Friday, June 27, 2008

Supply and Demand or Market Manipulation

Today Speculators control 73% of the unregulated commodities market responsible for setting the price of oil. Speculators only put up less than ten dollars per barrel of oil to purchase oil on the futures market. Its a recipe for disaster. If the price falls drastically the investment banks are left holding the bag and they will fail, along with pension fund investors. In the end like always the consumer will be hurt the most. Retirees and people ready to retire will find their pensions and 401k plans wiped out. Don't believe me check out what speculators are saying:

BEN STEIN: I was just in a room with a whole bunch of speculators who are former Enron traders that are now trading natural gas and oil. And they're laughing their heads off about how much they're manipulating the price of oil. They couldn't care less.

If this is true Congress must act. Price oil $143.

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