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Tell Obama The Enron Loophole Has Already Been Closed

Mike

Well-known member
Monday, June 23, 2008
Quick, Someone Tell Obama Congress Already Closed The 'Enron Loophole'
Yesterday, Obama announced he was targeting the so-called "Enron loophole."


It's safe to say that everyone, at least everyone that counts, now seems to agree that the Commodity Futures Modernization Act, which contained the so-called "Enron loophole," went too far. The "Enron loophole" limited regulators' oversight of electronic trading of contracts for future delivery of oil.

The Commodity Futures Modernization Act was passed by Congress and signed into law by President Bill Clinton in December 2000. That legislation was not controversial. In fact, when it was approved by the House, only four members voted against it.

Nevertheless, Congress addressed the problem in May, when it passed the farm bill. According to McClatchy's Kevin G. Hall, when Congress overrode President Bush's veto of the farm bill, it allowed a provision in the legislation to take effect that closed the "Enron Loophole." In addition, last week federal regulators announced stricter regulation on foreign exchanges that trade U.S. oil.

In yet another whopper, Camp Obama tries to tag McCain with the now closed loophole by blaming the loophole on former Senator Phil Gramm. Gramm serves as McCain's co-chairman and economic advisor. Like many of the attacks spewing from Obama's new politics, this one doesn't hold water either.

According to the Los Angeles Times, McCain's campaign supplied a copy of a letter Gramm wrote to Senator Byron L. Dorgan (D-N.D.) in which Gramm denied that the provision was a "secret maneuver" and said he had "nothing to do with the writing of the provision" on regulating energy trading.

Will this help lower the price of oil? The New York Times reports that the role speculative investment plays in pushing up oil and other commodity prices is not entirely clear:

While some analysts believe that large flows of money into largely unregulated exchanges have distorted markets and pushed up prices, most energy experts see no support for that theory. They point out that traditional market forces, like growing demand from emerging countries, and limited growth in oil supplies, can easily account for the increase in prices.
 

backhoeboogie

Well-known member
Maybe he should set his sights on saving Studebaker. The guy does not have a clue and it shows more and more all the time. It is not that he is to young, he is simply just to stupid as to what goes on in the real world.

Can some party offer up someone worthy of voting for in 4 years? My choices seem to be between Tweedle De Dee and Tweedle De Dumb. So I am going with my party of choice. Plain and simple.
 
A

Anonymous

Guest
But according to those testifying in front of Congress- all the last minute wrangling in Congress on the Farm Bill allowed the "Enron Loophole" section to be watered down- which Bush's attorneys and CFTC already have ruled it does not cover West Texas Crude- except for on possibly one exchange its traded on- another LOOPHOLE to protect the banker/elitist and Big Oil Bush buddies....

All agreed it needs much more regulation- plus a President that will actively promote enforcing the law- which over the past 7 years we've seen has been non-existent in anything involving the Big Corporates or Commodity Investors... A good example is the GIPSA investigators that told the GAO they were told to do nothing, just shuffle paper and file reports, and make it look like you are....... :roll: :( :mad:

According to several testifying- including former CFTC members- GW could LEGALLY close down most the speculation now with just the stroke of a pen requiring transparency......But that is something this Administration doesn't know exists...
 

hopalong

Well-known member
Oldtimer what is your SOLUTION??
NEver mind we know what your solution is BASH BASH BASH and use your favorite word, not to forget cutting and pasting!!!!
 
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Anonymous

Guest
hopalong said:
Oldtimer what is your SOLUTION??
NEver mind we know what your solution is BASH BASH BASH and use your favorite word, not to forget cutting and pasting!!!!

Start enforcing the regulation and laws pertaining to trading of commodities...If you don't believe me that this fits an Administration pattern- do a "search" of the Bull Sessions on JoAnn Waterfield-& GIPSA- and read all the GAO findings...

Right now- Repubs and Dems should be working quickly on a bipartisan compromise bill- at least LOOK like they are doing something instead of lip flap and point fingers.... Repubs want drilling in ANWAR and off shore so GW will at least have something in his legacy--so he can beat his chest and tell the oil folks how great he was and got the drilling opened :roll: McSame says only open offshore and not ANWAR...So for Bush to get his legacy- and them to get their Oil Industry pocket money- the Repubs are willing to let the "common folks" suffer....

Dems want the oil company tax subsidies rescinded and the total closure of the "Enron Loophole" and transparency & enforcement of the regulation over those speculating...(The Repubs already filibustered a law that would have done this)....

Dems almost know that after January 1- and with the new Congress they will have/ or have close to a veto proof majority in both sessions of Congress- so whoever is in the White House really won't matter- but odds are now they will have that too....And they know that the worse this economy gets- and the fuel prices get- the higher that majority will probably be- so they are willing to let the "common folk" suffer....
:(

So how about some statesmen from both parties stepping forward- compromising with a win a little, lose a little BIPARTISAN compromise for the good of the country (like used to be done) - and agree on opening offshore drilling in States that want it- and closing the Enron Loophole- and enforcing the commodity trading laws....Now...

It would be a start- and at least give those common folks a glimmer that they at least still matter a little to the politicians....

The Dems will be in control of a whole new energy policy come Jan 1 anyway....

Now whats your solution :???: ....
 

Mike

Well-known member
So.......that's saying the Dems want the economy to crash in order to gain control of the House, Senate, and Whitehouse?

Well DAA_DEE_DAAAH, that's what the Reps have been saying all along. :roll:

It's very obvious.......................................that this is the strategy. :roll:

And shows just how stupid you and the rest of the Dems are............ :lol: :lol: :lol: :lol: :lol: :lol:
 

hopalong

Well-known member
You started to raise some good points, of a possible solution except then all you really did was toss out more BASH BASH BASH! But then that is your whole agenda all the time!

But I am proud of you for you trying to wean yourself from using your word of the year. :D
 
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Anonymous

Guest
Mike said:
And shows just how stupid you and the rest of the Dems are............ :lol: :lol: :lol: :lol: :lol: :lol:

I'm no Dem- probably voted fo a lot more Repubs than you have :wink: ...

And I can't see how this batch of Repubs are so dumb the won't make some countermoves and do some working with the Dems to get things accomplished-- as it doesn't matter who actually is at fault-- the party in control of the White House always has been and will be blamed...

Daily as the Repubs do more lip service- and no movement- they lose House and Senate seats...Sad thing is many that have bailed ship from this current type of Republicanism, were the better ones in Congress.....

Like Scott McClellan said in his book- and again in his Congressional testimony- his long history with Bush, even back to Texas, makes him believe that Bush had an ability to come in and work bipartisanly as a great compromiser-- and could have came out as a GREAT President--but instead chose the confrontation avenue suggested by the neocons (Cheney, Rumsfeld, Rove, Wolfowitz) because of the Repub majority-- and its failed him terribly.....
 

hopalong

Well-known member
Yea team go team go.
Proud of you Oldtimer, two count them, two posts and no usage of your favorite word, slipping or have you started to realize how you have managed to use it to the extreme that it loses any meaning ???
:D :D :D :D

Or did you discover that most neocons are actually ex liberals that crossed over to the conservitive party. therefor kinda ruining your argument that everyone on the far side of the room are neocons
:roll: :roll: :roll:
 
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