Streetwise Professor

June 19, 2008

Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself.

Filed under: Commodities,Derivatives,Economics,Energy,Exchanges,Politics — The Professor @ 9:12 am

The words are, of course, Mark Twain’s. And almost a century after rumors of his death were no longer exaggerations, Congress daily works assiduously to bring his joke to life. Especially with regards to energy policy. Case in point: Rep. Maurice Hinchey (D for do you even need to ask, NY) has called for nationalization of US oil refineries. Methinks that even that ultimate cynic Twain would be amazed at such gobsmacking stupidity.

Another case in point; the mindless blather about energy speculation, and the various vacuous proposals to curb it. I’ve blogged on this subject many times, and will return to it again soon, but here I will limit myself to repeating a point I’ve made before: these assertions are based on bad economics and no evidence–always a great basis for effective policy.

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