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I want to point out tonight not one word about wall street speculators. president obama campaigned in 2008 on cracking down on wall street speculators. in his wall street reform law it does just that but republicans have blocked the funding for both the s.e.c. securities exchange commission and the cftc the commodity futures trading commission to enforce it. so as we reported last night, one of the cftc members, michael dunn, has been a skeptic on position limits which cap how much commodity trading wall street speculators can do, so the big question is now, how does the white house get this i...

Speculators helped, putting enough money in the system to keep things liquid. after the depression, fdr saw that speculators could drive up the price of wheat, corn, whatever, by betting on commodity futures the way wall street later bet on dot coms. distorting food prices like that could destroy the very stability future contracts were created to provide so fdr signed into law what are called position limits -- limits on how much of the total betting could be done by wall street. and what do you know? itted. for decades the price of wheat was driven by fundamentals like the weather and wall s...

Speculators helped, putting enough money in the system to keep things liquid. after the depression, fdr saw that speculators could drive up the price of wheat, corn, whatever, by betting on commodity futures the way wall street later bet on dot coms. distorting food prices like that could destroy the very stability future contracts were created to provide so fdr signed into law what are called position limits -- limits on how much of the total betting could be done by wall street. and what do you know it worked. for decades the price of wheat was driven by fundamentals like the weather and wal...

Country or any other for that price. the position limits, which you referenced, are critical in that they represent a limit as to how much grain could potentially actually exist. the elimination of the position limit makes it such that you can suddenly buy more grain than exists on the entire planet because now you're just speculating on the price or potential price and creating all the price inflation you described so well. >> high prices, rural america does well. that ag dollar turns seven times on main street. so america is loving this stuff as far as the ag economy is concerned. then you t...

Price. the position limits, which you referenced, are critical in that they represent a limit as to how much grain could potentially actually exist. the elimination of the position limit makes it such that you can suddenly buy more grain than exists on the entire planet because now you're just speculating on the price or potential price and creating all the price inflation you described so well. >> high prices, rural america does well. that ag dollar turns seven times on main street. so america is loving this stuff as far as the ag economy is concerned. then you take a look at the construction...