A recent comment by Ed Seykota on speculation:
In the current rush to fix the US mortgage problem, the silent elephant in the room is government control justifying more government control. Government guarantees bias lenders to take on risky loans — and crowd out lenders that have to take responsibility for their loans. Invariably government gets around to assigning the blame for the imbalances to speculators. Speculators do not create imbalance; they discount it. Speculators act naturally and opportunistically to exploit situations that government creates by acting naturally and opportunistically.