I'm speculating that Wallace was speculating... and I speculate that his speculating was speculating on the Council speculating no one would speculate any push back.  I speculate that anyone who gets stuck in traffic would be speculating how terrible it would be to be surrounded by even more people stuck in traffic, all speculating where all those people live. 

I speculate that, in the end, the Council will speculate that voters would speculate how bad it would look to allow this re-zoning and speculate how things might turn out as voters speculate who to vote for.