When you want to punch the gas pump, remember Ken Lay. And if you don't understand why you are so angry, watch Olbermann Wednesday 6/18.
He's clearly explaining the relationship between Enron, Ken Lay, Phil Gramm and John McCain.
A law passed at the end of King Bush I (the "Enron Loophole") is still in effect. Oil future trading is unregulated, thanks to Daddy Bush.
"Two years ago, a REPUBLICAN report blamed oil prices on the Enron loophole."
Morgan Stanley is the biggest heating oil owner in New England. Closing the loophole in the law which allows oil futures trading without any real investment or without assuming real ownership of the commodity will reduce the cost of gasoline from 25 to 50 percent immediately! But to do so might cripple Morgan Stanley and the other funds that have used the loophold for investments rather than investments in the nation's infrastructure.
John McCain understood the problem in 2002. He voted to close the Enron Loophole. "Enron made a sound investment in Washington!"
Why did McCain oppose the recent farm bill (risking loss of the entire corn belt)? McCain has "offered explanations other than the Enron loophole..." Is he suffering from loss of memory, or has he lost is ETHICAL bearings. The bipartisan farm bill shut the Enron Loophole last month! But Bush vetoed it. Will the veto be overridden?
Stop filling the reserve? The institutions are setting aside much larger reserves than the strategic reserve. McCain's staff (including Gramm, whose firm now owns the remains of Enron) and two of his other campaign leaders are lobbying Congress to maintain the Enron loophole. They are writing his economic policy.
McCain? He skipped the hearing! And has refused to maintain his previous position. He's refused to comment on Olbermann's commentary today. McCain claims that he is objecting to the farm bill because of earmarks. But the poison pill in it seems to be the Enron Loophole.
All of this talk of offshore drilling is simply a diversion--a bait and switch--to cause us to ignore the "Enron Loophole." Shut it down, and gas prices drop tomorrow. But since Morgan Stanley holds a bunch of the nation's seniors' retirement funds, the cure might be worse than the disease.