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Even if you don't think you do, you already know plenty about commodities. Want us to prove it? No problem.
What makes oil produced in Saudi Arabia different from oil exported from Nigeria? It's the same thing that makes the corn you ate at last summer¿s barbecue different from the corn used to produce ethanol. Stumped? Well, don't feel bad, it's a trick question. The answer? Absolutely nothing. Corn is corn no matter where it comes from -- just as wheat is wheat and natural gas is -- right! -- natural gas. (Though the quality may differ, the make-up is uniform.)
So, in less elaborate terms, corn and oil (and all other commodities) are homogenous goods that can be processed, resold and more often than not, used as an input to the production of other goods or services. These goods are traded on a commodity exchange, thus setting the price-per-barrel (or other metric unit) used to value them.
Now pay attention, here's a question that indeed does have an answer: What is the difference between a commodity and a stock? While a stock can tank and become worthless, a commodity cannot have its value be wiped to zero. One other difference: Most commodities are traded in futures, meaning traders buy and sell where they think the price of a product will be at a certain point in the future. Stocks trade based on the value of the underlying company at that point in time.
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Tuesday, May 27, 2008
RNC Statement on Obama's False Claim
Comtex
WASHINGTON, May 27, 2008 /PRNewswire via COMTEX/ ----WASHINGTON, May 27 /PRNewswire-USNewswire/ -- RNC Press Secretary Alex Conant released the following statement today:
(Logo: http://www.newscom.com/cgi-bin/prnh/20080519/RNCLOGO )
"Barack Obama's dubious claim is inconsistent with world history and demands an explanation. It was Soviet troops that liberated Auschwitz, so unless his uncle was serving in the Red Army, there's no way Obama's statement yesterday can be true. Obama's frequent exaggerations and outright distortions raise questions about his judgment and his readiness to lead as commander in chief."
Obama's False Claim:
Obama: "I had an uncle who was one of the -- who was part of the first American troops to go into Auschwitz and liberate the concentration camps. And the story in our family was is that when he came home, he just went up into the attic and he didn't leave the house for six months. Right, now, obviously, something had really affected him deeply. But at that time, there just weren't the kinds of facilities to help somebody work through that kind of pain." (Sen. Barack Obama, Remarks On Memorial Day, http://www.youtube.com/watch?v=SV1sxq8mqvA, Las Cruces, N.M., 5/26/08)
Historical Fact:
According To The United States Holocaust Memorial Museum, Auschwitz Was Liberated By The Red Army On January 27, 1945. "On January 27, 1945, Soviet troops liberated the Auschwitz concentration camp complex, where they discovered some 7,000 prisoners, including young children, who had not been evacuated by the SS." (United States Holocaust Memorial Museum Web Site, http://www.ushmm.org/museum/exhibit/focus/liberation/, Accessed 5/27/08)
Paid for by the Republican National Committee.
Not authorized by any candidate or candidate's committee.
SOURCE Republican National Committee
http://www.gop.com
Copyright (C) 2008 PR Newswire. All rights reserved
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