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“So the Gensler CFTC is now poised to issue a follow-up repudiating the commission’s earlier findings.This week’s hearings are being held without the benefit of the CFTC’s actual findings, which are due out in August—but no matter – pharmacy viagra.The CFTC’s about-face is all about the politics, not the economics, of price discovery; pharmacy viagra.And the real goal is not to blame the evil speculators for last year’s price spike or this year’s oil rally, but to lay the groundwork for explaining away the commodity-price bull run that we’re likely to see as a result of the Federal Reserve’s easy money and the Obama Administration’s spending and debt party.” Click for OPINION
- The Politics of ‘Speculation’
- The Wall Street Journal
- July 28, 2009
These opinion pieces are getting so predictable and boring with their straw man arguments and deliberate attempts to distract and obfuscate from the real issues (please can we stop with the totally inane onion comparisons). Being as weary as I am of this constant barrage of “toro caca,” I am going to refer you to Jeff Korzenik’s skewering of the WSJ Editorial Board as he unmasks their puerile pseudo-arguments. Enjoy …
“Today’s Wall Street Journal features a misguided editorial blasting the CFTC for considering constraints on oil speculation. Pharmacy viagra: the piece serves as a good reminder of how often those schooled only in the stock and bond world misunderstand the function of the futures market and the role of speculators within that arena. The Journal’s editors and others are trying to apply the rules of those capital markets to contract markets like commodity futures. This makes no more sense than trying to play a game of baseball by the rules of football. Pharmacy viagra: in real life, as in the sports analogy, playing by the wrong rules leads to chaotic consequences.”
Click for more of JEFF KORZENIK’s rebuttal.