Sunday, April 24, 2011

Senator Blumenthal Poses Tough On Climbing Energy Prices

Sen. Richard Blumenthal (D-Conn.) on Sunday called for an aggressive federal probe – including a possible grand jury – into whether rising gasoline prices stem from illegal manipulation of energy markets, reports The Hill.

This, of course, means that Blumenthal doesn't understand basic supply and demand economics (or is totally dishonest). He doesn't get that as Fed Chairman Ben Bernanke prints more money, there is more money available to bid for goods. Gasoline prices are not going up in a vacuum, Food prices are going up, as are clothing prices and the wages of Silicon Valley engineers.

Yet, Blumenthal, Connecticut’s former attorney general, said on CBS’ “Face the Nation” that federal officials need to play hardball.

“I commend and applaud the president for focusing on this issue but I think there really needs to be an investigation involving, for example, subpoenas and compulsory process which I used as attorney general in similar investigations. There needs to be very possibly a grand jury to uncover the potential wrongdoing,” said Blumenthal.

“The Justice Department should take the lead, seize this moment and send a message, a very strong deterrent message that this country will not tolerate the kind of illegal speculation and trading and hedge fund activity that may be driving prices up,” he added.

Will Blumenthal call as a witness any of the many economists that warned, before the recent price hikes began, that higher prices were coming becasue of Bernanke money printing? Not a chance. He'll bring in a regime economist, who will tell Congress that Bernanke is innocent and that, yes indeed, evil speculators are driving up prices. Price controls may then be proposed that will truly muck up the system. Shortages and long lines would be the result.


  1. After living in the 'People's Republic of Connecticut' for two years, I can honestly say it is the most liberal, socialistic place I have ever encountered...

    Sen. Blumenthal has stated that lawyers produce value in today's society...Unless lawyers are ensuring private property, and upholding the Constitution, I can not agree with that statement. Why not go after the rising cost of education???...

  2. I believe Saddam in Iraq cut off the hands of merchants who raised the price of western imported goods after his political actions caused an embargo of exports to his nation.

    I guess Americans are finally dumb enough to fall for it. String up a couple oil executives.

  3. i dont think they can find a regime economist dumb enough to blame speculators. even krugman wrote at the peak of the previous oil bubble that speculation had nothing to do with it. theyre very comfortable ignoring what regime economists have to say when they dont agree with them, and the public doesnt care about economists unless theyre trotted out by the regime.

  4. "Liberal"?

    Socialists are the most anti-liberal crowd out there when it pertains to liberties they disagree with personally.

  5. Connecticut voters coulda had Peter Schiff...who definitely understands the role the FED plays in driving prices higher.