DOUBLE-DIP RECESSION HITS! (Spain)

Spain's gross domestic product fell 0.3 percent in the first quarter 2012, as its economy slipped back into recession again; it joins the UK that got there last week. Different places than the US, granted, but some of the same problems. Consensus is that a BAD job report looms on Fri May 4th;  and although gasoline prices have dropped lately, they are still too high (manipulated higher by speculators and the oil companies).

SPEAK THE TRUTH!

Better Markets' Dennis Kelleher posted article on MONEY.CNN.COM laying the blame for high gasoline prices squarely on SPECULATORS. He estimates they account for 70% of the "action" in commodities/futures trading!

I suspect that the oil companies support this as a "win-win-win" situation: higher gasoline prices make more money for them, plus they dampen the economy to help GOP cronies corral displeasure for Obama and thus win in the presidential election!

Oil interests are the REAL BAD GUYS

Reuters gets it half-right: *real* villains are oil companies who sit mute while prices rise, knowing they are in for another $10 BILLION PROFIT quarter, stealing that last dollar out of workers' pockets!!
Also, voter unhappiness helps their GOP cronies to win in November!!
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"Right now, oil speculators are cynically exploiting fears relating to U.S. and European efforts to prevent Iran from getting nuclear weapons," said Edward Markey, a Massachussetts Democrat, at a news conference on Wednesday.
Rising gasoline prices have become a hot issue ahead of the presidential election in November. Republicans want to tap into voter anger about prices as a way to criticize President Barack Obama's energy policies.

Lest You Doubt Class Warfare (and we're losing!)

The wealthy have seen after-tax income increase **278%** in the past 30 years, while the middle-class has gone up only 35%! (CBO) Don't ask about the poor.

The Ugly Truth: U.S Refiners Sell Their Fuel Overseas for $

Ain't that a kick in the head!

American (or UN-American??) refiners are exporting record amounts of gasoline and other fuels to other countries; that means less surplus here, and U.S. consumers are hence paying more for our fuel!

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Gasoline supplies are being exported to the highest bidder, says Tom Kloza, chief oil analyst at Oil Price Information Service. Refining companies won't say how much they make by selling fuel overseas. But analysts say those sales are likely generating higher profits or they wouldn't occur.

Economists Reduce Fear of Recession

A CNNMoney survey of 20 top economists finds their fear of the economy falling into a new recession has retreated in the last three months, as they put the chances of a new downturn at only about 20%. Three months ago, they believed there was about a 30% chance. Only two of them have raised the risk of recession.
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And... you believe these idiots??
Risk of re-recession 20%?? I'm still betting 50%+!

Santa Claus rally will leave coal for 2012

"economists have also cut their odds of a new recession in the next six months down to 15%, from a 25% chance only three months ago" OPTIMIST-PRIME!