Paul Krugman has an economics degree but he's a socialist. Lou Dobbs has an economics degree but talks for a living. What I do is I derive the cause and effect of markets. I know it better than Lou Dobbs. And again, I'm sorry for being rude, but I feel like a modern doctor who got in a time machine and went back to the 16th century. I know what causes illnesses and it's not a matter of opinion for me... but I keep meeting people who are telling me that they're sure to it's the humors, or bad air, or that it can be fixed with leeches. They all talked to "experts" too, but none of them knew what they were talking about because they didn't understand medicine.
I'm in the same boat. I know what's causing the problem. It's not a matter of opinion... there is evidence for what I'm claiming backed up by 18 years of experience, and the sum total of what an entire industry knows about markets. In the meantime there is no evidence for blaming speculators, and still everyone keeps telling me that they know better than me and keep recommending leeches.
I'm sure you're an expert in something that I know nothing about. And if we were having a discussion about it, I'd defer to your knowledge and experience. This is what I do, and if you want to be "right" then you should do the same.
Unfortunately, everyone seems to think they know about markets even when they don't. Well I do. And this is congresses fault, not the fault of speculation. If congress would just do something rational then those speculators would push the price of oil into the basement. They add to volatility, not to price.
“If congress would just do something rational then those speculators would push the price of oil into the basement. “
What SHOULD they do?