Want lower gas prices time to pressure speculators
When will congress get around to doing something about these high prices, probably when they began to do something about the speculators who are driving this train? In Christopher S. Rugaber’s article titled Food and gas costs push consumer prices higher for the Associated Press; he writes “Americans are paying more for food and gas, a trend that could slow economic growth in the months ahead.
The Consumer Price Index rose 0.5 percent in March, the Labor Department said Friday. That matched February's increase, the largest since the recession ended in June 2009. In the past 12 months, the index has increased 2.7 percent, the biggest rise since December 2009. Excluding the volatile food and gas categories, the so-called core index rose 0.1 percent and it is up only 1.2 percent in the past year.”
It also shows a quote which may embody the attitude of many who could make a difference if they tired. “Nothing here to change the Fed's view that the surge in commodity prices can be ignored as long as it doesn't lead to second-round effects in wages and core inflation," said Paul Ashworth, chief U.S. economist at Capital Economics.” More than I have said this more than once but it seems to disappear like a ghost when it gets past our lips. Wall Street gambled with the economy and bankers gambled with regulations in dealing with mortgages now speculators are gambling with food and gas prices. Wall Street got bold with derivatives and now they are getting brave with these. How much longer will we sit on our hands and let them lead us into another recession before Washington learns that all bodies are built with a spine?
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