Senator Levin Wants to Ban Investing?

J.J. Jackson* | June 14, 2008

Filed Under Conservative Musings, Economy / Economics, Liberals, The Economy, Unconstitutional Acts

“Speculation” has become a dirty word in Washington DC as liberals seek to pander to voters by creating any boogeyman they can to distract away from the fact that they have been doing everything in their power over the years to make sure there is not enough oil being produced to meet demand. Senator Carl Levin is one of those liberals and he wants something to be done about people who invest – what he calls “speculation.”

In Washington, financial speculators have a fat target on their backs.

They are being blamed for high gasoline prices, soaring grocery bills and volatile commodity markets, and lawmakers are lashing out at market regulators for not cracking down on them more vigorously.

“You study it, but you don’t act against this incredible increase in speculation,” Senator Carl Levin complained to a senior official of the Commodity Futures Trading Commission at a recent Senate hearing. “Unless the CFTC is going to act against speculation, we don’t have a cop on the beat.”

Just this week, Senator Joe Lieberman, the Connecticut independent, said he was working on a proposal to ban large institutional investors from the commodity markets entirely. The same day, the administration of President George W. Bush approved another Senate proposal for the creation of a federal interagency task force to investigate commodity speculation. At least four public hearings have explored the topic in just the past two months, and Lieberman has scheduled another session on June 24.

That’s right, Senator Levin wants to know why the CFTC is not acting against people that are investing because they are investing in oil – a commodity made artificially scarce by Senator Levin and his fellow travelers and one they are particularly fond of demonizing right now.

What could possibly be on the horizon? Acting investment (aka “speculation”) in the stock market? Acting against investment (aka “speculation”) in gold and precious metals? Acting against investment (aka “speculation”) in real estate? How about acting against investment (aka “speculation”) on something as simple and loved by every American boy as baseball cards?

Will we have to kiss our 401ks and pensions good bye? Where does Senator Levin’s rage over investors end?

And what does he want? Limitations and restrictions on investments and who can invest and what they can invest? Can you imagine standing there with a fist full of dollars, ready to invest in something you believe can make you a lot of money only to be told you cannot do it because you are not allowed? But you can be dimes to donuts that FoC (that’s Friends of Congress) and those in Congress themselves will be allowed to. Because they’re special.

Go ahead. Laugh. Claim that I’m off my rocker. You do so at your own risk.

Senator Levin, keep your hands off the economy. Stick to what the Constitution says you can do – funding post offices and post roads and that sort of mundane stuff. America will be better off!

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