Diary

Sanity Returns To The Senate

And not a moment too soon:

Legislation to rein in excessive energy speculation failed a key procedural vote on Friday to move forward in the Senate, and now lawmakers will set aside the bill to consider other legislation.

The House of Representatives may take up its own anti-speculation bill next week, and then lawmakers will get ready to leave for their month-long recess in August.

Sixty “yes” votes were required in the 100-member Senate for the bill to move forward, but the measure received only 50 “yes” votes, while 43 lawmakers opposed.

Speculation, of course, has little or nothing to do with the price of oil. But because people need scapegoats–especially in an election year–speculators have become the villains of the moment. Thankfully, the Senate resisted efforts to engage in further bouts of scapegoating. I suppose that I won’t hold my breath for responsible policymaking to begin, but who knows? I might be surprised anew.