Eugene David
...The One-Minute Pundit

Thursday, July 24, 2008


Which reminds us: free-en-ter-PRISE GEKKOVIAN con-SER-va-tives always smirk about how the MARKET WORKS. Well why does the market seem to work better at raising prices than at lowering them? Please, GEKKOS, don't tell us about computers; it will be a while before this slight oil bust reaches our hands -- assuming the non-speculators haven't gone on a buying binge again.

And yes, we get John "The-Knee-Jerk-Liberal-Conservative" Stossel's point: "speculators" don't "HOARD" commodities. But if the last twenty-five years have shown anything it's that non-speculators don't have to take physical possession of anything to drive a market bonkers. Does anyone here remember the dot-com boom, when every last firm with a geek floated only a tiny fraction of its shares and reaped $5,000-a-share prices? No, you don't have to own something to value it too dearly. Look at HOUSES.

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