January 24, 2011
The final dam to stopping $150-a-barrel oil and $4-a-gallon gas is being breached, as financial regulation continues its daily erosion into worthlessness.
Watching the CFTC attempt to back up Dodd-Frank legislation since it was passed in July has been like watching salmon flop upstream as the water drains out — it’s slow, arduous and likely to lead nowhere.
It is clear now that we will instead be witness to the highest prices for commodities ever, fueled by the biggest influx of profit-driven trading and investment ever, unstanched even in the slightest by the hopes of financial regulation legislation.
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