Thursday, December 18, 2008

The fox in charge of the henhouse

Barack Obama nominated Gary Gensler to head up the Commodity Futures Trading Commission.

Gensler is a former partner at Goldman Sachs--one of the biggest futures market speculators in the world--so it is hard to imagine that we will see any real change when it comes to speculative activity in the markets.

Earlier this year another former Goldman partner--Hank Paulson--testified before Congress that "speculation had nothing to do with the rise in the price of oil and other strategic commodities."

Obama again goes for the status quo in his selection of Gensler. Where's the "Change we can believe in???"

Read story here.

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