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July 25, 2008

Democratic Energy Bill Defeated; Republicans Show Some Stones

Harry Reid's attempt to interfere in the commodities exchanges failed this morning along mostly partisan lines. Democrats are blaming high gasoline prices on "excessive" speculation in oil and gas futures. This is typical of Democrats, who would rather blame hedge funds (framed as "fat cats", but who serve an important market purpose) than deal with the actual problem.

Republicans managed to hold to their promise to let no legislation move without provisions for increasing domestic production. It's also nice that they opposed the anti-speculation bill, something I would hope they would have done anyway. More regulation of hedging activity, especially regulation like this which is aimed at secondary effects rather than actual misconduct, just drives investment overseas. Congress didn't learn enough from SOX.

posted by Gabriel Malor at 12:00 PM

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Advertise Here! Intermarkets' Privacy Policy Support Donate to Ace of Spades HQ! Recent Entries Early Exit Polls Released Moar Tea Leaves Democrat Cities Preparing for Democrat Violence In Wake of Trump Victory Google Is Telling People Where to Vote for Harris -- But Won't Tell You Where to Vote For Trump Tea Leaves More Like Flea Peeves amirite Be On the Look Out: Many Ballots Have a Small Mark for Harris Already "Accidentally" Marked on the Ballot Joe Rogan Endorses Trump Go Vote [by Dave in Fla] Mid-Morning Art Thread The Morning Report 11/5/24 Absent Friends Bandersnatch 2024 GnuBreed 2024 Captain Hate 2023 moon_over_vermont 2023 westminsterdogshow 2023 Ann Wilson(Empire1) 2022 Dave In Texas 2022 Jesse in D.C. 2022 OregonMuse 2022 redc1c4 2021 Tami 2021 Chavez the Hugo 2020 Ibguy 2020 Rickl 2019 Joffen 2014 AoSHQ Writers Group A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. 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Republicans managed to hold to their promise to let no legislation move without provisions for increasing domestic production. It's also nice that they opposed the anti-speculation bill, something I would hope they would have done anyway. More regulation of hedging activity, especially regulation like this which is aimed at secondary effects rather than actual misconduct, just drives investment overseas. Congress didn't learn enough from SOX. posted by Gabriel Malor at 12:00 PM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments goatexchange: "For me, tonight: Old Forester Prohibition 1920 br ..." Don Black- penny for the guy!: "I put chopped green pepper in meatloaf ..." Orson: "356 >>> Someone mentioned in last thread that thei ..." N: "How is Brian Williams employed outside a gay bathh ..." Soothsayer: " NOOOOOD ..." Itinerant Alley Butcher: "My omen: I'm at a California government building t ..." 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