Tuesday, June 24, 2008
Are You An Evil Speculator?
Did you ever purchase something that was sale-priced, so you stocked up on the item? Well then, you were speculating.
Did you ever pay in advance for a commodity - say, heating oil - because you believed that by the time winter rolled around the price of heating oil would be higher than the price you would pay in late summer or early fall as winter approached? Well then, you were speculating.
In many northern states, individuals and businesses pre-pay a set fee for snow-plowing long before winter arrives. No one knows if the winter will bring large and heavy snowfalls or light ones. But if you prepaid for snow-plowing and snow-removal, well then, you were speculating.
Did you pre-qualify for a home mortgage at what you thought was a good rate before you purchased a home? Did you do this because you suspected that mortgage rates would increase, so you locked into a good rate? Well then, you were speculating.
So does anyone - especially all the speculator-bashers - want to take a stab at justifying why it's acceptable to speculate on your special and personal interest, but it's somehow unacceptable when a business tries to protect its costs by speculating?
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