Tired, wet, miserable, 3000+ miles from home. Could you have had the courage to disembark and do your job in the face of machine gun fire and entrenched sharpshooters? Men falling everywhere always wondering if maybe the next one was going to be you. Blood and body parts everywhere, dead men washing in and with the waves. Think about who you are today could you have done this? Could you have been there on those beaches and fought to survive and liberate Europe from the NAZI stranglehold? Regular guys like you and me did, they fought and died that day; acts of courage and valor too many of us will never know and luckily will never have to know. Damn this country produces such great people too many we will never know the names of. Thank you to all of those that fought that hellish morning in the first wave. We will never forget what those soldiers who died there did for mankind. Thank a vet.
It is the VETERAN, not the preacher,
who has given us freedom of religion.
It is the VETERAN, not the reporter,
who has given us freedom of the press.
It is the VETERAN, not the poet,
who has given us freedom of speech.
It is the VETERAN, not the campus organizer,
who has given us freedom to assemble.
It is the VETERAN, not the lawyer,
who has given us the right to a fair trial.
It is the VETERAN, not the politician,
Who has given us the right to vote.
- Anonymous
Casualty estimates for Allied forces vary, but range from 2,500 to more than 5,000 dead on D-Day. Adding to the confusion is that D-Day books and histories often count wounded, missing and troops taken prisoner.
On its Web site, the D-Day Museum in Portsmouth, England, says an estimated 2,500 Allied troops died. The U.S. Army Center of Military History in Washington, D.C., numbers 6,036 American casualties, including wounded and missing. The Heritage Foundation in Washington estimates 4,900 dead.
"It's very difficult to get accurate figures. People get buried. Bodies disintegrate. Evidence of the deaths disappeared. People drowned," said John Keegan, author of "Six Armies in Normandy: From D-Day to the Liberation of Paris."
He estimates 2,500 Americans and 3,000 other Allied troops died on D-Day.
More than 19,000 civilians in Normandy also died in Allied bombing before and after D-Day to soften up German defenses. And Allied air forces lost nearly 12,000 men in April and May 1944 in operations ahead of the invasion, the D-Day Museum says.
Even as the ranks of veterans who survived the assault and the push into Germany thin with time, work on tallying the dead continues.
Carol Tuckwiller, director of research at the National D-Day Memorial Foundation in Bedford, Va., has spent four years combing through government, military and cemetery records for names of Allied dead on D-Day. She hopes to have a figure by next year.
"We feel like we're probably going to end up with a total of about 4,500 fatalities for both the Americans and Allied countries. Right now, we have about 4,200 names confirmed," she said. "Of course we realize we may never be 100 percent complete."
Wednesday, June 6, 2012
Tuesday, June 5, 2012
Non Sibi Sed Patriae
Just something I came across in my travels. We must never forget.
Non Sibi Sed Patriae
General Charles C. Krulak, USMC
Commandant of the Marine Corps
Commencement Remarks for the Uniformed Services University at the DAR Constitution Hall, Washington, DC, 16 May 1998
Thank you Admiral Zimble for that very kind introduction.
First let me say what a pleasure and an honor it is for me to be here this morning.
Like most of you in the audience, I too have a loved one that is graduating today.... And, I too feel that overwhelming sense of pride from seeing a person I cherish garner such a high achievement.
I am also honored to address the future leaders, researchers, and healers of the medical profession the graduates of the [F. Edward] Hebert School of Medicine, the Graduate School of Nursing, and the Graduate School of Medicine. And, it is to these men and women that I would like to speak for the next few minutes.
Last month, I had the opportunity to visit the island of Iwo Jima. Known to the Japanese as Sulfur Island, it is a hot, bubbling, volcanic atoll that to this day, still has active sulfur vents.
During February and March 1945, it was the scene of one of the most horrific battles of World War II. During the 36-day campaign to take that island, a Marine fell to Japanese fire every two minutes ...every two minutes for 36 days a Marine was killed or wounded. It was the only battle, in the history of our Corps, where Marines suffered more casualties than the enemy.
Today, the island still bears the scars of that titanic struggle....It is a place heavy with history and long-on memories....The winds that constantly blow across the black sands of the Iwo Jima beaches seem, at times, to carry the voices of the warriors that fought there so long ago. It is a mournful and reverent place....
Joining me on that tortured ground was the family of the late John Bradley. They had never been there before, and they wanted to see where their husband and their father had fought.
John Bradley, who survived the battle, rarely spoke to his family about his experiences on Iwo Jima. When pressed, he would gloss over and downplay how he had won the Nation's second highest award for bravery-- the Navy Cross.
He earned that decoration by rushing to the aid of two wounded Marines, and then shielding them with his body while he tended to their wounds. When Bradley hurried to their aid, he didn't exactly rush ... he crawled ... crawled, because he had been shot through both legs just a few minutes before. Another reason the Bradley family wanted to visit Iwo Jima was because they wanted to see the site of the most famous battle photograph ever taken ...the raising of the American flag on Mount Suribachi.
That memorable event ...captured in a bronze and granite sculpture ... is known today as the Marine Corps War Memorial. Five Marines and one Navy Corpsman took part in that flag raising -- three did not survive the battle.
The Navy Corpsman did ... and as you have probably guessed ... his name was Pharmacist Mate 2 John Bradley.... Let me encourage you to visit the War Memorial one day ... run your hands across the cool granite ... step back and read the engraved words: "Where Uncommon Valor Was A Common Virtue" ... and then, let your eyes travel up to the sculptured figures.... young men ... forever captured in bronze.... Look for Corpsman John Bradley, you'll recognize him ... he's the one with the empty canteen pouch.
You see, prior to climbing Mount Suribachi, he gave the last of his water to a dying Marine.... On hot ... bubbling ... Sulfur Island, John Bradley would go the next 24 hours without water....
What I want to talk to you about today goes beyond bravery ... goes beyond sacrifice ... I want to talk to you about selflessness.... John Bradley was a brave man and he sacrificed greatly, but most of all, he was selfless. His brave acts were not done for any reward ... nor were they intended to be captured by NewsCam 4 or CNN ... there was no public glory in what he did. In fact, men under fire rarely speak of glory ... instead ... they speak of: "who can be counted upon and who cannot. " Above all, they speak about and remember the small individual acts of selflessness.
When Felix de Weldon, the sculptor of the Marine Corps War Memorial, asked John Bradley what had happened to his canteen -- John couldn't even remember ... in the heat of battle, he had completely forgotten. But, the surviving Marines of Bradley's unit knew ... and they remembered ... and they told de Weldon the story of his sharing his water. Selflessness is unforgettable ... even small acts of selflessness are unforgettable.
Today, when you leave here, you will find yourselves placed into positions of great responsibility. You will be men and women of letters and possess a special and unique educational experience. That alone, will cause the mantle of responsibility to be thrust upon you. And because of who and what you are, you must don that mantle of responsibility. With responsibility comes many challenges.
These challenges normally are translated into choices.
A choice to operate ... a choice for therapy ... a choice to do nothing....
But of all the choices you will face, there is none greater than the choice between self ... or selflessness.
Is the benefit for you ... Or, is it for your team? ... Or your patient? ... Or your clinic? ...Or your family?....
Over the chapel doors at the United States Naval Academy is a simple Latin inscription -- Non Sibi Sed Patriae -- "Not for self, but for country." Simple, but powerful.... Selflessness takes time to develop.
Rarely does a man or woman suddenly grow a brain and a spine in the middle of an operating room or on a battlefield.
Likewise, rarely does a person develop a sense of selflessness in a single moment in time. Spontaneous selfless acts rarely happen. Instead, they are built on a strong moral foundation and then carefully layered by doing the right thing ... time and time again.
All of you possess a strong character ... strong morals ... and a strong sense of duty. Let me encourage you to add to those strengths a spirit of selflessness. That spirit is within you now ... draw from it ... use it ... and encourage it from others. Use it to lead ... to build your team ... and to serve those you know and those you know not.
John Bradley gave the last of his water to a wounded Marine on 23 February 1945. That afternoon, he was struggling to climb the fire swept heights of Mount Suribachi.
The next day, he braved enemy fire to aid two wounded Marines and just a few days later, though wounded himself, he again braved enemy fire to aid two more Marines. It was not for sense of self that he performed those brave deeds. It was for others ... for those he knew and for those he knew not.... Deep within his soul, John Bradley instinctively understood that:
Non Sibi Sed Patriae, is contagious. After aiding those final two wounded Marines, Corpsman John Bradley ... badly wounded ... lost consciousness. He awoke 36 hours later aboard the hospital ship USS Solace. How he arrived there is unknown. The names of those Marines and Sailors that carried him off the fire-swept field of battle ... who placed him on the small boat ... who carried him to the ship ... have been lost to history ... only their selfless deed remains.... Even small acts of selflessness are unforgettable.
Thank you and Godspeed....
Non Sibi Sed Patriae
General Charles C. Krulak, USMC
Commandant of the Marine Corps
Commencement Remarks for the Uniformed Services University at the DAR Constitution Hall, Washington, DC, 16 May 1998
Thank you Admiral Zimble for that very kind introduction.
First let me say what a pleasure and an honor it is for me to be here this morning.
Like most of you in the audience, I too have a loved one that is graduating today.... And, I too feel that overwhelming sense of pride from seeing a person I cherish garner such a high achievement.
I am also honored to address the future leaders, researchers, and healers of the medical profession the graduates of the [F. Edward] Hebert School of Medicine, the Graduate School of Nursing, and the Graduate School of Medicine. And, it is to these men and women that I would like to speak for the next few minutes.
Last month, I had the opportunity to visit the island of Iwo Jima. Known to the Japanese as Sulfur Island, it is a hot, bubbling, volcanic atoll that to this day, still has active sulfur vents.
During February and March 1945, it was the scene of one of the most horrific battles of World War II. During the 36-day campaign to take that island, a Marine fell to Japanese fire every two minutes ...every two minutes for 36 days a Marine was killed or wounded. It was the only battle, in the history of our Corps, where Marines suffered more casualties than the enemy.
Today, the island still bears the scars of that titanic struggle....It is a place heavy with history and long-on memories....The winds that constantly blow across the black sands of the Iwo Jima beaches seem, at times, to carry the voices of the warriors that fought there so long ago. It is a mournful and reverent place....
Joining me on that tortured ground was the family of the late John Bradley. They had never been there before, and they wanted to see where their husband and their father had fought.
John Bradley, who survived the battle, rarely spoke to his family about his experiences on Iwo Jima. When pressed, he would gloss over and downplay how he had won the Nation's second highest award for bravery-- the Navy Cross.
He earned that decoration by rushing to the aid of two wounded Marines, and then shielding them with his body while he tended to their wounds. When Bradley hurried to their aid, he didn't exactly rush ... he crawled ... crawled, because he had been shot through both legs just a few minutes before. Another reason the Bradley family wanted to visit Iwo Jima was because they wanted to see the site of the most famous battle photograph ever taken ...the raising of the American flag on Mount Suribachi.
That memorable event ...captured in a bronze and granite sculpture ... is known today as the Marine Corps War Memorial. Five Marines and one Navy Corpsman took part in that flag raising -- three did not survive the battle.
The Navy Corpsman did ... and as you have probably guessed ... his name was Pharmacist Mate 2 John Bradley.... Let me encourage you to visit the War Memorial one day ... run your hands across the cool granite ... step back and read the engraved words: "Where Uncommon Valor Was A Common Virtue" ... and then, let your eyes travel up to the sculptured figures.... young men ... forever captured in bronze.... Look for Corpsman John Bradley, you'll recognize him ... he's the one with the empty canteen pouch.
You see, prior to climbing Mount Suribachi, he gave the last of his water to a dying Marine.... On hot ... bubbling ... Sulfur Island, John Bradley would go the next 24 hours without water....
What I want to talk to you about today goes beyond bravery ... goes beyond sacrifice ... I want to talk to you about selflessness.... John Bradley was a brave man and he sacrificed greatly, but most of all, he was selfless. His brave acts were not done for any reward ... nor were they intended to be captured by NewsCam 4 or CNN ... there was no public glory in what he did. In fact, men under fire rarely speak of glory ... instead ... they speak of: "who can be counted upon and who cannot. " Above all, they speak about and remember the small individual acts of selflessness.
When Felix de Weldon, the sculptor of the Marine Corps War Memorial, asked John Bradley what had happened to his canteen -- John couldn't even remember ... in the heat of battle, he had completely forgotten. But, the surviving Marines of Bradley's unit knew ... and they remembered ... and they told de Weldon the story of his sharing his water. Selflessness is unforgettable ... even small acts of selflessness are unforgettable.
Today, when you leave here, you will find yourselves placed into positions of great responsibility. You will be men and women of letters and possess a special and unique educational experience. That alone, will cause the mantle of responsibility to be thrust upon you. And because of who and what you are, you must don that mantle of responsibility. With responsibility comes many challenges.
These challenges normally are translated into choices.
A choice to operate ... a choice for therapy ... a choice to do nothing....
But of all the choices you will face, there is none greater than the choice between self ... or selflessness.
Is the benefit for you ... Or, is it for your team? ... Or your patient? ... Or your clinic? ...Or your family?....
Over the chapel doors at the United States Naval Academy is a simple Latin inscription -- Non Sibi Sed Patriae -- "Not for self, but for country." Simple, but powerful.... Selflessness takes time to develop.
Rarely does a man or woman suddenly grow a brain and a spine in the middle of an operating room or on a battlefield.
Likewise, rarely does a person develop a sense of selflessness in a single moment in time. Spontaneous selfless acts rarely happen. Instead, they are built on a strong moral foundation and then carefully layered by doing the right thing ... time and time again.
All of you possess a strong character ... strong morals ... and a strong sense of duty. Let me encourage you to add to those strengths a spirit of selflessness. That spirit is within you now ... draw from it ... use it ... and encourage it from others. Use it to lead ... to build your team ... and to serve those you know and those you know not.
John Bradley gave the last of his water to a wounded Marine on 23 February 1945. That afternoon, he was struggling to climb the fire swept heights of Mount Suribachi.
The next day, he braved enemy fire to aid two wounded Marines and just a few days later, though wounded himself, he again braved enemy fire to aid two more Marines. It was not for sense of self that he performed those brave deeds. It was for others ... for those he knew and for those he knew not.... Deep within his soul, John Bradley instinctively understood that:
Non Sibi Sed Patriae, is contagious. After aiding those final two wounded Marines, Corpsman John Bradley ... badly wounded ... lost consciousness. He awoke 36 hours later aboard the hospital ship USS Solace. How he arrived there is unknown. The names of those Marines and Sailors that carried him off the fire-swept field of battle ... who placed him on the small boat ... who carried him to the ship ... have been lost to history ... only their selfless deed remains.... Even small acts of selflessness are unforgettable.
Thank you and Godspeed....
Tuesday, May 29, 2012
More Good American Acts of Kindness
As the United States slides ever quicker into the abyss of moral decay thank God there are still folks out there like these people. Men and women who understand that life is bigger than themselves and act in a selfless manner. Stories like this make me think there is still hope for this country yet.
A naval officer who died while serving in Afghanistan is being remembered for his bravery by those who never met him thanks to a note left at a bar. On March 28, Bennigan's waitress Hannah Hobbs posted a photograph of a beer with a note that read, "In Memory of Lt. j.g. Francis Toner USN. Killed in action 27 March 2009, Baikh Province, Afghanistan. Non Sibi Sed Patriae. Not forgotten."
Toner and another soldier were killed when an Afghan soldier opened fire on four officers who were jogging along the perimeter of Camp Shaheen in Mazar-e Sharif. According to reports, the unarmed Toner verbally challenged the shooter and was gunned down. Toner's act of bravery distracted the shooter, which allowed another officer to seek help for the wounded. He was later posthumously awarded the Silver Star, the nation's third-highest military decoration for valor. He was 26-years-old at the time of his death.
Hobbs said a man had come into the restaurant and asked to leave the beer and note at the bar for the rest of the day. However, Hobbs took the tribute to the fallen soldier to another level by taking a picture of the memorial and posting it to her Facebook account. She wrote, "I'm posting this pic so it can stay forever. So can I get some likes, people?" That is exactly what happened.
By Memorial Day, Hobbs's photo had received more than 1.2 million "likes" and had been shared more than 117,000 times! The gesture seems to be a growing trend over the past few years, with other bar patrons toasting America's soldiers in the same fashion.
Hobbs said it wasn't her intention for her personal gesture to go viral, but she wanted to keep the memorial tribute alive by posting it to Facebook. Hobbs said, "Several family and friends have served in the military, and I feel we don't do enough as a country to show our appreciation to those that put their lives on the line to keep us safe."
In response, Hobbs's employer started Bennigan's Wall of Heroes for customers to buy a beer and write a note to any former or current member of the United States military. The company also encourages Facebook posts to honor these heroes.
Through Memorial Day, the restaurant pledged to donate $1 for every photo to Operation Homefront, a nonprofit organization that provides emergency financial and other assistance to the families of U.S. service members.
Bennigan's is taking the kind gesture toward America's veterans one step further by offering a $10,000 discount to veterans who want to start their own Bennigan's franchise.
A naval officer who died while serving in Afghanistan is being remembered for his bravery by those who never met him thanks to a note left at a bar. On March 28, Bennigan's waitress Hannah Hobbs posted a photograph of a beer with a note that read, "In Memory of Lt. j.g. Francis Toner USN. Killed in action 27 March 2009, Baikh Province, Afghanistan. Non Sibi Sed Patriae. Not forgotten."
Toner and another soldier were killed when an Afghan soldier opened fire on four officers who were jogging along the perimeter of Camp Shaheen in Mazar-e Sharif. According to reports, the unarmed Toner verbally challenged the shooter and was gunned down. Toner's act of bravery distracted the shooter, which allowed another officer to seek help for the wounded. He was later posthumously awarded the Silver Star, the nation's third-highest military decoration for valor. He was 26-years-old at the time of his death.
Hobbs said a man had come into the restaurant and asked to leave the beer and note at the bar for the rest of the day. However, Hobbs took the tribute to the fallen soldier to another level by taking a picture of the memorial and posting it to her Facebook account. She wrote, "I'm posting this pic so it can stay forever. So can I get some likes, people?" That is exactly what happened.
By Memorial Day, Hobbs's photo had received more than 1.2 million "likes" and had been shared more than 117,000 times! The gesture seems to be a growing trend over the past few years, with other bar patrons toasting America's soldiers in the same fashion.
Hobbs said it wasn't her intention for her personal gesture to go viral, but she wanted to keep the memorial tribute alive by posting it to Facebook. Hobbs said, "Several family and friends have served in the military, and I feel we don't do enough as a country to show our appreciation to those that put their lives on the line to keep us safe."
In response, Hobbs's employer started Bennigan's Wall of Heroes for customers to buy a beer and write a note to any former or current member of the United States military. The company also encourages Facebook posts to honor these heroes.
Through Memorial Day, the restaurant pledged to donate $1 for every photo to Operation Homefront, a nonprofit organization that provides emergency financial and other assistance to the families of U.S. service members.
Bennigan's is taking the kind gesture toward America's veterans one step further by offering a $10,000 discount to veterans who want to start their own Bennigan's franchise.
Monday, May 28, 2012
George W. Bush
I got this email from my sister (who is no conservative). She got it from her friend in Kansas with two sons serving in the Army. Former President Bush and his wife are good people with a lot of class. The lefies who hate this man do not know enough about who he is and hate out of ignorance. I do not know enough about him to hate him but I can judge him by his actions and I can see his is a good man. Fuckin lefties and liberals all have to go one way or another.
This is true. It is a regular actvity of the USO in the Dallas area. Of course I would think that GW is not there every time.
Say what you want about GW's presidency he and Laura are a class act.
There's a group of ladies in the Dallas area who make and stuff neck pillows for soldiers coming through Dallas Fort Worth airport. They go to the airport and meet the incoming planes every week and greet the soldiers coming back for a few weeks R&R, give them a pillow, tell them they pray for them, and thank them for their service. The lady who took the pictures said everyone was so surprised to see George and Laura Bush recently just standing quietly in the waiting area with others who come to meet the troop planes. She said it was amazing to watch the faces of the soldiers light up in recognition when they spotted them and that many came over to speak and shake hands.
This is true. It is a regular actvity of the USO in the Dallas area. Of course I would think that GW is not there every time.
Say what you want about GW's presidency he and Laura are a class act.
There's a group of ladies in the Dallas area who make and stuff neck pillows for soldiers coming through Dallas Fort Worth airport. They go to the airport and meet the incoming planes every week and greet the soldiers coming back for a few weeks R&R, give them a pillow, tell them they pray for them, and thank them for their service. The lady who took the pictures said everyone was so surprised to see George and Laura Bush recently just standing quietly in the waiting area with others who come to meet the troop planes. She said it was amazing to watch the faces of the soldiers light up in recognition when they spotted them and that many came over to speak and shake hands.
Thursday, May 17, 2012
Who killed Bin Laden?
I don't know if this is true and I don't really care. What is here is true and right. Wake up all you swing state people and spread the word to get this anti-American regime out. Romney may not be the man we want be he is way better than what we have now. Oh what a great country this would be if we had a President Cheney for the last 3 1/2 years.
Who killed Bin Laden? Here's a Marine's answer.
Let's be clear on this: OBAMA did NOT kill Bin Laden. An American sailor, who Obama, just a few weeks before, was debating on whether or not to PAY, did! In fact, if you remember a little less than two years ago, his administration actually charged and attempted to court-martial three Navy Seals from Seal Team Six, when a terrorist suspect they captured, complained they had punched him during the take-down and bloodied his nose. Obama's administration further commented how brutal they were. The left were calling them Nazi's and Baby Killers. Now all of a sudden, the very brave men they vilified are now heroes when they make his administration look good in the eyes of the public. Obama just happened to be the one in office when the CIA finally found the And our sailors took him out. Essentially, Obama only gave an answer, Yes or No, to him being taken out. This is NOT an Obama victory, but an AMERICAN victory!!
Ed Schreiber
Col. US MC (Ret.)
"Semper Fi"
OBAMA'S OWN WORDS TRAP HIM:
2008: "Navy Seal Team 6 is Cheney's private assassination team."
2011: "I put together Seal Team 6 to take out Bin Laden."
2008: "Bin Laden is innocent until proven guilty, and must be
captured alive and given a fair trial."
2011: "I authorized Seal Team 6 to kill Bin Laden."
2008: " Guantanamo is entirely unnecessary, and the detainees should not be interrogated."
2011: "Vital intelligence was obtained from Guantanamo detainees that led to our locating Bin Laden."
I HOPE THIS GETS SENT AROUND TO PEOPLE
WHO CARE ABOUT THE TRUTH!
Remind the people who vote, time to throw out the trash is nearly here.
Those who have had freedom and lost it will never see it again!"
Who killed Bin Laden? Here's a Marine's answer.
Let's be clear on this: OBAMA did NOT kill Bin Laden. An American sailor, who Obama, just a few weeks before, was debating on whether or not to PAY, did! In fact, if you remember a little less than two years ago, his administration actually charged and attempted to court-martial three Navy Seals from Seal Team Six, when a terrorist suspect they captured, complained they had punched him during the take-down and bloodied his nose. Obama's administration further commented how brutal they were. The left were calling them Nazi's and Baby Killers. Now all of a sudden, the very brave men they vilified are now heroes when they make his administration look good in the eyes of the public. Obama just happened to be the one in office when the CIA finally found the
Ed Schreiber
Col. US MC (Ret.)
"Semper Fi"
OBAMA'S OWN WORDS TRAP HIM:
2008: "Navy Seal Team 6 is Cheney's private assassination team."
2011: "I put together Seal Team 6 to take out Bin Laden."
2008: "Bin Laden is innocent until proven guilty, and must be
captured alive and given a fair trial."
2011: "I authorized Seal Team 6 to kill Bin Laden."
2008: " Guantanamo is entirely unnecessary, and the detainees should not be interrogated."
2011: "Vital intelligence was obtained from Guantanamo detainees that led to our locating Bin Laden."
I HOPE THIS GETS SENT AROUND TO PEOPLE
WHO CARE ABOUT THE TRUTH!
Remind the people who vote, time to throw out the trash is nearly here.
Those who have had freedom and lost it will never see it again!"
Sunday, April 29, 2012
Oil Prices - What President Obama Doesn't Understand
This is simply what your president and all the little brained liberal minions need to understand about economics and psychology. But he being an asshat and they believing that everyhting a liberal thinks is a golden thought will never understood the simple principles contained in this blog post.
by InvestorPolitics | Apr 25th 2012
If you think gasoline prices are volatile now, stay tuned. President Obama's plan to clamp down on oil speculators is going to make things worse.
I'm sure you've seen the news by now.
The president wants to clamp down on so-called "oil price manipulation" and has proposed a $52 billion plan to increase federal supervision of oil markets.
What the president doesn't understand is that the oil markets already have this function built in.
Speaking from the Rose Garden last week, President Obama noted specifically that we can't afford to have "speculators artificially manipulating markets buy buying up oil, creating the perception of a shortage and driving prices higher – only to flip the oil for a quick profit."
Evidently, the president hasn't passed Econ 101.
If he had he would know that prices on everything from eggs to houses are by their very definition self regulating.
Speculation, as opposed to manipulation, is a vital part of the markets – they are not the same thing despite the fact that the president is interchanging the terms.
If prices are too high, people stop buying. If prices are too low, they stop selling. By authorizing $52 billion in oversight, he's chasing a ghost that he'll never catch.
The Real Problem with Oil Prices
The real problem is that the United States consumes 20% of the world's crude but only produces 2%. It comes a time when oil demand is expected to rise more than 25% (to 105 million barrels a day) by 2015, according to a new report titled Oil and Gas: A Global Outlook by Global Industry Analysts, Inc.
If you want the biggest piece of the pie from the deli, you have to pay a premium.
There is no hocus pocus and there's no additional oversight necessary. Rather, we need to enforce the laws we already have on the books.
Sure the $10 million fines he's jawboning about (up from $1 million) sound great but they're really a non-starter. In fact, given that Exxon alone generated an average of $1.33 billion a day in 2011, they're little more than an acceptable cost of doing business. Nice try.
Take gasoline, for example.
Prices have jumped 78.2% since the president took office and that doesn't sit well with the party faithful who are convinced that evil oil price speculators are responsible.
They are distraught that traders put hundreds of billions of dollars into energy every month because that may cause prices to rise.
This is not complicated. Any time there are more buyers than sellers, prices go up. Any time there is more demand than supply, prices go up.
Contrast what's going on in the oil markets with what's happening in natural gas.
Prices for natural gas are at ten- year lows. Demand has risen but supply has risen faster. There are more suppliers than buyers. So natural gas prices drop.
Natural gas, by the way, is traded by many of the same traders who trade oil.
Oil Price Manipulation, Gas Prices and the Free Market
Gasoline prices at the pump have never been proven to be a direct consequence of oil price manipulation. But it's widely conjectured.
Believe me, I hate paying more just as much as the next person, but get over it.
Geopolitical tensions, supply constrictions, war, tyrants with spigots and other buyers are the real factors at work and they always have been. When risks go up, so do prices – that's the way free markets work.
Apple didn't produce nearly 115 million iPhones and iPads in 2011 for kicks. It did it because there's huge demand for its products and it can make big bucks.
Things are just more critical now because we've failed to develop a comprehensive energy policy over the past 50 years at a time when global demand is increasing rapidly in absolute terms.
The president wants votes in an election year; this is pure political pandering.
For example, China's per capital oil consumption has increased by 350% since the early 1980s.
The International Energy Agency estimates that China alone will account for 42% of global oil demand by 2015. And it is one of the slow growers with consumption rising a mere 100% in the last 10 years.
Other countries like Malaysia have seen per capita usage quadruple since the 1960s. Brazil and Thailand have seen oil demand double to 5.7 barrels/year and 4.8 barrels/year per capita.
And don't forget the weak dollar. Because oil is generally priced in dollars, Bernanke's weak zero interest rate policies are helping drive prices higher. Producers have to compensate with higher prices to make up the reduction in margin being forced upon them by greenbacks that have diminished purchasing power.
Speaking of which, the Beltway Boys, in their infinite wisdom have got it in their heads that margined trading – meaning you can borrow money to control more of the underlying asset – gives too much power to financial investors aka the speculators.
What they don't realize is that:
•Even if you tighten up margin requirements, traders will shift to derivatives like options, swaps and other so-called exotics.
•Higher margin requirements lead to less liquidity which, in turn, actually exacerbates the speculative volatility they're trying to control.
Think about it.
Futures markets like those which drive oil and gas prices are a function of two groups of market participants – hedgers and speculators. Those, incidentally are the CFTC's terms so don't confuse them with the politically charged versions the p resident is using.
Hedgers are farmers, importers, exporters and manufacturers who depend on consistent pricing to make, sell or otherwise produce something using oil. They participate in the markets in order to keep prices stable to protect against pricing risk. But they can only buy or sell so much. They are actually interested in delivery of the oil or gas they need.
For example, McDonald's wants to hedge against rising potato costs that could affect the profitability of its world famous french fries. The farmer who sells them potatoes normally wants to hedge against falling potato prices so as to maximize crop prices and his profit margin.
The position is much the same for Starbucks and coffee just as it used to be for dentists and the silver they used for fillings, for example.
Speculators, on the other hand, are those who profit from the price changes against which hedgers are trying to protect themselves. They are not interested in taking delivery.
Speculators serve a very important function in that they bridge the gap between higher and lower prices often buying and selling when hedgers can't or won't.
If speculators are taken out of the picture, prices become less liquid and more jumpy.
Instead of moving smoothly from $100 to $120 a barrel, for instance, oil prices might simply gap higher because hedgers will be forced to trade directly with each other or through intermediaries who have effectively got their financial hands tied.
This would back all the way through the gasoline refinery process to the pump.
And investors who are dumfounded by the price increases we've seen so far, may be absolutely gob fobbed when things jump $1 or more at a time. Then there really would be a link.
Shutting down speculators would be like banning ice cream delivery trucks in July.
The President Is Chasing a Ghost He Can't Catch
To think that oil companies will not shift to other pricing mechanisms is naïve. If U.S. markets are restricted, traders will simply shift to London or Shanghai and conduct business as usual using new contracts structured specifically to avoid additional U.S. regulation.
They will also create trading entities that act as a proxy for the "speculators" the White House has targeted in this latest gambit.
This is exactly what many did with credit default swaps after the United States clamped down on them.
Why do you think funds shunted to London are at the heart of the MF Global fiasco or Goldman's most aggressive traders are located there? Because money goes where it's treated best. There are more accommodative regulations in the land of crumpets.
We don't need more regulation. We need to enforce what we have. This is another misguided political con job drawn from the well of bad ideas.
The president says he wants cheap gas, yet he kills the Keystone Pipeline, stymies drilling and allows the Fed to engineer a bailout of that put trillions into the system over the past four years – every dollar of which makes gas more expensive.
He says he wants to rein in speculators while not drawing a line between what constitutes legitimate speculation (as a function of free markets) and already illegal manipulation.
If anything, the federal government is the biggest manipulator in the history of manipulators.
Quantitative easing has done more damage to gas prices and the wallets of millions of consumers than a few speculators ever could. Frankly, it's a miracle prices aren't $10 a gallon at the pump by now.
I say let the markets work. Prosecute the true oil price manipulators but otherwise quit meddling. Piling on more regulation will only detract from economic activity, not create it.
Oh…and by the way, investors need to stay long energy especially in growing economies using more fuel.
Higher oil prices mean higher oil profits and there is a link between rising fuel consumption and GDP growth.
by InvestorPolitics | Apr 25th 2012
If you think gasoline prices are volatile now, stay tuned. President Obama's plan to clamp down on oil speculators is going to make things worse.
I'm sure you've seen the news by now.
The president wants to clamp down on so-called "oil price manipulation" and has proposed a $52 billion plan to increase federal supervision of oil markets.
What the president doesn't understand is that the oil markets already have this function built in.
Speaking from the Rose Garden last week, President Obama noted specifically that we can't afford to have "speculators artificially manipulating markets buy buying up oil, creating the perception of a shortage and driving prices higher – only to flip the oil for a quick profit."
Evidently, the president hasn't passed Econ 101.
If he had he would know that prices on everything from eggs to houses are by their very definition self regulating.
Speculation, as opposed to manipulation, is a vital part of the markets – they are not the same thing despite the fact that the president is interchanging the terms.
If prices are too high, people stop buying. If prices are too low, they stop selling. By authorizing $52 billion in oversight, he's chasing a ghost that he'll never catch.
The Real Problem with Oil Prices
The real problem is that the United States consumes 20% of the world's crude but only produces 2%. It comes a time when oil demand is expected to rise more than 25% (to 105 million barrels a day) by 2015, according to a new report titled Oil and Gas: A Global Outlook by Global Industry Analysts, Inc.
If you want the biggest piece of the pie from the deli, you have to pay a premium.
There is no hocus pocus and there's no additional oversight necessary. Rather, we need to enforce the laws we already have on the books.
Sure the $10 million fines he's jawboning about (up from $1 million) sound great but they're really a non-starter. In fact, given that Exxon alone generated an average of $1.33 billion a day in 2011, they're little more than an acceptable cost of doing business. Nice try.
Take gasoline, for example.
Prices have jumped 78.2% since the president took office and that doesn't sit well with the party faithful who are convinced that evil oil price speculators are responsible.
They are distraught that traders put hundreds of billions of dollars into energy every month because that may cause prices to rise.
This is not complicated. Any time there are more buyers than sellers, prices go up. Any time there is more demand than supply, prices go up.
Contrast what's going on in the oil markets with what's happening in natural gas.
Prices for natural gas are at ten- year lows. Demand has risen but supply has risen faster. There are more suppliers than buyers. So natural gas prices drop.
Natural gas, by the way, is traded by many of the same traders who trade oil.
Oil Price Manipulation, Gas Prices and the Free Market
Gasoline prices at the pump have never been proven to be a direct consequence of oil price manipulation. But it's widely conjectured.
Believe me, I hate paying more just as much as the next person, but get over it.
Geopolitical tensions, supply constrictions, war, tyrants with spigots and other buyers are the real factors at work and they always have been. When risks go up, so do prices – that's the way free markets work.
Apple didn't produce nearly 115 million iPhones and iPads in 2011 for kicks. It did it because there's huge demand for its products and it can make big bucks.
Things are just more critical now because we've failed to develop a comprehensive energy policy over the past 50 years at a time when global demand is increasing rapidly in absolute terms.
The president wants votes in an election year; this is pure political pandering.
For example, China's per capital oil consumption has increased by 350% since the early 1980s.
The International Energy Agency estimates that China alone will account for 42% of global oil demand by 2015. And it is one of the slow growers with consumption rising a mere 100% in the last 10 years.
Other countries like Malaysia have seen per capita usage quadruple since the 1960s. Brazil and Thailand have seen oil demand double to 5.7 barrels/year and 4.8 barrels/year per capita.
And don't forget the weak dollar. Because oil is generally priced in dollars, Bernanke's weak zero interest rate policies are helping drive prices higher. Producers have to compensate with higher prices to make up the reduction in margin being forced upon them by greenbacks that have diminished purchasing power.
Speaking of which, the Beltway Boys, in their infinite wisdom have got it in their heads that margined trading – meaning you can borrow money to control more of the underlying asset – gives too much power to financial investors aka the speculators.
What they don't realize is that:
•Even if you tighten up margin requirements, traders will shift to derivatives like options, swaps and other so-called exotics.
•Higher margin requirements lead to less liquidity which, in turn, actually exacerbates the speculative volatility they're trying to control.
Think about it.
Futures markets like those which drive oil and gas prices are a function of two groups of market participants – hedgers and speculators. Those, incidentally are the CFTC's terms so don't confuse them with the politically charged versions the p resident is using.
Hedgers are farmers, importers, exporters and manufacturers who depend on consistent pricing to make, sell or otherwise produce something using oil. They participate in the markets in order to keep prices stable to protect against pricing risk. But they can only buy or sell so much. They are actually interested in delivery of the oil or gas they need.
For example, McDonald's wants to hedge against rising potato costs that could affect the profitability of its world famous french fries. The farmer who sells them potatoes normally wants to hedge against falling potato prices so as to maximize crop prices and his profit margin.
The position is much the same for Starbucks and coffee just as it used to be for dentists and the silver they used for fillings, for example.
Speculators, on the other hand, are those who profit from the price changes against which hedgers are trying to protect themselves. They are not interested in taking delivery.
Speculators serve a very important function in that they bridge the gap between higher and lower prices often buying and selling when hedgers can't or won't.
If speculators are taken out of the picture, prices become less liquid and more jumpy.
Instead of moving smoothly from $100 to $120 a barrel, for instance, oil prices might simply gap higher because hedgers will be forced to trade directly with each other or through intermediaries who have effectively got their financial hands tied.
This would back all the way through the gasoline refinery process to the pump.
And investors who are dumfounded by the price increases we've seen so far, may be absolutely gob fobbed when things jump $1 or more at a time. Then there really would be a link.
Shutting down speculators would be like banning ice cream delivery trucks in July.
The President Is Chasing a Ghost He Can't Catch
To think that oil companies will not shift to other pricing mechanisms is naïve. If U.S. markets are restricted, traders will simply shift to London or Shanghai and conduct business as usual using new contracts structured specifically to avoid additional U.S. regulation.
They will also create trading entities that act as a proxy for the "speculators" the White House has targeted in this latest gambit.
This is exactly what many did with credit default swaps after the United States clamped down on them.
Why do you think funds shunted to London are at the heart of the MF Global fiasco or Goldman's most aggressive traders are located there? Because money goes where it's treated best. There are more accommodative regulations in the land of crumpets.
We don't need more regulation. We need to enforce what we have. This is another misguided political con job drawn from the well of bad ideas.
The president says he wants cheap gas, yet he kills the Keystone Pipeline, stymies drilling and allows the Fed to engineer a bailout of that put trillions into the system over the past four years – every dollar of which makes gas more expensive.
He says he wants to rein in speculators while not drawing a line between what constitutes legitimate speculation (as a function of free markets) and already illegal manipulation.
If anything, the federal government is the biggest manipulator in the history of manipulators.
Quantitative easing has done more damage to gas prices and the wallets of millions of consumers than a few speculators ever could. Frankly, it's a miracle prices aren't $10 a gallon at the pump by now.
I say let the markets work. Prosecute the true oil price manipulators but otherwise quit meddling. Piling on more regulation will only detract from economic activity, not create it.
Oh…and by the way, investors need to stay long energy especially in growing economies using more fuel.
Higher oil prices mean higher oil profits and there is a link between rising fuel consumption and GDP growth.
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