Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

McCain on Wall Street: 'Angry' About Oil
NY Sun ^ | June 13, 2008 | JOSH GERSTEIN

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 ...


TOPICS: Politics/Elections
KEYWORDS: 2008; capitalism; elections; energy; energyprices; freemarket; gasprices; mccain; oil; populist; townhalls; wallstreet; wallstreetvote
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-91 next last
To: Sir Gawain

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.


21 posted on 06/13/2008 7:40:13 AM PDT by unkus
[ Post Reply | Private Reply | To 1 | View Replies]

To: SecAmndmt

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.


22 posted on 06/13/2008 7:40:20 AM PDT by nicola_tesla ("Life is Tough... It's Worse When You're Stupid".... John Wayne)
[ Post Reply | Private Reply | To 16 | View Replies]

To: MarkT
"... gas prices / energy costs / independence were nowhere to be seen."

These will be the biggest issues in Nov. and Ensing Parker has no clue!

23 posted on 06/13/2008 7:40:29 AM PDT by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Sir Gawain
How am I supposed to vote for this idiot? He's not making it easy.

You're right. The only reason is because this is much, much worse:



I'm also not 100% convinced that speculators don't account for at least some of the oil price spike. The financials who are losing their shirts in the bad debt crunch have to have someplace to park their money to make some quick profits.
24 posted on 06/13/2008 7:40:32 AM PDT by Antoninus (John 6:54)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Names Ash Housewares
That’s the biggie. Supreme court, a few other things.

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.

25 posted on 06/13/2008 7:40:50 AM PDT by TChris ("if somebody agrees with me 70% of the time, rather than 100%, that doesnÂ’t make him my enemy." -RR)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Sir Gawain

“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.


26 posted on 06/13/2008 7:41:36 AM PDT by mgc1122
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sir Gawain
Hay John: The price of oil is the fault of your Royal brothers seated in the Royal 100 Club that will not allow drilling or new gas production for over 35 years. Because of this we must import over 4 billion gallons of gas every year and that drives up the price because we do not have enough to supply ourselves and have to count on delivery, of GASOLINE, from some nations that hate our guts.

DRILL NOW!

27 posted on 06/13/2008 7:41:39 AM PDT by YOUGOTIT (The Greatest Threat to our Security is the Royal 100 Club)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sir Gawain

I would guess that one of the main things a speculator does, is speculate...


28 posted on 06/13/2008 7:42:12 AM PDT by stuartcr (Election year.....Who we gonna hate, in '08?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sir Gawain

“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?


29 posted on 06/13/2008 7:42:19 AM PDT by stockpirate (Conservatives are becoming the swing vote McCain needs to win, make him earn it.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: unkus; Sir Gawain
We are hitting hard times with this dunce! The fool comes out and admits he doesn't understand the economy. The Dems are going to tear him a new one over that!

"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..."

30 posted on 06/13/2008 7:44:04 AM PDT by avacado
[ Post Reply | Private Reply | To 21 | View Replies]

To: Sir Gawain

“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.....


31 posted on 06/13/2008 7:44:32 AM PDT by tumblindice (Who put the bam in Obama lama ding dong?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sir Gawain
I am very angry, frankly,

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.

32 posted on 06/13/2008 7:44:51 AM PDT by Biblebelter
[ Post Reply | Private Reply | To 1 | View Replies]

To: unkus

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.


33 posted on 06/13/2008 7:45:20 AM PDT by Captain Kirk
[ Post Reply | Private Reply | To 21 | View Replies]

To: Eric in the Ozarks
Every second thing that the man says is idiotic.

Don't worry - he's shooting for everything that comes out of his mouth being idiotic. Just give him time.
34 posted on 06/13/2008 7:45:57 AM PDT by reagan_fanatic (I'm not normally this grouchy - wait a minute, yes I am.)
[ Post Reply | Private Reply | To 18 | View Replies]

To: avacado

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..............


35 posted on 06/13/2008 7:47:14 AM PDT by unkus
[ Post Reply | Private Reply | To 30 | View Replies]

To: sarasota

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


36 posted on 06/13/2008 7:47:35 AM PDT by APFel (Regnum Nostrum Crescit)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Sir Gawain
Senator McCain of Arizona sounded more like an economic populist

When hasn't he sounded that way?

37 posted on 06/13/2008 7:50:09 AM PDT by bmwcyle (If God wanted us to be Socialist, Karl Marx would have been born in America.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sir Gawain
OK, I'm gonna dive in here.

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.

38 posted on 06/13/2008 7:51:03 AM PDT by Aria (NO RAPIST ENABLER FOR PRESIDENT!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sir Gawain

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.


39 posted on 06/13/2008 7:52:49 AM PDT by Dogbert41
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sir Gawain

40 posted on 06/13/2008 7:54:15 AM PDT by 300magnum (God grants liberty only to those who love it, and are always ready to guard and defend it. D.Webster)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-91 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson