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What We Fear Most
Posted on June 24, 2008
This morning, Congress is starting their hearing on the impact of speculators on oil prices. It's a precursor to action that members feel they need to take for political purposes. I say political since unilateral action by Congress to try to impact an internationally traded commodity could have effects about as damaging as Nixon's attempt with price controls in the '70's. For those who weren't around then and those who don't remember, it was investigations (then by the SEC) that contributed to the selling stampede that triggered the October, 1987 crash. As I write in my book, Running with...
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