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See the original image at money.cnn.com

Don't blame the oil 'speculators'

money.cnn.com — A campaign in Congress to punish traders for record oil prices reveals a fundamental misunderstanding of how futures markets work.

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  • BitterrootBob, on 06/30/2008, -0/+11Congress is a bunch of morons. They have stripped us of our industrial base. Replaced it with nothing but a service sector and flooded us with liquidity that fueled an economy based on a house of cards.
  • BennyGreenberg, on 06/30/2008, -1/+1controversial... to say the least - good work - not necessarily my "cup of tea"
  • Fangsinmybeard, on 07/01/2008, -0/+9Finally, we're getting it through our collective thick heads that the War, a once Republican held Congress, and a moron for president equals a totalitarian regime that will make America self destruct.
  • danfive555, on 07/01/2008, -0/+2This month I've noticed that futures traders blame OPEC--generally for not caring about producing oil and only caring about collecting the money. And at least one spokesman from a middle eastern country (I think an ambassador from Saudi Arabia) blaming the money managers from banks, pensions, mutual funds etc for parking their money in the commodities (for an insane amount of time----risk-wise)..because stocks and bonds are not attractive. Both make good cases.
    But in the end these are the intellectual excuses for the typical it's "supply & demand" or "speculation-driven."
    Isn't it really our sneaky government (White House and Congress) ringing the dinner-bell for the pigs to come feed at the trough?
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