Farmer Pete the derivatives trader

The Wall Street Journal, now under the News Corps umbrella of deception best typified by Fox News a.k.a. faux noise (sound it out) tries now and then to sneak one past us. Todays "news story" is about how farmers use derivatives to hedge their crop futures and that regulation of that part of money making or loosing will be harmful to Farmer Pete as he tries to scratch a living from this 40 acres and a mule existence.

Let me get this straight.  A small farmer works 15 hour days during the growing season, with all kinds of natural issues - flood, hail, tornado, drought facing him and then he rushes back to his e*Trade program after dinner and trades futures on his crops so he won't loose it all if things go south. Now I understand.

I also understand that huge agri-business interests employ substantial trading floors where they speculate on futures as their hedged bets on crops are pretty substantial profit centers on their own and - HERE IS THE MEAT - there is an entire derivatives industy that is scared to death someone is going to look up their skirts and start any - and I mean any as currently there are no regulations - form of oversight and we just can't have that can we?

The latest "off regulation" level of investment and risk in the derivatives market is more than the gross domestic product of the entire world and News Corp is worried about Farmer Pete?  Shoot me...just shoot me.