STOP OIL SPECULATION NOW!
By DICK MORRIS & EILEEN MCGANN
For once, it is the Democrats who have the right idea...we can only hope that the Republicans come along.
Senators Chuck Schumer and Harry Reid are pushing legislation to restore the controls over the oil future's market speculation that existed before brokerage houses like Goldman Sachs and Morgan Stanley set up a commodities exchange in London to evade restrictions imposed by the Federal Commodities Trading Corporation.
The FCTC had allowed those in the oil biz to buy and sell oil futures - essentially bets on how the price will change - but restricted investment by speculators. After the brokerage houses went offshore so as to be able to indulge their passion for a quick buck, the total traded in oil futures soared from $13 billion in 2003 to $260 billion now. It is this tail that is wagging the dog in pushing up the price of oil and gas at the pump. More.
posted by HeavyHanded at
10:44 PM
3 Comments:
if oil isn't controlled, we will end up with inflation. It will cause increases to all sectors in our economy .Allowing speculators to control oil is like letting children play with guns, some is going to get hurt. Investors should have enough conscience to realize the impact their greed will have on the masses.Try trading something that well not harm so many.Remember, what goes around comes around.
By
workingman, at 12:05 AM
if oil isn't controlled, we will end up with inflation. It will cause increases to all sectors in our economy .Allowing speculators to control oil is like letting children play with guns, some is going to get hurt. Investors should have enough conscience to realize the impact their greed will have on the masses.Try trading something that will not harm so many.Remember, what goes around comes around.
By
workingman, at 12:12 AM
We need to publish the names of the companies that promote oil speculation and boycott them.Capitalism is good provide we aren't destroying peoples lives.
By
workingman, at 12:18 AM
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