Sinking

Truth is, we need more speculators, not less. They’re the people who can help prices find the right level, because there is no “right” level other than the one the market gives us. And that’s why, in turn, excessive speculation is nothing more—or less—than a convenient fiction for when prices don’t move the way politicians would like.

via CFTC Blames Speculators Again for High Oil Prices – WSJ.com.

It’s sad to watch the Obama administration sink to ever greater depths of economic ignorance.

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