Sponsors of derivatives “reform” legislation claim it will reduce costs to derivatives users. Just how more government regulation is supposed to reduce costs in the private sector has never been exactly clear, but discussion at Wednesday’s Senate Agriculture Committee mark-up of derivatives reform legislation revealed that the “reform” will cost taxpayers big time: a 50% increase in staffing (and other costs) at the Commodity Futures Trading Commission (CFTC), the agency that would enforce the new regulations. CFTC Chairman Gary Gensler, announced at the mark-up that the bill would require 250 …
The U.S. government is a favorite target among spinners of conspiracy theories. From the Kennedy assasination to the Apollo Moon landing, the government has allegedly been at the heart of dark plots to deceive the public. Washington, however, can spin its own conspiracy theories. Case in point, Tuesday’s announcement by the Commodity Futures Trading Commission that it will explore restrictions on speculators who are supposedly increasing the price of oil. Blaming speculators, of course, is a time-honored tradition for politicians. The word itself
Liberals in Congress are desperate to head off the growing consensus for increased domestic oil production. Trying to convince her fellow Democrats not to cave in and allow oil exploration and production off the coast of California, Sen. Barbara Boxer (D-NY) explained: “This is our ethanol.” As persuasive as that argument is, liberals are desperate to pass anything that they can use to try and trick the American people into thinking they want to reduce gas prices. One bill that has passed the House and is heading to the floor …
