Galloping to the rescue long after the bad guys had robbed the bank and were gone, the Commodity Futures Trading Commission says they will consider greater regulation of commodity markets. Wa-hoo, you say. Well, what they actually might do is lift exemptions that allowed Goldman Sachs and Morgan Stanley to plunder away.
[The CFTC] plans to review exemptions to trading limits that since the 1990s allowed Goldman and Morgan to build multibillion-dollar ventures in futures, swaps and over-the-counter markets.
Wow, so they might actually enforce rules they decided not to bother with for years, no doubt because they and others knew with Ayn Randian certainty that the magic of the marketplace and the honorableness of the participants would insure orderly markets and rational pricing. Which is why oil spiked to all time highs then crashed. A bizarre and totally unforeseen consequence of this is that investment banks made billions from the price swings. I knew you’d be surprised.
That the spiking of oil prices helped crater the economy is of course no concern of the investment banks. The genius of Ayn Rand was that her ‘philosophy’ of Greed is Good has allowed generations of amoral thieves to pretend there is a moral justification for their pillaging and looting.
It’s time for a change.