81% of trades in energy futures on NYMEX were by speculators - not interested in taking delivery of

[JohnWxy]

the commodity - just betting on the price. The Commodities Futures Trading Commission is supposed to be looking out for market irregularities like this. Now, they are saying they just found out about it and that they just found out that one trader held 11% of all the contracts outstanding in July on the NYMEX.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x170726

This is an indication of how realistic McBAin's and Cheney's philosophy of letting industry police itself works. They say having 'too much' Government oversight is costly for business. Well, how costly was it to be paying $4.10 per gallon for gas instead of $3.00 a gallon?

We must have real Government oversight of the financial markets or we will have another market - finacial system crash like we did in 1029 leading to the Great Depression.

suggest concered individuals go to www.congress.org to email representatives about this. Just enter your zip code and it get's your senators and representative on the screen for you. It makes it easy to send an email or hard-copy letter to them - FREE!