Nobody in Washington Understands Economics

John McCain is "railing at" speculators. Unfortunately, that's one of the things that keeps the "wheels turning" in this economy. Yes, they're "speculating" on the price of oil. But they're not CONTROLLING the price of oil. They just want to profit if it goes up . . .or down by guessing what the price is going to be next week or next month and betting big money on it. John Stossel says, " Speculators play a crucial role in a free society, helping reduce market volatility. Yet critics like John McCain scapegoat them constantly. It's time these critics learned some basic economics." They all talk about "obscene profits" made by the oil companies, but don't tell you their profits are smaller than other businesses. They also don't tell you the GOVERNMENT is making $30 billion dollars PROFIT in taxes on the $28 billion dollars the oil companies made, out of which they must pay their costs. The government doesn't. To them, it's ALL profit. Faux profit. "Speculators are among the most reviled people in history. When they were members of ethnic minorities, they have been easy targets for economically illiterate people who were jealous of their success." And most people in Washington are "economically illiterate. "Sen. McCain must have meant it when he said, “I know a lot less about economics than I do about military and foreign policy issues.” Actually, he knows nothing at all. (John Stossell/The Atlasphere)