Oil Prices and Stupid Legislation

Today's Financial News - Posted June 25, 2008

“The latest attempt to pander to an increasingly emotional electorate is the slew of bills in Congress that aim to curb speculation in the energy markets.” — Marc Lichtenfeld, Senior Analyst, Smart Profits Report

by Marc Lichtenfeld

Baltimore – (TFN): Contrary to what many people might think, these guys are actually quite intelligent. More than a few of them attended the top schools in the country and were leaders in their professions before joining public life.

So why do America’s elected officials do such stupid things?

It seems as if at least once per week, I throw down the newspaper in disgust, grumbling out loud, “What are they thinking?!”

The latest attempt to pander to an increasingly emotional electorate is the slew of bills in Congress that aim to curb speculation in the energy markets and supposedly bring down oil prices. Among the most prominent legislation proposals is one that would immediately suck $1 billion out of the market from just one source - and could threaten the retirement of millions of people… Read on to learn why.

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