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by Cale_Ramaker from Orlando

Last Post 1 day, 2 hours Ago


Oil Prices. Maybe speculators are to blame.
May 27, 2008 | 2:31 PM
Category: News
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We've been hearing time and again how speculators are not responsible, or even partially at fault, for driving up the price of crude oil. That defense took a big hit over the weekend.

George Soros, one of the world's richest men and a huge financier, called out speculators. Soros believes the record price for oil is a bubble, driven largely by speculators who are using every little bit of negative news to drive up the price even higher.

The cure? It isn't a good one. Soros believes we need a true recession in the United States which will curtail demand even further and likely cause the U.S. dollar to eventually start to rise against foreign currency. I've linked his interview below.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money
/2008/05/26/cnsoros126.xml
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Member Comments Total Comments: 4
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BornToBeWild read my blog view my photos
May 27, 2008 | 3:01 PM

Thank you Cale...this may show to be interesting!
Abunai read my blog view my photos
May 27, 2008 | 4:04 PM

What the radical nut Soros is eluding to is the NATURAL adjustments that the economy makes on a routine basis. The economy rises and falls all the time, and the frequency is almost a consistent 4 or 5 years at a time. If you look at what defines recession (GDP) and look at the rise and fall of GDP in this nation's history, Soros was merely stating point of fact from Marco Economics 101.

Of course the down swing seems to happen around election time, which itself now extends to over a 2 year spread and growing... We enjoyed almost 7 straight years of fantastic and stable growth! WITHOUT raising taxes!
sipedo read my blog view my photos
May 27, 2008 | 8:31 PM

Speculators were the reason for booming property prices, especially here in Florida, and the bubble burst.

The same is true of Gasoline and Crude. The bubble will burst. There is no doubt that speculators are driving up the price, making huge profits, over and over again. This will end just like the housing/real estate bubble ended.

Just like nature makes corrections to itself, the economy will do the same. Recession? We are in a recession already. Screw the "experts", I can see, and this is definitely recession.
Somthinsup read my blog
May 28, 2008 | 10:50 AM

What the heck is MARCO economics? Who is Marco and when did he become an expert?

We are in a recession already. Unfortunately, even/when the bubble bursts...We'll never see gas under $3 EVER again. I'll be surprised if it were to go back to $3.50
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Cale_Ramaker

Main Anchor for Fox 35 News at 6, 10 & 11pm Monday thru Friday.

Member Since: 7/13/2006


 

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