I’m a hot little tamale over at IER’s blog today. An excerpt:
Successful speculation in the commodities markets serves a useful role in reducing price volatility and providing liquidity. By jacking up the penalties on ill-defined crimes, the Administration will actually make oil prices move more erratically. The president’s finger-wagging at the big bad speculators is just a rhetorical ploy to distract attention from his nonsensical energy policies.