| 00:00:02 | WALL STREET GASOLINE CONTRACT IS 8786INCREASED 86 GAS A GALLON IN THE LAST NINE DAYS. |
| 00:00:16 | $25 MILLION A WEEK. |
| 00:00:19 | THE CITIZENS OF CONNECTICUT PAY MORE FOR GASOLINE TODAY THAN THEY DID IN THE MIDDLE OF DECEMBER. |
| 00:00:25 | TO PUT THAT INTO CONTEXT, FOR THE CHARTS WE HAVE PROVIDED FOR YOU, NOW WE'RE AT 92 CENTS BY VIRTUE OF THE FACT WE HAD A SIX- CENT INCREASE JUST LAST NIGHT AFTER I PREPARED THIS FOR DELIVERY HERE TODAY. |
| 00:00:40 | AT 11 BILLION GALLONS A MONTH THAT AMERICANS CONSUME IN GASOLINE, AMERICANS TODAY ARE PAYING $10 BILLION -- $10 BILLION MORE FOR GASOLINE THAN THEY WERE PAYING IN THE MIDDLE OF DECEMBER. |
| 00:00:56 | WHEN THE CONTEXT OF THE PROFS GREENBERGER'S STATEMENTS WITH HOW MUCH WE SHOULD BE FINDING AN AGENCY OF THE FEDERAL GOVERNMENT FOR THE PURPOSE OF OVERSEEING THESE MARKETS, IT IS COSTING THE AMERICAN CONSUMER THIS AMOUNT OF MONEY JUST WITHIN THE SCOPE OF 90 DAYS -- 90 DAYS -- IT IS EXTRAORDINARY. |
| 00:01:18 | NOW, WHAT COULD POSSIBLY HAVE HAPPENED IN THE LAST 90 DAYS TO HAVE CAUSED THIS PROBLEM? |
| 00:01:24 | DID I HURRICANES GO THROUGH THE GULF OF MEXICO? |
| 00:01:27 | WAS THERE A MASSIVE SHUTDOWN OF REFINERIES AROUND THE WORLD? |
| 00:01:32 | DID ISRAEL ATTACK IRAN? |
| 00:01:36 | IN THE ABSENCE OF ANYTHING THAT ANYONE CAN POINT TO, A TAX ON THE AMERICAN PUBLIC OF $10 BILLION PER MONTH HAS BEEN ENACTED AS A RESULT OF WHAT HAS GONE ON WALL STREET SINCE THE MIDDLE OF DECEMBER. |
| 00:01:51 | WITH DUE RESPECT TO ANYONE WHO CHOOSES TO BLAME THIS ON INDIA AND CHINA, WE DID IN JUST DISCOVERED INDIA AND CHINA -- CHRISTMAS -- WE DIDN'T JUST DISCOVER INDIA AND CHINA THE WEEK BEFORE CHRISTMAS. |
| 00:02:04 | THAT IS WHAT HAS HAPPENED SINCE THE MIDDLE OF DECEMBER. |
| 00:02:08 | SPECULATORS HAVE OVERTAKEN THE COMMODITY MARKETS. |
| 00:02:11 | 10 YEARS AGO, ACTUAL PRODUCERS AND USERS OF ENERGY AND AGRICULTURAL COMMODITIES MADE UP 70% TO 80% OF THE MARKETS, WITH ONLY 20% TO 30% OF THE MARKETS MADE UP BY SPECULATORS. |
| 00:02:23 | NOW THIS HAS FLIPPED AND 70% TO 80% OF THE COMMODITY MARKETS ARE CONTROLLED BY FINANCIAL INDUSTRY SPECULATORS, ONLY 20% TO 30% OF THESE MARKETS ARE ACTUAL, LEGITIMATE HEDGERS OF PURCHASES OF ENERGY AND AGRICULTURAL COMMODITIES. |
| 00:02:39 | SIX YEARS AGO, WALL STREET BROUGHT UP COMMODITY INDEX FUNDS, RESULTING IN A BIRDS OF A $400 BILLION OF STRICTLY SPECULATIVE INVESTMENTS IN COMMODITY MARKETS, AND THAT IS CONTRIBUTING TO THE PRICE OF FOOD AND ENERGY PRICES. |
| 00:02:54 | IF I COULD, I WOULD LIKE TO READ YOU SOME OF THE PROMOTIONAL MATERIAL FOR THE COMMODITY INDEX FUNDS. |
| 00:03:01 | "WHEN TRADING FUTURES, YOU NEVER ACTUALLY BUY OR SELL ANYTHING TANGIBLE. |
| 00:03:07 | YOU ARE JUST CONTRACT AND TO DO SO AT A FUTURE DATE. |
| 00:03:10 | YOU'RE TAKING IT BUYING OR SELLING POSITION AS A SPECULATOR EXPECTING TO PROFIT FROM RISING OR FALLING PRICES. |
| 00:03:16 | YOU HAVE NO INTENTION OF MAKING OR TAKING DELIVERY OF THE COMMODITY YOU ARE TRADING. |
| 00:03:23 | " LET ME REPEAT THAT -- THIS COMES ON THE PEOPLE WHO SELL THESE THINGS -- "YOU HAVE NO INTENTION OF MAKING OR TAKING DELIVERY OF THE COMMODITY YOU ARE TRADING. |
| 00:03:35 | YOUR ONLY GOAL IS TO BUY LOW AND SELL HIGH, OR VICE VERSA. |
| 00:03:39 | BEFORE THE CONTRACT EXPIRES, YOU WILL NEED TO LEAVE YOUR CONTRACTUAL OBLIGATION," WHICH IS WHERE WE GET INTO THE BUSINESS OF RULING CONTRACTS MONTH TO MONTH, "BY OFFSETTING YOUR INITIAL POSITION. |
| 00:03:54 | " THE COMMODITY MARKETS ARE OVERSEEN BY THE CFTC, WHO PASSED REGULATIONS TO RESTRAIN SICKLYSTRICTLY FINANCIAL SPECULATION IN THESE MARKETS. |
| 00:04:11 | THE FINANCIAL INDUSTRY HAS FILED SUIT AGAINST THE CFTC IN FEDERAL COURT, SAYING THAT THESE MASSIVE PRICE INCREASES -- THEY DON'T BELIEVE THAT THESE RULES ARE NECESSARY OR APPROPRIATE. |
| 00:04:23 | TO THE AMERICANS WHO ARE PAYING $10 BILLION A MONTH MORE FOR GASOLINE, AND TELL THEM THESE RULES ARE NOT NECESSARY. |
| 00:04:34 | THE FINANCIAL SERVICES INDUSTRY DROVE AMERICAN NEARLY INTO |
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