OPEC Shoots Itself in Foot

Winter · 12-27-2008, 06:34 PM

Although OPEC is not completely responsible for the worldwide recession, those buffleheads certainly did their part to damage the worldwide economy. Now they are in the pits along with everyone else. What a bunch of idiots. They had the perfect gravy train going but just kept pushing the limits on and on. I think we should just take over their oilfields and tell them to buzz off.

Terms of Service

LGilmore · 12-28-2008, 03:10 PM

Or maybe worse, continue to develope alternative means to power our world. I think they pushed the price point bubble to where it popped and now they have to give it away. They took a gamble, got greedier than they needed to be and made people pay attiention to their comsumption habits. They helped elect the president simply by making energy the elephant in the room.

Mr. Bill · 12-29-2008, 08:43 AM

Oh, I don't fault them entirely. I have not a clue why the SEC/NASD changed the rules in 2000 so you couldn't margin a whole lotta tech stocks, and what did they do with the speculators on oil? Nothing- absolutely nothing. Had they removed the margin option we would've never seen it at $150. Have they removed it yet? Absolutely not.

It's a bigger whammy these days, with the devaluation of the US dollar and the complete destruction of the US banks via the "Federal" reserve. What a crock.

When OPEC "smartens up" a bit, don't be surprised when they move to Euros. It's going to happen. Iraq did it right prior to our attack, Iran has already done it. I bet Saudi Arabia does it pretty darn quick after Obama moves in to Pennsylvania Avenue.