Executives from Goldman Sachs and Morgan Stanley met with Democratic staff members of the Senate Energy and Natural Resources Committee last week to make the case that trading in energy contracts is not the reason that oil prices are rising. Judging by Jeff Birnbaum’s report in the Washington Post, it’s not easy to teach Democrats about economics:
But the executives were met with skepticism and occasional hostility. “Spare us your lecture about supply and demand,” one of the Democratic aides said, abruptly cutting off one of the executives.
Another aide “warned the executives that no matter what arguments they muster, it would be hard to prevent Congress from acting.” So much for fact-finding and economic sanity in an election year.