I agree with your post, but I'm not sure bernanke gets it. Or if he does, why is he lying through his face?
For oil "speculation" to cause prices to go up would require taking physical delivery of oil and hoarding it. That's not happening. Although the us govt is hoarding oil, are they speculators!??!? :eek: But seriously, you have to be buying physical oil and tons of it in order to cause the price to go up.
What did you expect him to say? "We've been writing $100B/month checks to the Treasury since November (with plenty of POMO and QE1 before that) and have tripled the monetary base over the last 4 years. Our zero interest policy has crushed savers, and driven people to invest in oil and other commodities." In other news, Obama continues to blame Bush for all things wrong on the economic front, and Charles Manson says he's the only sane person in the nation (with Charlie Sheen a close second.) There's no reason to question any of them, right?
That was the same line of bullshit we heard throughout 2005-08..then we dropped about 75% in 6 months.
Yeah, and where was all the speculator-hatred when oil dropped from $147 all the way to just over $30? Just when the last retail investors jumped into Exxon or an energy ETF, those vicious traders shorted the daylights out of oil. But curiously there was no outrage then...
exactly. They can't even acknowledge that maybe...just maybe...it has anything to do with growing demand from emerging economies... what a bunch of clowns
And you have no counters to what the Fed has done and how it has affected inflation/commodity prices? Just one-liners and name-calling.