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: unkus
"Of all times for us to have a dottering fool.............."

If it wasn't for the WOT, Supreme Court Appointments, and Obama... I would sit this out. The SOB has me over a barrel. I am in the energy industry here in Houston and when the old fool even opens his mouth about oil or global warming my skin crawls right off my body.

41 posted on 06/13/2008 7:55:11 AM PDT by avacado
[ Post Reply | Private Reply | To 35 | View Replies]

To: SecAmndmt

Thanks for making sense of it.


42 posted on 06/13/2008 7:55:31 AM PDT by sarasota
[ Post Reply | Private Reply | To 16 | View Replies]

To: Sir Gawain

He’s not an idiot - he’s trying to get the jump on Obama by telling the public what they want to hear: that evil oil companies and speculators are at fault, and it has nothing to do with their own stupidity in reelecting morons to term after term in Congress. Objectively it’s a dishonorable strategy, but what else works in this time of MSM brainwashing?


43 posted on 06/13/2008 7:56:57 AM PDT by Mr. Jeeves ("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Aria
"Apparently the Oppenheimer guy figured that the cost of a barrel of oil without the speculators would be about $60 or so."

If oil was on the spot market that would proably be true. But there is a reason for oil to be on the futures market so that business such as airlines have a guaranteed price in the near term future.

44 posted on 06/13/2008 7:57:41 AM PDT by avacado
[ Post Reply | Private Reply | To 38 | View Replies]

To: silverleaf

I was very young then, but I remember the gas lines silverleaf, but that will be the end goal by those that want to hammer speculators. They may not say it out right, but controlling the prices is what they are after.


45 posted on 06/13/2008 7:59:19 AM PDT by DonaldC
[ Post Reply | Private Reply | To 19 | View Replies]

To: SecAmndmt
"The price of oil is high because of dollar devaluation, which is strongly correlated with interest rates set by the private Federal Reserve, and federal government spending. Commodities, including oil, are merely the latest financial bubble to work through the system."

All true. But also the dollar is weak because we flood the world markets with dollars through our huge trade deficit of which 1/3 is due to oil imports. Cut down the oil imports and that will cut down the trade deficit which will strengthen the dollar which in turn will lower world wide crude oil prices.

46 posted on 06/13/2008 8:00:45 AM PDT by avacado
[ Post Reply | Private Reply | To 16 | View Replies]

To: avacado

But that guaranteed price hasn’t worked out so well lately.


47 posted on 06/13/2008 8:00:49 AM PDT by Aria (NO RAPIST ENABLER FOR PRESIDENT!!!)
[ Post Reply | Private Reply | To 44 | View Replies]

Comment #48 Removed by Moderator

To: Mr. Jeeves
"Objectively it’s a dishonorable strategy, but what else works in this time of MSM brainwashing?"

You make a strong case in all your post that I did not include in total. Also, if a candidate doesn't jump on the global warming bandwagon they probably have no chance given the MSM climate of brainwashing.

49 posted on 06/13/2008 8:03:39 AM PDT by avacado
[ Post Reply | Private Reply | To 43 | View Replies]

To: avacado
“If it wasn't for the WOT, Supreme Court Appointments, and Obama... I would sit this out. The SOB has me over a barrel. I am in the energy industry here in Houston and when the old fool even opens his mouth about oil or global warming my skin crawls right off my body.”

I agree-I feel like I'm over a barrel too. It is extremely frustrating and will get worse. I have to balance optimism with reality.

50 posted on 06/13/2008 8:04:11 AM PDT by unkus
[ Post Reply | Private Reply | To 41 | View Replies]

To: Sir Gawain

When they passed out brains he thought they said trains and he missed his.


51 posted on 06/13/2008 8:05:37 AM PDT by Piquaboy (22 year veteran of the Army, Air Force and Navy, Pray for all our military .)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr. Jeeves
he’s trying to get the jump on Obama by telling the public what they want to hear: that evil oil companies and speculators are at fault, and it has nothing to do with their own stupidity in reelecting morons to term after term in Congress. Objectively it’s a dishonorable strategy, but what else works in this time of MSM brainwashing?

It isn't "dishonorable" at all. McCain really believes this nonsense. Haven't you been following his career over the last ten years? He has said this kind of thing repeatedly, even when he was completely safe electorally.

This is the real McCain. Does he need to give you an engraved card?

He would be dishonorable if he adopted a strategy of fooling conservatives, who are all too willing to be fooled, by dishonestly praising the virtues of the free market (something he doesn't believe in). Maybe some conservative McCain kool aid drinkers will finally wake up and not waste their votes on this guy.

52 posted on 06/13/2008 8:06:01 AM PDT by Captain Kirk
[ Post Reply | Private Reply | To 43 | View Replies]

To: Aria
"But that guaranteed price hasn’t worked out so well lately."

Well, the guaranteed price has worked for example for the airlines in which they are just now feeling the costs of fuel because they have been using fuel that was bought on contract a long time ago at a lower price. But that seems to be gone now and they are feeling it.

A futrures market only offers a temporary and delayed buffer.

53 posted on 06/13/2008 8:06:54 AM PDT by avacado
[ Post Reply | Private Reply | To 47 | View Replies]

To: Aria

Thank you for the reality check.


54 posted on 06/13/2008 8:08:04 AM PDT by sarasota
[ Post Reply | Private Reply | To 38 | View Replies]

To: Sir Gawain

“Presumptive” GOP Presidential Nominee - is there anything we can do to change that? Or is it too late?


55 posted on 06/13/2008 8:08:11 AM PDT by cblue55 (Liberalism is a mental illness)
[ Post Reply | Private Reply | To 1 | View Replies]

To: unkus
"I have to balance optimism with reality. "

Teach me how to do that!!! Please! My optimism is going the way of the Titanic each day.

56 posted on 06/13/2008 8:09:00 AM PDT by avacado
[ Post Reply | Private Reply | To 50 | View Replies]

To: DManA
unbridled free-market

On Wall Street, "unbridled free-market" means: laissez faire when we're having a good year, government bailouts when we -uck it up.

All those brilliant minds on Wall Street, and only a couple saw the looming problems with the mortgage industry?

57 posted on 06/13/2008 8:09:08 AM PDT by Night Hides Not (John McCain is Lucy, McCainiacs are Charlie Brown, and the football is a secure border.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Sir Gawain

West Texas Crude oil has been bouncing around between 125 and 135 for a while. You might think speculators are having no effect at all by now.


58 posted on 06/13/2008 8:09:13 AM PDT by RightWhale (I will veto each and every beer)
[ Post Reply | Private Reply | To 1 | View Replies]

To: avacado

Again, McCain believes this. He is not trying to “fool” the MSM. He has said this kind of thing repeatedly over the years.


59 posted on 06/13/2008 8:09:40 AM PDT by Captain Kirk
[ Post Reply | Private Reply | To 49 | View Replies]

To: Captain Kirk
Again, McCain believes this. He is not trying to “fool” the MSM. He has said this kind of thing repeatedly over the years.

I realize he truly believes that. I am just trying to convince myself that he doesn't! LOL!

60 posted on 06/13/2008 8:12:03 AM PDT by avacado
[ Post Reply | Private Reply | To 59 | 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