| Subject: |
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Re: Re: Hopefully it is dead for now, but both McCain and Obama support it |
| Name: |
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MoparNorm |
| Date Posted: |
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Jun 6, 08 - 10:02 AM |
| IP Address: |
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71.104.149.239 |
| Email: |
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moparnorm@hotmail.com |
| Dodge-Link |
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http://www.powerwagonadvertiser.com/forums/showthread.php?t=8386 |
| Message: |
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Yep the repuiblicans grew a set overnight...
Trading Loophole for Wall Street Speculators Is Driving Up Prices, Critics Say
By David Cho
Washington Post Staff Writer
Friday, June 6, 2008; Page A01
Hedge funds and big Wall Street banks are taking advantage of loopholes in federal trading limits to buy massive amounts of oil contracts, according to a growing number of lawmakers and prominent investors, who blame the practice for helping to push oil prices to record highs.
The federal agency that oversees oil trading, the Commodity Futures Trading Commission, has exempted these firms from rules that limit speculative buying, a prerogative traditionally reserved for airlines and trucking companies that need to lock in future fuel costs.
The CFTC has also waived regulations over the past decade on U.S. investors who trade commodities on some overseas markets, freeing those investors to accumulate large quantities of the future oil supply by making purchases on lightly regulated foreign exchanges.
Over the past five years, investors have become such a force on commodity markets that their appetite for oil contracts has been equal to China's increase in demand over the same period, said Michael Masters, a hedge fund manager who testified before Congress on the subject last month. The commodity markets, he added, were never intended for such large financial players. |
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