Wednesday, July 16, 2008

Evil Speculators

Senator Reid has the answer:
Shortly following the president's 1:30 p.m. EDT speech, Sen. Majority Leader Harry Reid, D-Nevada, said Congress should focus instead on curbing the role financial investors have played in driving up oil prices.

"We need to crack down on excessive speculation," said Reid in a press conference, which was broadcast.

By Wednesday, he said his Democratic colleagues planned to introduce a bill that would target oil speculation.
I wonder how excessive speculation will be defined, legally? For that matter, I wonder how speculation itself will be defined, legally. Somehow, I doubt that the visionaries who supervise us from Mordor-on-the-Potomac will let niggling details of that sort slow them down. I imagine Sen. Reid, for example, would reply if asked that that's what regulators, and the courts, are for.

Of course, no responsible person will suggest that most of the speculation in oil would no longer be occurring if the U.S. would remove its legions from the Middle East and stop picking a war with Iran. That wouldn't be responsible, not at all.


lemming said...

There was a program on the BBC last night (OK, British, so it's a programme) that tried to explain what this would mean. After about te minutes of technical untangling, I did have a dim understanding. However, you and I both know that most of Congress and the nation will not take this kind of care, the special interest groups will dig out some loopholes...

Jim Wetzel said...

I read your post about listening to the BBC, so I have to wonder: was that the same programme in which those learned fellows were swabbing down newts' privates in order to find fungi?