shep? shepard: phil keating live with us from miami. phil, thanks. the director stephan phil spielburg i shouldn t say first ambassador rice isn t officially a nominee for secretary of state. that isn t stopping a growing number of lawmakers stopping her from getting that nomination. details ahead. a plane packed with passengers plunges 10,000 feet in seconds and rattles everybody inside. that s coming up. and rihanna. she filled a jet with booze and journalists but no food really for them. there is a clothing shortage as well. sing it now. oh no, not a migraine now. try this. bayer? this isn t just a headache. trust me, this is new bayer migraine. [ male announcer ] it s the power of aspirin plus more in a triple action formula to relieve your tough migraines. new bayer migraine formula.
lars larson. mitt romney, one of his joan or advisors said it s hypocritical and ironic seeing the president try to take credit for the gains we have made against the back drop of the biggest oil storage project in the world. why would he call attention to keystone? he wants to quiet down the talk that he killed those union jobs that would have happened with keystone. that s not very green either. the president is also ignoring the fact this country runs on 18 million barrels of oil a day. we have to have fuel to run this country. price isn t the only issue. obviously it s important because it s vacuuming billions of dollars out of the pockets of consumers. but instead we are being told we don t need to drill. this policy seems to be all of the above and none below. what we have below is a gold
citigroup. jpmorgan and bank of america. those four banks sitting on top with their foot on the throat of all the bond holders at pep c pimco, at fannie and freddie, in the ear of the treasury department, where they sell credit insurance off the exchange which prevents capital requirements. the fact of the matter is, we have a system driving speculation, david, and how can that have investment and jobs in a country that is basically only you re not going to have it. you re telling the banks load up with the five year, the ten-year bond. don t worry, the price isn t going to fall because the fed is going to do operation twist. adjust another smoke signal to wall street to buy the five-year, the çseven-year, th belly of the curve, as they say and buy it on 98% leverage that costs you seven basis points and you miss profit and that is how the banks are supposed to recover. now, this is what s wrong with the whole system. do you understand anything he
projected $125 billion this year that they should give up $2 billion this year 234 oil subsidies and do so for the next ten years? that s pretty ridiculous. so say that s un-american is unacceptable. and number two, some of the predecessors have suggested when oil is at the price it is, it s certainly not necessary to have these subsidies, so the bottom line is, i don t know how the big five are going to do anything to justify the position that the american taxpayer should continue to have what in essence is corporate welfare. i m going to play a clip of fox news anchors talking about this, because i want to show the nonsense and thick talk about why it makes no sense. if you raise the taxes on gasoline and oil, the price isn t going to go down, it s going to go up. this white house does not want to lower prices, and
innercity america, louisiana, africa, southeast asia, wherever they are, are the ones clearly the most affected by this. right. how much and a lot of those people live in the middle east under oppressive regimes, where they have a culture of bribery, a culture of people going 20, 3 years without a job, selling organs to make money. the reason why you get the level of motivation that we ve seen so far in cairo and elsewhere. how relevant is theç cost of fd to the disruption in middle east? the distinction i would make is we got lucky that rice isn t part of the equation. you showed up there on the monitor the food prices. that s from the u.n. food index. what you need to know is unlike oil, the u.n. food index is already through its old highs of 08. but rice is pretty good. the issue is wheat and wheat is the mideast. and it s not so much rice