McCain’s Boeing Battle Boomerangs

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  • Posted By: Nins @ 06/22/2008 6:56:21 PM

    Some of you who read my posts about investment banks driving up the price of oil through commodities futures trading did not believe me that this was a real issue, despite the fact that the Senate is investigating it. Well, it really is an issue and an important one, so important the the Department of Justice is going to investigate.

    Today Senator Obama announced a plan today to crack down on excessive energy speculation and fully close the loophole in the CFTC regulations that I referred to in my blog. This loophole is also called the "Enron Loophole" because it was created by McCain Campaign co-chair Phil Gramm at the behest of Enron lobbyists, and exempts most trading on energy commodities from regulation. As a result, the CFTC is unable to oversee the oil futures market or investigate cases where excessive speculation is driving up oil prices. Just last month, John Hofmesiter, President of Shell Oil Company, says that the proper, uninflated production price of a barrel of crude oil is no more than $65.

    http://www.financialpost.com/reports/oil-watch/story.html?id=532747

    Clarence Cazalot, CEO of Marathon Oil, stated in November of 2007 that "$100 oil just isn't justified by the physical demand on the market - it is speculation on the futures market that is driving this."

    http://money.cnn.com/2007/11/12/markets/oil_hundred/index.htm?postversion=2007111216

    Larry Chom, Chief Economist of Platt's, states in a recent Businessweek article that speculation is adding at least $50 to the price of every barrel of oil. You can read this article in the May 13, 2008 edition of Businessweek, but it is no longer available on their website unless you are a member.

    http://www.businessweek.com/bwdaily/dnflash/content/may2008/

    To see what Senator Obama is doing to correct this serious problem and lower the price of gas and oil, go to his website:

    http://my.barackobama.com/page/community/post/stateupdates/gG5Rzb

    Now THAT is my kind of President! Sees the problem, and moves to fix it, while Bush and McCain are sitting on their hands.

    • Posted By: J.Richter @ 06/23/2008 11:07:43 AM

      Thanks for this well researched article. Would you consider this group - http://army4truth.newsvine.com - where really smart folks are looking to ensure that deceptive and distorted positions do not hold sway in our country's decisions this year.

  • Posted By: Wbaere @ 06/22/2008 7:22:57 PM

    Lots of you are here bashing McCain, but what I see is a guy still working at his current job, and trying to get something done. Now Obama put forth an idea regarding limiting commodoties speculation in an effort to reduce the price of oil/gasoline--why not do your job now and introduce legislation to that effect? Talk is cheap--when are we going to see some work done in D.C.?

  • Posted By: onepoker @ 06/22/2008 1:58:07 PM

    Anyone else notice that the same people who were crying and complaining about no-bid contracts for Iraqi oil are now deriding MCCain for trying to fight against No bid contracts right here at home.

    The sweet smell of hypocrisy a Change we can believe in.

    • Posted By: the-commish @ 06/22/2008 7:03:12 PM

      Onepoker,

      I am surprised at you! Outsourcing our national security?

      Surely you can come up with something better than that!

    • Posted By: Zig Zag @ 06/22/2008 5:20:40 PM

      Anyone notice how Republican's love to twist the facts and attempt to relate two unrelatable issues?

      The sweet smell of the spin - and politics as usual - courtesy of John McSame.

  • Posted By: TruthForward @ 06/21/2008 1:43:23 PM

    This also shows where McCain gets his data from, the lobbyists.

    • Posted By: onepoker @ 06/22/2008 2:04:51 PM

      all senators get data from lobbyists thats their job. Lobbyists are fun to demonize but the reality is they are an essential part of our government system they represent many diverse Americans and their needs. Everyone from Teachers Unions to Real Estate Agents have lobbyists there job is to make sure that the interests of the people they represent are considered when decisions are made.

      • Posted By: Nins @ 06/22/2008 6:58:40 PM

        Some of you who read my posts about investment banks driving up the price of oil through commodities futures trading did not believe me that this was a real issue, despite the fact that the Senate is investigating it. Well, it really is an issue and an important one, so important the the Department of Justice is going to investigate.

        Today Senator Obama announced a plan today to crack down on excessive energy speculation and fully close the loophole in the CFTC regulations that I referred to in my blog. This loophole is also called the "Enron Loophole" because it was created by McCain Campaign co-chair Phil Gramm at the behest of Enron lobbyists, and exempts most trading on energy commodities from regulation. As a result, the CFTC is unable to oversee the oil futures market or investigate cases where excessive speculation is driving up oil prices. Just last month, John Hofmesiter, President of Shell Oil Company, says that the proper, uninflated production price of a barrel of crude oil is no more than $65.

        http://www.financialpost.com/reports/oil-watch/story.html?id=532747

        Clarence Cazalot, CEO of Marathon Oil, stated in November of 2007 that "$100 oil just isn't justified by the physical demand on the market - it is speculation on the futures market that is driving this."

        http://money.cnn.com/2007/11/12/markets/oil_hundred/index.htm?postversion=2007111216

        Larry Chom, Chief Economist of Platt's, states in a recent Businessweek article that speculation is adding at least $50 to the price of every barrel of oil. You can read this article in the May 13, 2008 edition of Businessweek, but it is no longer available on their website unless you are a member.

        http://www.businessweek.com/bwdaily/dnflash/content/may2008/

        To see what Senator Obama is doing to correct this serious problem and lower the price of gas and oil, go to his website:

        http://my.barackobama.com/page/community/post/stateupdates/gG5Rzb

        Now THAT is my kind of President! Sees the problem, and moves to fix it, while Bush and McCain are sitting on their hands.

      • Posted By: Zig Zag @ 06/22/2008 5:15:28 PM

        I am sure the lobbyists always present a fair and impartial view of the issues. They would never exclude facts not in their favor, stretch the truth, or attempt to influence members of congress through donations or other means not directly related to the issues.

        And I get accused of smoking dope.

  • Posted By: JustAJoe @ 06/22/2008 3:43:16 PM

    "This shows how a sort of naive crusade for good government can actually backfire," said Loren Thompson

    There is nothing naive about this. It's plain, old fashioned political corruption. Since he sent some Boeing and Pentagon officials to prison for "cozy relationship, I am sure McCain will be turning himself in any day now.

    • Posted By: Zig Zag @ 06/22/2008 5:17:30 PM

      I agree. While engaging in corruption of his own, McCain happened to find corruption by others. Big surprise there. It's how Washington works - and will continue to work under a McCain presidency.

      Lucky for us that won't happen.

  • Posted By: onepoker @ 06/22/2008 1:56:07 PM

    being new to the bloggs I was unaware that proper etiquette is to copy and paste all of your posts to every article to be sure not a soul escapes without gaining your insight even if that insight has nothing whatsoever to do with the article you are posting too

  • Posted By: mimigrammy @ 06/22/2008 1:42:46 PM

    The McCain Campaign calling the recent "opt-out" campaign finance issue a "big deal" is nothing more than them trying to drum up noise to distract from this issue. The whole EADS issue is something that is "big" to the American electorate and goes to the heart of why Senator Obama's goal for campaign finance is to end the endless campaign for corporate dollars in the election process. McCain is now, and has all his life been, an opportunist. Using people and labels to gain power is the "real story" of John McCain's life. This is another example of him being only another George W. Bush.

  • Posted By: scha100 @ 06/22/2008 1:02:59 PM

    Oh, please! "Good government" MY EYE! McCain is as obviously in bed with EADS as Bush is with the Saudies. He says he wants to save the government money by getting a cheaper contract, but in reality he will say or do anything to get a sweetheart deal for EADS! McCain is a well practiced LIAR and the American people should be aware of it!

  • Posted By: midnight05 @ 06/22/2008 12:07:32 PM

    The McCain campaign is not as thick as thieves but rather thick with thieves. Every time a voter turns around, more fall out of the tree. He is wholly owned and operated by K Street and that will be one of the reasons for his downfall. If the GOP wants to win in November, they will sit on McCain and make him clean house.

  • Posted By: Mwalimu @ 06/22/2008 10:32:51 AM

    Thank you Nims, for your insight. I must commend Isikoff for his article. It shows what sort of commander-in-chief McCain should be. Isikoff did not mention that the contract McCain enginereed will cost the tax payers much more because of the devaluation of the dollar. McCain should have realized that because Bush constantly toutes a weak dollar as an economic advantage (a way of sticking it to liberal, elitist leftists who like to travel to Europe.)
    We should also realize that McCain's decision cost many Americans their jobs. But then one of McCain's chief advisors Carly Fiorina, who messed up Hewlitt-Packard during her tenure as CEO, said that a job is no longer an American right. I hope Americans realize that McCain really does not care about their jobs - only about the portfolios of his wealthy lobbyist friends.
    I do wish we could have more articles on the way McCain's lobbyists friends are profiteering from the war in Iraq. McCain's chief campaign manager, Charlie Black, was a lobbyist for Ahmed Chalabi, whose lies and misinformation got us involved in the war in the first place. Chalabi later turned out to be an Iranian agent, and the big winner of the Iraqi war is Iran - simply because the Shiites we've installed in Iraq have far more in common with their fellow believers in Iran than they do with Christians in America, whom most Shiites. both in Iraq and Iran regard, as satanic infidels. Isikoff's article proves that as a commander-in-chief, McCain's incompetence is matched only by W. George Bush. In the real world military, an officer displaying Bush's or McCain's level of judgment would face a court martial. History does not need to repeat itself.
    This article is an excellent reason to vote for Obama

  • Posted By: flyboyras @ 06/22/2008 12:26:00 AM

    Isikoff is so far off the mark on this one. He should be focusing his ire on the Air Force, not McCain. The Air Force has been fraught with mismanagement and procurement issues for years. Not only was there unethical and illegal activities by Air Force personnel in the Boeing tanker deal that sent one woman to jail and caused the firing of two top level Boeing officials, but there was also the award of the Thunderbirds audio and visual contract to a company tied to top Air Force officials -- at a bid $25 million higher than the lowest bidder! The bigger story here is that the CONTINUOUS WASTE OF TAXPAYER DOLLARS BY THE AIR FORCE, which Senator McCain has fought against for years. Thank goodness Secretary Gates was finally able to see the light and fire COS Moseley and AF Secretary Wynne. It's also no wonder that the pentagon official quotes in Isikoff's story is "anonymous" because the official knows that what he is saying about the McCain letters can't be substantiated -- it's pure speculation. His statements appear to be retaliation for years of beatings by Congress who has consistently caught the Air Force misbehaving. This pentagon official needs to show some balls and give his name like the McCain aide, Chris Paul.

  • Posted By: flyer @ 06/21/2008 10:03:41 PM

    This article is so dishonest it's a joke! The original deal that McCain attacked was a complete ripoff, and I say this as a member of the aerospace industry who would have benefited by it. By even the most generous estimates, the Air Force agreed to pay Boeing at least twice what the tankers would have actually cost. McCain was bold enough to question the obvious cost discrepancy, and subsequent investigation discovered the Air Force official who made the deal had also arranged jobs for herself and her son at Boeing. Can you say illegal conflict of interest?! Both she and her Boeing counterpart were convicted of conspiring to award the contract to Boeing and SENT TO PRISON! Now Newsweek has the audacity to criticize McCain?! Are you so blinded by your love of Obama that you'd rather have government officials accepting bribes in exchange for wasting taxpayer money? Dishonesty, indeed!

  • Posted By: info4u2 @ 06/21/2008 7:41:10 PM

    Concerning Lisa Miller's April 12, 2008 article ???WHY THIS POPE DOESN'T CONNECT", one can examine
    two recent surveys on YouPoll.com, "CATHOLICS, COME HOME' and "THE CATHOLIC CHURCH: How well do you know it???? These are better sources for understanding current Catholic Church questions than the ones Lisa Miller rhetorically asks; Better, because the premise or the foundation of Lisa???s inquiry either lacks authenticity or substance; Maybe both. Where did she find the people who expressed disinterest in the Pope???s American visit? Her investigative search somehow seems all too quick and the response from her sources -uninformed. In short, Lisa does not tell us, her readers, what her questions were: We only have answers. Pope Benedict XVI merits the best objective reporting.

    Thank you.

  • Posted By: Nins @ 06/21/2008 2:53:42 PM

    Readers, be informed, and beware! Sam Bodman, US Energy Secretary, is a Bush appointed Yes-man. Bodman states that insufficient production is making oil prices soar. Bush wants you to think that the OPEC countries are responsible for high oil prices, but the truth is, OPEC has been significantly increasing production over the past several months. Where is all that oil going? It's being stockpiled by US investment banks, who are creating a fake shortage to drive up the price. Congress has already started to investigate this criminal practice. Bush, who has deregulated the banking industry, tries to blame it on OPEC. By now you should be familiar with Bush's MO: he says you should be very afraid of Muslims. But who you should really be afraid of are investment bankers at Merrill Lynch, Morgan Stanley and Lehman Brothers. Check this out:

    Michael Masters of Master Capital Management (a global investment manager) testified before the Senate Committee on Homeland Security & Government Affairs a couple of weeks ago. Quotes from his testimony:

    "Today, Index Speculators are pouring billions of dollars into the commodities futures markets, speculating that commodity prices will increase. In the popular press the explanation given for rising oil prices is the increased demand from China. According to the DOE, China's demand for petroleum has increased in the last five years from 1.88 billion barrels to 2.8 billion barrels, an increase of 920 billion barrels. Over the same five year period, Index Speculators' demand for petroleum futures has increased by 848 million barrels. THE INCREASE IN DEMAND FROM INDEX SPECULATORS IS ALMOST EQUAL TO THE INCREASE IN DEMAND FROM CHINA. Index Speculators have now stockpiled, via the futures market, the equivalent of 1.1 billion barrels of petroleum, effectively adding EIGHT TIMES as much oil to their own stockpile as the US Government has added to the Strategic Petroleum Reserve over the last five years."

    "The Senate has asked the question "Are Institutional Investors contributing to food and energy price inflation?" And my unequivocal answer is "YES." In this testimony I will explain that investment banks are one of, if not the primary, factors affecting commodities prices today. Clearly, there are many factors that contribute to price determination in the commodities markets; I am here to expose a fast-growing yet virtually unnoticed factor, and one that presents a problem that can be expediently corrected through legislative policy action..."

    The US Commodity Futures Trading Commission is ASLEEP AT THE WHEEL. They're supposed to be protecting us from these kinds of abuses, but Bush allowed loopholes in the CFTC regulations that you can drive a truck through. An oil truck, that is.

    Links to Masters' Senate testimony, and 2 articles:
    http://hsgac.senate.gov/public/_files/052008Masters.pdf
    http://www.informationclearinghouse.info/article20011.htm
    http://globalresearch.ca

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