(Campaign) Econ 101 Redux

clipped from hotair.com Democrats clearly don’t understand the mechanisms of pricing.  Their rhetoric on speculators demonstrates this, as it misses the point.  Speculators matter only in shortage economies, as the future value of any commodity becomes more relevant in inverse proportion to its availability.  Even apart from that, speculators want to make money just as in any other commodity trading.  If they foresaw a glut of oil, they’d bet short on it just as quickly as they’re going long on oil now. All of this is Econ 101, as the U-L notes.  That may be a bit below King Banaian’s focus as chair of economics at St. Cloud State University, but I’m pretty certain that King would be gracious enough to schedule a lecture series for Congressional Democrats who want to learn how markets work rather than continually work from ignorance to the detriment of the nation.  (via Let Freedom Ring)