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Politics : View from the Center and Left

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To: Ron who wrote (59603)	4/16/2008 5:56:35 PM
From: Katelew	Read Replies (1) of 542681

I do think McCain made a shrewd political move yesterday by calling for a temporary repeal of the federal gas tax. Many people don't understand much, but 'tax cut' they get, even if its not in their best interest over the long haul Yes, but I cringed when I heard this thrown out. I'm hoping McCain has an economic Lieberman at his side whispering that rather than a respite for consumers,what is more likely to happen is that prices at the pump rise to fill the void. I'm pretty sure that commodity prices right now....both hard and soft....are almost divorced from fundamentals and in the hands of speculators. Week before last the CBOE moved to raise margin requirements....almost egregiously....to levels thought to cool off speculation. I took this as an indication that the pros also see the speculative excesses building. At any rate, because of the degree of speculation in these markets right now, I think McCain's idea would fail. Better, IMO, to let prices rise to levels where consumers begin to ration, painful though it will be for the economy.

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