From FT.com comes this excerpt:
Oil prices continued their correction this week as the debate about the influence of speculators in energy markets reached a new pitch. The US Senate yesterday failed to agree on proposals to limit excessive speculation in energy markets and, with oil prices becoming a huge political issue in a presidential election year, attention turns to the House of Representatives, which will debate the issue next week
How does one define “excessive”? Do tell. Where does this nonsense end? With this type of logic isn’t the wealth of Buffett, Gates, Soros, etc. excessive?
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Not knowing exactly what to expect, I ventured to Comic Con today in San Diego to experience 125,000 “nerds” (I say that affectionately) crammed into one place to worship comics and science fiction. While waiting to hear a presentation from directors Kevin Smith, Judd Apatow, Frank Miller and Zack Snyder, I was standing in the line at the bathroom and was immediately in front of comedian Dennis Miller. Given the crowd, and given that he was dressed down, I doubt many recognized him. I told him that I liked the “libertarian” bent he takes in his pubic appearances (Bill O’Reilly show for example) and I said that it really seems to be where most people are these days even if neither political party gets it. His answer was simple? He just said, “time to be pragmatic.”
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The SEC has gone mad with power. Remember when Americans could point to China and Russia and mock their forms of government controlled “capitalism”? By the time Christopher Cox is done with his remaking of the SEC over in Karl Marx’s vision, America will most likely have a financial system of contradictions that not even the top socialists could have dreamed up. Apparently this is all to “save” us. Here is a tip to all the desk jockies at the SEC in Washington DC: if the market wants to go down no amount of engineering by you will stop it. In fact, these types of actions could very well accelerate a push down.
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New Michael Covel blog can be found here.
I have setup an Online Afterword for "The Complete TurtleTrader" that adds even more detail. These are insights, nuggets, and narrative pieces not in my book, but only presented online.
The first ever film documentary to really analyze investor behavior along with the winners and losers in the market is underway.
