Wednesday, May 20, 2009
It must be a rhetorical question
Why else would McClatchy run a headline like this over a story on said speculators?
And to add insult to injury.
Are Wall Street speculators driving up gasoline prices?And if you don't know the answer to that question, it is time to pull your head out of whatever ass you stuck it in.
And to add insult to injury.
This time, Wall Street speculators — some of them recipients of billions of dollars in taxpayers' bailout money — may be to blame.Isn't that special, you're getting fucked with your own tax dollars.
Big Wall Street banks such as Goldman Sachs & Co., Morgan Stanley and others are able to sidestep the regulations that limit investments in commodities such as oil, and they're investing on behalf of pension funds, endowments, hedge funds and other big institutional investors, in part as a hedge against rising inflation.
These investors now far outnumber big fuel consumers such as airlines and trucking companies, which try to protect themselves against price swings, and they're betting that the economy eventually will rebound, that the Obama administration's spending policies and Federal Reserve actions will trigger inflation — or both — and that oil prices will rise.
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