| 00:00:00 | THIS MEETING, AND YOU HAVE BEEN GREAT FRIENDS OF CONSUMERS, AND YOU HAVE LANDED AN EAR TO THOSE OF US WHO DON'T HAVE THE CLOUT OF THE BIG WALL STREET LOBBYISTS. |
| 00:00:11 | MANY SAY THERE IS NO QUICK FIX FOR THIS. |
| 00:00:14 | I BELIEVE THERE IS A QUICK FIX FOR THIS, AND I AGREE WITH MANY OF THE POLICY PROPOSALS THAT ENUNCIATED, BUT I WOULD PRIORITIZE THREE OF THEM. |
| 00:00:23 | FIRST, LET ME SAY THAT YESTERDAY I READ THE "FINANCIAL TIMES," WHICH SURVEYS ALL THE WORLD MARKETS, AND WITHIN AN OPINION COLUMN, THE PIECES WAS THE UNITED STATES IS BACK LEADING THE WORLD'S ECONOMY. |
| 00:00:38 | EUROPE IS ON ITS BACK, JAPAN HAS BEEN ON ITS BACK, CHINA IS DECELERATING. |
| 00:00:44 | OUR POLICIES, WHICH HAVE BEEN GUIDED BY THE OBAMA ADMINISTRATION AND YOU IN CONGRESS, HAVE CREATED THE AMBER'S THAT ARE SPARKING A RECOVERY. |
| 00:00:56 | THE ONE THAT THING THAT WILL DAMAGE THIS RECOVERY IS THE EVER-ACCELERATING GASOLINE PRICES. |
| 00:01:05 | THEY ARE A BURDEN IN A MICRO SENSE IN THAT PEOPLE DON'T HAVE THE MONEY TO PAY FOR $4 AND MAYBE SOON $5 GASOLINE. |
| 00:01:15 | IT IS A PARCHER TO VIRTUALLY EVERY AMERICAN. |
| 00:01:18 | BUT MORE IMPORTANT IN A MACRO SENSE IS THIS WILL BREAK THE BACK OF THE RECOVERY. |
| 00:01:25 | THE PRESIDENT HAS SAID THAT, MANY OF YOU HAVE SAID THAT. |
| 00:01:29 | WITH EVERYTHING GOING SO WELL FOR US, WHY CAN'T WE FIX THIS PROBLEM? |
| 00:01:38 | MANY OFWOULD LIKE YOU TO BELIEVE THIS IS A SUPPLY AND DEMAND PROBLEM. |
| 00:01:42 | I CITED IN MY TESTIMONY AND MANY EXPERTS WHO SAY THAT SUPPLY AND DEMAND IS EQUILIBRIUM TO THE SAUDI KINGDOM SAID THEY WOULD INCREASE PRODUCTION BY 25% TO MAKE UP FOR ANY BOYCOTT OF THE IRANIAN OIL PRODUCT OR INTERFERENCE WITH THE STRAITS OF HORMUZ. |
| 00:01:59 | THE PRESIDENT HAS TALKED ABOUT RELEASING OIL FROM THE STRATEGIC PETROLEUM RESERVE. |
| 00:02:03 | BUT AS WAS SAID IN THE TESTIMONY, THE CHAIRMAN OF EXXONMOBIL HAS SAID THAT MARKET FUNDAMENTALS MEAN THAT OIL PRICES SHOULD BE $60 TO $70. |
| 00:02:17 | THEY ARE APPROACHING $105. |
| 00:02:19 | THEY HAVE BEEN UP TO $110. |
| 00:02:22 | WHY IS THIS HAPPENING IF THERE IS NO SUPPLY AND DEMAND PROBLEM? |
| 00:02:26 | DO NOT BELIEVE THOSE WHO TELL YOU IN THE FACE OF THE EXPERTS AND THE FACE OF THE SAUDI KING, IN THE FACE OF THE CHAIRMAN OF EXXONMOBIL, THAT THERE IS A SUPPLY-DEMAND PROBLEM. |
| 00:02:35 | WHAT IS THE PROBLEM? |
| 00:02:37 | IT IS GAMBLING BY WALL STREET ON THE PRICE OF OIL. |
| 00:02:40 | IT IS SIMILAR TO THE GAMBLING WALL STREET DID ON WHETHER OR NOT PEOPLE WOULD PAY FOR SUBPRIME MORTGAGES IN THE MORTGAGE MELTDOWN. |
| 00:02:51 | THEY COULD NOT PAY OFF THEIR DEBTS, AND ALL OF US WERE FORCED AS TAXPAYERS DICTATE TRILLIONS OF DOLLARS TO MAKE UP FOR WALL STREET'S BETS THAT THE SUBPRIME MARKET WOULD BE SUCCESSFUL. |
| 00:03:06 | NOW THEY ARE BETTING IN THE UPWARD DIRECTION OF THE PRICE OF OIL. |
| 00:03:12 | AGAIN, 60 EXPERTS IN MY TESTIMONY HAVE SAID, FROM YOUR REAL DER -- FROM NOURIEL ROUBINI, WHO FAMOUSLY PREDICTED A MELTDOWN, IRANIAN OIL EXPERTS, STANFORD, MIT -- IT IS EXCESSIVE THE SPECULATION, WHICH IS A FANCY WORD FOR SAYING THAT GAMBLERS WEARING WALL STREET SUITS HAVE TAKEN THESE MARKETS OVER AND ARE CONTROLLING THE PRICE AND CREATE INVESTMENT VEHICLES THAT ARE DESIGNED TO PUSH THE PRICE OF ALL I OUG -- PRICE OF OIL UP. |
| 00:03:50 | BY GAMBLING, BUT PLACING A BET, YOU DO NOT INCREASE OIL PRODUCTION, YOU DO NOT CREATE MARKET LIQUIDITY. |
| 00:03:57 | IT IS LIKE SAYING THAT LAS VEGAS CREATES A NATIONAL ECONOMIC WELL-BEING. |
| 00:04:01 | WE HAVE A LAS VEGAS EXPONENTIALLY ON THE STEROIDS MAKING BETS ON THE UPWARD DIRECTION OF OIL. |
| 00:04:13 | NOW, DODD-FRANK MADE IT, WITH YOUR LEADERSHIP, A VALIANT ATTEMPT TO DEAL WITH THIS, BUT WE WERE TO FIND IN THE WAY WE DEALT WITH THAT IN DODD-FRANK, BECAUSE WE DELEGATED ALL THE RESPONSIBILITY TO THE ADMINISTRATIVE PROCESS, WHICH IS OVERWHELMED WITH UNDER-THE- RADAR-SCREEN WALL STREET, 24 HOURS A DAY, SEVEN DAYS A WEEK, MILLIONS OF DOLLARS OF LYING. |
| 00:04:42 | I RECOMMENDATIONS FOR CONGRESS. |
| 00:04:46 | UNDER YOUR LEADERSHIP, THERE HAVE BEEN BILLS PASSED IN THIS DIRECTION. |
| 00:04:51 | LEADER POELOSI, WHEN YOU THE SPEAKER, CONGRESSWOMAN DELAURO, INTRODUCED A BILL TO STOP SPECULATION BUT IT PASSED THE HOUSE ORDER TO-19 THAT NIGHT. |
| 00:05:08 | -- IT PASSED THE HOUSE 401-19 THAT NIGHT. |
| 00:05:13 | WHEN OIL GOES OVER $4 NATIONWIDE, THIS WILL BE A BIPARTISAN ISSUE. |
| 00:05:19 | IT IS NOT A SUPPLY PROBLEM. |
| 00:05:22 | THE PRESIDENT SAID LAST WEEK -- AS HE HAS SAID, AS THE SAUDIS HAVE SAID, AS EXXONMOBIL HAS SET, A SUPPLY IS PLENTIFUL. |
| 00:05:33 | WE ARE A NET EXPORTER OF OIL. |
| 00:05:35 | IT IS THE GAMBLING THAT MUST BE STOPPED. |
| 00:05:38 | 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. |
| 00:06:10 | ANYBODY WHO KNOWS THESE MARKETS AND ITS OBJECTIVE SAYS THAT THOSE FALSE SIGNALS ARE DAMAGING THE SUPPLY FUNDAMENTALS IN THIS MARKET. |
| 00:06:21 | THAT GAMBLING MUST BE STOPPED. |
| 00:06:23 | IT WILL NOT HAVE ANYTHING TO DO WITH PRODUCTION, NONE OF THAT MONEY GOES TO PRODUCTION, NONE OF IT GOES TO LIQUIDITY. |
| 00:06:31 | IT IS ALL CASINO GAMBLING AND NOTHING PRODUCTIVE. |
| 00:06:37 | 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. |
| 00:06:51 | T. IS NOT THE SUPPLY AND DEMAND PROBLEM, BUT THERE AREN'T MANIPULATIONS BY FINDING -- TRADERS -- THERE ARE MANIPULATIONS BY FINANCIAL TRADERS. |
| 00:07:03 | HE HAS ASKED FOR A PROSECUTORIAL INVESTIGATION. |
| 00:07:05 | HE DID THAT FIRST ON APRIL 21, 2011. |
| 00:07:08 | OIL AS AT $110. |
| 00:07:09 | AFTER HE MADE THAT ANNOUNCEMENT, WITHIN SIX MONTHS IT WAS $75. |
| 00:07:14 | BUT NOTHING HAPPENED AND NOW IT IS BACK AT $110 AGAIN. |
| 00:07:19 | NOW THE PRESIDENT HAS ASKED FOR THIS TASK FORCE. |
| 00:07:22 | 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. |
| 00:07:45 | IF WE GO BACK TO RECESSION, THERE WILL NOT BE A SAFETY NET. |
| 00:07:49 | THERE WILL NOT BE AT TARP NEXT TIME. |
| 00:07:51 | THE AMERICAN PEOPLE DON'T HAVE A STOMACH FOR BAILING OUT BANKS. |
| 00:07:54 | IF WE DON'T HAVE A SAFETY NET, THAT MEANS NOT A RECESSION BUT A DEPRESSION. |
| 00:07:59 | WE ALL OUGHT TO EXPLAIN TO THE ATTORNEY GENERAL THAT THIS HAS GOT TO BE HIS NUMBER ONE INVESTIGATIVE PROCESS. |
| 00:08:04 | WHERE IS THE FBI? |
| 00:08:07 | WHERE ARE THE INTERVIEWS OF MARKET PARTICIPANTS? |
| 00:08:10 | WHERE ARE THE SUBPOENAS? |
| 00:08:11 | PRESIDENT OBAMA HAS FOCUSED ON THIS. |
| 00:08:15 | LET'S GET THESE GUYS GOING. |
| 00:08:18 | 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. |
| 00:08:36 | THEY DON'T WANT TO GO TO JAIL. |
| 00:08:40 | THEY THINK THEY ARE NOT GOING TO GO TO JAIL, THEY WILL KEEP DAMAGING AND THE AMERICAN ECONOMY. |
| 00:08:45 | 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. |
| 00:09:02 | UNDER THE LEADERSHIP -- IS THE COP ON THE BEAT THAT CAN STOP THIS PROBLEM C. |
| 00:09:10 | UNDER THE LEADERSHIP OF CHAIRMAN GANSLER THEY HAVE DONE AN AMAZING JOB, BUT THEY ARE UNDERFUNDED. |
| 00:09:17 | FOR A MULTIBILLION-DOLLAR MARKET, THEY HAVE A 700 EMPLOYEES. |
| 00:09:23 | ANOTHER $100 MILLION TO STOP THE ECONOMY SPINNING INTO A DEPRESSION. |
| 00:09:30 | THAT IS A VERY SMALL AMOUNT OF MONEY. |
| 00:09:33 | THE CFTC HAS TO BE FULLY FUNDED. |
| 00:09:35 | IF THEY ARE FULLY FUNDED, WE DON'T NEED AN INTERAGENCY TASK FORCE. |
| 00:09:42 | THEY WOULD HAVE RESOURCES TO BRING THESE MANIPULATION CASES. |
| 00:09:46 | THEY MARKETING MANIPULATION CASES, BUT THEY DON'T HAVE THE FBA, THEY DON'T HAVE THE NECESSARY INVESTIGATIVE POWER. |
| 00:09:54 | WE NEED TO FUND THAT AGENCY. |
| 00:09:59 | >> THANK YOU VERY MUCH, PROFESSOR GREENBERGER. |
| 00:10:01 | MR. |
| 00:10:02 | GUILFORD. |
| 00:10:03 | >> GOOD AFTERNOON. |
| 00:10:07 | LEADER PELOSI, CONGRESSWOMAN DELAURO, MY FRIENDS FROM CONNECTICUT, THANK YOU FOR INVITING ME BEFORE THE COMMITTEE. |
| 00:10:19 | LET ME VERY BRIEFLY TAKE YOU THROUGH WHAT I BELIEVED TO BE AN IMPORTANT PART OF THE HISTORY OF WHAT WE AND GOING THROUGH, BECAUSE IT WAS IN 2004 THAT WE FIRST CAME AND VISITED CONGRESSMENAN LARSON AND ASKED IF HE WOULD BE WILLING TO JOIN HIS COLLEAGUES IN INITIATING A GOVERNMENT ACCOUNTABILITY STUDY OF THE FINDINGS OF THE CFTC AND FIND OUT WHAT IS GOING ON IN COMMODITY MARKETS. |
| 00:10:43 | IT WAS BY THEN THAT WE WERE BECOMING UNSETTLED AND CONCERN ABOUT WHAT WAS GOING ON IN THE MARKETS, THE VOLATILITY AND PRICE INCREASES. |
| 00:10:51 | IT WAS TWO YEARS LATER THAT WEEK AT THE REPORT BACK THAT SAID THAT WE THINK THERE'S SOMETHING GOING ON AND WE THINK THIS IS IMPORTANT BUT WE CANNOT TELL YOU BECAUSE THE LAW HAS EFFECTIVELY BLINDED THE AGENCY THAT IS RESPONSIBLE FOR ENFORCING THIS LAWS. |
| 00:11:04 | IN 2008, LEADER PELOSI, WE CAME VERY CLOSE IN BEING ABLE TO CLOSE THE LOOPHOLE AND MOVE THIS ISSUE DOWN THE ROAD. |
| 00:11:15 | YOU REMEMBER 2008 VERY WELL BECAUSE IT WAS AN EXPERIENCE WE WON'T FORGET. |
| 00:11:18 | IT WAS AT THAT TIME THAT THE SECRETARY OF THE TREASURY AND AT THE CHAIRMAN OF THE FEDERAL RESERVE CAME TO YOU AND SAID THAT IF YOU DON'T PASS A PIECE OF LEGISLATION IN A COUPLE OF DAYS, THE AMERICAN ECONOMY IS GOING TO GO OVER THE EDGE. |
| 00:11:32 | IT WAS ON THE BASIS OF THE REASON WHY THAT WAS THE CASE, WALL STREET'S RECKLESS AND IRRESPONSIBLE BEHAVIOR THAT LED TO THAT POINT, THAT WE ENDED UP MOVING THE POLICY A LITTLE FURTHER DOWN THE ROAD WITH DODD- FRANK. |
| 00:11:48 | NOW, WHERE WE ARE TODAY WITH RESPECT TO CONNECTING THE DOTS BETWEEN WALL STREET AND THE GAS PUMP IS, FOR US, VERY CLEAR. |
| 00:11:59 | . I WOULD LIKE TO ILLUSTRATE THAT YOU IN THE MATERIAL I HANDED OUT TO YOU. |
| 00:12:05 | WALL STREET GASOLINE CONTRACT IS 8786INCREASED 86 GAS A GALLON IN THE LAST NINE DAYS. |
| 00:12:19 | $25 MILLION A WEEK. |
| 00:12:22 | THE CITIZENS OF CONNECTICUT PAY MORE FOR GASOLINE TODAY THAN THEY DID IN THE MIDDLE OF DECEMBER. |
| 00:12:28 | 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. |
| 00:12:43 | 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. |
| 00:12:59 | 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. |
| 00:13:21 | NOW, WHAT COULD POSSIBLY HAVE HAPPENED IN THE LAST 90 DAYS TO HAVE CAUSED THIS PROBLEM? |
| 00:13:27 | DID I HURRICANES GO THROUGH THE GULF OF MEXICO? |
| 00:13:30 | WAS THERE A MASSIVE SHUTDOWN OF REFINERIES AROUND THE WORLD? |
| 00:13:35 | DID ISRAEL ATTACK IRAN? |
| 00:13:39 | 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. |
| 00:13:54 | 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. |
| 00:14:07 | THAT IS WHAT HAS HAPPENED SINCE THE MIDDLE OF DECEMBER. |
| 00:14:11 | SPECULATORS HAVE OVERTAKEN THE COMMODITY MARKETS. |
| 00:14:14 | 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. |
| 00:14:26 | 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. |
| 00:14:42 | 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. |
| 00:14:57 | IF I COULD, I WOULD LIKE TO READ YOU SOME OF THE PROMOTIONAL MATERIAL FOR THE COMMODITY INDEX FUNDS. |
| 00:15:04 | "WHEN TRADING FUTURES, YOU NEVER ACTUALLY BUY OR SELL ANYTHING TANGIBLE. |
| 00:15:10 | YOU ARE JUST CONTRACT AND TO DO SO AT A FUTURE DATE. |
| 00:15:13 | YOU'RE TAKING IT BUYING OR SELLING POSITION AS A SPECULATOR EXPECTING TO PROFIT FROM RISING OR FALLING PRICES. |
| 00:15:19 | YOU HAVE NO INTENTION OF MAKING OR TAKING DELIVERY OF THE COMMODITY YOU ARE TRADING. |
| 00:15:26 | " 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. |
| 00:15:38 | YOUR ONLY GOAL IS TO BUY LOW AND SELL HIGH, OR VICE VERSA. |
| 00:15:42 | 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. |
| 00:15:57 | " THE COMMODITY MARKETS ARE OVERSEEN BY THE CFTC, WHO PASSED REGULATIONS TO RESTRAIN SICKLYSTRICTLY FINANCIAL SPECULATION IN THESE MARKETS. |
| 00:16:14 | 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. |
| 00:16:26 | TO THE AMERICANS WHO ARE PAYING $10 BILLION A MONTH MORE FOR GASOLINE, AND TELL THEM THESE RULES ARE NOT NECESSARY. |
| 00:16:37 | THE FINANCIAL SERVICES INDUSTRY DROVE AMERICAN NEARLY INTO ANOTHER GREAT DEPRESSION IN 2008, FROM WHICH WE ARE ONLY NOW BEGINNING TO EMERGE. |
| 00:16:45 | CONGRESS PASSED THE DODD-FRANK LAW TO REGULATE THE RECKLESS AND IRRESPONSIBLE BEHAVIOR ON WALL STREET, AND THAT LAW AND ALL OF THE AGENCIES RESPONSIBLE FOR IMPLEMENTING LAW NEED TO BE STRONGLY SUPPORTED. |
| 00:16:56 | THE LAW NEEDS TO BE ALLOWED TO WORK FOR THE AMERICAN PEOPLE. |
| 00:17:00 | ESPECIALLY BEFORE IT IS THINK IT WITH ANY FURTHER. |
| 00:17:04 | IN THE TWO CHARTS I PROVIDED, WHICH I WOULD LIKE TO BRIEFLY COVER, BECAUSE THERE ARE SOME EXCUSES GOING ON THAT THE INCREASE IN GASOLINE PRICES IS ALL DUE TO CRUDE OIL. |
| 00:17:13 | IF YOU LOOK AT A PRICE OF CRUDE OIL BETWEEN MID-DECEMBER AND THE MIDDLE OF MARCH, IT MIGHT FROM $94 A BARREL TO $106 TO $12 A BARREL INCREASE. |
| 00:17:22 | 42 GALLONS A BARREL, UP 2 CENTS A GALLON OF INCREASE IN REFINED PRODUCTS BUT $S. |
| 00:17:36 | $12.24. FLIP OVER TO THE NEXT CHART. |
| 00:17:39 | YOU WILL SEE WHAT HAPPENED BETWEEN THE MIDDLE OF DECEMBER AND MARCH 28. |
| 00:17:45 | WHEN FROM TO 48-- WENT FROM 2. |
| 00:17:52 | 48 TO 3. |
| 00:17:55 | 40 IN 90 DAYS. |
| 00:17:56 | WHAT CAUSED THE OTHER 68 CENTS A GALLON TO BE ADDED TO THE COST OF A GALLON OF GASOLINE ON THE NEW YORK MERCANTILE EXCHANGE? |
| 00:18:05 | IT HAS GONE UP EVERY SINGLE DAY, STEADILY EVERY DAY SINCE THE MIDDLE OF DECEMBER. |
| 00:18:10 | NOT BEFORE DECEMBER, BUT SINCE THE MIDDLE OF DECEMBER. |
| 00:18:28 | PERSONALLY, WITH REGARD TO THE 28 COMMODITIES COVERED BY THE COMMODITY FUTURES TRADING COMMISSION'S RULE, WE THINK THAT THE ENERGY AND AGRICULTURAL COMMODITIES ARE SO IMPORTANT TO THE PEOPLE OF THIS COUNTRY THAT THEY SHOULD BE 100% DELIVERABLE. |
| 00:18:51 | THAT IS TO SAY WE DON'T FIND ANY REASON WHY THIS GAME OF WALL STREET PLACING BETS ON MOVEMENTS OF THESE PRODUCTS -- YOU HAVE NO INTENTION OF MAKING OR TAKING DELIVERY OF A COMMODITY YORK TRADING. |
| 00:19:05 | IF YOU HAVE NO INTENTION OF TAKING OR MAKING DELIVERY OF THE COMMODITY YOU ARE TRADING, YOU SHOULDN'T BE ALLOWED TO PARTICIPATE IN THE MARKET. |
| 00:19:13 | WHAT WE'RE TALKING ABOUT HERE IS THE FOOD THAT AMERICANS BUY AND ENERGY WE RELY ON TO RUN OUR ECONOMY. |
| 00:19:26 | AS OTHERS HAVE SAID TODAY, WE STRONGLY SUPPORT AT FUNDING FOR THE COMMODITY FUTURES TRADING COMMISSION AND REJECT PROPOSALS TO CUT THEIR FUNDING, WHAT G ONLYUTS -- THE AGENCY -- WHICH ONLY GUTS THE AGENCY'S ABILITY TO ENFORCE THIS LAW. |
| 00:19:50 | REMEMBER, 20, DISCOVERED BY THE POSITION LIMITS RULE IS ENERGY AND FOOD. |
| 00:19:54 | WE ALSO FOR THE SUPPORT REVITALIZING THE DEPARTMENT OF JUSTICE TASK FORCE ON SPECULATION STARTED ON JULY 2011, SOMETHING THE DEPARTMENT OF JUSTICE INDICATES IT WILL BEGIN IMMEDIATELY. |
| 00:20:08 | I SHARE PROFESSOR GREENBERGER'S SENTIMENTS THAT IF YOU SHINE LIGHT ON THE NEED FOR SOMETHING, THE BEAVER IS LIKELY TO CHANGE. |
| 00:20:17 | THERE IS NO REASON NOT TO BEGIN A -- TODAY. |
| 00:20:19 | THE BEHAVIOR IS LIKELY TO CHANGE. |
| 00:20:22 | THERE IS NO REASON NOT TO BEGIN THAT TODAY. |
| 00:20:24 | >> THANK YOU VERY MUCH FOR A VERY |
Loading...