Free Market System or Black Box… you decide…
It’s not a FREE-MARKET when… speculators can drive up prices by buying and then withholding commodities like oil from the market… thus creating FALSE supply shortages. Solely for the purpose of… driving up the price of the commodity they own in order to… increase their profits later on by selling them… after they have driven the prices up.
Call on Washington to take action against oil speculators… who many experts blame for the increasingly high price of gas… Duh… Ya think.
Speculators are running up the price of oil… and padding their pockets while middle class families pay the price… We need tougher rules to limit excessive speculation… unless you like the thought of paying… $4… $5… Or… $6 a gallon.
In December of this year some… Wall Street trade groups… filed a lawsuit in federal court challenging a rule to restrict their speculative trading practices… i.e. rigging the system.
They included the… Securities Industry and Financial Markets Association and the… International Swaps and Derivatives Association…
Derivatives… these are the same enigmatic contrivances that brought the US economy to its knees… and yet they are still UN-Regulated due to their operating in what’s called a “black-box”… described as a “proprietary” business area… which is beyond the purview of anyone outside that business… including regulators.
So it’s ok to tap your phone or read your emails in pursuit of National-Security… but we can’t check to see if Banks are breaking the law or threatening the destruction of the economy…!
The lawsuit claims that the CFTC‘s rule… to cap or limit the number of contracts a trader can hold on certain commodities… like oil… would have a negative impact on Wall Street…
What they really mean is that it would have a negative impact on… their ability to create false economies and rake in those excessive profits!
Advocates of the rule… say it will prevent excessive speculation from squeezing American families… who are of course… the source of those record profits… that the Wall Street investors are raking in.
Wall Street’s army of… S-lobbyists is dead set against these efforts to rein in oil speculation… of course they are! They hate anything that would require… they play by the same rules as everyone else… where is the fun in that.
Congress should consider further action to strengthen the CFTC’s ability to limit excessive speculation… and I am sure they would… if somebody would just out-bid the Slobbyists from Wall Street.
It’ll be $6.00 a gallon by summer… I’m just saying… “That’ll be $120.00 dollars please… cash… check… or credit?”
How about an arm and a leg?
- 70 Democrats Call For Government To Enforce Limits On Oil Speculation (thinkprogress.org)
- Stop Excess Oil Speculation that Unfairly Increases Gas Prices (forcechange.com)
- Sanders and 69 other members of Congress to federal regulators: Stop oil speculation (yubanet.com)
- Tired of High Gas Prices? (nvrdc.wordpress.com)
- 70 Members of Congress: Curb Wall Street Speculation On Oil (thinkprogress.org)
- Wall Street Gets Some Blame for Pain At the Pump (usnews.com)
- Oil spike: Why speculators need a hug (cbsnews.com)