Daily Archives: January 13, 2009

CBS: Did Wall Street speculators create oil price bubble?

Raw Story – One of the most inexplicable economic events of the past year involved the doubling of the price of oil last spring and summer from $69 a barrel to nearly $150 — driving gasoline and heating oil costs through the roof — followed by its even more rapid collapse this fall to under $50

60 Minutes looked into various theories of what happened and concluded that “many people believe it was a speculative bubble .. and that it had more to do with traders and speculators on Wall Street than with oil company executives or sheiks in Saudi Arabia.”

Oil is traded on the commodities futures market, whose original purpose was to enable farmers and manufacturers to stabilize their expenses and receipts. But in 2007, those markets began to behave erratically.

Read More about it >>>HERE

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Filed under 60 Minutes, CBS News, commodities, oil companies, Oil Prices, Raw Story, Saudi Arabia, speculators, Wall Street

CBS: Did Wall Street speculators create oil price bubble?

Raw Story – One of the most inexplicable economic events of the past year involved the doubling of the price of oil last spring and summer from $69 a barrel to nearly $150 — driving gasoline and heating oil costs through the roof — followed by its even more rapid collapse this fall to under $50

60 Minutes looked into various theories of what happened and concluded that “many people believe it was a speculative bubble .. and that it had more to do with traders and speculators on Wall Street than with oil company executives or sheiks in Saudi Arabia.”

Oil is traded on the commodities futures market, whose original purpose was to enable farmers and manufacturers to stabilize their expenses and receipts. But in 2007, those markets began to behave erratically.

Read More about it >>>HERE

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Filed under 60 Minutes, CBS News, commodities, oil companies, Oil Prices, Raw Story, Saudi Arabia, speculators, Wall Street

PALLONE ONCE AGAIN CHOSEN TO CHAIR POWERFUL ENERGY AND COMMERCE SUBCOMMITTEE ON HEALTH

FOR IMMEDIATE RELEASE:

Washington, D.C. — U.S. Rep. Frank Pallone, Jr. (D-NJ) was once again chosen by his Democratic colleagues on the House Energy and Commerce Committee to chair the committee’s powerful Subcommittee on Health. The New Jersey congressman served in the same position for the last two years during the 110th Congress.

The subcommittee has sole jurisdiction over Medicaid, the State Children’s Health Insurance Program (SCHIP), the Food and Drug Administration (FDA), the National Institutes of Health (NIH) and the Centers for Disease Control (CDC), and shares jurisdiction of Medicare with the House Ways and Means Committee. The subcommittee oversees public health, biomedical programs, food, drug and device safety, mental health and research, hospital construction and all health care homeland security-related concerns.

Pallone issued the following statement after being chosen again as chairman.

“It is indeed an honor to once again receive the support of my colleagues on the Energy and Commerce Committee to serve as Chairman of the Subcommittee on Health.

“As the 111th Congress convenes, our nation faces enormous economic challenges that will impact a health care system that is already in crisis and getting worse every day. I am committed to working with President-elect Obama, the Committee and the Congress to develop an agenda that will improve our nation’s health care system for all Americans.

“Last Congress, my top priority was strengthening the State Children’s Health Insurance Program (SCHIP) so that 10 million children would have access to quality health care coverage. Twice, Congress passed legislation that I helped develop accomplishing this goal, but both times President Bush vetoed the bills. Next week, the House will once again vote on this very important legislation. I am confident it will pass with strong bipartisan support, and will then be signed into law by Barack Obama after he becomes president.

“I will also continue to work with my colleagues in crafting the health care provisions that will be included in the economic recovery package.

“As the original author of legislation that would temporarily increase each state’s Federal Medical Assistance Percentage (FMAP) during this economic downturn, I will continue to push for its inclusion in the recovery package so that states can continue to provide critical health care services to those hurt most by this economic recession.

“After moving Health Information Technology (HIT) legislation through the Subcommittee last year, I am also anxious to work with my colleagues in crafting HIT provisions for the overall recovery package that will modernize our health care system, strengthen the quality of care and lower overall costs.

“In the coming weeks, I also expect to begin holding hearings on the need to overhaul our nation’s health care system. Our current health care system is not sustainable without significant reform, and I look forward to working with the Obama administration to develop comprehensive legislation that ensures every American has access to quality and affordable health coverage.

“The Subcommittee will also focus on the FDA, and the need to pass food safety legislation that includes a more thorough system to prevent contaminated food products from reaching store shelves. In order to accomplish this goal, I will once again introduce comprehensive legislation that includes the players at every stage of food production.

“I will continue to work with my colleagues on the Subcommittee to arrive at a consensus on a generic biologics bill that will provide patients with better access to life-saving and lower cost biologic drugs.

“As chairman, I will also continue to be a strong advocate for the expansion of NIH medical research and will raise awareness about the need to improve minority health and eliminate racial and ethnic health disparities that currently exist in our country.”

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Filed under CDC, Chairman, FDA, Frank Pallone, House Energy and Commerce Committee, Medicaid, NIH, SCHIP, Subcommittee on Health

PALLONE ONCE AGAIN CHOSEN TO CHAIR POWERFUL ENERGY AND COMMERCE SUBCOMMITTEE ON HEALTH

FOR IMMEDIATE RELEASE:

Washington, D.C. — U.S. Rep. Frank Pallone, Jr. (D-NJ) was once again chosen by his Democratic colleagues on the House Energy and Commerce Committee to chair the committee’s powerful Subcommittee on Health. The New Jersey congressman served in the same position for the last two years during the 110th Congress.

The subcommittee has sole jurisdiction over Medicaid, the State Children’s Health Insurance Program (SCHIP), the Food and Drug Administration (FDA), the National Institutes of Health (NIH) and the Centers for Disease Control (CDC), and shares jurisdiction of Medicare with the House Ways and Means Committee. The subcommittee oversees public health, biomedical programs, food, drug and device safety, mental health and research, hospital construction and all health care homeland security-related concerns.

Pallone issued the following statement after being chosen again as chairman.

“It is indeed an honor to once again receive the support of my colleagues on the Energy and Commerce Committee to serve as Chairman of the Subcommittee on Health.

“As the 111th Congress convenes, our nation faces enormous economic challenges that will impact a health care system that is already in crisis and getting worse every day. I am committed to working with President-elect Obama, the Committee and the Congress to develop an agenda that will improve our nation’s health care system for all Americans.

“Last Congress, my top priority was strengthening the State Children’s Health Insurance Program (SCHIP) so that 10 million children would have access to quality health care coverage. Twice, Congress passed legislation that I helped develop accomplishing this goal, but both times President Bush vetoed the bills. Next week, the House will once again vote on this very important legislation. I am confident it will pass with strong bipartisan support, and will then be signed into law by Barack Obama after he becomes president.

“I will also continue to work with my colleagues in crafting the health care provisions that will be included in the economic recovery package.

“As the original author of legislation that would temporarily increase each state’s Federal Medical Assistance Percentage (FMAP) during this economic downturn, I will continue to push for its inclusion in the recovery package so that states can continue to provide critical health care services to those hurt most by this economic recession.

“After moving Health Information Technology (HIT) legislation through the Subcommittee last year, I am also anxious to work with my colleagues in crafting HIT provisions for the overall recovery package that will modernize our health care system, strengthen the quality of care and lower overall costs.

“In the coming weeks, I also expect to begin holding hearings on the need to overhaul our nation’s health care system. Our current health care system is not sustainable without significant reform, and I look forward to working with the Obama administration to develop comprehensive legislation that ensures every American has access to quality and affordable health coverage.

“The Subcommittee will also focus on the FDA, and the need to pass food safety legislation that includes a more thorough system to prevent contaminated food products from reaching store shelves. In order to accomplish this goal, I will once again introduce comprehensive legislation that includes the players at every stage of food production.

“I will continue to work with my colleagues on the Subcommittee to arrive at a consensus on a generic biologics bill that will provide patients with better access to life-saving and lower cost biologic drugs.

“As chairman, I will also continue to be a strong advocate for the expansion of NIH medical research and will raise awareness about the need to improve minority health and eliminate racial and ethnic health disparities that currently exist in our country.”

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Filed under CDC, Chairman, FDA, Frank Pallone, House Energy and Commerce Committee, Medicaid, NIH, SCHIP, Subcommittee on Health

HOLT TO HOST TELEPHONE LISTENING SESSION THURSDAY, JANUARY 15 AT 7 PM

WASHINGTON – U.S. Representative Rush Holt announced that he will host a telephone town hall meeting with Central New Jersey residents on Thursday, January 15 at 7 p.m. The one-hour meeting will take place five days before the inauguration of Barack Obama, and will provide participants an opportunity to share views on the challenges facing New Jersey and the country, including the economy, energy, retirement security, health care, and anything else that may be on their minds.

What: Rush Holt will hold a live telephone town hall meeting with constituents.

When: Thursday January 15, 7-8 p.m.

Call-in information: To participate, constituents should call 1-866-447-5149 and enter the pin number 13372.

Contact: Zach Goldberg
202-225-5801 (office)

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Filed under Barack Obama, economy, energy, Health Care, New Jersey, retirement security, Rush Holt, town hall meeting, Washington DC

HOLT TO HOST TELEPHONE LISTENING SESSION THURSDAY, JANUARY 15 AT 7 PM

WASHINGTON – U.S. Representative Rush Holt announced that he will host a telephone town hall meeting with Central New Jersey residents on Thursday, January 15 at 7 p.m. The one-hour meeting will take place five days before the inauguration of Barack Obama, and will provide participants an opportunity to share views on the challenges facing New Jersey and the country, including the economy, energy, retirement security, health care, and anything else that may be on their minds.

What: Rush Holt will hold a live telephone town hall meeting with constituents.

When: Thursday January 15, 7-8 p.m.

Call-in information: To participate, constituents should call 1-866-447-5149 and enter the pin number 13372.

Contact: Zach Goldberg
202-225-5801 (office)

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Filed under Barack Obama, economy, energy, Health Care, New Jersey, retirement security, Rush Holt, town hall meeting, Washington DC