Stages of Truth (CFTC Commissioner Chilton Speech)

"Stages of Truth"-Speech By CFTC Commissioner Bart Chilton before UN Rountable on Financial Speculation

In s speech delivered to a roundtable on financial speculation, CFTC Commissioner Bart Chilton touts "fifty studies, papers and quotations" that he compiled and placed on the CFTC's website that establish that speculation, not supply and demand, explain the price rise of oil from $30 a barrel to $147 a barrel in 2008 to $30.28 in December of the same year, and calls for the imposition of position limits to remedy the problem.

These are the same studies that economist Craig Pirrong last spring characterized as falling into two categories: "superficial quasi-academic studies, and quotations from various figures, including some well-known economists, who have done absolutely no serious research on the subject."

Cross References: Dodd-Frank Act Section 737; Streetwise Professor-"Still No Evidence"