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Coffee Shop
Speculators are necessary
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<blockquote data-quote="Jogeephus" data-source="post: 799864" data-attributes="member: 4362"><p>You pose a good question but let me first say I'm not against speculation if one actually takes risk and assumes physical control over the commodity. This is capitalism and I'm all for it.</p><p></p><p>To answer your question I think it would be a train wreck in the short term but in the long term I think it could be good. Take corn for example. Assuming someone cornered the market on this and they sold the corn at exorbitant prices to the manufacturers the general public would be outraged at the retail price and begin to look for alternatives. This in turn would create opportunities for the producers as they would begin manufacturing corn products locally just like they did 40 years ago and to some small extent today. This would then create jobs and opportunities for others on the local level which I think would be good. Smaller producers cannot compete with large corporations. Large corporations - like corporate speculators - are backed by mountains of investor money and do not have to do things the same way as someone who is risking their life's savings. I know this firsthand as I used to work for the largest corporation of its kind in the nation and answered only to the president. When we went public we had mountains of free cash that we could use to buy out or put our competition out of business. If we had a particular market in our sights, you best sell us your company or else we would undercut you into bankruptcy and buy the dead carcass of your business for no other reason than to be sure it was a dead business. This was wonderful for us and we grew into a multi-national corporation cause - I guess - screwing americans just wasn't good enough for us. Besides, it made our quarterly reports look wonderful so we got more free money and our retirement accounts swelled tenfold. (Its ironic that value is so heavily measured by appearance.) This made a few people filthy rich, but at what cost? How many people's dreams and livelihoods did this practice destroy? All in the name of good business. It took me some time to see what we were actually doing and I'm sure simply speaking of it breaks the agreement I had to sign with them and the SEC. But I don't really give a $hit. Besides, I didn't mention their name but I assure you I've touched your pocket book more than once. Thanks, I guess. Actually, I'm sorry. And is the reason I left in spite of being offered triple my salary to stay and haven't looked back till this thread.</p></blockquote><p></p>
[QUOTE="Jogeephus, post: 799864, member: 4362"] You pose a good question but let me first say I'm not against speculation if one actually takes risk and assumes physical control over the commodity. This is capitalism and I'm all for it. To answer your question I think it would be a train wreck in the short term but in the long term I think it could be good. Take corn for example. Assuming someone cornered the market on this and they sold the corn at exorbitant prices to the manufacturers the general public would be outraged at the retail price and begin to look for alternatives. This in turn would create opportunities for the producers as they would begin manufacturing corn products locally just like they did 40 years ago and to some small extent today. This would then create jobs and opportunities for others on the local level which I think would be good. Smaller producers cannot compete with large corporations. Large corporations - like corporate speculators - are backed by mountains of investor money and do not have to do things the same way as someone who is risking their life's savings. I know this firsthand as I used to work for the largest corporation of its kind in the nation and answered only to the president. When we went public we had mountains of free cash that we could use to buy out or put our competition out of business. If we had a particular market in our sights, you best sell us your company or else we would undercut you into bankruptcy and buy the dead carcass of your business for no other reason than to be sure it was a dead business. This was wonderful for us and we grew into a multi-national corporation cause - I guess - screwing americans just wasn't good enough for us. Besides, it made our quarterly reports look wonderful so we got more free money and our retirement accounts swelled tenfold. (Its ironic that value is so heavily measured by appearance.) This made a few people filthy rich, but at what cost? How many people's dreams and livelihoods did this practice destroy? All in the name of good business. It took me some time to see what we were actually doing and I'm sure simply speaking of it breaks the agreement I had to sign with them and the SEC. But I don't really give a $hit. Besides, I didn't mention their name but I assure you I've touched your pocket book more than once. Thanks, I guess. Actually, I'm sorry. And is the reason I left in spite of being offered triple my salary to stay and haven't looked back till this thread. [/QUOTE]
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