Greenspan Senate Testimony 6/7/06 on Oil Dependence and Economic Risk

[Identity 0]

You guys have a pretty-unfair advantage though. I don't have my DirecTV with Satellite or Ti-Vo anymore. No more Discovery-Times channel, no more CNN, FOX, NBC, ABC, C-SPAN (my personal favourite).

[almaty 19]

You guys have a pretty-unfair advantage though. I don't have my DirecTV with Satellite or Ti-Vo anymore. No more Discovery-Times channel, no more CNN, FOX, NBC, ABC, C-SPAN (my personal favourite).

yeap, but you are in Oz..that makes all the differnece

[Identity 0]

*whispers* and I liked VH1, too. *cough*

[Identity 0]

What of 'peak oil'? Have we reached this yet?

Even if the rising price of gas threatens consumer purchasing power, the rise is more-than offset by cheap consumer goods coming out of China.

I want to discuss Peak Oil. I had a conversation about this with my boss only a few weeks ago.

[w¡n9Nµ7 §£@¥€r 123]

Now, for starters, you know good and well that the blame for the rising oil prices needs to be projected offshore. We can't be held responsible for that. It would be devastating to the administration.

ET,

If you read the original article (and I encourage you to do so) you will clearly see that the 'blame' for rising oil prices is assigned to a variety of forces. Your desire to blame Bush and only Bush and the Bushies desire to blame China and only China... are both at odds with what Mr. Greenspan (a man I respect very much) has to say.

If you don't believe me, read it. http://www.c-span.org/ might even have audio for it, if you want to listen.

Sorry guys, no conference calls. I get enough of those at work

[Identity 0]

Well, let's talk about if Americans switch to more fuel-efficient vehicles that the price of oil will drop instantly by 10 per cent.

Let's talk about how demand from China is driving up the oil price. The chairman already discussed how most of this price rise is due to speculative activity on the part of oil traders.

Arthur's stirring the pot again. This ought to be fun. Now, for starters, you know good and well that the blame for the rising oil prices needs to be projected offshore. We can't be held responsible for that. It would be devastating to the administration.

But if you reduce oil consumption, then this will lead to a drop in the oil price due to expectations of a price fall and this will lead to a rapid sell-off on the oil market and further reductions in price. However, China is a real concern.

Has anyone seen 'Syriana'.

I haven't. But does it have any relevance here?

[w¡n9Nµ7 §£@¥€r 123]

I haven't seen it. Waiting for it to come out on cable.

Generally speaking though, I'd rather read about the subject and listen to people who know what they're talking about, than watch movies about it. Call me old fashioned.

[Identity 0]

I haven't seen it. Waiting for it to come out on cable.

Generally speaking though, I'd rather read about the subject and listen to people who know what they're talking about, than watch movies about it. Call me old fashioned.

Ah, Good. As long as you don't get your political news from The Daily Show with Jon Stewart.

[w¡n9Nµ7 §£@¥€r 123]

Gotta give it to him though, the man is funny.

[Mr. Big Dog 10,747]

Now, for starters, you know good and well that the blame for the rising oil prices needs to be projected offshore. We can't be held responsible for that. It would be devastating to the administration.

ET,

If you read the original article (and I encourage you to do so) you will clearly see that the 'blame' for rising oil prices is assigned to a variety of forces. Your desire to blame Bush and only Bush and the Bushies desire to blame China and only China... are both at odds with what Mr. Greenspan (a man I respect very much) has to say.

AS,

If you read my comment the way I meant for it to be understood, your comment would not have been posted. I wasn't at all serious.

Peace!

[w¡n9Nµ7 §£@¥€r 123]

Now, for starters, you know good and well that the blame for the rising oil prices needs to be projected offshore. We can't be held responsible for that. It would be devastating to the administration.

ET,

If you read the original article (and I encourage you to do so) you will clearly see that the 'blame' for rising oil prices is assigned to a variety of forces. Your desire to blame Bush and only Bush and the Bushies desire to blame China and only China... are both at odds with what Mr. Greenspan (a man I respect very much) has to say.

AS,

If you read my comment the way I meant for it to be understood, your comment would not have been posted. I wasn't at all serious.

Peace!

My bad. As you can see, I posted my reply shortly after midnight, so I'm gonna use that as my excuse

[zyggy 9]

Now, for starters, you know good and well that the blame for the rising oil prices needs to be projected offshore. We can't be held responsible for that. It would be devastating to the administration.

ET,

If you read the original article (and I encourage you to do so) you will clearly see that the 'blame' for rising oil prices is assigned to a variety of forces. Your desire to blame Bush and only Bush and the Bushies desire to blame China and only China... are both at odds with what Mr. Greenspan (a man I respect very much) has to say.

AS,

If you read my comment the way I meant for it to be understood, your comment would not have been posted. I wasn't at all serious.

Peace!

My bad. As you can see, I posted my reply shortly after midnight, so I'm gonna use that as my excuse

Energy is one of those things where there are many many factors at play and putting your finger in one hole in the dike only exposes the muriad other holes that weren't there in the past...

But as Greenspan stated, the US has been putting their energy eggs in one basket.. oil..and we are now reaping what we have sowed. However, we also have a great opportunity to wean ourselves off it if we only had the cajones to tell the NIMBYists, the ultra-environmentalists, and the oil lobbyists to take a hike.

We have the tools to broaden our energy pallette to include things such as low sulfur diesel, clean coal, nuclear, ethanol, fuel cells if we only made it a priority and put our resources into research to make all of these technoligies safer and more viable... but do you see it happening... no way...

buit change is acomin'.. it's just a matter if we are going to be prepared for it and take it gradually, or we are not prepared for it and when it does come, we are sent into a economic depression... something to think about when you cast your vote in November...

Edited June 13, 2006 by zyggy