts would heighten Iraq’s sectarian tensions, and those lawmakers are threatening to cut financing for some nonmilitary programs in Iraq if the deals go ahead without prior passage of new hydrocarbons legislation.

These are gross mischaracterizations of the Iraqi contracts.”

P.S.  I’d rather see bin laden’s head on a platter but I guess big oil profits – so we can destroy the planet with more consumption at a lower price – is good enough.  Yes, I’ve been asking for an interest rate hike for some time now (going back before the blog’s May 2008 inception) so that inflation could ease and the cost of oil, food, etc. would go down.  However, at some point you have to be more concerned about workers being able to afford the commute to work than pollution.

So, Mortgage Giants Actually Raise Rates but the Fed Only Hints of a Hike?

http://www.nytimes.com/2008/07/23/business/23rates.html

“Even as policy makers rushed to support the two companies, home loan rates approached their highest levels in five years.

Loan rates are rising because of concern in the financial markets about the future of Fannie Mae and Freddie Mac, which own or guarantee nearly half of the nation’s $12 trillion mortgage market. The federal government has proposed a rescue, and has urged Congress to approve it quickly.”

Comment:

After pleading for an interest rate hike over the last few months, I’ll never complain about the fed at least hinting of a hike back in June (publicly released in mid July).  However, it would be nice if they actually raised the rate – like the mortgage companies are doing to consumers – so inflation chills out and we could pay $3.00 or less for a gallon of gas again. Beggars can’t be choosers.  I guess $3.50 a gallon in a few months is good enough – as seen here.

P.S. As predicted, oil continues to trade lower.

My Racist Roots Awaken

Without being said, I was surrounded by bigots growing up in the south during the early part of my childhood.  I’ve luckily managed to overcome my early developmental environment – thank you mom and dad for moving us to Michigan.  This morning, the aforementioned racial hatred from my youth was briefly rediscovered.

I entered the train station turnstile, saw a weird looking guy at the bottom of the “loop bound” staircase, had a strange feeling as I walked towards the stairs, was bumped by him after I ignored whatever he was shouting from a distance because I was listening to my iPod and purposely choose to ignore the less fortunate, pulled out my headphones, he crazily asked for directions, I told him he needed the other side of the tracks to go towards his destination, and then Chase called an hour later with a fraudulent charge alert.

There were 2 unsuccessful ATM withdrawals of $500, $200+ in gas purchased at Shell, and $130 of god knows what purchased at 7/11.  Don’t gas stations notice $200 fill ups since it had to be multiple cars?  Has anyone without the munchies/need for mass quantities of booze ever legally spent $130 at 7/11?

Regardless, the guy was the creepiest guy I’ve ever seen in my life.  30-40 years old, 6 foot 2, 275 pounds, huge afro, jaundice yellow eyes but guaranteed working WITHOUT an accomplice.  Being overly aware of my surroundings, I specifically looked around before taking out my headphones because it’s known that pickpockets work in teams. This guy was amazingly skilled enough to get my wallet on that initial bump. Put that on a resume.

For a moment, after I received the call from Chase and realized I didn’t have my wallet, I immediately turned slightly republican/racist.  After I settled down, I realized that I can’t wait until Barack gets into office and degenerates of all races have something to look up to – an African American that came from a broken family, who earned admission into Harvard, after graduation helped a broken community, and has risen to become our next president.  Maybe the wastes of space will feel inspired to become slightly less worthless.

Luckily, the only thing of importance I had in my new fcking (not cheap) leather wallet from Italy was a debit card, all of my ids, and social security card (woops).  Thankfully, I don’t have credit cards.

Since I take the train from this stop everyday and clearly remember his face, I will literally fcking beat him to a pulp at 8:15 am in the morning as need be.  I will not stop plummeting him until the police pull me off his hopefully dead body.

Off to call all the credit agencies, social security administration, etc.  Somebody bail me out if I see this piece of shiat at the train station over the next few months.