Concern about McCain's Grasp of Economics

I am posting a portion of John Stossel's article regarding McCain and speculators.  I am omitting the speculator portion because I found it unconvincing.  If you would like to read the entire article, it can be found here.

I, along with Stossel, am concerned that McCain is now talking about the "excessive profits" of the oil companies (see posts on April 23, April 30, May 5, May 28).  I never thought I would see the day when the government would say "you are making too much money - I deserve some of that" without the claim of illegal activity.  Amazing.

"I believe there needs to be a thorough and complete investigation of speculators to find out whether speculation has been going on and, if so, how much it has affected the price of a barrel of oil. There's a lot of things out there that need a lot more transparency and, consequently, oversight."

Those are the words of presidential candidate John McCain. This man is the Republican?

There's more.

"I am very angry, frankly, at the oil companies not only because of the obscene profits they've made but at their failure to invest in alternate energy to help us eliminate our dependence on foreign oil. They're making huge profits and that happens, but not to say, 'We're in this so we can over time eliminate America's dependence on foreign oil,' I think is an abrogation of their responsibilities as citizens."

Let me get this straight. A potential president of a putatively free country scolds companies for "obscene profits," failure to invest in competing products, and therefore irresponsible citizenship. Why? Is McCain running for national economic commissar?

This is not the first time McCain has displayed what I would call an anti-capitalist mentality. In an early presidential debate he countered former businessman Mitt Romney's claim to superior executive experience by saying, "I led the largest squadron in the U.S. Navy, not for profit but for patriotism".

Why the put down of profit?

[...]

It would be nice if McCain would finally learn some economics.