Obama and McCain Spout Economic Nonsense
If Obama and McCain really believe what they are saying about the oil companies, they both need to re-open their studies of Economics 101. The quotes below show a stunning lack of understanding about both economics and human nature. Although I am not a big fan of McCain, Obama’s policies are radioactive. What he says in the quote below is just good old fashioned socialism and I don’t use that term lightly. He proposes to take money from Exxon, in other words from American citizens who own Exxon stock and then redistribute it to other Americans to use however they see fit. The implication, of course, is that if you will vote for me, I’ll confiscate someone else’s property and turn it over to you.
This attitude is flat out dangerous. Mr. Obama must be defeated at the polls this November. You might be tempted to think, well, I don’t own any Exxon stock, so his policy won’t adversely affect me. Don’t think for one moment that he will stop with Exxon. To politicians who think like Obama, the U.S. Treasury is their very own gigantic piggy bank and it exists only to fund whatever ideas emanate from their fevered brains.
~~John Cronin~~
http://online.wsj.com/article/SB121383441884986739.html?mod=googlenews
_wsj
By KARL ROVE
June 19, 2008; Page A13
Barack Obama and John McCain are busy demonstrating that in close elections during tough economic times, candidates for president can be economically illiterate and irresponsibly populist.
In Raleigh, N.C., last week, Sen. Obama promised, “I’ll make oil companies like Exxon pay a tax on their windfall profits, and we’ll use the money to help families pay for their skyrocketing energy costs and other bills.”
Set aside for a minute that Jimmy Carter passed a “windfall profits tax” to devastating effect, putting American oil companies at a competitive disadvantage to foreign competitors, virtually ending domestic energy exploration, and making the U.S. more dependent on foreign sources of oil and gas.
This past Thursday, Mr. McCain came close to advocating a form of industrial policy, saying, “I’m very angry, frankly, at the oil companies not only because of the obscene profits they’ve made, but their failure to invest in alternate energy.”
June 20th, 2008 at 10:38 am
Everytime I hear McCAin rail against corporations and their “obscene” profits it makes me sick. When did the entrepenurial spirit die in America? When did it become acceptable for us to despise people and companies that are successful in their respective fields. We saw a great deal of this angt towards Mitt and his wealth during the primaries.
June 20th, 2008 at 10:42 am
AOL RIGHT NOW IS HAVING A VEEP STAKES, PLEASE VOTE FOR MITT…..
June 20th, 2008 at 11:00 am
SED,
Ditto. I say THANK GOD for businesses large and small who bring to us goods and services that we need and want and who do so while making a profit.
Everything we have in this country comes from two main sources: 1. God 2. Work.
June 20th, 2008 at 12:24 pm
I just want news of Mitt Romney. The manifestos that taxes are taking your property are way too creepy. Please no pictures of your bunker. Taxes are taxes, transfers are transfers, and government spending (gs) is gs = GDP.
June 20th, 2008 at 12:44 pm
Here is the link for voting for Mitt at AOL:
http://news.aol.com/elections
June 20th, 2008 at 12:46 pm
There are companies and industries making much higher profits (and larger amounts) than oil companies. Banking is one. How about Microsoft? I guess they’re next on the candidates’ lists.
June 20th, 2008 at 1:19 pm
I don’t have much sympathy for oil companies which each year are breaking the previous year’s record profits while their record high prices raise the price on practically everything else you can buy. However, just because they are acting in ways that harm the economy and the American public does not mean you overturn capitalism to punish them.
June 20th, 2008 at 1:22 pm
Mitt is currently winning that AOL poll, everybody vote if you get a chance. Thanks for the link guys.
June 20th, 2008 at 5:50 pm
The democrats have continually undermined Americas ability to become oil independent.
McCain is talking like a democrat.
June 20th, 2008 at 6:00 pm
Why is our government investing in Ethenal? It is driving up food cost and it takes a lot of water to produce.
June 20th, 2008 at 6:23 pm
MikeVA,
You might have overlooked part of the quote.
“Set aside for a minute that Jimmy Carter passed a “windfall profits tax” to devastating effect, putting American oil companies at a competitive disadvantage to foreign competitors, virtually ending domestic energy exploration, and making the U.S. more dependent on foreign sources of oil and gas.”
Now if you are really into “creepy” consider for a moment the last part of that quote.
……”Virtually ending domestic energy exploration, and making the U.S. more dependent on foreign sources of oil and gas.”
The point is that, while I fully understand that taxes take property, it is not the legitimate role of government to pile layer upon layer of job and incentive destroying taxes onto the backs of hard working Americans in order to buy votes from the nonproductive among us in society.
As for your formula: gs=GDP???…..Maybe you better re-open your own studies of Economics 101.
……”Virtually ending domestic energy exploration, and making the U.S. more dependent on foreign sources of oil and gas.”
June 20th, 2008 at 7:50 pm
Everyone, I want to add my emphasis to John that even if you do not own any stocks in Exxon or other oil companies, it is almost a given that your mutual funds have some stocks in such an industry. And even if you do not have any cash in any account, 401K, retirement, etc… (don’t forget the pensions!) the impact will be felt across the board of industries. The car manufacturers would be fearful of the new Presidency (either Obama or McCain, but one more likely to occur sooner than other). Then, the financial industries (banks and lenders, among others), and so on. There would be no stopping the White House and its buddies in the US Capitol from going after one industry after other, if they could go after one. I’m sorry, but either man would not do it. And do not think this won’t impact you. Most of the companies can maintain its work force only because of investment that gives them the solid footing. The lesser cash a company see, the sooner we see some jobless friends and family members. Let’s vote conservatives even if we have to vote third party! There are a lot of good conservatives in many state contests. I wish I can say the same for our presidency candidates.
June 20th, 2008 at 7:56 pm
Bigmo, you have been misinformed. The Oil Industry actually are seeing LESS profit margin than most of the industries. What it means is that they are spending MOST of their profits on expensive processes of drawing oils. For example, since they cannot get oil from within the country, they have to go to hot zones, and it requires that they hire expensive security forces to protect their workers.
And besides, the cost of the oil is actually determined by the future market, not by the companies themselves. Like cars and other items, the final prices are determined by the demand and supply.
June 21st, 2008 at 6:37 am
Any smart business person must have backup suppliers. You cannot become complacent.
You must think ahead, that is why it takes people with a degree of business exposure, such as Mitt Romney, that understands the workings and placement of the right people to be successful in the biggest business in our land, The Government! It absolutely floors me, I keep hearing that going ahead with our exploration of oil, refineries, etc. won’t help us NOW! First, it sends a message to the foreign companies, second , if we don’t start today, we won’t ever be prepared for tomorrow!! If we had done something the last time we had gas lines, where would we be now????Probably alot more independent and not paying through the nose for oil, gas, and food. Less see, the gas lines where in the 80’s, wasn’t that Carter? Let’s just bury our heads in the sand
until it goes away. These were red flags, folks!!!! We need proactive, thinking on their
feet people, not procrastination, not wishy washy decision makers. People with a vision. Live in the now, but plan for the future. It’s life, nothing stands still!!!!
Obama will turn this country upside down, all that small and large business owners
stuck their necks out to do, the risks etc. will be penalized. I am so sick of the lies.
Character means alot. So many on TV say, it doesn’t really matter who VP on either side is. I constantly hear from people, I’m waiting to see who the VP choice is. I think
it matters a whole lot with Mccain, given his age!
June 21st, 2008 at 10:34 am
Paulee & Mike,
Dittos.
June 21st, 2008 at 12:48 pm
I hope the American public does not buy into the line that “we can’t drill our way out of this mess”.
June 21st, 2008 at 8:14 pm
Yap Mitt 10, that is quite a line isn’t it??? It is sad that the people are so goofy thay they will often buy into all the lies and misinformation. It has been a sickening several years watching the media tell us who to vote for, who to like, who to disdain etc… they make my stomach turn summersaults. The polls are encouraging when 67% of Americans want us to drill.
The other lie I have heard is this “there is probably not near as much oil available anyway so we need to continue in other paths”, of stupidity that is!!!!
Thanks everyone, all the comments on here have been astounding…. KKSM
June 21st, 2008 at 10:49 pm
KKSM What do you think about Ethenal? Some are saying it is causing food prices to go up. I just don’t get how are government are hitting us at the pump and the table.
I just wish we could have someone like Romney make sound, reasonable choices for the American family. I know he would be in our corner. Those guys in Washington out of touch and if Americans are smart they will put every last politician running for reelection out of work.
June 22nd, 2008 at 8:58 am
Fox and Frank Lund, put Mitt first, because of Michigan, said he is articulate, knows the ropes. VP second, Tim Pewlenty, third Rob Portman. Once again,we hear Mit!!! Vote at MSNBC and AOL, okay? We keep sending our message, we need Mitt on that ticket!!!! The country needs Mitt, let’s go first class. I’ll write more later, some crap Obama is totally out of the loop.
June 22nd, 2008 at 9:23 am
I think ethanol is too pricey, taking it’s stupidity out on the price of food and not effective enough for all the trouble we are going through for it. The answer is in my opinion to DRILL!!!
June 22nd, 2008 at 11:04 am
ETHANOL :
http://www.townhall.com/columnists/WalterEWilliams/2008/03/12/big_corn_and_ethanol_hoax
http://www.townhall.com/columnists/ChuckColson/2008/05/07/crime_and_ethanol?page=full&comments=true
http://www.csmonitor.com/2008/0507/p14s01-sten.html
June 22nd, 2008 at 1:34 pm
In my opinion Ethanol should be researched but not in any big way, it certainly isn’t necessary that it be mass-produced and sold and subsidized right now. I think of it as a possible alternative for when we actually run out of fossil fuels, since there is a limited supply. However, at this point its just driving up the cost of food.
June 22nd, 2008 at 5:50 pm
KKSM & BIGMO: Exactly what we have heard, ethanol will drive up food costs. Many say
nuclear would be better. I think a balance of all possibilities should be used. We are already hearing that the Saudis are getting nervous because we are going to explore our own countries options!!!! What in the heck are these politicians thinking? Why are we not getting all kinds of oil from Iraq?? Who’s bargaining on behalf of this country?Take it all away, and watch the attitude changes. No, really???? I’m totally confused. Have we all gone brain dead? Now, all the floods are going to further put us into high beef prices. There will be no soybeans or corn to feed the animals, never mind for ethanol.
This is what I really wanted to share. On the news today Obama’s camp says Bin Laden should have H. Corpus???? they are kidding, right? This is so foolish, ask the poor people who lost loved ones, if Bin Laden should have any rights, what so ever. Isn’t the order shoot on sight!!!! Please, he just can’t be our next President.
Next Obama will want to bring him home and feed his camel. Sorry, I just couldn’t resist!
June 22nd, 2008 at 9:37 pm
Thanks KKSM, Ron, Bigmo and Paulee and Mike. I think Romney would have been careful not to go overboard with this Ethanol. We need business minded politicians. Also, we need to use American resources and drill here now. That will get the Saudis attention. I really just think this is a conspiracy to weaken the American $$$ to hurt us economically and weaken us militarily. DOES THAT SOUND WEIRD? LET ME KNOW WHAT YOU THINK?
I just don’t get why the current leadership appears to be working for everyone but the American family.
June 22nd, 2008 at 10:44 pm
Mit 10
Largely, I agree with you! I admit to being a bit of a conspiracy theorist in this thing. I think there is a big effort to crush America from the inside and how much of an easier route could they take than the combined one that you delineate above???
Say your prayers and tell all your praying friends they may want to….