As the food crisis showed us last year, adding food to the speculation market can have serious — and sometimes deadly — consequences when the bubble bursts. Surprisingly, the food and gas crises weren’t caused by a shortage of food or oil. Instead, they were brought on by the same thing that caused the global economic crisis – market deregulation. While we had to pay more for our gas and food, big-time investors made a bundle. A new video and accompanying website helps explain how speculators brought about last year’s food and oil bubbles.
Good bills have been proposed in both houses, but Wall Street has been able to weaken all of them. Fat cats who have already been bailed out will continue to fight to keep the rules (or lack thereof) that were used to create the now-collapsed casino economy. The Chamber of Commerce and Wall Street firms have dedicated hundreds of millions of dollars on media and lobbying on this issue. We need to show that the people want safe, secure financial markets that serve us, not a casino that shifts money from the majority to a minority and needs regular public support.
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