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De-Fanging Think Progress' Attack Dog

3:16 PM, Apr 17, 2011 • By MARK HEMINGWAY
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The name Lee Fang is far from a household name. However, from his perch at the Soros-funded think tank Center for American Progress, Fang has the dubious distinction of promulgating questionable Koch Industries political conspiracies perhaps more than any other person.

Along the way, Fang has made a laughable number of errors in his reporting on Koch. However, he might have outdone himself with his latest piece on the Kochs' supposedly manipulative oil speculation practices. Over at Powerline, they have thoroughly dissected Fang's article and the level of ignorance exposed is breathtaking. I encourage you to read the whole Powerline post as it gets into quite a lot of detail about commodity speculation, but this addendum to the post should give you a general feel for how bad it it is:

I wrote the book on manipulation (The Law, Economics, and Public Policy of Market Power Manipulation, Kluwer, 1996). I've also published 10 scholarly articles in economics journals and law reviews on the subject. My next book (Structural Models of Commodity Price Dynamics, Cambridge UP, forthcoming) is all about the determinants of contango, backwardation, storage, etc. Based on 25 years of scholarly research and market experience, I can say that Fang the Farcical knows not the first thing about either manipulation or commodities pricing. You would think that Soros could have found a junior assistant trader to teach Fang the basics. But then there wouldn't have been a story, would there?

If that's not clear enough, see here.

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