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ThinkProgress: Eric Cantor Promises Oil Speculators That Republicans Will Block Financial Regulations

Destino

By Destino
in The Tailgate

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Destino

Destino

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Instead of posting the article (because there really isn't one) I'm going to post Cantors full quote. He said this at the Chicago headquarters of the CME Group.

CANTOR: Now the grow piece, it comes back to what you do here. You provide the center, it’s almost like the center of the universe for liquidity. It is ultimately providing a service to investors and to small business owners at the end to control and predict their risk and try to minimize the cost of goods that they buy and ultimately to lower their costs of operating so that there can be a cheaper outcome whether it is good and capital or what have you. And you’ve managed to be able to serve that function in the CME Group for so much of this country and the world and you’ve also managed to position as a true world leader. We want that in every arena. We want to help you continue to lead for America, that means we gotta do our part when you see the implementation of Dodd-Frank coming at you like a barreling train. We want to help control that so that we can get some sensible, sensible follow up to that legislation. It’s very troubling. But we’ve got similar instances in much of, a lot of other areas. It’s not just financial services where federal bureaucracy has rum amok. So the Republicans and our growth agenda are very focused on stopping regulations that negatively impact people who want to create growth and value. Whether it’s the EPA, the FDA, the FCC, the SEC, the CFTC, you name it, there’s an acronym for a federal agency causing harm right now. We’re trying to pull that in.

http://thinkprogress.org/2011/05/18/eric-cantor-oil-speculators/

Can't have speculators and wall street thinking that anything is going to change after the recent near collapse of the global economy... The House Majority Leader is reassuring them that the GOP will do everything it can to stop the only reform (weak as it may be) from affecting them.

Un-friggin-believable

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zoony

zoony

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This is an issue I'm turning around on. I could be convinced to strictly regulate oil in this country. We do it with electricty, and it works very well.

Can you imagine the commodities markets speculating on the cost of your electric bill on a daily basis? Not sure why we allow it with our oil.

---------- Post added May-20th-2011 at 11:50 AM ----------

Of the corporations, by the corporations, for the corporations.

Some call it facism.

You're a libertarian, aren't you? You should be pleased, this is a free market they're lobbying to keep free.

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Destino

Destino

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I think what you menat to type was "Typical and totally expected."

I expected the policy position... but I expected them to be more quiet about it. The fact that the leftist main stream media reacted to it by pretty much ignoring it entirely is worth mentioning too.

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TimmySmith

TimmySmith

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This is an issue I'm turning around on. I could be convinced to strictly regulate oil in this country.
So we are going to regulate something that we do not produce? That should be interesting when the producers don't like it, say FU and sell to someone else.
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zoony

zoony

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So we are going to regulate something that we do not produce? That should be interesting when the producers don't like it, say FU and sell to someone else.

Yah, I could totally see the world's oil producers refusing to do business in the world's largest market.

And last I checked, we produce the hell out of oil, and we have the largest shale reserves in the world. Which, btw, the "free market" has deemed cost-ineffective.

.....

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TimmySmith

TimmySmith

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Yah, I could totally see the world's oil producers refusing to do business in the world's largest market.

And last I checked, we produce the hell out of oil, and we have the largest shale reserves in the world. Which, btw, the "free market" has deemed cost-ineffective.

.....

Great, then let's regulate the oil we produce, leave the rest unregulated and watch the free market in action.
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LadySkinsFan

LadySkinsFan

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Of the corporations, by the corporations, for the corporations.

Some call it facism.

Considering the Citizens United decision and the wholesale buying of Congress by the K Street lobbyists, I'd say this is pretty accurate. And I'm a lefty liberal. And Mussolini defined it pretty well as he ran that system in Italy prior to WWII the Big One and he should know. We know how he ended up, hanging by his feet.

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mojobo

mojobo

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If anyone was still unclear about why gas is $4 a gallon despite ample supplies and dwindling demand, look no further.

If this is actually the case, then why do you think speculators are using credit to buy oil contracts instead of using credit to short oil? If we actually had the willingness to start expanding our supply of energy resources into the market then most of the speculators would be doing this which would cause the price of energy to go down dramatically since not only do you get all of the speculators out of their long position, but you push them towards a short position. Not only that but all those wall street ****s who apparently drove the price up all by themselves end up losing all their money.

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Destino

Destino

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Why would Cantor bother to hide this. This is standard operating procedure for the GOP right now.

The GOP stopped screaming deregulation and self regulation for a while after the housing collapse. Perhaps a tiny part of me hoped they had learned their lesson and realized how destructive their positions on this issue are.

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Predicto

Predicto

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The GOP stopped screaming deregulation and self regulation for a while after the housing collapse. Perhaps a tiny part of me hoped they had learned their lesson and realized how destructive their positions on this issue are.

Oh, that lasted about a year. Now they can claim that all economic problems are Obama's fault, and they have returned to the deregulation message with a vengeance.

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twa

twa

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This is an issue I'm turning around on. I could be convinced to strictly regulate oil in this country. We do it with electricty, and it works very well.

.

How did that work out last time...and what are you gonna do different?

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Bliz

Bliz

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remember a few years back when Bush II ordered an exhaustive (and expensive) investigation into speculation and price manipulation in the oil industry? I'm sure the people posting here don't

Was that the order that that led to formation of a Senate committee that found, in 2006, that "there is substantial evidence supporting the conclusion that the large amount of speculation in the current market has significantly increased prices.”?

http://hsgac.senate.gov/public/_files/SenatePrint10965MarketSpecReportFINAL.pdf

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TheGoodBits

TheGoodBits

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How did that work out last time...and what are you gonna do different?

Could be wrong but didn't 'last time' refer to the price fixing of the 80s? I don't want to set artificially low prices for oil/gas. That results in a mess that never works. I DO want the govt to start doing something to stop speculators from artificially inflating the prices though.

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Predicto

Predicto

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remember a few years back when Bush II ordered an exhaustive (and expensive) investigation into speculation and price manipulation in the oil industry? I'm sure the people posting here don't
Was that the order that that led to formation of a Senate committee that found, in 2006, that "there is substantial evidence supporting the conclusion that the large amount of speculation in the current market has significantly increased prices.”?

http://hsgac.senate.gov/public/_files/SenatePrint10965MarketSpecReportFINAL.pdf

giggle

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HOF44

HOF44

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Posted
This is an issue I'm turning around on. I could be convinced to strictly regulate oil in this country. We do it with electricty, and it works very well.

Can you imagine the commodities markets speculating on the cost of your electric bill on a daily basis? Not sure why we allow it with our oil.

Could be wrong but didn't 'last time' refer to the price fixing of the 80s? I don't want to set artificially low prices for oil/gas. That results in a mess that never works. I DO want the govt to start doing something to stop speculators from artificially inflating the prices though.

This is where my thinking leads. You can't set prices so low they are below the cost of the commodity. A certain profit can be regulated ala the electric utilities. They apply to SCC for rate changes if needed.

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