http://www.cbsnews.com/stories/2009/01/08/60minutes/main4707770.shtml 60 minutes ran a very interesting program tonight on the cause of last years’ oil price explosion. Everyone was told that the price increase was a result of supply and demand. Yet the oil prices kept making record increases when world supply was up and world demand was down. If supply and demand was allowed to function the price of oil should have been dropping.
Instead record increases continues to push the price of oil off the charts. The reason was the demand went up from oil futures on Wall Street. Huge investment companies kept pushing oil futures predicting the price of oil would continue to increase. This kind of insider trading isn’t necessarily illegal but no one knows what really went on because of the deregulation of the futures market.
Enron wanted oil futures deregulated and Enron got it. Now the documented scandals within Enron have made that company bankrupt. AIG were heavy investors in oil futures and helped drive up the price of oil, which hurt the American economy. After doing that they received a huge bail out from taxpayers dollars. That is insane.
The big corporations push for deregulation to circumvent and hide from public accountability. When they get it, their corruption is unrestricted and destroys whatever it touches. They literally rape and clear cut the economy. Then they have the audacity to claim that everyone who opposes excessive deregulation is a Socialist.
What we are looking at in North America is not a war between Democracy and Communism. What we see is a war between Democracy and Corruption. Corrupt corporations driven by greed push for deregulation so they can make more money through exploitation and dishonesty in business.
Public accountability means protecting the public interest and the constitution. It is the ultimate oxymoron for the big corporations to claim that preventing criminal corruption in business is a socialist conspiracy. They are the ones eroding the constitution and removing individual liberty. http://finiansworld.blogspot.com/2008/10/executive-order-11110.html
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