Lynch the Commodities Traders?
May 21st, 2008 | By Contrarian Profits | Category: Featured, Financial NewsCongress has threatened to take action against speculative commodities traders, as food and energy prices break fresh records.
A desperate Democratic Senator, Claire McCaskill, warned during a Senate hearing on commodities speculators that “the American people are about to take out pitchforks” because of the cost of groceries and gasoline.
McCaskill then told an official from the U.S. Commodity Futures Trading Commission: “If you don’t do something, Congress will,” according to a report in the LA Times.
Of course, it doesn’t appear to have struck the outraged Senator to consider mere market forces such as supply and demand or, in the case of oil prices, increased demand from emerging markets and decreased supply because of bad weather or geopolitical events.
To learn more about what is pushing up the price of oil, read on at the ContrarianProfits.com peak oil primer, Peak Oil Facts: How to Survive the Coming Crisis.
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