Tag: oil

The Paulson Plan is becoming the Dodd Plan

At least according to the media banter

It comes after the fact, but Chris Dodd has a plan of his own. I’m on the fence about the diversion of profits into the Hope Now plan, primarily because that plan doesn’t seem to be working as is (or you might have heard something other that pins dropping). Why dump money into a half-baked program – instead, return any profits to the Treasury as a dollar-for-dollar reduction in the facility cap. As for congressional appointees overseeing the process – garbage. I’ll bet they won’t find a single appointee that isn’t a political contributor, and that is what is really needed – financially-minded individuals that are truly dis-attached.


Mark Cuban thinks the assets should be auctioned on eBay. That isn’t really what he is saying, but a similar level of transparency, combined with competitive bidding from outside the Treasury’s pool of funds, is a brilliant idea. The equity position concept is already on the Treasury’s table, and it may be a done deal. I’m sure we’ll all soon hear what struggling banks think about it. When does the short sale ban end?

And Barry Ritholtz puts things in perspective – at dollar a day second, it would take three centuries to pay back this loan. Ritholtz says bye bye greenback – the oil market certainly agreed with him today.

MORE: Democrats created the financial crisis? The Bloomberg headline is a misnomer – the article actually suggests they prevented others from stopping it. Not exactly cause and effect. And, looking back to circa 2005 is entirely shortsighted – you need to look back to 1995!

STILL MORE: The Whitehouse says they called the problem as early as 2001. The timeline seems accurate (and is dutifully referenced). Meanwhile, ask yourself why the Office of Federal Housing Enterprise Oversight (part of HUD) was supervising the workings of the what were probably the largest functioning home loan banks on the planet, instead of say the Office of Thrift Supervision. To find the answer, you still have to look back to the early/mid 90s.

Jim Cramer on oil and drilling

During an argument on the merits of drilling in the US, the guy starts with…

“We are such elitists.”

I assume he’s talking about Americans, and then he spills (emphasis mine)…

I’ve got a beach house right on the beach in Ocean Grove. I want a well right next to me.

Elitist, eh?

What a buffoon.

Monday Morning’s Weekend in Review

Linkfest Link Barrage Tidbits on real estate and oil, since this last weekend was about sun and fun (at least around here).


Markets – The Good, the Better, and the Just Plain Funny

Gotta be a market nerd first

  • T. Boone Pickens says speculators are scapegoats for recent oil price increases. Good because I noted it first.
  • Governor Brian Schweitzer says there is 10X the USGS survey of oil reserves in the Bakken, and he wants to drill for it. Better, because it’s a plus for the US and Montana economies, and Schweitzer owns a collie breed dog (making it hard not to believe and respect the man).
  • A black swan formation has appeared in the S&P. I’m reading The Black Swan right now, and was hoping I could relate. But this is just plain funny.

Senate votes to halt strategic oil stockpiling

At $127 per barrel, 700 million barrels is enough (according to the Senate). Note that existing reserves represent a little over a month’s supply for the US, and less than 10 days worth on the world scale.

Where did you say that oil came from?

If Canada is the largest exporter of oil to the US, is priming to double it’s output capacity, and of course is not a part of the lovable cadre called OPEC, then I have an extemporaneous question…

Why are we kissing the Middle East’s ass, instead of our friendly northern neighbors’?