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Politics : View from the Center and Left

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To: TimF who wrote (85490)	9/19/2008 10:21:51 PM
From: Cogito	Read Replies (1) of 541977

>>A better description would be that speculators where 1 - Not participating in some nefarious plot to control the price of oil and move it up over a time frame of the better part of a year. (Or at least that there is no evidence for such a plot, or reason to believe that such a plot would succeed) 2 - Not the driving force behind the increase. 3 - For the most part not on the net harmful.<< Tim - 1 - Nobody has suggested that the speculators were after anything but profits, nor that they are part of some nefarious plot, as you call it. I don't know why you keep coming back to that. 2 - A small number of such speculators dumped a huge amount of money into buying oil futures on the ICE, which caused the demand for those futures to exceed the supply. I may be forced to go back and find the two articles (I believe it was two) that were posted here weeks ago, which provided confirmation of that fact. 3 - Clearly this was not harmful to anyone outside the oil business. It only served to move more wealth from those of us in the lower tiers of our economic system to those nearer the top. - Allen

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