Posted on 06/13/2008 7:28:33 AM PDT by Sir Gawain
Speaking on Wall Street last night, Senator McCain of Arizona sounded more like an economic populist than a proponent of the kind of unbridled free-market capitalism promoted by many who work on the trading floors nearby.
At a town hall meeting in Federal Hall, the presumptive Republican nominee for president endorsed a federal probe into speculation in the oil markets, a phenomenon that some analysts contend accounts for about a third of the escalating cost of crude.
"I believe there needs to be a thorough and complete investigation of speculators to find out whether speculation has been going on and, if so, how much it has affected the price of a barrel of oil," Mr. McCain said in response to an audience member's complaint about investors driving up the price of fuel and other commodities. "There's a lot of things out there that need a lot more transparency and, consequently, oversight."
(Excerpt) Read more at nysun.com ...
How am I supposed to vote for this idiot? He’s not making it easy.
It’s getting more difficult to even watch this guy on Tv with all his “My friends”, etc. The Dems would use him as a door mat.
Commodities are all high also because the Fed has the Slosh at about $250 billion, and we all know that money isn’t going into stocks and bonds.
These will be the biggest issues in Nov. and Ensing Parker has no clue!
McCain supported the current crop of liberals on the SCOTUS. He should worry you as much as the Dems.
Also, he may not get us nuked, but he doesn't mind having the country taken over by illegals either.
McCain will lead the USA to destruction on a slightly shallower slope than the Dems, but the end result won't be any different.
“How am I supposed to vote for this idiot? He’s not making it easy.”
My vote for understatement of the year. McCain is part of the problem which has stupidly gone along with locking up our domestic energy resources - going back to Bush the First who locked us out of the continental oil shelf and dumbass Clinton whose shady dealings with Indonesia caused clean coal reserves in Utah to be off limits.
DRILL NOW!
I would guess that one of the main things a speculator does, is speculate...
“I believe there needs to be a thorough and complete investigation of speculators to find out whether speculation has been going on and, if so, how much it has affected the price of a barrel of oil,”
More from McStupid, “complete investigation of speculators to find out IF speculation has been going on...”
What a MORON, what does he think speculators do, knit?
"Senator McCain has spent 20 years in the Senate passing bills on the economy, and by his own admission he doesn't understand the economy..."
“I am very angry, frankly, at the oil companies not only because of the obscene profits they’ve made ....”
Great strategy: when a problem come around you must whip it by getting angry.
I like to take it out on the clerk making $5.00 an hour, even though his boss hates raising gas prices since his profit margin on gas is slim while he makes real money on Big Gulps, Slim Jims, tobacco, etc.
And donuts.
Mmmmmmm, donuts.....
He be spinning on that. We have seen just a "little angry" from the RINO relic. His intemperate demeanor is legendary. One day before November come, we will all be witness to "the big angry" from McCain, and when that day come Barry's deal be sealed.
Door mat? You have it reversed. McCain really believes in big government. He is the one “using” willing conservatives as a door mat (including several on this thread) to accomplish that goal.
I was afraid McCain might be worse than Dole and it looks like that is exactly what is happening. Of all times for us to have a dottering fool..............
Speculation is an important part of the capitalist system. It insures that when someone brings a commodity to market, they have a market price “locked in” therefore the commodity producer is assured that they will have money in the bank before they calculate production for the future.
Shut down speculation and the commodity producer does not have the assurance and must bring the product to market immediately and get paid what their product is worth at that given moment.
So say if you are producing soy beans and it cost you X dollars to put it in the ground. Before harvest, you are assured Y dollars, which covers the cost of planting the soybeans and makes you enough money to buy new harvest equipment for the next growing season. You can also decide, if soy isn’t making enough money at the moment, to plant corn on part of your plot. Speculation allows you to make informed decisions before harvest and plan for future production and investment on the production end.
McCain come along and takes speculators out of the equation because he thinks you make too much money growing soybeans. You plant the soybeans still costing X dollars, but so did your neighbor and his neighbor. You harvest the soybeans hoping that when you put it on the market that there isn’t a glut, lowering the price of the soybeans. Oops, there is a glut, so not only did you not make your money back for the harvest, but you have several metric tons of soybeans that you can’t sell at all. Too bad. You lose the farm.
Price controls will lower the price of oil, too. But as a young lad sitting in my parent’s car waiting for gas back in the 1970’s I decided that wasn’t a good idea.
Let the free market work, friend. End arbitrary and moronic domestic drilling policies and no one will have to monkey with the way the market works.
APf
When hasn't he sounded that way?
Last night on TV Dick Morris was saying he talked to one of the top guys at Oppenheimer who is very knowledgeable about oil and the man was saying that in 1999 there was a change in the rules and this has allowed the speculators to do what they're doing. Apparently the Oppenheimer guy figured that the cost of a barrel of oil without the speculators would be about $60 or so.
As each day passes, I am more and more convinced that MCain is not getting my vote. I only wish there was someone with a pair of balls and a plan in the wing somewhere. Problem is, to keep people from dying this coming winter by the tens of thousands, we needed action a couple of years ago.
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