I strongly disagree with David Johnson's characterization of the airlines as oil speculators. By his definition everyone who buys cereal or paper towels in bulk at CostCo is a speculator. The dictionary defines a speculator as one who "buys and sells stock, commodities, land, etc. hoping to take advantage of an expected rise or fall in price ... on the chance of making huge profits." Now, if I bought up all the cereal at all the CostCos in my town and then offered to sell it to the highest bidder, I would be a speculator. Just like the Hunts, David's fellow Texans, tried to do with silver some decades ago. But just like the airlines, when I buy in bulk or in advance to save money by volume or advance purchase of items I will use myself and not re-sell, I am not a speculator. It is more like the airlines are smart enough and big enough to protect themselves from speculators, at least to some degree. Sounds to me like David is trying to provide cover for guys like himself who buy and sell stocks/bonds/commodities on speculation.

Thanks for hearing me out. I always enjoy the show, none the less.

Regards,
Curtis Macchioni (Mac - key - o - knee)