Tom Oly, businessman, investment counselor and seasoned investor, called in response to Wednesday’s Viewpoint, “Just speculating ....” Oly wanted to discuss some of the rudimentary points of market speculation and how speculation isn’t necessarily a bad thing.

Oly’s comments were welcomed, so we are sharing a few notes from the exchange.

The editorial suggested that a greed factor is often associated with speculation and denounced Wall Street dogs who forget or never even consider that their actions can take hard-earned dollars out of an average working woman’s and man’s pockets.

Oly rightfully noted that speculation also can benefit the average working woman and man. Speculation can provide liquidity to the marketplace, bringing a degree of stability in pricing and value that, for instance, would allowed an airline company to remain profitable in a time of high cost because they have been able to buy into fuel supplies at today’s prices and save up for future use. In this instance, the airline was able to stay in business, employ workers and continue to offer economical ticket prices during a time when fuel prices cut deep into their competitors’ bottom line.

Oly speaks from personal experience. He said he was once involved in the precious metal arena where speculation allowed a business in which he was an investor to be profitable while salvaging those highly desirable products from outdated computers. Recycling is an environmental plus in today’s world, so kudos are in order.

He also observed that speculation is the primary reason why land prices in and around Claremore have increased “10-fold.” These higher land prices are good for the few who were able to buy low and are now selling high. It’s a classic example of the Meriam-Webster dictionary definition of speculation: Assume “a business risk in hope of gain; especially: to buy or sell in expectation of profiting from market fluctuations.”

However, there is another side to this story. Higher land prices translate into higher costs for taxpayers who are now saddled with paying more to purchase rights-of way to build much needed roads.

Oly allowed that speculation, like the free market, has its ups and downs. He can even remembers a time when personal oil and gas interests barely brought in enough to pay the mortgage. Today he acknowledged his speculation is paying off.

But Oly, like US Treasury Secretary Henry Paulson, said he believes the market will adjust and prices will continue to be primarily driven by supply and demand.

We can only hope so.

In the meantime, about all the average wage earner can do IS speculate ...

We might pre-buy that tank of propane before winter arrives (if we have an extra $500 laying around or a credit card that’s not maxed out). We could buy canned corn on sale, two for a $1 (if we quit remembering it once was four for a $1 and start thinking about the fact that one day soon it will cost $1.29 each). And, of course, we shouldn’t forget to buy toilet paper by the cartoon (otherwise we might be tempted to use our devalued $1 bills instead).

And then, again, (like my mom used to say, and many experts agree) things are never as bad as they seem. Thanks, Mr. Oly.