The  owner is  not  automatically allowed  to post  to  a moderated  list
(unless of  course the  owner is  also the  editor). It  is common  for a
moderated list to have an editor who is an expert in the field covered by
the  list, but  who does  not necessarily  know much  about computers.  A
technical person  then takes  care of administering  the list,  while the
editor reviews contributions, compiles  them into a newsletter, whatever.
Postings from the list owner, if any, should then be treated like regular
contributions and not bypass the normal reviewing process. Alternatively,
the owner  can also be made  an editor to make  it work that way.  If the
owner were automatically  considered an editor, there would be  no way to
achieve the first configuration.

  Eric