Posted on 06/22/2008 9:58:46 AM PDT by Sub-Driver
Obama calls for oil crackdown By: Mike Allen June 22, 2008 12:39 PM EST
With the cost of gas a top issue in the presidential campaign, Barack Obama on Sunday will announce a plan to crack down on oil speculation by tightening regulations on energy traders.
The announcement is further evidence that an Obama administration would take an activist, populist approach to regulating business.
Obama wants to close a loophole in federal law that exempts some energy traders from regulations that govern other exchange-traded commodities. Democrats call this “the Enron loophole” because it benefited the Houston energy-speculation firm that collapsed in an accounting scandal.
The Obama campaign accuses Phil Gramm — the former U.S. senator from Texas, who’s now a McCain campaign co-chair and economic adviser — of helping insert the exemption. Gramm's wife, Wendy, was a member of the Enron board of directors.
So today’s announcement — in an early-afternoon conference call featuring New Jersey Gov. Jon Corzine — allows the Obama campaign to both side with consumers and take a whack at McCain’s brain trust.
Obama said in a statement: “My plan fully closes the Enron Loophole and restores common-sense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future.”
(Excerpt) Read more at politico.com ...
Now remember kids, Government control of privately owned business is called what?
Yes that's right, Fascism.
Then when that drives the economy further down the tubes the nationalization of private businesses begins and that's called what?
Yes that's right, Communism.
Change, it's a two step process.
Vote Obama and do the socialist two step.
Can someone who understands the futures market explain this “Enron loophole”? Should it be plugged? I’m ignorant enough that researching it would be fruitless.
Seriously, how did it come to pass that this Marxist might be our next president?
You have to remember that the socialists have been grooming the populace for 50 years just for this.
Kill the free market in oil?
$5.00 a gallon will be a bargain when Obama gets through with us.
Obama’s solution to the energy crisis: Increase taxes, raise prices, destroy inventives to increasing supply, issue executive order to restrict consumption.
Dumber than a sack of hammers....
The left is highly motivated, while the right is mildly interested.
You know, every time McCain convinces me to sit this one out, Obama or Hillary convince me to get back in. Then McCain convinces me to ...
I’m going out to get a basket for my bicycle.
Obama strategy — During the primary, run to the Left. During the general election, run further to the Left.
Dead on!
Sigh - it’s never about the positive - producing more - who knows what fields are out there?? . . . or letting the free market come up with alternatives to $4/gas and $0.10/kwh electricity.
It’s always about restricting, conserving, forcing us to mass transit where we will forever be enslaved to the gov’t for our jobs.
What day does Vanity Plates get gas?? Jimmy Carter w/o the common sense.
Pray for W and Our Troops
Yet Enron grew into prominence in the Clinton years.....
Luckily they don’t no one else in the world has an oil futures exchange.... Obidiot.;-)
Right, lets increase regulations on the oil industry and further undermine America’s ability to become energy independent -— ASAP. He’d give the extreme environmentalists a free hand to further advance their wacko agenda to destroy America!
He can try that crap all he likes. It won’t work! I just filled up my 15.5 gallon tank for $63 bucks. People aren’t looking for hard to understand technical loopholes to solve the problem. THEY WANT LOW GAS PRICES NOW!
Isn’t it a bunch of ex-Enron officers doing the trading on the London market? What jurisdiction does Obama think he has there?
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