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. >> speaking of hedgers and trades. southwest and alaska are widely considered to be the best hedgers in the business. i did a story on alaska last year and how they do it. don't have a lot of conviction about prices, buy a lot on spot basis and are hedged two and three years out. southwest has a bit more conviction and slightly more active traders when it comes to fuel traders. i think delta, for better or worse is looking to take this to a whole new level saying we've done what we can with derivatives and need to look outside the box. refineries available on the cheap. remember, this deal is only in the neighborhood of $100 million plus. >> this is a crazy thing to say, but the docttrine of unintended consequences, what if lower goes lower after the acquisition? it might. too much variables. >> they save on jet fuel and perhaps the cost of securing raw materia materials. >> expecting you to go out there and fix it for me. >> not worth it. so far afield. it's a fact life. if anthony invested in growth manager is expect

territorial disputes in the south china seas and it is as i said you know trying to reassert its hedger monika's issue in asia and china in turn is responding to that but both of these powers are actually seeking to expand their their presence and their influence the u.s. is reasserting its dominant presence and china is as a capitalist power in transition to an imperialist power is expanding its commercial influence is breaking out into africa into central asia its relative demand for raw materials is greater now than ever. before and this is again part of this backdrop and that rivalry is not in the interest of the people of the world so what you're saying and back to you last as they kind of surround china no way you know with these new faces that we're seeing caught in the in the region that china as also responding to that yeah as i said both of these you know the u.s. is the dominant imperialist power in the world and it is responsible for more suffering and more death and destruction that any powers is since the end of world war two and of course you know it's it's going to be ve

public saw what the actual impact of boxing was that it lost its popularity and when you move to wear hedgerthe fringes of sports these days? >> i've spoken to people high up in the nfl and they have told me that this is their great fear that the nfl will go the way of boxing. there was a time when boxing was the number one sport. what's really hurt it, turned it into a regional sport is because of generation of parents seeing footage of muhammed ali and what the sport has done. there used to be a dozen boxing gyms in the county i grew up in, now only one. >> ultimate fighting is growing. ultimate fighting is perhaps as close and you say get to the roman coliseum today, people bleeding profusely, putting guys in a cage, going at it, should that be legal or should we just ban that sport? >> i don't think it can be banned. i don't think it should be banned. i think people do go in with a sense of free will. i think we're going back to a time like in the late 19th 19th century where you have high sports and low sports. that's what the nfl wants to avoid, become ago low sport. it means a lot of

whether you are a hedger of that product or speculator, you serve a very important role in price discovery. if you are a consumer sitting at home. >> bill: price discovery? >> okay. getting the best price. so if you or somebody at home you don't like what's happening with gas prices and the president is talking about taking more of those speculators out of the market, you are probably going to see higher prices at the pump. >> bill: speculation on ties. nobody is saying that the price of ties is going up and down. so i'm saying that there is a big chance that this is being manipulated by the financial community and you agree with me, right? >> here, let me explain something, bill. first of all there are speculators and market leg at this providers. different things. i was on the board of directors. regulates trades all these paper barrels in america. i was board of director there. any given day, if i walked on to that exchange, i was a trader as well, and bought $5 million worth of oil or $10 million worth of oil, and sold those 10 million barrels worth of oil the same day, do you know how

. >> how did you put yourself in such a good position to be a hedger?ou are hedged 100% through 2015 on nat gas with the average price above 5 bucks so you are sitting pretty in houston. >> we feel good about our hedge book. this company acquires mature assets, optimizes a cash flow and returns a significant portion to unit holders. we want to make sure that the cash flow is secure and by hedging that allows us to have the stability. >> are you as surprised as some others are to what level nat gas has dropped and where do you see it going? the one handler is thrown around a lot. that means something with a dollar price tag in front of it. >> personally i'm surprised it has dipped below two dollars. our hedge book allows us to sleep well at night. a little over $5 is a nice position to be in. a significant portion of our hedge book, 30 to 40% is in the form of put. if we were to see a price movement we would see the upside on that 30 to 40% position. on crude we also don't try to take a position in terms of crude from a standpoint of predicting prices th

whether you are a hedger of that product or speculator, you serve a very important role in price discovery consumer sitting at home. >> bill: price discovery? >> okay. getting the best price. so if you or somebody at home you don't like what's happening with gas prices and the president is talking about taking more of those speculators out of the market, you are probably going to see higher prices at the pump. >> bill: speculation on ties. nobody is saying that the price of ties is going up and down. so i'm saying that there is a big chance that this is being manipulated by the financial community and you agree with me, right? >> here, let me explain something, bill. first of all there are speculators and market leg at this providers. different things. i was on the board of directors. regulates trades all these paper barrels in america. i was board of director there. any given day, if i walked on to that exchange, i was a trader as well, and bought $5 million worth of oil or $10 million worth of oil, and sold those 10 million barrels worth of oil the same day, do you know how much money i

every time there is a hurricane in the gulf, there will be problems in delivery, and that's what hedgersant to be sure they're going to be able to get their fuel at the price they can afford can look at. there are speculators in there? sure, there are speculators. people have to have the other side of the market as well. >> and i'm sure you might have heard one of the traders who we just talked to from the nymex floor saying what he's describing completely ignores what traders have also been able to do to the gas market. we're starting to talk about price targets that are below a dollar. >> yeah, and maybe they're too low. i'd like to see continued exploration of natural gas. and you look at the cause and effect of the futures market is supposed to be a price discovery mechanism as well, and right now, given the geopolitical situations around the world, the use of china and india on petroleum, those prices are going to go up. that's just a natural geopolitical thing when you look at what's happening in the mideast as well. whether or not speculators are responsible, i think one of the im

controlled by financial and industry speculators and only 20 to 30% of these markets are actual legitimate hedgers of purchasers of energy and agricultural commodities. they brought up the commodity index funds with upwards of $400 billion a strictly speculative investments and commodity markets and that is contributing to the rise in food and energy prices and if i could i would like to read some of the promotional material from wall street for these commodity index funds. but trading futures you never actually buy or sell anything tangible york contract introduce with a future date you are merely taking a body and were selling position as a speculator expecting to profit from the rising or falling prices taking the commodity were trading with me repeat that, this comes from the people but sell these things. you have no intention of making or taking delivery of the commodity york trading, you're only goal is to buy low and sell high or vice versa before the contract expires you need to relieve your contractual obligation which is where we didn't the business of selling the contracts month-to-mont

controlled by financial industry speculators and only 20 to 30% of these markets are actual, legitimate hedgers of purchases of energy and agricultural commodities. six years ago wall street brought out commodity index fund, resulting in upwards of $400 billion of strictly speculative investments in commodity markets and that is contributing to the rise in food and energy prices. and if i could, i would like to read you some of the promotional material for wall street for these commodity index funds. quote, when trading futures you never actually buy or sell anything tangible. you are just contracting to do so at a future date. you are merely taking a buying or selling position as a speculator, expecting to profit from rising or falling prices. you have no intention of making or taking delivery of the commodity you are trading. let me repeat that. you have, this comes from the people who sell these things. you have no intention of making or taking delivery of the commodity you are trading. your only goal is to buy low and sell high or vice versa. before the contract expires you will need to rel

controlled by financial industry speculators, only 20% to 30% of these markets are actual, legitimate hedgersf purchases of energy and agricultural commodities. six years ago, wall street brought up commodity index funds, resulting in a birds of a $400 billion of strictly speculative investments in commodity markets, and that is contributing to the price of food and energy prices. if i could, i would like to read you some of the promotional material for the commodity index funds. "when trading futures, you never actually buy or sell anything tangible. you are just contract and to do so at a future date. you're taking it buying or selling position as a speculator expecting to profit from rising or falling prices. you have no intention of making or taking delivery of the commodity you are trading." let me repeat that -- this comes on the people who sell these things -- "you have no intention of making or taking delivery of the commodity you are trading. your only goal is to buy low and sell high, or vice versa. before the contract expires, you will need to leave your contractual obligation," wh

controlled by financial industry speculators, only 20% to 30% of these markets are actual, legitimate hedgers of purchases of energy and agricultural commodities. six years ago, wall street brought up commodity index funds, resulting in a birds of a $400 billion of strictly speculative investments in commodity markets, and that is contributing to the price of food and energy prices. if i could, i would like to read you some of the promotional material for the commodity index funds. "when trading futures, you never actually buy or sell anything tangible. you are just contract and to do so at a future date. you're taking it buying or selling position as a speculator expecting to profit from rising or falling prices. you have no intention of making or taking delivery of the commodity you are trading." let me repeat that -- this comes on the people who sell these things -- "you have no intention of making or taking delivery of the commodity you are trading. your only goal is to buy low and sell high, or vice versa. before the contract expires, you will need to leave your contractual obligation,"

controlled by financial industry speculators, only 20% to 30% of these markets are actual, legitimate hedgershases of energy and agricultural commodities. six years ago, wall street brought up commodity index funds, resulting in a birds of a $400 billion of strictly speculative investments in commodity markets, and that is contributing to the price of food and energy prices. if i could, i would like to read you some of the promotional material for the commodity index funds. "when trading futures, you never actually buy or sell anything tangible. you are just contract and to do so at a future date. you're taking it buying or selling position as a speculator expecting to profit from rising or falling prices. you have no intention of making or taking delivery of the commodity you are trading." let me repeat that -- this comes on the people who sell these things -- "you have no intention of making or taking delivery of the commodity you are trading. your only goal is to buy low and sell high, or vice versa. before the contract expires, you will need to leave your contractual obligation," which is