“Many fear hedge funds are pushing up crude oil prices prematurely, which will lead to a renewed crash when the bubble bursts, as it did after the last big run-up in prices between January and May 2015.”
John Kemp argues that hedge funds and speculators are not driving the recent rally in oil prices. That’s a pretty stark argument from a very good piece in January by F. William Engdahl, who argued in January that 60% of today’s oil price is driven by speculation. Who is right? That’s why there’s a comments section…
"There are probably, this is the most wildest of guesses, there were probably 50,000 people or more today that bought stocks … and 50,000 people who sold. So I don't know that I would pick out any one of them and put too much weight in what they did."
That’s Warren Buffett…During an interview with CNBC this morning, Buffett dismissed Carl Icahn’s prophesy of a “day of reckoning” coming for the markets in the near future. Icahn
But I’d rather watch this video of old men fighting in Belarus than listen to Buffett and Icahn argue about the likelihood of a market crash... It’s Friday, after all.
“A new study finds that secretive hedge funds outperform their more transparent peers when the market is rising. But when the market crashes, the secretive funds lose significantly more money.”
After reading that quote, you know you want to read more about this study.
“And if you have a political party — in this case, the Republicans — that denies any progress and is constantly channeling to their base, which is sizable, say, 40 percent of the population, that things are terrible all the time, then people will start absorbing that.”
That’s the President defending his economic legacy in a piece written by The Great Andrew Ross Sorkin in the New York Times.
Typically, I don’t comment on Obama’s performance, unless it’s a speech in which he shows his lack of understanding of how free trade agreements work.
So, instead, here’s three responses to the New York Times piece that you should read after taking in the President’s defense.
First, this blistering response from The World Socialist Website – hardly a Republican response to economic challenges faced by the nation. Second, Michael Paarlberg at the Guardian – in London talking about how the line “it could have been worse” is not an economic legacy… hardly a Republican response.
Finally… the most interesting response to Obama’s response… in which someone asked the White House to explain why Q1 GDP was 0.5% while the President is talking about job growth.
"Just because you're breaking NCAA rules doesn't mean you're doing something morally wrong."
Finally, the NFL Draft is underway… and what a weird and terrible night for Laremy Tunsil, regarded by many so-called experts as the top player in the rookie class of 2016.
Tunsil’s night started very badly when someone broke into his Twitter account and posted a video of him smoking a gas-mask bong during his time in college (it is estimated that the video is two-years-old). The video was posted five minutes before the draft began.
To make matters worse, someone also posted a snapshot of him chatting with an Ole Miss coach about his mother’s heating bills. During a post-draft conference, he admitted to accepting money while a student athlete in college.
Some have wondered where his agent was during that conference. Probably dealing with his drop after the Twitter feed problem accelerated.
Ole Miss could be in a lot of trouble after his admission to the press about his finances at the university.
But despite all the embarrassment – and the increased scrutiny he will now face – he doesn’t deserve anyone’s outrage. Ian O’Conner wrote a humanizing piece last night about Tunsil and why everyone should root for this kid in the future.
Enjoy the weekend.