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.
At Futures Magazine we were always careful not to equate trading with gambling. The futures industry has always struggled with the reputation that it was nothing but a den of gamblers and has taken pains over the decades to distinguish futures markets from gambling.
I have seen many Senators come and go and I have no doubt that if elected Elizabeth Warren would be the conscience of the Senate. Because she speaks for the best in you -- and me -- and Massachusetts -- and America.
Mitt Romney and Marie Antoinette stand for the adoration of the privileged few who prosper from great nations and a condescension toward the many who make great nations, whom Romney should salute and not insult.
With oil prices now already above $80 per barrel, you can expect to hear a lot more about the role of speculators. It's always easier to find a whipping boy than to recognize that depletion and more costly fuel in the future are the real problems.