I know, the phrase above is a bit of a trite 70’s concotion which, like WIN and disco, is just as meaningless today as it was then. But since I’m long bell-bottom futures, you gotta know I’m dusting off the boxes of clothing and accessories (“Pet Rock“) and preparing for a return to my fave decade. I knew they would come back around!
What’s this, a 28” waist? Nostalgia: it ain’t what it used to be.
You know, I’m starting to notice things we “of a certain age,” once upon a time used to disdain.
I go out to the store for my twice weekly shopping round (Ralph’s, .99 Only, Target, Costco, Petco, Albertsons, all or any combination) and there each and every time, in the parking lot or on a side street -often times more than one vehicle – is someone sitting in their car, parked, idling their engine.
What are they doing?
- Talking on cell phone
- Putting on makeup
- Waiting for passenger to return
- Passenger(s) waiting for driver to return
- Listening to radio
- Getting blow job
- All the above
I know, it’s hot (this is SoCal we’re talkng about, 25 miles from the ocean). Wah. I see this occur on milder, 70-degree days as well. Such wimps.
I understand that what we are experiencing this time out is not a shortage of gas and oil, that the price, which has quadrupled since 2001, has more to do with speculation by hedge funds, IB’s borrowing from the Fed against toilet paper holdings to try and offset some of their (seemingly endless these days) losses, and the catalyst, a 16:1 ratio that encourages rampant speculation on the commodity futures market:
“A conservative calculation is that at least 60% of today’s $128 per barrel price of crude oil comes from unregulated futures speculation by hedge funds, banks and financial groups using the London ICE Futures and New York NYMEX futures exchanges and uncontrolled inter-bank or Over-The-Counter trading to avoid scrutiny. US margin rules of the government’s Commodity Futures Trading Commission allow speculators to buy a crude oil futures contract on the Nymex, by having to pay only 6% of the value of the contract. At today’s price of $128 per barrel, that means a futures trader only has to put up about $8 for every barrel. He borrows the other $120. This extreme “leverage” of 16 to 1 helps drive prices to wildly unrealistic levels and offset bank losses in sub-prime and other disasters at the expense of the overall population.” [Mike Whitney quoting William Engdahl]
But c’mon, people, don’t keep giving these mother fuckers your hard-earned, still-worth-something-but-not-as-much-as-it-used-to-be dollars. As Karl Denninger so elegantly puts it:
“One final thought – you can’t rape the willing. If you consent, whether by overt act or silence, then the financial boning you’re taking isn’t rape – its consensual sex.” [Market-ticker]
Park in the shade and roll down a window, fer cryin’ out loud!
“Chance favors the prepared mind.” -Louis Pasteur