Quote:
Originally Posted by Anikdote
Thank you for you thoughts. I agree totally about unregulated futures trading. It's artificially driving up the price of crude and we're paying for it at the pump. But even still, its still just a component in the big picture, and the issue needs to be addressed as a whole. Our primary goal should be to find an alternate source of energy that reduces our dependence upon the rest of the world.
The traders might be driving up the market by investing in higher oil futures, but they can only cash in on these investments if the market does indeed drive up the price. These guys wouldn't be so certain in their investments of higher priced futures if the market conditions weren't present to allow for this type of speculatory trading. I feel I must reiterate again however that these guys are not innocent in the least.
Finally while the constitution may agree that the union should promote the general welfare. It's very next words are "and secure the Blessings of Liberty to ourselves", and people who possess liberty don't have their business seized by the feds. To me, this is the exact opposite of what is liberty. So the nationalization of an industry would require a tax payer buy out or seizure of property, neither of which float in my boat.
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You speak the truth. The other issue is the fact that oil producers, and oil refiners operate on a calculus designed to maximize their profits, without respect to a liberal interpretation of the General Welfare. For example, if Exxon determines that that markets forces are situated just so, they will withhold production to create and exploit an anticipated price hike.
Personally, I would regulate the oil speculators, producers, and the refiners as if every day the American flag flies over our capital were as critical as wartime. I believe such regulation would be an example of the proper role of government. I would encourage the health and wealth of private enterprise with all of my strength, but whereever there is a question of national economic security tied to the health and wealth of the nation, I would use every fiber of the constititional power of government to promote the General Welfare, first.
05-24-2008, 01:24 PM
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