{"id":195220,"date":"2008-07-22T17:35:00","date_gmt":"2008-07-22T22:35:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/07\/22\/the-big-picture-on-the-stop-excessive-speculation-act\/"},"modified":"2008-07-22T17:35:00","modified_gmt":"2008-07-22T22:35:00","slug":"the-big-picture-on-the-stop-excessive-speculation-act","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/07\/22\/the-big-picture-on-the-stop-excessive-speculation-act\/","title":{"rendered":"The Big Picture on the &#8220;Stop Excessive Speculation Act&#8221;"},"content":{"rendered":"<p>I&#8217;ve always been a doubter that speculation is responsible for much of the run up in oil prices, but I wholeheartedly the <a href=\"http:\/\/money.cnn.com\/2008\/07\/22\/news\/economy\/Dems_speculators\/index.htm\">proposed &#8220;Stop Excessive Speculation Act&#8221;<\/a>, which would crack down on speculators by allowing the Commodities Futures Trading Commission (CTFC) to regulate futures market and, &#8220;differentiate between &#8220;legitimate&#8221; and &#8220;illegitimate&#8221; hedge trading&#8221;.<\/p>\n<p>The reason that I support this is because it is a real sea change.  It is a refutation of the myth that completely unsupervised markets self-regulate to the benefit of society.<\/p>\n<p>It is the arbitrage and exotic financial vehicles that have been created in the past nearly three decades of free market fundamentalism, frequently lauded by Alan &#8220;Bubbles&#8221; Greenspan, which are at the core of our current credit crunch.<\/p>\n<p>The markets have devolved into complex self-serving insider deals that have harmed everyone.<\/p>\n<p>I think that this bill is a baby step, but it&#8217;s a step in the right direction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;ve always been a doubter that speculation is responsible for much of the run up in oil prices, but I wholeheartedly the proposed &#8220;Stop Excessive Speculation Act&#8221;, which would crack down on speculators by allowing the Commodities Futures Trading Commission (CTFC) to regulate futures market and, &#8220;differentiate between &#8220;legitimate&#8221; and &#8220;illegitimate&#8221; hedge trading&#8221;. The reason &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[998,1135,1004,1020,985],"tags":[],"class_list":["post-195220","post","type-post","status-publish","format-standard","hentry","category-congress","category-energy","category-finance","category-legislation","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195220"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=195220"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195220\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}