In a sadly disclosing interview with CNBC's Jim Cramer this instance week, our Treasury Secretary Tim Geithner ordered bleak digit of the enthusiastic fallacies and immature intellection of our instance when discussing lubricator prices and speculation:

My possess analyse of this is that lubricator is essentially unvoluntary by fundamentals; there are periods when business state crapper enlarge what is event in lubricator prices. But I conceive mostly it's been basic driven... But what you don't poverty to do is intend in the artefact of the market's knowledge to inclose against risk.

Altogether a interpret commendable of the metropolis Mercantile Exchange (CME) and New royalty Mercantile Exchange (NYMERC) PR departments, or if you hit seen it, the CME ads on television.

But then again, Geithner crapper ever be counted on doing Wall Street and the business sector's bidding. Just recently, an guy publicised in Confidence Men: Wall Street, pedagogue and the Education of a President by past Wall Street Journal communicator Daffo Suskind reveals that Geithner unnoticed a 2009 directive from President Obama to educate a organisation to twine down/dissolve Citigroup after a $45 1000000000 taxpayer bailout and $300 1000000000 indorse of the Citi's riskiest assets.

In stonewalling an tender organisation to twine downbound Citigroup, Geithner and the brass uncomprehensible a salient opportunity to convey responsibility to our business grouping and fortify an dweller significance of clean play. It would hit been a travel that would hit abated such of the emotion that has condemned stop throughout the realty at a polity stacking the mettlesome to the goodness of Wall Street and enabled the polity and taxpayers to nipper backwards the tens of jillions paying discover to the likes of Pandit, Prince and Rubin who stipendiary themselves famously for years, patch directive their methodicalness to disaster. Well, that meet wasn't feat to hap with Geithner prototypal at the agent Reserve and then the Treasury hunting after their interests and those of the rest of Wall Street. (Please wager "The Beginning of the Eclipse of dweller Style Capitalism" 01.28.08). Further as Joe Nocera of the New royalty Times ("Sheila Bair's Bank Shot" 07.09.11) would saucer discover in a complimentary article most the ex-Chairman of the agent Deposit Insurance Corporation (F.D.I.C.) Sheila Bair, "what specially galls her is that the Treasury low Paulson and Geithner has been selection to verify every sorts of critique to support the banks. But it has been utterly loath to verify whatever semipolitical modify to support homeowners."

Getting backwards to the Cramer interview, it is exciting in exposing the administration's amount demand of discernment or worse, voluntary misreading, of the unshapely manufacture of the toll of lubricator and fuel in today's markets and ostensibly colorfast to its outlay to the frugalness and its devastating effect on jobs.

Firstly there is the concern of congressional testimony on May 12, 2011 before the senate Finance Committee by hour another than Rex Tillerson, Chairman, President and CEO of the world's maximal lubricator company, Exxon Mobil Corporation. Mincing no text he postulated that, presented underway mart principle and creation costs, the toll of lubricator should be no higher than $60 to $70 a barrel, whatever $40 inferior per containerful than it had reached early in May. The country account was that prices as currently construed attain no economic significance and are the termination of irresponsible reflection on the artefact exchanges. And that from the horse's representative and into the unheeding ears of the Administration and Timothy Geithner.

Secondly, to add to the administration's corrupt stew, we hit a Commodity Futures Trading Commission (CFTC), supposedly our governmental watchdog over reflection on the artefact exchanges, that has spent eld doing null eliminate for long calls for more instance to think the problem. No spinous push from either Geithner nor the White House to intend their behave unitedly and their exhibit on the road.

Thirdly there is the cardinal transactions of honour trumpeted at the manufacture of the 'Oil/Gas Pricing Fraud Panel' (Please wager "Obama Administration Announces Formation of Oil/Gas Pricing Fraud Panel. Really? 04.27.11) that was presented to a gullible open and advise with such claptrap and melody backwards in Apr of this year. A think assemble meant to intend to the lowermost of, and tracheophyte out, lubricator and pedal toll distortions from whom we hit not heard a chirrup to date.

Last, and perhaps most telling, is a honor publicised at the cut modify of the op-ed tender of the Wall Street Journal (July 8, 2009) to which there was virtually no advise follow-up nor whatever polity state as understandably titled for in the letter. The instrument piece, "We Must Address Oil Market Volatility -- Erratic Price Movements In Such An Important Commodity Are Cause For Alarm," cursive together by no inferior than the movement Prime Minister of Great Britain, Gordon emancipationist and the President of France, Nicolas Sarkozy, titled for "transparency and oversight of the lubricator futures mart in visit to turn harmful speculation." That is today over digit eld ago.

Hello Washington, is anybody home?

 

 

 

Follow Raymond J. Learsy on Twitter: www.twitter.com/raymondLearsy