Oh please. Speculators are only interested in making money, which is fine. However, making them sound like some noble business person providing a valuable public service is extremely dishonest.
Removing context is also extremely dishonest. And I stand by my statement.
It's not a "dishonest" thing to say at all. So it can hardly be claimed to be "extremely dishonest." Speculators absolutely provide a valuable public service....that is, unless you think higher prices are better than lower prices.
Speculation does not equate to ONLY lower prices and speculators DO NOT CARE which way prices change, as long as the price changes favourably in respect to thier bets! Therefore thier motives are not noble and not in the public interest (and do not need to be!).
I didn't take your comments out of context. That's absurd and you are free to stand by your absurdity. You said what you said and your meaning is crystal clear. You are wrong. Deal with it.
Speculators make money if the price goes up or down, that is true. However, regardless of which way the market moves, higher spreads will lead to higher prices for consumers and lower spreads will lead to lower prices. Speculators are good for the market and for consumers because they lower the spreads, and that is contrary to your earlier statement that claimed that it is dishonest to say so.
Speculators absolutely act in the public interest even if that is not their goal. Anyone who understands how markets function, or how they are supposed to function, wouldn't have made the statement you did.