If you have a wife and a kid (or should those things be denied to people?) how do you house, clothe and feed them while saving for college and retirement? And remember - $15/hr is DOUBLE what millions of people are actually making under the current rules.
The question is not whether or not speculators assist in the efficient operation of the market but whether or not that type of speculatory behavior should be extended fully to a commodity so vital to the livelihood of nations, especially people in the middle class and poor.
Recent arguments accuse high-frequency traders (HFTs) of a specific market distortion scheme. The HFTs, the argument goes, use their soon-to-be-cancelled limit orders to mislead large investors about the shape of the supply and demand curve.
Business must be slow and circulation down at Barron's. What better way to stimulate newsprint distribution than a blazoned scaremonger front page headline as in this past weekend's edition, "Get Ready For $150 Oil".
Get in gear people, and get your wallets back to the mall: do your duty for Santa and Wall Street. It will be difficult for the economic recovery to make much headway without a pick-up in consumer spending.
If everyone wants to stick to the story of "woe is us, we had no idea things could go this wrong," then fine. No one is in control; no one is in charge; and no one can competently regulate our current system.