| 00:00:00 | OF DOLLARS OF LYING. |
| 00:00:01 | I RECOMMENDATIONS FOR CONGRESS. |
| 00:00:05 | UNDER YOUR LEADERSHIP, THERE HAVE BEEN BILLS PASSED IN THIS DIRECTION. |
| 00:00:10 | LEADER POELOSI, WHEN YOU THE SPEAKER, CONGRESSWOMAN DELAURO, INTRODUCED A BILL TO STOP SPECULATION BUT IT PASSED THE HOUSE ORDER TO-19 THAT NIGHT. |
| 00:00:27 | -- IT PASSED THE HOUSE 401-19 THAT NIGHT. |
| 00:00:32 | WHEN OIL GOES OVER $4 NATIONWIDE, THIS WILL BE A BIPARTISAN ISSUE. |
| 00:00:38 | IT IS NOT A SUPPLY PROBLEM. |
| 00:00:41 | THE PRESIDENT SAID LAST WEEK -- AS HE HAS SAID, AS THE SAUDIS HAVE SAID, AS EXXONMOBIL HAS SET, A SUPPLY IS PLENTIFUL. |
| 00:00:52 | WE ARE A NET EXPORTER OF OIL. |
| 00:00:54 | IT IS THE GAMBLING THAT MUST BE STOPPED. |
| 00:00:57 | THE INVESTMENT VEHICLES THAT HAVE A FANCY NAMES OF THE COMMODITY INDEX SWAPS, SAID THAT EXCHANGE-TRADED FUNDS -- SYNTHETIC EXCHANGE-TRADED FUNDS, MUCH LIKE THE CREDIT DEFAULT SWAPS THAT LED TO THE MELTDOWN AT WALL STREET PROPAGATED AS INVESTMENTS BUT WERE RELEASED BETS ON WHETHER SUBPRIME MORTGAGES WOULD BE PAID OFF, HALF A TRILLION DOLLARS SENDING SIGNALS TO THE MARKET, FALSE SIGNALS, THAT THERE IS A SUPPLY PROBLEM. |
| 00:01:29 | ANYBODY WHO KNOWS THESE MARKETS AND ITS OBJECTIVE SAYS THAT THOSE FALSE SIGNALS ARE DAMAGING THE SUPPLY FUNDAMENTALS IN THIS MARKET. |
| 00:01:40 | THAT GAMBLING MUST BE STOPPED. |
| 00:01:42 | IT WILL NOT HAVE ANYTHING TO DO WITH PRODUCTION, NONE OF THAT MONEY GOES TO PRODUCTION, NONE OF IT GOES TO LIQUIDITY. |
| 00:01:50 | IT IS ALL CASINO GAMBLING AND NOTHING PRODUCTIVE. |
| 00:01:56 | SECOND, THE PRESIDENT NOW HAS TWICE WISELY SAID INCORRECTLY SAID THAT IT IS NOT A SUPPLY -- A MAN PROP WISE -- WISELY SAID AND CORRECTLY SAID THAT I. |
| 00:02:10 | T. IS NOT THE SUPPLY AND DEMAND PROBLEM, BUT THERE AREN'T MANIPULATIONS BY FINDING -- TRADERS -- THERE ARE MANIPULATIONS BY FINANCIAL TRADERS. |
| 00:02:22 | HE HAS ASKED FOR A PROSECUTORIAL INVESTIGATION. |
| 00:02:24 | HE DID THAT FIRST ON APRIL 21, 2011. |
| 00:02:27 | OIL AS AT $110. |
| 00:02:28 | AFTER HE MADE THAT ANNOUNCEMENT, WITHIN SIX MONTHS IT WAS $75. |
| 00:02:33 | BUT NOTHING HAPPENED AND NOW IT IS BACK AT $110 AGAIN. |
| 00:02:38 | NOW THE PRESIDENT HAS ASKED FOR THIS TASK FORCE. |
| 00:02:41 | I THINK ALL OF US, AND I T KNOW CONGRESSMAN VAN HOLLEN IS GATHERING -- ALL OF US HAVE TO WORK WITH THE DEPARTMENT OF JUSTICE TO EXPLAIN TO THEM THAT MANIPULATION OF THE OIL MARKETS IS NOT ONLY CRIPPLING THE AMERICAN CONSUMER, BUT IT THREATENS THE RECOVERY. |
| 00:03:04 | IF WE GO BACK TO RECESSION, THERE WILL NOT BE A SAFETY NET. |
| 00:03:08 | THERE WILL NOT BE AT TARP NEXT TIME. |
| 00:03:10 | THE AMERICAN PEOPLE DON'T HAVE A STOMACH FOR BAILING OUT BANKS. |
| 00:03:13 | IF WE DON'T HAVE A SAFETY NET, THAT MEANS NOT A RECESSION BUT A DEPRESSION. |
| 00:03:18 | WE ALL OUGHT TO EXPLAIN TO THE ATTORNEY GENERAL THAT THIS HAS GOT TO BE HIS NUMBER ONE INVESTIGATIVE PROCESS. |
| 00:03:23 | WHERE IS THE FBI? |
| 00:03:26 | WHERE ARE THE INTERVIEWS OF MARKET PARTICIPANTS? |
| 00:03:29 | WHERE ARE THE SUBPOENAS? |
| 00:03:30 | PRESIDENT OBAMA HAS FOCUSED ON THIS. |
| 00:03:34 | LET'S GET THESE GUYS GOING. |
| 00:03:37 | I ASSURE YOU, BECAUSE THE PRESIDENT'S THREAT IN APRIL 2011 DROVE THE PRICE DOWN ALMOST $40, IF THERE IS A REAL INVESTIGATION, JUST THE APPEARANCE OF IT WILL CAUSE THESE COCKROACHES TO SCATTER BECAUSE THE LIGHT WILL BE TURNED ON. |
| 00:03:55 | THEY DON'T WANT TO GO TO JAIL. |
| 00:03:59 | THEY THINK THEY ARE NOT GOING TO GO TO JAIL, THEY WILL KEEP DAMAGING AND THE AMERICAN ECONOMY. |
| 00:04:04 | FINALLY -- YOU SAID THIS MAY BE THE HARDEST THING TO DO, BUT THE AMERICAN PUBLIC MUST UNDERSTAND THAT THE COMMODITY FUTURES TRADING COMMISSION -- PROBABLY FEW OF THEM KNOW WHAT THAT IS -- IS THE, ON THE BEAT THAT CAN STOP THIS PROBLEM. |
| 00:04:21 | UNDER THE LEADERSHIP -- IS THE COP ON THE BEAT THAT CAN STOP THIS PROBLEM C. |
| 00:04:29 | UNDER THE LEADERSHIP OF CHAIRMAN GANSLER THEY HAVE DONE AN AMAZING JOB, BUT THEY ARE UNDERFUNDED. |
| 00:04:36 | FOR A MULTIBILLION-DOLLAR MARKET, THEY HAVE A 700 EMPLOYEES. |
| 00:04:42 | ANOTHER $100 MILLION TO STOP THE ECONOMY SPINNING INTO A DEPRESSION. |
| 00:04:49 | THAT IS A VERY SMALL AMOUNT OF MONEY. |
| 00:04:52 | THE CFTC HAS TO BE FULLY FUNDED. |
| 00:04:54 | IF THEY ARE FULLY FUNDED, WE DON'T NEED AN INTERAGENCY TASK FORCE. |
| 00:05:01 | THEY WOULD HAVE RESOURCES TO BRING THESE MANIPULATION CASES. |
| 00:05:05 | THEY MARKETING MANIPULATION CASES, BUT THEY DON'T HAVE THE FBA, THEY DON'T HAVE THE NECESSARY INVESTIGATIVE POWER. |
| 00:05:13 | WE NEED TO FUND THAT AGENCY. |
| 00:05:18 | >> THANK |
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