Home
In this issue
June 19, 2013

Peter Grier and Harry Bruinius: In the end, NSA might not need to snoop so secretly after all

Howard LaFranchi: Taliban peace talks hold glimmer of hope, but also unanswerable questions

Warren Richey: Supreme Court: For right to remain silent, a suspect must speak
Meredith Cohn: Leeches are making a comeback as medical helpers

Kerri-Ann Jennings, M.S., R.D.: How to pick the healthiest breakfast cereal

The Kosher Gourmet by Cathy Pollak: Spicy Double Chocolate Banana Muffins

June 17, 2013

Rabbi Simcha Weinstein: Black to the Future: American Apparel Gets Biblical

Patrik Jonsson: Minnesota Nazi: How did Nazi hunters miss Michael Karkoc?

Kate Irby, Ali Watkins, Trevor Graff and Kevin Thibodeaux: All the ways you're being watched
Don Lee: G-8 meeting will test NSA leaks' effect on U.S. influence

Patrik Jonsson: Fort Hood shooting: Judge nixes Nidal Hasan defense strategy. What now?

Stacey Burling: Why the stigma for migraine sufferers?

The Kosher Gourmet by Lisa Abraham: Does it work? 5 new kitchen gadgets put to the test

June 14, 2013

Rabbi Abraham J. Twerski: A spiritual budget: Religious economics and being a ruler

John P. Martin: Hitler insider's missing diary found

Matt Pearce: NSA surveillance disclosure could affect court cases
Peter Tinti: US bounties changes strategy on (Wild, Wild) West African jihadis

Daniel Pendrick, M.D.: Memory loss? Old age may be the least of it

Lauren F. Friedman: But it's all natural! Should we have an instinctive preference for herbal remedies?

Jewz in the Newz by Nate Bloom : Streisand and Alicia Keys in Israel; "Girls" Stuff; Mel Brooks, Another TV special; Superman (who is Jewish) returns --- Israeli plays his mom

The Kosher Gourmet by Sharon K. Ghag : Bored with salad? Bling it up a bit (4 effortless recipes that will result in a 'WOW!')

June 12, 2013

Stephanie Hanes: Little girls or little women? The Disney princess effect

Fred Weir: In tweak to US, Russia would 'consider' asylum for Snowden

Sharon Palmer, R.D.: What's so special about Omega-3 supplements?
Morgan Housel: What newspapers were saying when you should have been buying

Pete Spotts: How cockroaches evolved so as to bypass 'roach motels'

The Kosher Gourmet by Anjali Prasertong: Deep-dish cookie: Warm, gooey and a little over the top

June 10, 2013

Joseph A. Slobodzian: Faith healing and third degree murder: Thorny legal case
Lindsay Wise: Few options for online users to avoid spying, experts say

Sharon Palmer, R.D.: There are plenty of nutritional food bargains out there
Harvard Health Letters: Can bariatric surgery control diabetes?

Zach Murdock: Superglue helps doctors save infant's life

The Kosher Gourmet by Celebrated chef Mario Batali : As good as grilling gets: Rib eye with dry mushroom spice rub

June 7, 2013

Rabbi David Aaron: Beating jealousy

Caroline B. Glick: Wounded . . . and dangerous

Clifford D. May: Al Qaeda vs. Hezbollah
Harvard Health Letters: Fighting back against allergy season

Kimberly Lankford: Grandparents who use FSA to cover grandkid's braces and other must-know info

Jewz in the Newz by Nate Bloom:J ewish Tony Nominees/Tony Awards; Jewish Teen Actor In Sci-Fi Flick; Jewish singer in "Voice" finals

The Kosher Gourmet by Anjali Prasertong: A tart filling so good it might not make it to the crust

June 5, 2013

John Rosemond: Mom, Dad: Talk More and listen less

Kristen Chick: Egypt court sentences 43 pro-democracy workers to prison

Sharon Palmer, R.D.: Mushrooms Have Medicinal As Well As Culinary Value
Morgan Housel: Why you never learn from your investment mistakes

Don Lee: In China, kindergarten rivalry takes deadly turn

The Kosher Gourmet by Sara Kate Gillingham-Ryan: 30-Minute Coq au Vin isn't a dream

June 3, 2013

Molly Hennessy-Fiske: Military judge to consider letting Fort Hood shooting defendant represent himself

Richard A. Serrano: Pvt. Bradley Manning's WikiLeaks trial also a test for government

Mark Trumbull: Have degree, driving cab: Nearly half of college grads are overqualified
Kim Lankford: What to do when long-term care insurance premiums rise

Deborah Netburn: Study: Adults' mouth bacteria may help babies

Jewz in the Newz by Nate Bloom: Jewish Contestant on 'The Voice'; Will Smith's 'Jewish movie family'; Bravo Gives Long Island Jews the Jersey Shore Treatment; Magicians and More

The Kosher Gourmet by Bill Ward: How to be as refined as the wines at a wine tasting

May 29, 2013

Andrew Connelly and Helene Bienvenu: The Little Synagogue that Refused to Die

Dennis Prager: The 'Muslims-Killed-by-the-West' Lie

David Clark Scott: Open war on teachers?
Morgan Housel: If you know only five things about investing, make it these

Sara Reardon: AGenome detectives change the donation game

Deborah Netburn: A one-way ticket to Mars? 78,000-plus and counting apply by video

The Kosher Gourmet by Bev Bennett: CHEDDAR AND CHERRY MUFFINS --- your mouth is already watering

May 24, 2013

Rabbi Tzvi Hersh Weinreb: When I didn't so 'humbly disagree'

Caroline B. Glick: Thank you, Hafez al-Assad

Diana West: From the Brooklyn Bridge to London
Morgan Housel: Why spotting bubbles is so much harder than you think

Environmental Nutrition editors: NuVal labeling to the rescue?

Jewz in the Newz by Nate Bloom : Memorial Day: Jews Serving and KIA in War on Terror; Liberace Bio-Pic; Jew Wins "Survivor"; Shalom, Dr. Brothers; More

The Kosher Gourmet by Emma Christensen: HIDE THESE FROZEN TREATS FROM THE KIDDIES!: Sangria pops; Irish cream pudding pops; mango Lassi pops

May 22, 2013

John Thorne: They launched the 'Arab Spring' but now yearn for the good old days of a strongman

John Rosemond: 'Disciplinary math' adds up to parental successl

Warren Richey: Are prayers before public meetings OK? Supreme Court to decide
Rick Montgomery: Use of ADHD drugs as study aid raises concern on campuses

Brierley Wright, M.S., R.D.: 6 convincing reasons you should keep carbs in your diet

Eoin O'Carroll: Scientists examine nothing, find something

The Kosher Gourmet by Carole Kotkin: This soup is made from one of the great pleasures of spring: A wonderful pairing of rosy color and earthy tang

May 20, 2013

Richard A. Serrano: Is Meir Kahane's assassin now a changed man?

Hannan Adely: Town raises Palestinian flag at City Hall

Melissa Healy: Genetic copies of living people from embryos no longer science fiction
Morgan Housel: When smart investors do stupid things

Sharon Saloman, M.S., R.D.: Hunger games: Eat more, weigh less, without starving

Jewz in the Newz by Nate Bloom : Jews Inducted into Rock Hall of Fame; Anton Yelchin co-stars in New "Trek" film; Kutcher (but not Kunis) visits Israel; Jewish TV Star Praises Jewish Rap Star

The Kosher Gourmet by Cathy Pollak: WARNING: This WALNUT CAKE WITH PRALINE FROSTING, perfect for afternoon coffee, is addicting


Jewish World Review June 25, 2008 / 22 Sivan 5768

Bless the Speculator

By John Stossel


Printer Friendly Version
Email this article

http://www.JewishWorldReview.com | "I believe there needs to be a thorough and complete investigation of speculators to find out whether speculation has been going on and, if so, how much it has affected the price of a barrel of oil. There's a lot of things out there that need a lot more transparency and, consequently, oversight."


Those are the words of presidential candidate John McCain. This man is the Republican?


There's more.


"I am very angry, frankly, at the oil companies not only because of the obscene profits they've made but at their failure to invest in alternate energy to help us eliminate our dependence on foreign oil. They're making huge profits and that happens, but not to say, 'We're in this so we can over time eliminate America's dependence on foreign oil,' I think is an abrogation of their responsibilities as citizens."


Let me get this straight. A potential president of a putatively free country scolds companies for "obscene profits," failure to invest in competing products, and therefore irresponsible citizenship. Why? Is McCain running for national economic commissar?


This is not the first time McCain has displayed what I would call an anti-capitalist mentality. In an early presidential debate he countered former businessman Mitt Romney's claim to superior executive experience by saying, "I led the largest squadron in the U.S. Navy, not for profit but for patriotism".


Why the put down of profit?


It's clear McCain does not understand how markets work or why they are good. He certainly doesn't understand the role of speculators and other middlemen. He's not alone. 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.


McCain wonders "whether speculation has been going on." He needn't wonder. Speculation always goes on. Speculation means to take a risk on what the future holds in hopes of making a profit. The world's stock and commodities markets are based on this principle. 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".


I doubt that speculators are responsible for much of the run-up of oil prices. Why didn't they run them up sooner? Besides, there are too many other explanations: increased demand from China and India, the declining dollar and Middle East tensions.


Even if speculators did play a role, what McCain apparently doesn't understand is that speculators perform a valuable service. Most people don't realize this because on the surface speculators don't seem productive. They buy what already exists and resell it. How does that help society?


In fact, the hated speculator is a good guy because his buying and selling reduce volatility and uncertainty in an unpredictable world. He may only be out for his own profit, but that doesn't matter. As Adam Smith wrote, "It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest".


The prices of commodities often change unexpectedly, making business risky. The speculator brings a degree of certainty to otherwise risky ventures. When supplies of a commodity are plentiful and prices low — but speculators expect the price to rise later — they buy — cushioning the collapse of prices. When supplies become scarcer and prices rise, they sell — easing the shortage and lowering the price. Also, speculators may agree to buy a commodity in the future for a price locked in today. This reduces the risk for an oil producer or farmer who fears investing because he doesn't know what price his product will sell for next year.


As a result of these activities, volatile supplies and prices are evened out over time. Occasionally, speculators increase volatility. Markets are never perfect. (Although they are better than government regulation.) But in general, speculators increase liquidity and keep the market on a more even keel. This makes long-term planning easier for everyone.


It would be nice if McCain would finally learn some economics.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

JUST OUT FROM STOSSEL
Myths, Lies and Downright Stupidity: Get Out the Shovel --- Why Everything You Know Is Wrong  

Stossel mines his 20/20 segments for often engaging challenges to conventional wisdom, presenting a series of "myths" and then deploying an investigative journalism shovel to unearth "truth." This results in snappy debunkings of alarmism, witch-hunts, satanic ritual abuse prosecutions and marketing hokum like the irradiated-foods panic, homeopathic medicine and the notion that bottled water beats tap. Stossel's libertarian convictions make him particularly fond of exposes of government waste and regulatory fiascoes. Sales help fund JWR.



JWR contributor John Stossel is co-anchor of ABC News' "20/20." To comment, please click here.


Archives

© 2008, by JFS Productions, Inc. Distributed by Creators Syndicate, Inc.

Insight (Our Columnists)

 Arnold Ahlert
 Mitch Albom
 Jay Ambrose
 Michael Barone
 Barrywood
 Lori Borgman
 Stratfor Briefing
 Mona Charen
 Linda Chavez
 Richard Z. Chesnoff
 Ann Coulter
 Greg Crosby
 Larry Elder
 Suzanne Fields
 Christine Flowers
 Peter Funt
 Frank J. Gaffney
 Bernie Goldberg
 Jonah Goldberg
 Julia Gorin
 Jonathan Gurwitz
 Paul Greenberg
 Argus Hamilton
 Victor Davis Hanson
 Betsy Hart
 Ron Hart
 Nat Hentoff
 A. Barton Hinkle
 Jeff Jacoby
 Paul Johnson
 John Kass
 Jack Kelly
 Ch. Krauthammer
 David Limbaugh
 Kathryn Lopez
 Rich Lowry
 Michelle Malkin
 Jackie Mason
 Ann McFeatters
 Dale McFeatters
 Dana Milbank
 Jeanne Moos
 Dick Morris
 Jim Mullen
 Deroy Murdock
 Judge A. Napolitano
 Bill O'Reilly
 Clarence Page
 Kathleen Parker
 Star Parker
 Dennis Prager
 Wesley Pruden
 Tom Purcell
 Sharon Randall
 Michael Reagan
 Robert Robb
 Cokie & Steve Roberts
 Heather Robinson
 Debra J. Saunders
 Martin Schram
 Greg Schwem
 Culture Shlock
 David Shribman
 Roger Simon
 Lenore Skenazy
 Michael Smerconish
 Thomas Sowell
 Mark Steyn
 John Stossel
 Cal Thomas
 Dan Thomasson
 Bob Tyrrell
 Diana West
 Dave Weinbaum
 George Will
 Walter Williams
 Byron York
 Cathy Young
 Mort Zuckerman

'Toons
 Eric Allie
 Robert Arial
 Chuck Asay
 Baloo
 Nate Beeler
 Lisa Benson
 Chip Bok
 Dry Bones
 John Branch
 Daryl Cagle
 Patrick Chappatte
 John Cole
 Paul Combs
 J. D. Crowe
 John Darkow
 Bill Day
 John Deering
 Sean Delonas
 Brian Duffy
 Everything's Relative
 Randall Enos
 Mallard Fillmore
 David Fitzsimmons
 Glenn Foden
 Jake Fuller
 Bob Gorrel
 Walt Handelsman
 Joe Heller
 David Hitch
 Jerry Holbert
 David Horsey
 Lee Judge
 Steve Kelley
 Mike Keefe
 Jeff Koterba
 Dick Locher
 Chan Lowe
 Jimmy Margulies
 Gary McCoy
 Rick McKee
 Jack Ohman
 Jeff Parker
 Milt Priggee
 Michael Ramirez
 Rob Rogers
 Steve Sack
 Bill Schorr
 Drew Sheneman
 Kevin Siers
 David Ray Skinner
 Jeff Stahler
 Scott Stantis
 Danna Summers
 Gary Varvel
 Kirk Walters
 Christopher Weyant
 
Larry Wright
 Dan Wasserman
 Adam Zyglis

Lifestyles
 Tech Q&A
 Mr. Know-It-All
 Ask Doctor K
 Richard Lederer
 Frugal Living
 On Nutrition
 Bookmark These
 Bruce Williams