The Costs of Wall Street Greed {pretty interesting info}

[xchrom]

http://www.thenation.com/article/164208/costs-wall-street-greed

Bank of America had impeccable timing when it decided recently to charge a $5 monthly fee for the privilege of using its debit cards. The notorious bailout baron, having just announced 30,000 job cuts, decided to stick it not to the platinums, not to the golds, but to the debit card masses.

Occupy Wall Streeters could not have asked for a more perfect target. They’ve melted the bank’s debit cards, organized “mass account closures” and rallied outside numerous branches around the world.

snip

§ Oil speculation: $82 per month. Ordinary Americans pay extra at the pump because of high-roller gambling in oil futures markets. When gas was nearly $4 per gallon in May, University of Massachusetts, Amherst, professor Robert Pollin estimated the monthly cost of this speculative premium at $82 for the average two-car family. A new report by Better Markets finds that excessive speculation on food commodities also inflates our grocery bills.

snip

§ Tax breaks for wealth creation: $65 per month. When the rich don’t pay their fair share of taxes, it’s the 99 percent who have to fill the gap—or face painful spending cuts.

[tosh]

1. K&R

[Jnana]

2. There is not doubt that oil speculation can have a negative (for consumers) effect

on the price of oil; however, the real problem relates to the instability of the oil-producing regions of the world. Traders simply evaluate the conditions, and adjust their bids accordingly. Sometimes they win and sometimes they lose.

[xchrom]

3. um...no.

'instability' is child's tale they tell you before they rip you off.

[Jnana]

4. In fact, the answer is yes; moreover, instability is not beneficial for children either.

What sort of background do you have with respect to trading oil futures?

[xchrom]

5. when has the world ever been 'stable'? it's horse shit -- it's never been stable.

both the financialists & commodities have been repeating this lie -- & it's been bought hook line and sinker.

in the most 'unstable' time we've had -- libya, economic melt down, unrest, uncertainty all over -- oil prices came down -- but big oil profits are up.

don't buy the horse shit.

[Jnana]

7. History tells us that "stability" is a relative term. For example,

most people would agree that the world is more stable now than it was during WWII.

But answer me this: If Iran were to attack Saudi Arabia tomorrow and oil prices doubled on Monday, would the increase be effected by the traders or the warriors?

[a simple pattern]

6. We should do a study.

Hang all the speculators and see if anything changes.

[Jnana]

8. I have a better idea...

We should do a study to determine how many people are in need of a remedial education in economics.