Even without any vision or assistance from government for things that will pay off over the next 5, 10, 15, 20 years (as opposed to rebate checks that do nothing), the "free market" is trying its best here to struggle through.... but again, I cannot stress enough how the rest of the world forges ahead while we look like an aging running back on it's last legs averaging 2.1 yards per carry with our stupid policies and lack of vision past 1 election cycle. We give more incentives to corporate farmers to not grow crops, and to oil corporations at $125 crude than we do to wind or solar. Smart. Very smart. (and it's not even a green issue, its a we are bankrupting ourselves and/or a national defense issue if you'd prefer!) We really need a money back guarantee on these people in D.C. When a flipping OILMAN is leading your green movement, you know you have problems of economic incentives and vision by government.
Boone Pickens is back following up his comments from earlier in the spring [Apr 17: World's Best Oil Investors Thinks Oil Goes Higher, not Lower] I wrote
For those of you who don't know T. Boone Pickens is probably considered the most astute energy investor period. He is like Buffet of oil, and looks like he was the 369th richest guy on the planet. (Interestingly he is a big investor in wind energy) With everyone and their mother calling for a selloff in oil, he is reversing his short and going long.
A very good interview on CNBC this morning - maybe with age comes both wisdom and the clarity to speak your mind. Sometimes I feel like I am 40 years older because most people just don't speak the truth out there in our politically correct culture; or maybe people just don't stop to think things through out past next week or next month. I feel a lot of comfort in the fact that this very astute person is on my side in calling for wind, solar, natural gas and the like - and railing on the politicians in Washington focused on stupidity like gas tax holidays INSTEAD of focusing on the root causes of our problems. As always we are a reactive country, not a proactive one. He said it best... all people in Washington are worried about is getting elected or re-elected, to the neglect of the greater good. Leadership is a total mess. Bingo. He rips on the boondoggle that is corn ethanol. Bingo. And as I've been stating, as oil goes higher (and other commodities) - this WILL lead to a global recession as this will be a tax on all producers and consumers. At some price points it will begin to make sense to cease economic activities.... i.e. demand destruction.... Pickens agrees. But it sad that we know this is the path, yet do nothing to try to fix it - instead focusing on stupid political pandering. Blaming oil executives. Or speculators. Where is our Manhattan Project for energy?
A worthwhile 8 minutes
11 comments:
TM: We need a political movement in this country called "Sacrifice For America" because that is what it is going to take; folks are going to have to give up something if we want to remain on top
People can't even give up the super sized french fries for their health and you think they are going to sacrifice something for their country? It's sad, but I often wonder if the US is already past the point of a possible recovery (social/economic/political).
We cannot pay for healthcare; we cannot pay for gas; we cannot pay to fix anything like key infrastructure; but as American citizen you are always guaranteed the right to the 4 "c's" and a "b" and they are: 1)the right to smoke Cigarettes; 2) the right to Cable TV; 3) the right to have a Cell phone; 4) the right to a Car; 5) the right to have Body piercings and tatoos!!!! After this ....nothing is guaranteed!!
Guy,
Can't we just put the war spending on off the balance sheet accounts and then cut taxes even further? Meanwhile increasing Medicare spending? Worked like a charm so far! This off the balance sheet accounting worked great for Enron, then the banks, now the government. Woo hoo. If it is not there, than it does not exist.
Well if this had turned out to be a Clintong/Guiliani race as it looked like 1 year ago, I think Bloomberg would of raced in - America needs CENTRISTS. And people thinking up solutions. I still think Obama might tap him somehow for a cabinet post. The centrists with bright minds (like Hagel) are being driven from the hell that is Washington.
But anyhow, most war times the people are asked to sacrifice. In this one, we are not even allowed to photograph the caskets as they come home since its bad PR. And we send money to Americans and urge them to shop. Thats "support".
Welcome to Rome.
Pickens comments have been floating around the internet for several weeks, goes to show that CNBC does have impact
In my link from April, he cited $150 oil. I don't think that is "new news" but I believe now he said it by end of the year, so maybe that got people's attention. Either way he could be completely wrong (or correct). But the larger themes are what matter.
Remember, until the Wall Street Journal or Barrons has a front page article about something most of Wall Street lives in a vacuum of ignorance. The whole food shortage thing was off the radar until WSJ posted it on front page about 2-3 months ago.
And these are our "best and brightest" and compensated as such. There are some great people out there, but it seems the majority are just testosterone laden jocks with nice MBAs ;)
Agree with yayankee.
Pickens was on Bberg TV 2 or 3 weeks ago. He argued oil would hit $150 by year end and that he expected natural gas to rise in price.
just fyi, on my site i posted the entire breakdown of BP Capital's position changes (Pickens' hedge fund) from his most recent 13F filing last Friday. too long to type it all out here, but he's made some notable moves. whether you agree or disagree with what he's saying, you've got to keep tabs on him like you would on buffett/icahn just because he has an impact. http://marketfolly.blogspot.com/
Congrats on your blog launch, I'll add a link. My goal is for every reader of mine to have a blog by 2009! woo.
Hatter; I was wondering where your old blog went all of a sudden...
good to hear you've got a new one.
thanks guys!
mark thanks for the link add as well. I'm going to go set up a link list now and I'll be sure to add you.
jeff, yea i just changed url's and changed the layout/format up a little bit. i'll add your site to my link list as well jeff.
Post a Comment