House backs *Oil Speculation Bill*. Bush threatens to veto.

[chill_wind]

House Backs Oil Speculation Bill


By THE ASSOCIATED PRESS
Published: September 18, 2008

WASHINGTON (AP) — Ignoring a presidential veto threat, the House on Thursday approved measures aimed at curbing speculation in oil and other commodity markets. It said federal regulators did not have the tools or manpower to track trading abuses.

The bill, passed by a 283-to-133 vote and sent to the Senate, is aimed at certain hedge fund and large institutional investors as well as electronic trading through overseas entities that avoid United States government scrutiny. It would give the Commodity Futures Trading Commission authority for more staff and for limiting the stake traders hold in certain markets. It also would require new reporting and other limits on traders.

(...)

The White House said President Bush was likely to veto the bill. There “is no verifiable evidence to conclude that oil speculators were behind the rise in oil prices” or were “behind its recent decline,” the White House said.

from: http://www.nytimes.com/2008/09/19/business/19speculate.html?_r=1&adxnnl=1&partner=rssnyt&emc=rss&adxnnlx=1221847523-YwZxS7tAc0Xhf1EkKGNF/A&oref=slogin

[grannie4peace]

1. hell, yeah!!!!!

[chill_wind]

2. Maybe someone will dig up the House "yeas" and "Nays" so far. n/t

[Andy823]

3. If he vetoes it, or if congress

Can't get the republicans to push this through, then this should be used by Obama to show just how corrupt the republicans are. If speculators do not have tough regulations put on them, this whole thing will happen again. Putting this up for a vote will show just how Bush and the republicans that vote against this bill are in the pockets of big money!

[rateyes]

4. Now is the time for push for regulation of the oil markets...

We've done as good a job of regulating them as we have regulating the rest of Wall Street. We see where that has gotten us.

Let's dare a Senator to vote against it.

This might very well become law despite a veto.

[rateyes]

5. Force McHoover to vote on it, too. If he doesn't show up...

nail his ass to the wall. If he votes against it, nail his ass to the wall. If he votes for it, big oil will nail his ass to the wall.

[pleah]

6. Hell yes!

:thumbsup:

[chill_wind]

9. Agree!

[pleah]

7. K&R

[bleever]

8. Make him veto it.

He doesn't give a rat's ass about all those people who thought he'd be a good guy to have a beer with.

[jpak]

10. K&R

FUCKING CROOKS

[Raksha]

11. Great news! Sounds like this has enough support

to override Chimpy's veto.

[ThomWV]

12. One last grab at the gold ring

Thieving bastards ...

[WindRiverMan]

13. I DOUBLE DARE YOU to veto a bill like this Bush

Please do it. With the current economic mess, this will look like the Republicans are again trying to protect their wealthy friends.....which they are! Come on, help us win. BRING IT!

[autorank]

14. This should have been done months ago.

But it wasn't. Somebody needs to answer why Congress controlled by our party delayed on
this.

Here's the problem that has to be stopped:

"THE INCREASE IN DEMAND FROM INDEX SPECULATORS IS ALMOST EQUAL TO THE INCREASE IN DEMAND FROM CHINA.

"Index Speculators have now stockpiled, via the futures market, the equivalent of 1.1 billion barrels of petroleum, effectively adding eight times as much oil to their own stockpile as the United States has added to the Strategic Petroleum Reserve over the last five years.

"Today, in many commodities futures markets, they are the single largest force.15 The huge growth in their demand has gone virtually undetected by classically-trained economists who almost never analyze demand in futures markets.' Mike Whitney, May 30, 2008

[Obamanaut]

19. Replace them

"Somebody needs to answer why Congress controlled by our party delayed on
this."

In November all the House and 1/3 of the Senate should be replaced, but they won't be. Only about 10% of those eligible for replacement will be replaced, then it's business as usual. And they know that their jobs are secure.

[madmom]

15. How about preventing it in the future? No we can't upset the apple cart.

[DCKit]

16. When the WH says there's no "verifiable evidence" for taking action...

I'm 100% inclined to believe the exact opposite to be true. When is the last time we heard the truth from that bunch of crooks? If Dana Peroxide announced the sky was blue, I'd be running out to check.

Definitely time to regulate the shit out of the markets.

[Waiting For Everyman]

17. Yes. K&R

[Hubert Flottz]

18. Make him veto it...

The country needs to see who is screwing them to death.