You know, it would be laughable if it were not so tragic.
With the cost of gas a top issue in the presidential campaign, Barack Obama on Sunday will announce a plan to crack down on oil speculation by tightening regulations on energy traders.
The announcement is further evidence that an Obama administration would take an activist, populist approach to regulating business.
Obama wants to close a loophole in federal law that exempts some energy traders from regulations that govern other exchange-traded commodities. Democrats call this “the Enron loophole” because it benefited the Houston energy-speculation firm that collapsed in an accounting scandal.
In response, John McCain campaign spokesman Tucker Bounds said: “The truth is Barack Obama is following John McCain’s lead to close a Wall Street loophole that was signed into law by President Bill Clinton. John McCain has supported bipartisan efforts to close this loophole and will work to address abuses in oil speculation.
Those ‘abuses’ are caused by misguided energy policy on the lart of the Democrats. No domestic drilling, no domestic refineries. When the prices go up to reflect that sitaution, the government gets more money… and the guy at the pump shells out ever more money. What Obama has been proposing is exactly how we ended up here. THe results of Democrat policy are totally traceable. When the Republicans got pushed out because of the anti-war nonsense being spread by the Democrats, we were in the midst of slight economic boom, gas was slightly more than $2 per gallon, food costs were low and supplies were plentiful, the housing market was booming. Since then, our food and fuel are both double the price and in shortages, taxes are up, housing is tight, as is credit.
What Obama proposes is more of the same.
Tags: Barack Obama, Democrat, domestic refineries, economic boom, energy policy, energy traders, exchange traded commodities, food and fuel, food costs, John McCain, mccain campaign, Mike Allen, oil speculation, populist approach, President Bill Clinton, presidential campaign, speculation, Tucker Bounds, Wall Street
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June 22nd, 2008 at 14:37
A friend of mine just emailed me one of your articles from a while back. I read that one a few more. Really enjoy your blog. Thanks
June 22nd, 2008 at 16:15
Thanks, Mike.
Spread the word….