Could Closing the “Enron Loophole” Solve the Gas Crisis - and More?
By Michael Lang on Jun 19, 2008 in Featured
A law passed at the end of King Bush I (the "") is still in effect. Oil future trading is unregulated, thanks to Daddy Bush.
"Two years ago, a REPUBLICAN report blamed oil prices on the Enron loophole."
SEEING IS BELEIVING, RIGHT?
SO DO SOMETHING
!
Morgan Stanley is the biggest heating oil owner in New England. Closing the loophole in the law which allows oil futures trading without any real investment or without assuming real ownership of the commodity will reduce the cost of gasoline from 25 to 50 percent immediately! But to do so might cripple Morgan Stanley and the other funds that have used the loophold for investments rather than investments in the nation’s infrastructure.
John McCain understood the problem in 2002. He voted to close the Enron Loophole. "Enron made a sound investment in Washington!"
Why did McCain oppose the recent farm bill (risking loss of the entire corn belt)? McCain has "offered explanations other than the Enron loophole…" Is he suffering from loss of memory, or has he lost is ETHICAL bearings. The bipartisan farm bill shut the Enron Loophole last month! But Bush vetoed it. Will the veto be overridden?
Stop filling the reserve? The institutions are setting aside much larger reserves than the strategic reserve. McCain’s staff (including Phil Gramm, whose firm now owns the remains of Enron) and two of his other campaign leaders are lobbying Congress to maintain the Enron loophole. They are writing his economic policy.
McCain? He skipped the hearing! And has refused to maintain his previous position. He’s refused to comment on Olbermann’s commentary today. McCain claims that he is objecting to the farm bill because of earmarks. But the poison pill in it seems to be the Enron Loophole.
All of this talk of offshore drilling is simply a diversion–a bait and switch–to cause us to ignore the "Enron Loophole." Shut it down, and gas prices drop tomorrow. But since Morgan Stanley holds a bunch of the nation’s seniors’ retirement funds, the cure might be worse than the disease.
A MUST READ: Is it Possible Gas Prices Being Manipulated by Dark Markets?
Slamming the Door on the Enron Loophole - And with each new effort to tamp down on unlimited and undisclosed oil futures’ positions, be it closing key aspects of the Enron Loophole as in the Farm Bill* or the proposals to close the “London Loophole”, or the Lieberman effort to …
Introduce Bill in Senate to Close The ENRON Loophole - … thousands of dollars more per year in gas and oil costs. Mainly the Enron Loophole. Other culprits include Morgan Stanley, husband and wife Graham, UBS, lobbyists and just about everyone surrounding John McCain’s campaign. read more.
Olbermann on McCain’s support of the ‘Enron Loophole’, allows … - McCain, gas prices and the Enron loophole June 18: A Countdown Special Report on how John McCain’s chief economic advisor and others in his campaign helped create and defend pivotal legislation that unleashed speculators to run up gas …
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