Obama's Plan to Crack Down on Excessive Energy Speculation?

Question

If the commodity market moves out of the United States because Obama's Marxist prosperity plans result in over regulation, what is his back up plan? In an era of global markets, there is nothing to stop the commodities market from relocating to a more regulation friendly country where oil futures will still be freely traded. What will Obama do then? As near as I can tell, this proposal; like so many of his others, is nothing but the flatulent garrulity and appeals only to those who are uninformed.

The financial loss to this country if the commodities market relocated would also be significant.

http://www.barackobama.com/2008/06/22/obama_announces_plan_to_fully.php

Answer 1

The accusations against the speculators is just a distractor that Obama uses to change the subject and avoid the question.

Barack and the rest of the radical extreme left are on record as supporting higher energy prices to force us out of our cars.

However Barack Obama knows that people will not vote for him if they know that Obama actually supports higher gasoline prices.

By placing the blame of speculators Obama effectively changes the subject and deflects criticism from himself to another group of people who really are not responsible for high gasoline prices.

Oil and gasoline prices are high because of a number of factors including increased demand from China and India and lack of new supplies because most of the promising new sources of oil in The United States have been placed off limits by the so called environmentalists to drilling and production of oil.

Answer 2

1) Hedge fund managers who buy/sell commodity futures have been raping the US/World Economy.    The top 5 Hedge fund mgrs individual income in 2007 avg was $750 million each. (Donny Deutch)   There are hundreds of these guys around and most make a lot less than that.  But  with the Iraq War and the uncertainty of supply delivery, plus the emergence of a middle class in India and China, they have been able to manipulate the market and drive crude oil prices up to artificially high levels.   They need to be held in check and SEC restrictions are appropriate.

2) NY / Wall Street is the financial capital of the world.  Wash DC - Capital of the most powerful nation on earth is only about 275 miles away. Wall Street ain't goin nowhere junior.

3) Keeping your tires inflated will save you about 2 gallons of gas for every 500 miles of drinving you do.  If you drive 15,000 miles per year, you can save about $120.00 per year just by checking the air in your tires. If gas is $4.00 / gallon, then each indvidual driver doesn't have to buy 30 gallons of gas.

4) You need to drink more beer, adjust your meds or get an education.  You don't seem to smart so education is a long shot for you. So I suggest that you  get high and stay drunk.

Answer 3

The answer is, there is no answer.

There is no "Plan B" because if the traders go overseas O'bama will just accuse them of "greed" and "selfishness" and as prices rise he will continue to blame those evil-doers on the other side of the aisle.

But...

You people on the right are no less ignorant of the causes of higher prices (possibly present company excluded since I don't wanna paint you with the same broad brush seein' as how I don't even know you).

As prices continue to rise, those who are on the right side of the aisle (assuming they don't regain power this go 'round) will blame the policies of the Marxists and socialists.

But the reason prices will continue to rise has little to do with left or right. It has mostly to do with the fact that we have been taught, in government approved schools, NOTHING about economics! We (mostly all) believe that currency equals money and that gov't can just continue to print currency and back it with debt forever and the chickens will never come home to roost.

Most of us can see clearly that if we run up personal debt we eventually must pay it back and/or go bankrupt, but we assume that the management company alleged to represent us can go as deep into debt as it likes and there are simply no consequences!

We cannot grasp the fact that inflation is CAUSED by government printing currency and dumping it into circulation, that the more currency there is, the less it's worth and therefore the more it takes to buy the goods and services we desire. And we continue to elect Congressmen who promise to bring the money home. There IS NO MONEY to bring home!

I'm sad to say, but most of our problems are not caused by the admittedly socialist left nor by the fascist right, but rather they are caused by our collective tacit agreement to allow government to do whatever it will so long as we are tossed an occasional bone.

Edit- regarding the question by ioerr: Who is John Galt?

Answer 4

We had those regulations which were gradually taken away during Clinton and it's much worse now.  That's why we have much higher prices and blackouts (to cut supply to keep prices high).  The simple answer is to have those regulations in place again so prices can be lower again!  Why should the older generation only benefit from decades of price protections on essential commodities (e.g. energy and food crops)?

http://citizenpower.net/utilities/nw/nw0...

Answer 5

we are all screwed

Answer 6

Heightened tire-pressure monitoring.

Answer 7

when clinton was in the white house wasn't things better?

Answer 8

You are claiming as if Bush's energy plans have been any effective ? and i'd like a proof of your claims regarding Obama being marxist

Answer 9

To say nothing of he fact that the speculation markets actually bring down consumer prices by separating the jobs of production and risk management into two different groups of people each of whom specializes in what the do best.

Obama is the ticket to a nasty recession.  Or maybe it will be a depression.  The difference being whether or not I lose my job.

I think the role Biden will play is to quietly break all of Obama's unreasonable promises.  

Answer 10

Well personally I think that capitalist elements that want to turn traitor on America in such a way should be encouraged to leave, whatever the short term damage.  The country is better off without them.  

And trade policy should be formulated to prevent the "global market" from holding our economy hostage, dictating our public policies, impoverishing our workers, and degrading our standards of living.

If you'd rather pledge allegiance to a lot stockholders sitting in boardrooms somwhere, in which you have no vote or representation, knock yourself out.

Then again, just exactly how eager any of these well heeled people are going to be to leave their comfortable seats in America (for where exactly now?  Socialist Europe perhaps?  Russia?  China? Africa?), remains to be seen.

I'd also point out that a lot of the criticism of energy speculation is coming from wall street itself.  These people are hurting the whole economy, meaning all those other capitalists out there, who are none too happy about it themselves.

So to sum up, I would say the president of the US has considerable power at his disposal to oppose people who want to practice extortion on the public en masse in this way, and I expect the president to do so.

And I think Obama is far more likely to take up that gauntlet than McCain will ever be, or any republican.

***

There is no reason for them to relocate if they are allowed to stay, certainly.  

However, the drift of my suggestion is, what you are suggesting is extortion, if not treason, and retaliation in kind would not be inappropriate, and I think the president would be able to find the means to do so.  

And I think Obama would be more likely to do so than McCain would.  Thus, he has my support.

***

Edit, about that John Galt character: I think you can find John Galt living next door to Santa Clause and the Easter Bunny.  

Go ahead and prove me wrong.  Any time.

Answer 11

sounds like propaganda bs to me  

Answer 12

Obama never put his crack down, what are you talking about?

McCain in 08

Obama is a clear and present danger to America