Getting screwed over by Goldman Sachs et al in our own yard (aluminum hoarding)

GM and other automakers are high volume purchasers of aluminum. Thanks to Goldman Sachs which, along with other investment houses, has been running around buying up warehouse space, midwestern aluminum buyers are paying the highest premium in over a decade for immediate supply even though 25% of the world's aluminum stockpile monitored by the London Metal Exchange is warehoused IN DETROIT!

maybe we need to organize the scrappers and free the warehouses

http://www.bloomberg.com/news/2011-0...arehouses.html

Quote:

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Demand for metals dropped in 2008 and 2009 as the global economy endured its worst recession since World War II. Combined inventories rose from 1.32 million tons at the end of 2007 to 5.95 million tons two years later, data compiled by Bloomberg show. Almost 3.7 million tons of that expansion came from aluminum. Today, LME-monitored stockpiles of the metal stood at 4.42 million tons, 25 percent of it in Detroit.

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Only Goldman Sachs and the others on Wall Street can throw the whole concept of supply and demand out the window and make new rules as they go along.

I worked for a company here in Michigan that Goldman Sachs acquired and who immediately started shipping jobs to Mexico, cutting wages by a third, and shedding medical care and other benefits.
And we all know now about the billions in bonuses that they awarded themselves as they brought our economy crashing down.

Thanks again Wall Street! Great citizens.