Quote:
Originally Posted by sabang  3Q economic growth at 3.5% was mostly due to the Stim.
I'll never agree with all the measures taken, and you can be sure that not all funds allocated went to where they would be most efficiently deployed- that is inevitable given the size and scope of the excercise, and the usual political lobbying and pork barreling.
But Obama was quite correct in what he said earlier this year- the economic effects of the Stim would be seen in the economy during the third quarter. My jury is still out, but if meaningful economic growth is maintained in 4Q, my overall assesment will be that it was a success.
But either GM or (probably) Chrysler should have been let go, and I think the Obama admin should have driven a tougher deal with the banks- it's really galling to see the likes of Goldman Sachs and their traders raking in billions, and the government and Taxpayers that bailed their sorry asses out so recently gets no upside from it beyond the Loan being repaid. |
On The Cover/Top Stories Did Goldman Goose Oil?
Christopher Helman and Liz Moyer, 03.25.09, 06:00 PM EDT
Forbes Magazine dated April 13, 2009
How Goldman Sachs was at the center of the oil trading fiasco that bankrupted pipeline giant Semgroup.
When oil prices spiked last summer to $147 a barrel, the biggest corporate casualty was oil pipeline giant Semgroup Holdings, a $14 billion (sales) private firm in Tulsa, Okla. It had racked up $2.4 billion in trading losses betting that oil prices would go down, including $290 million in accounts personally managed by then chief executive Thomas Kivisto.
Its short positions amounted to the equivalent of 20% of the nation's crude oil inventories. With the credit crunch eliminating any hope of meeting a $500 million margin call, Semgroup filed for bankruptcy on July 22.
Did Goldman Goose Oil? - Forbes.com
And this doesn't have an effect on the price of oil? I haven't read the entire article. I read this stuff and I get sick. It appears when it got out on the street that Semgroup was short at $96 and couldn't cover the sharks bid oil even higher. While they were butchering Semgroup we paid the price at the pump. Is that right?