Friday, April 29, 2011
Why is there only one Bernie Sanders in the Senate?
Bernie the Mensch has done it again and called for action against a major source of our economic miseries, mad money speculators going long in the commodities market and badly distorting the true value of those commodities.
Sen. Bernie Sanders has joined the increasing call for a crackdown on speculation in the oil markets. His letter to Barack Obama, which I’ve added at the end of this post, calls on the President to inform the Commodity Futures Trading Commission that they must impose strict limits on oil speculation, which is required in the Dodd-Frank law. He also wants Obama to ask for the immediate resignation of any CFTC commissioner who won’t impose these position limits on oil trading.That 25% limit is the only thing keeping any one of the Banksters from controlling the entire market of any one item, they have the money to do so. How kind of the CFTC to require 4 of them to collude in our impoverishment.
The position limits were supposed to be put into effect on January 22 of this year, but CFTC delayed their rule for a year. They also weakened the limits so that one speculating Wall Street firm could control up to 25% of the oil spot market, and four of them could corner it.
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