Instead, and under the guise of addressing high gas prices, our “Fearless Leader”, Barry “Almighty” officially unveiled his $52 Million plan to give oil market regulators more authority to “deter price manipulation by speculators,” at least that's how it was reported by the AP. In unveiling his bogus plan, Barry urged Congress Tuesday to strengthen federal supervision of oil markets, increase penalties for market manipulation, and empower regulators to increase the amount of money energy traders are required to put behind their transactions. Saying, “We can’t afford a situation where some speculators can reap millions while millions of American families get the short end of the stick.” But I didn't hear anything from Barry about how this plan of his would bring down the price of gas or work to make this country more energy independent. I find myself wondering if this is yet another part of what Barry refers to as being his "all of the above strategy?"
However, the intent here may be something far different with regard to what Barry is really attempting to do here. Because even the AP admits that Barry’s plan is more likely meant to draw sharp election-year distinctions between himself and Republicans than it is to have any immediate effect on prices at the pump, which is something usually referred to as a “gimmick.” House Speaker John Boehner called it a political ploy and criticized Barry for not using authority he already has to deal with such problems. “The president has all the tools available to him if he believes that the oil market is being manipulated,” Boehner told reporters on Tuesday. “Where’s his Federal Trade Commission? Where is the SEC [Securities and Exchange Commission]? He’s got agencies there. So instead of just another political gimmick, why doesn’t he put his administration to work to get to the bottom of it?” the Speaker asked. Because Barry is all about political gimmicks.
Supposedly, this new measures included in this whiz-bang proposal of Barry's once again puts this president at odds with congressional Republicans, because Barry is seeking to increase spending for Wall Street enforcement at a time when congressional Republicans are trying to reign in federal financial regulations. In announcing this plan, Barry was joined during his Rose Garden remarks by Attorney General, and a big Al "Bull Horn" Sharpton fan, Eric Holder, Treasury Secretary Timothy Geithner who, by the way, thinks Barry is doing just a magnificent job, Commodity Futures Trading Commission Chairman Gary Gensler, and Federal Trade Commission Chairman Jon Leibowitz. Barry made no effort to disguise his partisan objectives, drawing attention to Republican opposition to a plan to end tax breaks for oil and gas companies. “So here’s a chance to make amends,” he said. Make amends? Just what drugs is this guy on? And where do I get some?
Senior administration officials who put together this little cockamamie proposal would not go as far as to say that market manipulation is responsible for rising gas prices, but the officials did say that they wanted to curtail the ability of speculators to take unlawful advantage of oil price volatility. And naturally these officials spoke only on the condition of anonymity to discuss details of the plan. “None of these steps by themselves will bring gas prices down overnight,” Barry said, implying that somehow they would eventually. He went on to say, “But it will prevent market manipulation and make sure we’re looking out for American consumers.” Is this guy really serious? Looking out for American consumers? If the American people are stupid enough to fall for this line of malarkey then we are truly in a world of hurt come the next election. But we'll just have to wait and see if they're smart enough to figure it all out. I don't have much confidence in them.
Barry’s plan calls on Congress to:
1. Increase six-fold the surveillance and enforcement staff of the Commodity Futures Trading Commission to better deter oil market manipulation.2. Increase spending on technology to provide better oversight and surveillance of energy markets.
3. Increase civil and criminal penalties against firms that engage in market manipulation from $1 million to $10 million.
4. Give the Commodity Futures Trading Commission authority to increase the amount of money that a trader must put up to back a trading position. The administration officials said such authority could help limit disruptions in energy markets.
I think it more than a little appropriate to be very suspicious regarding what might be Barry's true motives here in that this latest White House boondoggle comes at the very same time that we have Republicans talking about limiting the reach of a financial regulation overhaul that the Democrats were able to shove through Congress in 2010 and at a time when they held substantial majorities in both houses and over very loud objections for the GOP. Though the House Republican budget, which calls for sharp reductions in government programs, does not specify reduction in spending by the trading commission, the administration officials said that if the cuts were applied the commission would lose more than five times what it spends on regulating energy markets. The debate will pit Republicans who blame the president for high gasoline prices against a White House that blames Republicans for coddling Wall Street. As always with Barry, it's all about politics.
So I should think that it would be painfully obvious that all Barry is really attempting to do here is to create the false impression in the minds of the American people, or at least enough of them, that the problem lies not with him, but, instead, with those pesky Republicans in Congress. He wants us all to somehow think that no matter what he tries to do congressional Republicans simply say no and shoot it all down. What the people are going to have to come to grips with is the fact that the majority of Barry's ideas NEED to be shot down. He's already been able to get far too much shoved through Congress the consequences of which will undoubtedly prove dire to future generations of Americans. Look, the bottom line here is that we are the only country on the face of the entire planet that has no responsible energy policy. And the fact that we continue to sit atop vast energy reserves of coal, natural gas and oil, and do nothing but ignore them, is simply ludicrous.
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