Monday, December 13, 2010

$100 Oil Once More on the Horizon

Wow I did not realize that our lying moron president owed anything to "Big Oil." After all these evil companies will continue to make billions of dollars as oil continues to rise. I thought Obama was going to put an end to that. But I guess that was just another bullshit campaign promise from our bag of dogfart hot air president. See he cut production in the Gulf after the BP explosion, that is a cut in supply shithead oil will go up. He says no new wells in the Atlantic and off the Alaskan coast. Same thing dipshit. Do not forget the fact of Obama's wanting to tax the upper income brackets to high heaven. Well, to pay that tax bill, traders are pushing oil even higher to make more money on their long positions. Clearly Obama has the reverse Midas touch. I wonder what else he plans on fucking up in the next two years. People are never going to give up driving, I love $3.00 gas, let it go higher I think oil and gas companies are a great investments. Yes in the stock market. Gotta pay my tax bill, I'm gonna do it with dirty oil and gas money. Betcha the government will still take it though, yes?

$100 Oil Once More on the Horizon
Posted: December 8, 2010 at 2:15 pm

We did a story in October detailing five reasons to worry about oil getting to $100/barrel by the end of next year, and another five reasons to worry that oil would indeed reach that price. A number of big banks thought that $100/barrel was well within reach, while the largest trading houses though $70-$85/barrel was a more reasonable estimate.

Today, in an interview on Bloomberg Television, Tom Petrie, vice chairman of Bank of America Merrill Lynch, said that “the forces are lining up that will take us very close to $100, if not through it.” The effects of the second round of quantitative easing, growing demand from India and China, and the increasing deficit caused by the recently agreed US tax bill are the main reasons Petrie gives for the $100/barrel price.

Certainly the weaker dollar, which is a result of quantitative easing, will have an impact. But offsetting that impact, as Petrie admits, is an even bigger worry about European debt and the euro. The dollar is weakening, but it’s not happening as fast as everyone thought it would.

Demand from China and India is certainly growing, but supply projections match demand, commercial stocks are at near-record highs, and spare capacity stands at about 5.5 million barrels/day, more than double its level in the price spike days of 2007.

The effect of the agreed-upon US tax bill could cause crude prices to rise more, but the bill has not been passed yet. Because the tax bill is, in effect, a second economic stimulus package, the US economy is expected to expand as much as 0.6% more than previously believed. That expansion could push US GDP growth above 3% for 2011. That’s good, but hardly inflationary, and a spike in crude prices could dampen that growth considerably.

Petrie also notes the de facto moratorium on drilling in the Gulf of Mexico, which has so far reduced production by about 150,000 barrels/day and could double or triple over the next three years. That seems overly pessimistic, but is certainly possible. New regulations, brought on by the Macondo well disaster, could also play a role in slowing more drilling activity in the gulf.

Another interesting bit in the interview is Petrie’s dismissal of the role of speculators in a price rise above $100/barrel. He notes that if oil “gets much beyond $100—$110-$120, we will hear again about speculators, and there will be some element of truth perhaps to it.” No big bank is going to admit that its commodities trading desk could possibly be contributing to higher crude prices.

We may get a chance to see what effect speculation has when the US Commodity Futures Trading Commission issues proposed rules later this month on position limits in the commodities markets. Should position limit rules and other regulations that promote transparency in the commodity markets be proposed, we’ll be able to tell by the noise how much impact these rules would have on the banks’ trading operations.

-Paul Ausick

Wednesday, December 8, 2010

Islam = Peace, My Ass

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Totally Clueless President

Great writing about our tragically, clueless president. American Thinker writing is the best and this article is no exception. To break it down into business terms is pure genius, of course, our Marxist president will never be able to understand any of the analogies no matter how witty they are.

November 28, 2010
President Obama, It's Business, Not Personal
By Cindy Simpson

Years ago, as a freshly recruited manager in an international corporation's headquarters, I was offered this friendly advice from my co-workers: The day we were hired, an imaginary bullet was fired, and we would spend the rest of our careers attempting to outrun, outmaneuver, or transfer around the world to avoid it. I soon found that for many, frustration or exhaustion would eventually overcome, and they would leave, while some truly couldn't cut it and were fired. And frequently, a corporate reorganization, spurred by a restless board of directors and designed by pricey consultants, resulted in involuntary terminations from the top down.

With each new reorganization or management team would come plans for new marketing programs, cost efficiencies, and product improvements, accompanied by a shiny new Mission Statement, polished with feel-good phrases that fostered employee well-being and community service. Accounting reserves were recorded, the stock price was adjusted, revised forecasts were prepared, and all would anxiously speculate whether achieved performance would be sufficient. Upper management was usually protected with contracts, but at the end of the day, if results failed to meet expectations, the board could eject any or all of them, their fall to earth cushioned with golden parachutes or severance packages. There were no guarantees.

In the corporate world, it is understood: This is business, not personal.

President Obama has no comprehension of the phrase "not personal." To him, everything is about Obama, and his definition of "we" is "me, myself, and I." Never having had much of a real job other than campaigning and community organizing, he also doesn't grasp the concept of "business." Obama seems oblivious to his job description (defined by the oath of office), he displays scant loyalty to his company (America), and he appears unconcerned with the product it produces (freedom and liberty).

Yes, fellow citizens (shareholders), Obama works for you. He was correct when he once offered, "You've got me," but now, several bills, regulations, lies, deals, executive orders, and appointments later, we find he meant something quite different from "I work for you."

In the corporate world, in-depth interviews with prospective employees are conducted to mitigate such surprises. Typically, a personnel department will thoroughly vet candidates before involving upper management in a hiring decision. It would be unimaginable to rely on an initial application that failed to provide basic credentials to seriously consider a candidate who instead brought with him a flowery autobiography and a compilation of his own favorite speeches, or to depend on tingly-legged interviewers who asked no discerning questions. Whether liberal or conservative, most Americans now realize that they elected a man not resembling the one advertised by the mainstream media or pictured in their own minds, drawn on the blank screen that Obama offered.

Obama's primary job, which he swore twice to do as he took office, is to preserve, protect, and defend the Constitution. It is not to look and act like the Newsweek cover parody of the Hindu god, the destroyer Nataraja, juggling depictions of "all things" while dancing over a representation of ignorance. Instead of embracing our Constitution, Obama has danced around it. He has failed to defend it and our country from competitors -- enemies both within and without our borders. Instead of standing up to them for us, Obama has bowed and apologized.

Obama appears alien, even adversarial at times, to the America he works for, and his heart seems to be someplace else. As with any corporate executive, as the man at the top, he sets the tone for the rest of us, and the best interests of all shareholders (not just the ones in his party) should be his top priority, all while operating inside the parameters of power granted him. He must be the number-one champion of his company's product -- the assurance and protection of our God-given rights of freedom and liberty. And he must faithfully represent his company, not some fundamentally transformed entity audaciously designed in his own mind.

Now we wonder what exactly Obama's "mission statement" is and just what product he's really peddling. For a man obviously more comfortable reading speeches than actually sitting behind the desk, his admission that the poll-shellacking was due to his own communication ineffectiveness appeared humbling. But in the days since, Obama's actions imply only an erroneous assessment of the level of stupidity of the population. His marketing skills, again on full display during the Asian tour, are less than lackluster. And the value of our shares in the American dream continues to suffer under his economic policies.

Obama has attempted to hide behind others, identified messengers to "shoot," and complained about the sorry state of affairs in the presidential office left for him to tackle; but as one who continually takes everything personally, after two years in office, he has no one left to blame but himself. He finds a floundering U.S. buck still on his desk and the limelight focused squarely on him. But now that limelight, instead of resembling a halo, is beginning to look like an interrogation light, one that will come into greater focus as Rep. Darrell Issa becomes chairman of the House Oversight Committee.

Corporate America knows how to handle an employee, even a CEO, who is inept, bypasses the rules, denigrates the company's product and stockholders, devalues its worth, or diminishes its public image; but most handle firings with a little more tact than Trump. Typically, if the termination is related to performance rather than reorganization, a personnel department will counsel the firing manager to focus on one key issue and document it thoroughly. And on the appointed day, security guards with stacks of boxes stand by in the hallway while the deed is done.

In the private sector, this is business as usual, while in government, such terminations, even when well-deserved, are rare. The Constitution does contain specific provisions for removal of a sitting president -- attesting to the fact that the office is much more special than the person occupying it. In politics, nothing is personal. Thomas Jefferson once said, "When a man assumes a public trust, he should consider himself as public property." Bush, in his new book and recent interviews, tactfully and humbly justifies and defends, rather than himself, "the office," noting its significance and symbolism both on the worldwide stage and to the citizens it represents.

The list of grievances against President Obama is long, but still-too-recent recollections of the Bill Clinton debacle coupled with the fact that the mainstream media is in bed with Obama make the dream of an impeachment more than a Republican public relations nightmare. Jeffrey Kuhner, writing in The Washington Times last July, made a compelling case in favor of an Obama impeachment. When measured by the detrimental impact on our economy and freedoms, the wrongdoing by this president far outweighs lies told, even under oath, of an escapade in the Oval Office. However, an impeachment, while mentally satisfying to many of us, would most likely not result in Obama's removal from office, nor would it do anything to heal our country's woes.

An emboldened Congress must instead keep it strictly business and focus on key issues, starting with repealing, defunding, and undoing as much as possible before our economy is strangled beyond repair. Investigations must be prioritized, commence immediately, and be swift and thorough, and whether or not they lead to an impeachment, such scrutiny would serve an industrial-strength blow to this administration's power.

Standing by in the hallway, sleeves rolled up and eager to begin the task of cleaning up the havoc wreaked on the assembly line, await the American people, ready to roll, a stack of boxes in hand.

Monday, December 6, 2010

December 7, 1941...

Glen Turner
On a battleship,
on "Battleship Row".
USS California (BB-44)

These are my recollections of the attack on Pearl Harbor by the Japanese on December 7th 1941.

Glen C. Turner, Seaman 1st Class
20 Years old
Born April 25, 1921
USS California (BB 44)
Battle Station; Spot One,
Main Battery Firecontrol Station.
Top of the Foremast


On the USS California, December 7th 1941 started like every Sunday in port except I had the 8 to 12 fo'c'sl sentry watch. This meant that I had to get into clean whites, have breakfast and relieve the watch 15 minutes before the hour to permit the man being relieved to eat.

An awning had been rigged on the fo'c'sl and church was being set up. Before making one round of the fo'c'sl I heard a plane roar overhead (not unusual because we were tied up along the Ford Island Naval Air Station) and then there was a large explosion at the hangers on Ford Island. I ran for the phones to report this to the Officer of the Deck but before I reached the phone, the General Alarm sounded with the announcement to "Man your battle stations-THIS IS NO DRILL! "My battle station was "Spot One" 125 feet up the foremast in the Main Battery Fire Control Station. Before I reached Spot One, the ship had already been torpedoed and was under attack from the Port side by Japanese planes. I wasn't the first man up there and the panels were being dropped to expose the gun director. Although these panels were just a thin protective covering, when they were opened it seemed as if we were personally exposing ourselves to strafing planes.

The main battery was not involved so we were utilized to spot the attacking aircraft and to report them to the guns below through the Main Battery Plotting Room.

Just outside Spot One, there was a 50 caliber water cooled anti-aircraft machine gun. The gunners mates were pounding on the locked ammunition box in an attempt to get the gun into action. It seemed to take forever to open it only to find it empty. The gun did not fire a round during the whole battle. Some of the ships aft of the California did get some guns shooting but I didn't see them score any hits.

Astern of the California, the Oklahoma took an extreme list to port and in what seemed like a very short period of time, she rolled over with just a portion of her hull showing above the water. The California now had a list to port causing me to wonder how I would get clear of the rigging if and when we rolled over.

Our 5 inch anti-aircraft guns did not get into action immediately because the ammunition readyboxes were empty and the torpedoeshad put the hoists out of action. Ammunition was passed hand over hand from the ammunition lockers to the guns and it was well into the attack before they got into action.

There was gunfire and activity by the destroyers on the opposite side of Ford Island and one of them made a run dropping depth charges. We were to find out later that they had sunk a midget Japanese Sub.

The Japanese attack was in two waves and during the lull between the two attacks, the Nevada got under way and passed down channel to our port side. This was the one thing that we had to cheer about all morning. However, when she reached a point opposite 10-10 dock, dive bombers made run after run on her and I remember her 5 inch anti-aircraft replying during the whole run.

The second wave consisted of horizontal bombers flying at high altitude from off our bow down the line of battleships. The bombs dropped by these planes did not seem as effective and many dropped in the harbor. Our anti-aircraft guns were firing as were those on the battleships behind us and this may have been the cause of the bombing being ineffective.

The California however was hit by a bomb and in addition to a heavy port list was now on fire. The harbor was covered with burning oil, further threatening the California and the tanker Neosho directly astern of us. During this second air raid, word was passed to abandon ship.

I climbed down from the mast and made my way to the starboard fo'c'sl where I took off my shoes and prepared to go into the water. I made my way first to the Quay which was crowded with other shipmates trying to leave the ship. There was a 50 foot motor launch taking men to Ford Island but there were so many trying to get into the boat that I decided to swim. It was a short swim but some of it was through heavy oil that had come from the ships that had been hit. Swimming through this oil made me ill and I threw up when I reached the island. The first thing I did after climbing up on the island was to find a hiding place which for me and several others was a baseball dugout.

After the attack was over, around 10 AM I started looking for a place to clean off the oil. I copped a pair of dungarees off a clothes line and went to a garage and wiped myself off with kerosene, put on my new found dungarees and barefooted, headed back up to the shore opposite where the California lay burning.



There were Chief Petty Officers asking for volunteers to go back aboard to help save the ship so several of us went. The first thing I did was to go to the foc'sl and reclaim my shoes. I remained aboard helping to secure lines from the ship to the Quay to keep it from rolling over and also handling fire hoses to put out fires amidships.

About sunset there was an outburst of gun fire when some planes tried to land at the Naval Air Station. We sadly had shot at and hit some planes from the Enterprise that were returning to the Naval Air Station.

Sometime after sunset, I went ashore on Ford Island and found an empty bunk, crawled in with dirty clothes and all and didn't wake until the next morning.

As a result of having gone back aboard ship, I failed to muster and was reported "Lost in Action". My parents did not find out until New Years eve that it was a mistake and I was already back at sea on the USS Astoria.

The days after the attack were ones of frustration, working parties, and fear of a Japanese invasion. The worst experience, by far was going back aboard ship on December 8th to remove bodies of my shipmates. Recovering burned and mangled bodies has left an indelible mark on my mind that refuses to go away.

On December 13th I along with many other USS California survivors were assigned to the heavy cruiser the USS Astoria. On the 15th we went to sea. During the next nine months the Astoria saw action in the battle of the Coral Sea, the battle of Midway and the invasion of Guadalcanal. Then on the night of August 8 and the morning of August 9 in the First Battle of Savo Island the Astoria was sunk in a night engagement along with the USS Vincennes, USS Quincey and HMAS Canberra.

I returned to the states in October of 1942 and went home on survivors leave. After retuning to San Francisco I was reassigned to the USS California. The ship I was on when it got sunk on December 7th. It was during the rebuilding of the California that Stella and I were married in Bremerton Washington. We had about one great year together before the California put out to sea.

On the California we went through the invasions of Saipan, Tinian and Guam and participated in the first battle of the Philippine Sea.

I was hurt and returned to a Naval Hospital in the States. My next assignment was on the YF 722 and I spent about 9 months in Eniwetok. The ship was there when the war ended.

I was discharged in November of 1946 and went to school in Chicago. After graduation I took a job as a computer engineer with Engineering Research in St. Paul, Minnesota. I worked 32 years with that company and its successor company Sperry, holding positions in computer engineering and executive management until I retired in 1983. Since that time we have lived in Minnesota.

Remember Pearl Harbor -- Keep America Alert

Glen Turner - Medals and Awards: American Defense Medal; American Theater Campaign Medal; Asiatic Pacific Theater Campaign Medal with Eight Battle Stars; Good conduct Medal, and the World War II Victory Medal.