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You are repeating the talking points of the Democrats/Marxists.

Ding ding ding rignt out of the box.

Well, you are a clueless twit, ignorantly spewing Goldman Sachs propaganda. Futures markets have always had position limits for speculators, and for good and valid reasons. The particular legislation under consideration would only classify investment banks as speculators rather than as commercial participants in the market(producers or consumers of the physical commodity). Why do you object to this? Either you are on GS payroll or are you really that clueless. Or maybe you still think that after all that has happened in the last 6 months that what is good for GS is good for America.

You can educate yourself about the specific problems in this market by reading Testimony of Michael W. Masters Managing Member / Portfolio Manager Masters Capital Management, LLC before the Committee on Homeland Security and Governmental Affairs United States Senate May 20,2008

As to your ignorance of economics, I don't know how to cure that. You are probably going to lecture me about "free markets" and all that stuff that you are actually also totally clueless about. The classic economics theorem on free markets is the so-called "welfare" theorem (which has nothing to do with THAT kind of welfare). It states that in order to get the benefits that you expect from a free market, three conditions must hold: 1.) no monopolistic (or ogopolistic power). 2.) No information asymmetries and 3.) no externalities.

Not only do not all of these apply to the current oil futures market with a large fraction of total positions held by long side only speculators, but in fact, none of them apply.

Come back and we can argue further when you have a clue what you are talking about.]

But if your only response to this is to call people Marxists then I am going to continue to call you an ignorant and foolish tool of the investment banks.

Your legislation will not affect other world markets only the U.S. . So it is ridiculous to propose that as a solution as there is speculating going on in oil futures in many other world markets like London, Dubai, Asia etc. . The laws in these other countries are NOT the same as in the U.S. Funny how all these speculators in different countries with different laws agree on the price of oil. You and Pelosi cannot affect London or Dubai etc . The democrats or whoever is promoting this legislation is lying through their teeth when they say it will solve the problem because A. an imbalance in supply and demand is causing the rising prices not speculating on oil futures and B. this legislation would not stop speculating in other world markets, in London, Dubai , in parts of Asia etc..

You, AndyJackson are repeating the Democrats/Marxists’ talking points, blaming the speculators etc. Your post sure sounds like Democrat talking points to me.

The fact is that speculators and oil companies are not manipulating oil prices. Oil prices are rising because supply has not kept up with demand since 2005. That’s simple economics. World Oil production has barely risen since 2005 while world oil demand has skyrocketed during that time.

http://en.wikipedia.org/wiki/Peak_oil#Production

“World oil production growth trends were flat from 2005 to 2008. According to a January 2007 International Energy Agency report, global supply (which includes biofuels, non-crude sources of petroleum, and use of strategic oil reserves, in addition to crude production) averaged 85.24 million barrels per day (13.552×106 m3/d) in 2006, up 0.76 million barrels per day (121×103 m3/d) (0.9%), from 2005”

Economic shortage is a term describing a disparity between the amount demanded for a product or service and the amount supplied in a market. Specifically, a shortage occurs when there is excess demand; therefore, it is the opposite of a surplus.”
http://en.wikipedia.org/wiki/Economic_shortage

So there is a shortage because supply has not kept up with demand. You should learn about definitions and economics and stop believing the Democrats/Marxists and the liberal/Marxist mainstream media.

I believe in free market capitalism .What do you believe in an economy regulated by government idiots or in full Marxism/socialism? It seems like you are a Marxist to me since you believe government can better run the economy than free market speculators. I believe in no regulation by government. Read Hayek, Friedman's Free to choose and Ayn, Rand to see that free markets works but socialism/government planning doesn't : Genius Hayek destroys Socialism/government planning

I'll meet you here next year to see that the price of oil will be at least $200 per barrel . If this rise in oil prices were a speculative bubble or driven by speculation then it will surely pop soon. But it won't because the price is being set by the law of supply and Demand not speculation.

Your name calling says more about you than me and name calling from anonymous posters on the Internet doesn't bother me. I picture you in a rabid rage, calling me names. It is just amusing to me that words on a screen can get others angry.