When I wrote last month about the US politicians' attacks on oil and grain speculators, I assumed the issue would dry up and blow away after some useful airtime had been collected. I assumed that while people such as Senator Joseph Lieberman would never actually admit that their analysis was flawed, they would quietly postpone any real action until a tomorrow that would never arrive.

I was wrong. Today, Senator Lieberman will resume his hearings on whether institutional investors in commodities are responsible for the increase in oil and grain prices. It is quite possible that legislation restricting institutional investors' positions in commodities will pass Congress, though it could be vetoed by this president. If reintroduced during a Democratic administration, it would probably become law.