O’Reilly is not a free market person and he isn’t actually against speculation. He is for it if it causes the price of gasoline to go down (which it often does), no market goes just up or just down, it fluctuates, there are billions of participants in the global oil market.
So he doesn’t like the way futures markets work so he thinks it should operate per his vision, this sort of thinking is why he is no different than the Obamas, Bernankes and Harry Reid’s of the world. Ultimately he doesn’t like high gas prices and he plays to his audience who he says these speculators are harming so he can shape the moral compass (or lack of one) to justify his proclamations. People with situational ethics cease to have ethics. He is no different than Van Jones or Sunstein who believe the ends justify the means, as long as it is their means.
At least he admits his collectivist stance just after the 3 minute mark, he thinks that property can’t be owned by a property owner, it is all “ours”, “We the People” own it. But there is no ”we”, there is only the government and its regulatory thugs. There is no market that is immune from government intervention, whether it is onions, or oil, or raw milk. All his bloviating causes us to not focus on why oil prices are high, they are high because the value of the dollar is constantly being destroyed by the Federal Reserve.
Bill is a manipulative douche-canoe who plays on the emotions and pain of the hoi polloi, he should be ridiculed and openly mocked for the small minded fool he is. The worst part in my opinion is where he is dismissive to Stossel’s example of the government regulating onions. He is not interested in presenting facts or the truth so people can make up their minds, he is a spin doctor. I have one question for O’Reilly whose solutions include taxes or even more regulation. Name one product or service whose quality has increased or cost has decreased because it was taxed or regulated to a degree equal to or more than the current oil market.
Oh wait, lowering the price or increasing the quality isn’t what he is actually after, and knows this, he just wants “economic justic” (Bill’s own words); but I am not sure he understands the meaning of the word “justice.” He is only interested in imposing force and coercion on others. I have a feeling he is going to get a shot at Bloomberg’s WPIA belt soon.