O'Reilly suggested oil speculators are gambling 'crooks' and that there should be a required 50% fee on their speculation. 'They don't want the oil. If they want to go to Vegas, go. If they want to get to Mohegan Sun, go. We all need oil to live, and I don't want a commodity that my family needs to live to be the subject of speculators who are gambling like it would be in Vegas.'
Stossel then broke out his latest prop, a white onion. 'This is the one product the government said we're going to stop speculation. In 1958, the U.S. Agriculture Department was so upset that the price of onions went up.'
O'Reilly interrupted, 'Stop it. I don't care about onions or any of this other stuff.'
'Hear me out. It's my show,' Stossel responded. 'They banned [onion speculation]. Since then, what's happened? The price has gone up and down more. And onions went up more than oil this year.'
Stossel then confronted O'Reilly over his proposal to tax the exportation of American oil. In his explanation, the Factor host likened himself to an unlikely group: 'I just want economic justice, kind of like the communists that are running around with Occupy Wall Street.'
'Who owns the land in the United States? Let's have everybody out their watching sing the song: 'This land is your land, this land is my land.' Remember that song? You're old enough, you probably wrote it,' O'Reilly joked. 'We, the people, own the oil, okay?'
O'Reilly then described how oil companies drill for the oil (accompanied by his own mouth-produced sound effects) and often ship it to other countries. 'I don't want my oil going to China,' he shouted. 'Oil prices here are so high!'
'You want to punish American companies that are good at refining,' Stossel shot back.
'Yes,' O'Reilly conceded. 'You find it here, keep it here.'
'Free trade is good. You want to keep everything we make in America here?' Stossel asked.
'No!' O'Reilly shouted. 'I want you to be deported!'
O'Reilly then said that exporting to China raises gas prices at home. 'Why don't you see this?' he asked Stossel.
'They would retaliate,' Stossel replied. 'Free trade is good. This is a bad idea.'
(On a side note: Anyone else notice how whenever Stossel interviews O'Reilly for his own show, they always tape in O'Reilly's studio?)
Check out the segment below, via FBN:
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Something's up with O'Reilly lately.
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Another segment of the Fox Freak Show with O'Reilly playing the reasonable role and Stossel being the freak'.and who is interested in this? No one except other media outlets'
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He get's a little carried away with his act. That's all it is, an act.
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With 70% of oil speculation done by banks,the whole commodity scheme is corrupted.Only sellers of the oil,and real buyers of the oil should be allowed to be in the futures market.The same with all crops;corn,wheat etc.Farmers and grain processors only should be allowed in the markets.Speculators are parasites,and add nothing but price to commodities. The banks cause economic hardship,and starvation with their commodity speculation.
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O'Reilly was an English teacher, he knows no more about economics than Barry Obama does.
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With all respect to Bill O'Reilly, I don't think has a good grasp of the commodity futures market. These markets actually lessen price volatility of commodities, and reduce the risk of job loss and business failures in the commodities sector of the economy. And you need outside parties like bankers and commodity traders involved ' otherwise the producer of the commodity has to bear all of the risk of price volatility. The outside party comes in and assumes some risk, in exchange for the possibility (and it's only a possibility, not a certainty) of financial gain.
In general, we have suffered in this country from financial regulating written by people who have no stake or experience in these markets. People like Barack Obama ' who only invests his personal money in government debt, and has never bought a share of stock in any US business. As a result, they write legislation driven by class envy and ideology. And we live with the results ' such as mortgage meltdown, which can be directly attributable to Barney Frank and his complete lack of connection to economic reality.
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wow, oreilly's really socialist/statist on this'and completely wrong
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Except that the provisions to protect against things like the recent JP Morgan stupidity weren't even in effect yet. So, how has Dodd-Frank destroyed the economy when it's not even in effect?
Something tells me we haven't suffered from too much financial regulation. I don't really think all of the junk that Wall Street was selling before the 2008 collapse happened because of too much regulation. That's just stupid.
Look, not all regulation is good or created equal. But to suggest that somehow financial regulation is inherently bad while Wall Street continues to do whatever they want with really no consequences is seemingly detached from reality.
What's funny is that you always hear about how horrible regulations are, etc etc. However, one of the few states that hasn't experienced a real housing bubble was Texas. Why pray tell? Because they have an extremely regulated housing market that prevented a lot of the issues that happened in other states. Is that regulation bad?
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