If you watch Fox you already know Bolling, a former NYMEX energy trader. In his recent program with Gov Palin, he advocates raising the margin requirement on speculators. He also speaks with the CFTC Chairman who talks about placing a cap on speculator trading with a limit of 10% of the market. Aside from the various solutions they propose to reduce price increases, the most interesting thing to me is how these positions refute the conventional paradigm that futures markets are a venue for price discovery. The current paradigm is that futures markets are price-making, not price discovery. Attached is a video clip (ignore the first few seconds). Enjoy! http://www.youtube.com/watch?v=0344JSU7RVE
Bolling is dumber than i thought, but then again, he actually said that anybody can trade all you need to do is cut your losses short. So maybe I always thought he was dumb. No academic or economist in the world, not even bernanke can say for sure that excessive speculation causes spot oil prices to rise and Eric is positive that gas prices will drop a dollar or whatever he said if you limit spec. What a fool. wow.
Not only that but do you think GS would own a ton of oil on paper if they thought oil was not worth that? I mean, how dumb is this guy eric? If demand for oil dried up then GS losses their shirt, simple. Its like saying if I bet on the patriots to win the super bowl somehow Tom brady is going to play better. I mean, what the hell is he talking about?!?!?
Remind me again what happened 4 short years ago? Honestly, I heard the same carbon copy arguments in the Spring of 2008.
Phil Flynn goes all Rick Santelli on Bolling: <iframe src="http://videos.mediaite.com/embed/player/?content=L87S3Z1CCXFNVQK4&content_type=content_item&layout=&playlist_cid=&media_type=video&widget_type_cid=svp&read_more=1" width="420" height="421" frameborder="0" marginheight="0" marginwidth="0" scrolling="no" allowtransparency="true"></iframe>
Really....the guy has fluctuations on his pnl in amounts most of us could only dream of. Kinda like saying tom baldwin does not know jack about bonds.or Fisher on Crude.
He is a huge jerk off. That woman was quite smart (o 'reilly). Sad that the liquidity of the economy is a scape goat. No wonder eric works for news corp....LMFFAO
Although in theory it sounds like a good idea. It won't work. Raising margins only hurts the small traders & not GS or any other institutional heavies. Does Bolling even still trade? Hey, God love him for being the trading success that he is/was. But, I have to wonder if he would still have suggested such a thing if he was still bidding & offering for a living in the ring over at North End Avenue? Me guess....NOT.
Does Bolling still trade? Seems like he spends more time on tv...I know he was a big time trader when pit trading actually meant something...but figured he was just another pit guy who got crushed once he had to trade off the floor.