Our village newspaper, the Coltons Point Times has presented twelve articles over the past eighteen months identifying the culprits, the problems, and the myths of the oil price mess and offering ways a responsible president or congress could address these problems.
Now we expected nothing from the Bush administration in terms of attacking the problem because we knew the administration was clueless, ignorant, or conveniently looking the other way while planning their retirement homes in Dubai. One should never expect anything from the lamest of lame ducks.
But the Congress, under new Democratic leadership the past two years and with all those wonderful promises of dynamic action to fix the wrongs of the world, they could do something about it but won’t. Oh they hold periodic idiotic hearings to show the world they are on top of things and accomplish nothing with the utmost of noise.
What the congress and administration have allowed to happen with the sub-prime mortgage catastrophe and the oil price disaster will forever be known as the darkest hours in the history of our system of Democracy. The very people we have elected to protect us have sold their souls to the devil and their hearts to big money in the biggest takeover in US history, the takeover of the US government.
There are about 450 House and Senate incumbents up for re-election this year along with the three major presidential candidates. The securities, investment, real estate, and oil and gas industries alone have pumped over $1.6 billion into their campaigns and the election is not even half over in terms of potential contributions. Our administration and congress are as green as green can get but not in terms of environmental consciousness, they are awash in the green of billions of dollars being invested in their futures.
Unfortunately if our leaders looked at the facts they might question those green billions but they don’t. Instead they keep blocking campaign reform, allowing mortgage and securities bailouts and do nothing on oil prices while they keep banking the big bucks. Of course when you spend your time kissing babies and glad-handing constituents you may not have time to be responsible but the 535 Senate and House members have over 18,000 staff and you would think they could do something to help their bosses and our protectors.
So we pointed out in a series of articles that the largest investment houses in the world have lost almost $400 billion in the sub-prime mortgage fiasco that never should have happened if the administration and congress were doing their job. We also pointed out some of the same powerful investment houses were the silent owners of the oil futures exchange while the Arab nations who were bailing our the sub-prime losers also owned a lot of those oil reserves soon to be sold on the futures market.
That information was provided in November of 2006 when the oil price was $50.98 per barrel. Today, thanks to inertia by our government the crude oil price is now over $130.00 per barrel, an increase since our first article of nearly $80 per barrel.
In January of 2007 we listed the secret partners in the purchase of the oil futures exchange in London including Goldman Sachs, Morgan Stanley, Deutsche Bank (Germany), and Société Générale (France) all among the biggest financial giants in the world, three major oil firms BP Amoco, Royal Dutch Shell and TotalfinaElf, all three among the top eight most profitable corporations in the world in 2005, and six of the largest energy companies in America.
We warned that the same financial institutions were among those losing billions of dollars in the US sub-prime mortgage market and that they were in a position to offset their sub-prime losses by keeping oil prices at record levels. Every day the price stays up these firms benefit through their ownership of the futures market not to mention the billions of dollars they manage that can be leveraged to keep the futures market at record levels.
So-called oil industry analysts who worked for these firms and were darlings of the news media were identified by us as in potential conflicts of interest by not identifying they and their employers benefited from the runaway oil prices fueled by their expert analysis that projected $150-200 per barrel. Our headlines could not have been clearer.
“Slicker than an Oil Spill”, “The JP Morgan Chase Takeover of Bear Stearns - A Trillionaires Delight”, “Oil Price Conspiracy – Kings and Pawns”, “Oil Profiteering”, “Oil Bailing Out Sub-prime Mortgage Mess”, “Politicians and Oil – the Silence is Deafening”, “Oil Analysts Drive Oil Price Records”, and Demons and the Black Gold.”
So eighteen months, twelve articles, an $80 per barrel increase in oil and over $1.6 billion poured into your campaign coffers and still nothing has happened of substance in congress. You now leave us with no alternative but a Constitutional crisis because all of Congress, the House and Senate, are co-conspirators in the sub-prime and oil price shenanigans that have resulted in destabilizing the world economy and hurting very badly a lot of innocent people here and around the world. You should be ashamed and shamed for what you allowed to happen.
It might be too late to impeach the administration for their complicity in this series of tragic events because they will be long gone soon enough and it would be yet another waste of federal money but the truth is you, the congress, should be impeached and that is the cause of our constitutional crisis.
Impeachment proceedings require that the House of Representatives bring articles of impeachment and the impeachment trial be conducted by the Senate. There is no provision in the Constitution on what to do when the entire House and Senate is going to be impeached so the American Civil Liberties Union or maybe those lawyers who have also poured $72 million into your campaigns could figure out some way to bring a class action impeachment against our entire congress. It sure sounds like a lot in legal fees could result.
In the meantime you or your 18,000 staff members should take the time to read our twelve articles and see if it can inspire you to come up with a strategy that might work to bring down the oil price. You can find them at http://coltonspointtimes.blogspot.com/ where truth is free and we make no campaign contributions.