Updated 9:22 am ET
This is fantastic. A brilliant maneuver by the West Wing political operation. I’m deeply moved.
The White House just announced that President Obama this morning will materialize in the Rose Garden to tell everyone that he is “cracking down” on manipulation of the oil market by financial profiteers.
This is very elegant. Pretend you are doing something about gasoline prices while ALSO sticking it to evil rich people gorging themselves on investment income by manipulating the markets.
It’s a campaign two-fer. If the “crackdown” actually does anything to reduce the price at the pump please wake me and let me know. Meanwhile, Obama gets to gin up the proletariat against Wall Street.
Thank you David Plouffe, you are a political genius. I’m glad to see you’ve got the economic team on a leash and heeling beside you.
Obama’s announcement is at 11:10 am. I will livestream it for you so you can comment along.
UPDATE: This political announcement also has a Big Brother component. From the White House:
The President is calling on Congress to pass an immediate increase in funding to support at least a six-fold increase in the surveillance and enforcement staff for oil futures market trading at the CFTC.
Also a “ten-fold” increase in maximum penalties for “manipulative activity in oil futures markets.”