Pat C

Economic Donkeys

Thanks for the article and Bob Adamson, thanks for the excellent comment. My thoughts as well, creative destruction and capitalism is great for private industries that are competitive and in their early and midstage development. When industries become big and/or priviledged the needs of society as a whole need to come first. Shareholder and management expectations need to be adjusted accordingly.

Watch for Yourself: 60 Minutes Oil Story Was Spot On

My simple mind does not see what good all of this speculation, market mumbo jumbo and advanced math is doing for us as a society. It doesn't help us have a better understanding of the true cost of an essential commodity and creates true hardship for the society at large. It seems to me that it has gotten way out of control and trading in this commodity should be limited to those that have a true economic need and have real skin in the game. I just don't believe that a "professional trader" should be allowed to create economic distortions to the real economy and society at large just because we can mathmatically engineer and technologically execute these harmful financial transactions. We know how to build and execute a nuclear weapon but that doesn't mean we do it.