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Planes of Prey
The House has passed The Energy Markets Act, H.R. 6377 by a vote of 402-19. This bill directs the Commodity Futures Trading Commission to curb excessive speculation in any market under its jurisdiction. This bill is relatively toothless compared to the bans of yesteryear, but it brings back to life a bad precedent, opens the door to worse law, and educates onlookers in the false belief that speculation is a bad thing that requires the State’s control. It reinforces the false view that speculation is amenable to State control and that the results will be good ones. Furthermore, we once again observe a Congress that passes law upon the flimsiest of bases, by consideration of superficial statistics and with a pitifully poor understanding of what speculative markets accomplish. I have the unavoidable impression that they could care less.
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