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View Diary: Rep. DeFazio GOES OFF! GOP using Bush era ENRON loophole to help Wall St screw you at the Gas Pump (121 comments)

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  •  but but but but (9+ / 0-)

    speculation is good for the economy - it balances out peaks and dips - doesn't it?  At least it gets rid of the dips.

    After the Republicans burn down the world, they will prove the Democrats did it.

    by jimraff on Wed Jun 15, 2011 at 04:01:09 PM PDT

    •  Well sure (8+ / 0-)

      but I'm not sure that the House of Reps was a good holding cell for so many of them.

      We are here to begin the counter offensive. ~ Senator Russ Feingold

      by Solarian on Wed Jun 15, 2011 at 05:38:55 PM PDT

      [ Parent ]

    •  No, the dips just get richer. (8+ / 0-)

      Patriotism may be the last refuge of scoundrels, but religion is assuredly the first.

      by StrayCat on Wed Jun 15, 2011 at 06:22:52 PM PDT

      [ Parent ]

    •  Seriously though... (3+ / 0-)
      Recommended by:
      Loge, Sparhawk, soros

      Speculation is good for the economy. It does balance out the peaks and dips.

      Prices are going higher because not enough oil is being produced. Not enough oil is being produced because it's not profitable to extract really deep or hard-to-get oil because its extraction and refinement costs more than its price. If speculators are buying up future oil supplies at high costs, it means that oil companies will go ahead and start development of costly oil extraction because they know they can get the higher price for it. The net result is that supply more closely matches demand, and we have less shocks to the oil market.

      And oil speculators did absorb a lot of the losses for weak oil prices when the economy tanked a couple years ago. Lots of hedge funds went belly-up. People need to stop seeing someone make a profit and assume there's something inherently wrong with that. They make a profit because they absorb risk. And sometimes that risk bites them and they rather than profit, they get losses.

      I hate all the snide comments here towards corporations or hedge funds or the rich or whatever when it is the people posting who don't understand how the real world works.

      Try looking at things another way.

      by atheistben on Thu Jun 16, 2011 at 08:27:45 AM PDT

      [ Parent ]

      •  we need to find ways to get OFF oil altogether (0+ / 0-)

        not just for the planet's sake but because it will in fact make us stronger versus Wall Street's speculations.

        LBJ & Lady Bird, Sully Sullenberger, Molly Ivins, Barbara Jordan, Ann Richards, Drew Brees: Texas is No Bush League! -7.50,-5.59

        by BlackSheep1 on Thu Jun 16, 2011 at 09:49:01 AM PDT

        [ Parent ]

      •  Thanks for the Repub party line. But it is (0+ / 0-)

        not true. We need hedging by those who need to, true but not this machine to machine stuff.

        There is plenty of supply right now. And this is not the oil companies getting money for their risk. This is a few super rich  people getting richer.

        I'm asking you to believe. Not in my ability to bring about real change in Washington ... *I'm asking you to believe in yours.* Barack Obama

        by samddobermann on Thu Jun 16, 2011 at 12:27:31 PM PDT

        [ Parent ]

        •  Re (1+ / 0-)
          Recommended by:
          soros
          There is plenty of supply right now.

          This is merely an assertion on your part with no data to back it up.

          The fact is that global population increases every day while oil production stays basically flat. That means that the oil available per person is falling.

          Millions of people in Asia want to live like Americans, and they are increasingly getting the spending power to do just that, at our expense.

          You are accusing people of repeating "the Repub party line". If the "Dem party line" has your grasp of economics, count me out.

          (-5.50,-6.67): Left Libertarian
          Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

          by Sparhawk on Thu Jun 16, 2011 at 11:29:50 PM PDT

          [ Parent ]

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