Kass: Speculators Helped Spawn Oil Crisis

This blog post originally appeared on RealMoney Silver on May 23 at 7:43 a.m. EDT.

"This (high level of oil prices) is not about blame; it's about supply and demand.... All the research I have done, speculators have had very little impact on this.... Speculators don't set the trend, but they follow trends.... It's not about financial investors."

--Treasury Secretary Henry Paulson

In the past, I have called several of our policy leaders in the Administration, Treasury and Federal Reserve "The Three Stooges of 21st Century Finance." And these Stooges never seem to disappoint me. ...