Thursday, May 01, 2008

Exxon-Mobil Profits up 17%, Not Enough For Wall Street!

Greed, especially on Wall Street knows no boundaries. Exxon-Mobil turned in a 17% increase in third quarter profits, a whopping $10.9 billion, the second-biggest U.S. quarterly corporate profit ever! The problem? Well, that fell short of what Wall Street expected and therefore people began dumping Exxon stock like hot potatoes. The stock fell 4%.

In the world of greedy investors, making the second biggest profit in US history just isn’t good enough. That says a lot about our country and it’s not good. Seems speculators are always trying to squeeze every dime they can out of anything they touch and the people who pay are the American citizens. The oil crunch is in part brought on my speculators who have moved from the mortgage market to commodities. In part the same thing holds true for rising food prices worldwide.

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