That’s what we’ve been reading in the major media as a way of presenting a balanced debate. After all, Republicans say we don’t have enough oil, and Democrats blame out of control commodities trading, the kind they tried to regulate in the Frank-Dodd act.
Who was right? Gee, guess.
FT: A record plunge in oil prices led the sharpest sell-off in commodities in two years as investors fled the market amid mounting concern over the strength of the global recovery. “This is one for the books,” said Edward Meir, commodities analyst at broker MF Global in New York. “Across the board you’re seeing a general unwinding of the commodity trade.”
Steep slides in everything from cocoa and copper to silver and gold could mark an end to a bull run that has taken the prices of many materials to record highs.
US crude prices sank below $100 for the first time since March. “You want to be the first one out the door because the trip down can be even faster than the trip up,” said Douglas Hepworth, director of research at commodities manager Gresham Investment Management.
But the commodities market didn’t have anything to do with the outrageous gas prices at the pump, did it?
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