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Commission, you have to control excessive speculation. that s what you ve got to do, and have you to do it by january 15th, 2011. they haven t done it, ed. and that s why we now need legislation which says this is what you have to do. this is how you will control speculation. they have been in and out. the white house has been silent on this. and you re the one taking action. every american is getting drilled at the pump, we re getting gouged because of these speculators, is our government broken? what should be troubling to every american, we passed legislation which had a provision to do the right thing. and the seat ftc is essentially ignoring that, and that is problematic. the president has got to get involved. we have to pass this legislation, and we no longer are going to ask this agency to do it, we re going to tell them to do it. the stake of what we re fighting for is an economy we re ....
Last year, a provision was put in there clearly that said to the commodities future trading commission, you have to control excessive speculation. that s what you ve got to do, and have you to do it by january 15th, 2011. they haven t done it, ed. and that s why we now need legislation which says this is what you have to do. this is how you will control speculation. they have been in and out. the white house has been silent on this. and you re the one taking action. every american is getting drilled at the pump, we re getting gouged because of these speculators, is our government broken? what should be troubling to every american, we passed legislation which had a provision to do the right thing. and the seat ftc is essentially ignoring that, and that is problematic. the president has got to get involved. we have to pass this legislation, and we no longer are going to ask this agency to do it, we re going to tell them to do it. ....
Read her quote. american consumers are getting gouged at the pump while speculated speculation on wall street runs rampant? i don t know what it means to get gouged at the pump. there is competition especially in places where there is many gas stations and you ll find it doesn t go down as quickly as it goes up. it was very hard for those gas stations to move prices up as quickly as oil was going up. i don t know what it means to be gouged. the surprise going up. starbucks coffee goes up, is that gouging? kelly: food prices go up. so if it isn t speculation or speculate others wall street, if it isn t the law of supply and demand, what is the problem? i would say it s the laws of supply and demand. i think the administration is not taking enough, a hard enough ....
Companies are getting $2 billion a year in tax subsidies. with that in mind oil executives were hauled in front of the senate today as democrats pushed to strip the subsidies to pay down the deficit. some like senator hatch, suggested the whole thing is a dog and pony show. complete with photograph. that didn t please others. listen. you d have an easier time convincing the american people that a unicorn just flew into this hearing room than that these big oil companies need taxpayer subsidies. that s the real fairytale. i would just say to everybody the average american family getting gouged at the gas pump across america and being asked to sacrifice because of the budget deficit certainly doesn t think this is a dog and pony show. so a lot about dogs and ponies and unicorns but we didn t get a bunch of answers though. joining me is john cornyn. ....