Carl Levin

So my point is that the working of these markets have real-life consequences.

I believe that the data and analysis that they have presented make another compelling case that excessive speculation has caused our commodity markets to become unmoored from those who actually make a living using the underlying…

Our investigation did, however, reveal that an abundance of long open interest helped to inflate futures prices.

Nor are we alleging that index investors caused high cash commodity prices or that they are somehow responsible for more expensive consumer goods.

I do not believe we are alleging any wrongdoing on the part of index investors or anyone else.

According to estimates by the Commodity Futures Trading Commission (CFTC), about $15 billion was invested in commodity indexes in 2003. By mid-2008, that figure had grown to $200 billion, a thirteenfold increase.

It took the Subcommittee an entire year to compile and analyze millions of trading records from the three U.S. futures markets where wheat is traded.

Our report, which was issued by myself and Senator Coburn last month, concludes that the huge number of wheat futures contracts being purchased by derivative dealers selling commodity index instruments have, in the aggregate, constituted…

For more than five years now, this Subcommittee has been taking a hard look at how our commodity markets function.

And that there not be waivers or exemptions?

Zebra mussels can significantly change the nature of the lake bottom, affecting fish habitat and spawning.

About 180 non-native organisms have been identified already in the Great Lakes.

I have seen the consequences of allowing aquatic invasive species to enter our waters.

I agree with everything that he says, for what that is worth.

The zebra mussels started in the Great Lakes. Thirty States are now infested with zebra mussels.

Invasive species have done severe damage to our Great Lakes as well as to the land mass of Michigan.

But it is unacceptable to me to be pilloried by the Pakistani leaders, criticized in their public for carrying out these attacks.

That affects my view, I have got to tell you, on the kind of support that we ought to provide to Pakistan.

It is wrong in terms of American security for us to be attacked by Pakistani leaders for doing something which they quite obviously know we are going to do and support.

Well, I have got to tell you, if they do not want us to do this, they should flat out tell us privately.

I know you have indicated that the question of drone attacks, UAV attacks--much of which can only be dealt with in a classified setting.

We place an extremely high priority on working with Pakistan against groups that pose a direct threat to our troops.

I think we are headed in the right direction. It is going to take some time to overcome some of the history and relationships that have developed since the time of the Soviet invasion.

Does the Government of Pakistan have any intention of confronting the Afghan Taliban in Baluchistan to deny them safe haven and prevent cross-border attacks against U.S. and coalition forces in Afghanistan?

I do not think we can say that has turned the corner, but it is something that I think we have a great interest in encouraging what we would say is the correct analysis of their national security interests.