Umm, he basically agreed with McCain and Obama's position on the oil speculators ie traders:
And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.
Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.
oil speculators=traders and they at the very least work hand in hand to get things accomplished. They are indeed effected by what they see going on economically and politically and how they will treat barriers to getting energy resources. Speculators did indeed come in when the housing markets dried up for profits to tap a new market, however they are influenced by the political world.
So, while pointing the finger at speculators was correct since speculators ie those who invest and play this market are essentially those affecting it, politicians deflected the reasons as to WHY those speculators were involved in that market which largely gets back to them and their policies, as well as economics in general. Politicians, as Kudlow states, also discounted the effect that THEIR policies would have on FUTURES. I've said this here earlier folks, speculation on futures was driving the cost up and now it is driving the cost down(at least on the oil markets). Obviously they are driven to invest in or out of in the same way folks on the stock markets are--news, good or bad, WILL influence that market.
BTW, the bright idea of the same politicians is to restrict these markets even further which will hurt ALL the markets and hinder the economy even more. What a bunch of knuckleheads.
