Letters to the Editor

Big business rule

March 2, 2008

Advertisement

To the editor:

When President Bush took office, oil was $28 a barrel; it is now over $100 a barrel. President Bush, Vice President Cheney and their Republican Congress passed the energy bill that reduced taxes for the oil companies. They called it their energy policy. These same oil companies are now recording all-time, over-the-top, out-of-sight profits, billions of dollars per quarter.

All of the polls say that the Bush presidency is a failure, but my guess is that Bush and Cheney came to office with an objective and they have achieved it in spades. They may be down in the polls, but they and their super rich oil buddies are laughing all the way to the bank, while we the little people are crying every time we fill our tanks.

I love capitalism and the free market, but perhaps it's time to put some balance back in this thing we call democracy. Our government cannot stand four more years of big business rule.

E. Kent Hayes,
Lawrence

Comments

Richard Heckler 7 years, 3 months ago

The True Cost of Gasoline, and What to Do About Energy

The news media has been writing a lot about energy and oil addiction lately. One particularly noteworthy packages of reporting highlight the hidden problems of oil addiction. Another searches for ways it could be alleviated but misses the most critical one. The first is The Chicago Tribune's enormously important four-part series by Pulitzer-winning reporter Paul Salopek called A Tank of Gas, a World of Trouble published July 29.

Is $3 gasoline expensive? Only when compared to its former price. Taxpayers -- nondrivers included -- subsidize gasoline purchases in a huge way. Here is a particularly critical passage from Chapter 3 of Salopek's report, on the Iraq war.

What are the hidden costs of America's imported oil? The answer is complex. It may ultimately be unknowable. But this hasn't daunted the likes of Milton Copulos.

A tenacious economist with the National Defense Council Foundation--a right-of-center Washington think tank--Copulos spent 18 solid months poring over hundreds of thousands of pages of government documents, toiling to fix a price tag on America's addiction to global crude. He parsed oil-related defense spending in the Middle East. He calculated U.S. jobs and investments lost to steep crude prices. He even factored in the lifelong medical bills of some 18,000 U.S. troops wounded in Iraq as of March. (About $1.5 million each.)

Copulos is a highly respected analyst in Washington. And his exhaustive findings flabbergasted the Senate Foreign Relations Committee this spring.

The actual cost of gasoline refined from imported oil, according to Copulos?

Eight dollars a gallon.

When he isolated the hidden costs of Middle Eastern crude in particular, the price jumped to $11. This included a war premium that swelled the Pentagon's spending to protect all Persian Gulf oil to $137 billion a year. In a truly transparent economy, by Copulos' math, filling up Rodriguez's Jeep would run about $230.

Consumers don't dodge the bill for all these masked expenditures. Instead....

http://www.streetsblog.org/2006/08/23/what-to-do-about-energy/

cato_the_elder 7 years, 3 months ago

I suggest that you go to the library and research newspaper columns from the early-1950's to find out how Harry Truman's presidency was viewed at the time he left office. You'll see a great deal of commentary to the effect that his was a failed presidency, with Truman being viewed as stubborn, hard-headed, lacking in intellectual vigor, a poor public speaker, too close to political cronies and essentially a small-town political hack who was never qualified to be president. What do historians say about him now? Fast-forwarding to the present for another example, enough time has now passed for many historians to agree that Jimmy Carter was at best an ineffective president. Before consigning the Bush presidency to the dust bin, time will need to pass after he leaves office. If he does so without the occurrence of a major terrorist attack on U.S. soil since September 11, 2001, that will have been a very significant accomplishment indeed. With the passage of time, "No Child Left Behind" will be viewed by many as his worst failure, and may cause us to re-examine vigorously the folly of all-encompassing federal involvement in, and control of, local public education decisions. As for oil prices, time must pass so that all aspects of the economic conditions prevailing during the Bush Administration, including the fact that the law of supply and demand is immutable and is the primary determinant of oil prices, can be carefully examined with the test of time. Back to the present, however, it cannot be overemphasized that much of the virulent criticism and over-the-top hatred of the President on the blogosphere and elsewhere is still engendered by the die-hards' continuing bitterness over the results of the 2000 election, even though every major media source, including the New York Times, has concluded that the election was won by President Bush.

repaste 7 years, 3 months ago

Clintons last budget- 1.8 trillion. W's last - 3.2? Katrina, 30 million offer to Indonesion earth quake aid, weekends at home, august vacations, two hours a day "working out", spiritual advisor's scandals, rummy, cheneys energy plan, Iraq, forgotten Afganistan, dollar devalued, 400 billion more social security debt, so much yet his legacy will be our debt.

labmonkey 7 years, 3 months ago

I wonder what kind of vehicle Mr. Hayes drives. If any big business is to blame, it's the automotive companies for building and pushing the high-profit-margin large SUV's. I grow tired of the complaining about how much the oil companies make. Again, they make only $0.15 per gallon sold. That means after you remove taxes, they have invested over $2.25 per gallon just to get it to you in the pump. Without the Exxon's spending $20 Billon on research to try to find more oil, we would even have a shorter supply and the price per gallon would be much higher.

Although I hate defending the oil companies, I hate when people blame the drug dealor for the drug addiction. If we really cared, we would buy more fuel efficient vehicles, take public transportation, and walk to the local store instead of firing up our land yachts.

If Mr. Hayes really wants to complain about big business, how about regulating companies that offshore labor....or create tax-breaks for businesses who use all-American labor. How about busting up Wal-Mart who has done 10X's more harm to the US economy than high oil prices and the Iraq war combined? Seriously, if the United States got into a war with China, which side would Wal-Mart root for?

Godot 7 years, 3 months ago

Bush must be pulling the strings behind Big Wheat, Big Soybean, Big Corn, Big Copper, Big Steel, Big Rubber, Big Medicine, Big Higher Education (talk about a huge increase in the last 8 years), Big Pharmaceuticals, and Big City Government, as well.

Sigmund 7 years, 3 months ago

The price of gas and oil (contrary to popular belief) is set in a world market. You have heard there is a rest of the word beyond the borders of Lawrence, Kansas, USA, haven't you? Have you heard that they to use oil and gas and are also paying higher prices? BTW, can you name a single Western Country that doesn't subsidize it's national oil and gas industry? .

Now while "The Big Oil and Bush & Cheney Co. Conspiracy" fans don't like to hear it, it is a FACT that the US consumers continue to pay a lower price at the pump than the vast majority of the rest of the world and yet we are by far the biggest whiners!

But if you like lets take away all the subsidies, increasing their taxes, and after they pass those tax increases onto the consumer we can watch gas prices climb to what the rest of the world pays. It will disproportionately hurt the poor and the middle class far more than the rich. Then let's punish "Big Oil" for providing US consumers dramatically lower prices for gas than the rest of the world pays by raising their taxes and at the end of the day, after they pass those increases onto US consumers, only the rich will be able to afford to drive a car to get to work, go to school, go shopping, or to the doctor.

But still if you are bothered by high gas prices, feel free to move to Thailand, China, or Mexico and save 50 cents a gallon.

Turkey $10.03/gal Norway (Oslo) $8.49/gal Netherlands $8.02/gal Finland $7.98/gal United Kingdom $7.72/gal Belgium (Brussels) $7.64/gal Germany $7.62/gal Denmark (Copenhagen) $7.44/gal Sweden $7.42/gal Italy $7.30/gal Hong Kong $7.06/gal Switzerland (Zurich) $6.24/gal Israel $6.10/gal Iceland $6.05/gal Singapore $5.19/gal Greece $4.93/gal Brazil (São Paulo) $4.66/gal India (Bangalore) $4.61/gal Australia (Sydney) $4.20/gal New Zealand $4.17/gal Canada $4.16/gal Japan $3.84/gal Philippines (Manila) $3.54/gal Russia (Moscow) $3.04/gal United States $3.01/gal Thailand $2.61/gal China $2.44/gal Mexico (Mexico City) $2.36/gal Malaysia (Kuala Lumpur) $2.01/gal Egypt (Cairo) $0.93/gal Kuwait (Kuwait City) $0.78/gal Saudi Arabia (Riyadh) $0.45/gal[8] Nigeria (Lagos) $0.38/gal Iran $0.33/gal Turkmenistan $0.29/gal Venezuela (Caracas) $0.17/gal http://www.gtz.de/de/dokumente/en-international-fuelprices-part1-2007.pdf

For every complex problem their is a simple solution that is wrong.

Sigmund 7 years, 3 months ago

Correction, should have read ..

"For every complex problem their is a simple solution that is wrong and unfailing merrill will find and suggest it."

Godot 7 years, 3 months ago

Oh, yeah, and Big Milk. Over $4 a gallon for milk is not acceptable. Bush is behind it, I know it. His farmer buddies are making an insane profit off of our need for calcium. In fact, I bet he was behind all that unnecessary fearmongering about osteoporisis. Oh, the evil, the evil!

Sigmund 7 years, 3 months ago

Godot- You know perfectly well the dramatic rise in food prices is directly related to the tax breaks given by the Feds and the States to farmers to raise corn to turn into ethanol for cars, a process that at the end of the is far less energy efficient, actually more harmful to the environment, and is raising the cost for food. But if it makes the Ecomnetalist feel good and like they are helping, it is a small price to pay!

dagopman 7 years, 3 months ago

And polls also show that the current Congress is considered an abysmal failure by most Americans.

yourworstnightmare 7 years, 3 months ago

If the price of a gallon of gas were tied to the price of oil, gas in the US would now be about $6 ($2 for $28/barrel compared to $6 for $100/barrel).

The price of a gallon of gas is not tied to the price of oil. It is based on a price set by refineries and oil companies. This is market-driven. They know exactly how much Americans are willing to pay for gas without causing too much of a fuss.

Higher prices might lead to investigations and lower prices would cut their profits. It is you, dear consumer, who dictate the price of gasoline. The oil companies are simply utilizing that market.

temperance 7 years, 3 months ago

Cato: "If he does so without the occurrence of a major terrorist attack on U.S. soil since September 11, 2001, that will have been a very significant accomplishment indeed."

Correct me if I'm wrong, but didn't that big awful terrorist attack happen during the Bush presidency? You're giving him bonus points for not having a second massive terrorist attack occur on his watch? What a great guy!

jayhawklawrence 7 years, 3 months ago

When it comes to natural resource consumption, the United States is the BORG ("You will be assimilated"). I see the problem being similar to the frog in the frying pan. And like the frog, we are probably frying in oil.

Waste is the problem. Incredible waste in government, in energy consumption, in poor planning, in foreign policy.

...and the Kansas legislature is fighting over a license plate that says "In God We Trust" and a kid fresh out of college who made a board game. Why? Because we haven't gotten mad enough to toss the bums out.

BigPrune 7 years, 3 months ago

The Federal govt. takes in more money per gallon from taxes than big oil makes in profits. Why doesn't anyone scream about reducing the amount gasoline is taxed?

Sigmund 7 years, 3 months ago

yourworstnightmare (Anonymous) says: "If the price of a gallon of gas were tied to the price of oil, gas in the US would now be about $6 ($2 for $28/barrel compared to $6 for $100/barrel)."

And take away the subsidies and tax breaks and it will be $6.00/gallon. Congratulations, the US will slide into a recession increasing poverty and hurting the poor and middle class far harder than the rich.

yourworstnightmare (Anonymous) says: "The price of a gallon of gas is not tied to the price of oil. It is based on a price set by refineries and oil companies. This is market-driven. They know exactly how much Americans are willing to pay for gas without causing too much of a fuss."

Nonsense, this implies that BOTH US and non-US oil companies are conspiring to keep US gas prices LOWER than in the vast majority of rest of the world! Nobody but a sock puppet ideologue could possibly completely ignore the facts and come to such a intellectually dishonest a conclusion.

jayhawklawrence 7 years, 3 months ago

Since the days of Rockefeller and Standard Oil the oil companies have perfected the art of swindling governments and unknowing citizens. So there are good people in the oil business and there are bad people. The bad people I believe have perfected the art of the swindle for well over a century.

No wonder that every country that has oil has thrown us out.

Godot 7 years, 3 months ago

Bowhunter, there is nothing anyone can do to stop what is about to happen to the US economy. That train left the station a few months ago.

Godot 7 years, 3 months ago

The culprits that will be responsible for bringing down our economy are not in the oil industry; look to the banking, lending and securities sector to find the real scountrels who have "perfected the art of the swindle."

Sigmund 7 years, 3 months ago

Who owns Big Oil? Where do those profits go? The populists including Bill O'Rielly (yes THAT Bill O'Reilly), would have you believe that they are owned by the executives who run them and by other fat cats. Glib to be sure, but patently false if you bother to look at the facts.

A recent study done by Robert J. Shapiro, undersecretary of commerce for economic affairs under President Bill Clinton (yes, THAT Bill Clinton), shows:

Almost 43 percent of oil and natural gas company shares are owned by mutual funds and asset management companies that have mutual funds. Mutual funds manage accounts for 55 million U.S. households with a median income of $68,700.

Twenty-seven percent of shares are owned by other institutional investors like pension funds. In 2004, more than 2,600 pension funds run by federal, state and local governments held almost $64 billion in shares of U.S. oil and natural gas companies. These funds represent the major retirement security for the nation's current and retired soldiers, teachers, and police and fire personnel at every level of government.

Fourteen percent of shares are held in IRA and other personal retirement accounts. Forty five million U.S. households have IRA and other personal retirement accounts, with an average account value of just over $22,000.

Those "Fat Cat" Big Oil Executives? Only 1.5 percent of oil and gas company stock is owned by corporate directors and officers. http://www.energytomorrow.org/media_center/Shapiro_Pham_Study.pdf

But as "Soak the Rich" politics never goes out of style, I expect we shall hear it more and more as we head towards November. Too bad "The Rich" most often ends up being the middle class and retirees.

Dorothy Hoyt-Reed 7 years, 3 months ago

Free market capitalism does not exist in this country. This is because big business manipulates the laws to their advantage, and intimidates with their lawyers and their money. Why else would giant Home Depot go after a little business called Old Home Depot (which by the way is located in an old depot). Greed by these corporations is going to destroy our economy, and also the war. Afghanistan brought down the Soviet Union, Iraq will bring us to bankruptcy.

Godot 7 years, 3 months ago

Peloton Fund, The true rock star of the hedge funds went from 87% return last year to losing $2billion just this week. If it can happen to these financial gurus, what does that tell us about our future:

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3463347.ece

mick 7 years, 3 months ago

Mussolini believed that the essence of Fascism was the corporate takeover of government. This was accomplished during the Reagan era, aided and abetted by Bush and Clinton. Any appearance that we are a Democracy is an illusion. Most people can't see it because they are hypnotized by the mainstream media brainwashing machine.

Sigmund 7 years, 3 months ago

"Perfect" Free Market Capitalism exists nowhere, but if the weight of recent history is any guide, generally the more a country embraces it the better off it's citizens are. Case in point, US citizens pay dramatically lower prices for gas than the vast majority of the rest of the world, (specifically see page 97 below). http://www.gtz.de/de/dokumente/en-international-fuelprices-part1-2007.pdf

As "Big Business" in America is owned by the shareholders of those companies and as those shares are in the middle classes accounts at the highest rate ever in history, then the "greed" you speak of is the greed of your friends and neighbors (possibly even yourself) who buy those shares in mutual funds and on the NYSE.

As for the facts of the Home Depot case, it trademarked its name in 1981 and Lehmann opened his store TWENTY years later. "I'm not sure I was aware of (Home Depot)," he said. "I might have been, I might not have been. It's been so long that I don't remember." That doesn't pass the laugh nor the smell test. http://www.cjonline.com/stories/030704/kan_depot.shtml

Finally, if the worse case of abuse is Home Depots trademark infringement case against Old Home Depot, I am more concerned about the $1,500,000 the City of Lawrence wastes each and every year paying a private corporation (MV Transportation) to run empty buses up and down the road wasting diesel and polluting the air.

Sigmund 7 years, 3 months ago

Godot (Anonymous) says: "Peloton Fund, The true rock star of the hedge funds went from 87% return last year to losing $2billion just this week. If it can happen to these financial gurus, what does that tell us about our future:"

It tells me that the Market isn't rigged in favor of the Hedge Funds and that if you or they engage in highly speculative and leveraged investments you and they can win big and lose big, nothing more.

What does it tell you?

Sigmund 7 years, 3 months ago

mick (Anonymous) says: "Mussolini believed that the essence of Fascism was the corporate takeover of government. This was accomplished during the Reagan era, aided and abetted by Bush and Clinton."

I don't believe Mussolini would have ever imagined that the middle class would own those corporations he was complaining of. A House of Representatives report states it best: "Recent data released by the Federal Reserve shows that nearly half of all U.S. households are stockholders. In the last decade alone, the number of stockholders has jumped by over fifty percent. According to one observer, this explosion in stock ownership has been "one of the great social movements of the 1990s." http://www.house.gov/jec/tax/stock/stock.htm

Sorry if you missed the boat.

mick (Anonymous) says: "Any appearance that we are a Democracy is an illusion. Most people can't see it because they are hypnotized by the mainstream media brainwashing machine."

How is it you, of all people, avoided being hypnotized by the illusion? Please share the secrets of your success and insights. I too seek your enlightenment!

Casey_Jones 7 years, 3 months ago

"Hey, hey, hey what kind of talk is that? It's un-American. Did George W. Bush quit after losing the popular vote? No! Did he quit after losing millions of dollars of his father's friends money in failed oil companies? No! Did he quit after knockin' that girl up? No! Did he quit after he got that DUI? No! Did he quit after getting arrested for drunk and disorderly conduct at a football game? No!"

Gotta love family guy.

Sigmund 7 years, 3 months ago

Casey_Jones (Anonymous) says: "Gotta love family guy." Yes, yes you do! That and South Park are must see TV!

Godot 7 years, 3 months ago

Hedge funds, quant funds, etc., have changed the stock and credit markets into arenas more suitable for gamblers than investors; they have contributed to the creation of the tsunami of bad debt that is about to over take us by packaging and trading debt as a security with absolutely no transparency or oversight.

Expect to see extreme damage to pension funds, endowment funds, the balance sheets of corporations and banks as the next wave of packaged debt, the credit cards, car loans and commercial real estate loans, fails.

My point in bringing this up is that it is amusing to see people rail against the oil companies, while the real "robber barons" in the financial services industry go unnoticed and without blame.....for now.

Sigmund 7 years, 3 months ago

Godot (Anonymous) says: "Expect to see extreme damage to pension funds, endowment funds, the balance sheets of corporations and banks as the next wave of packaged debt, the credit cards, car loans and commercial real estate loans, fails."

I understand your concerns and so does the rest of the Market. But the big multinational banks have already taken huge write offs (losses) as have the little players like "local" H&R Block. I believe that the "next wave" has already been taken into account by current pricing (lower dollar, low interest rates). It has already been "discounted" if you like financial terms of art.

I think the current volatility in the Market reflects more the uncertainty of how much higher tax rates will be in the new Democratic Administration and how much of the economy (Health Care, Energy, what else?) will be nationalized by the next President, than by a continued worries over an excess of low quality debt.

Speaking of "The Mortgage Crisis!!" a hefty bout of inflation will bail out the homeowners and the lenders by giving them a increase in their nominal equity, but it would be disastrous for the rest of the economy. Let's hope that the politicians don't attempt to buy our votes by promising to bail them out. If you bail out the homeowners you are also bailing out the abusive lenders who gave them the loan in the first place.

BTW, only a financial insider would use the term "quant fund!"

Dorothy Hoyt-Reed 7 years, 3 months ago

Bowhunter99 (Anonymous) says: The Democratic controlled Senate and the Democratic controlled House of Representatives are FULLY to blame for the current oil prices.

Any new legislation being passed to address the issue? Nope. All they do is complain about the economy, yet they do absolutely Nothing about it.

If they did pass anything, it would be vetoed by Bush.

Sigmund 7 years, 3 months ago

dorothyhr (Dorothy Hoyt-Reed) says ... "If they did pass anything, it would be vetoed by Bush."

If the Democrats really believe that they should pass it in a heart beat and force Bush to veto it! I can think of no better campaign issue for the Democrats than that, can you? It is like cutting off dollars for the war, they always threaten and never do. Not because Bush would veto it (he would) but because it expose their "cures" as far worse than the disease itself.

Godot 7 years, 3 months ago

Sigmund, I am not a financial insider, I am just a hobby investor and I read a lot. It is sad, actually, that although a majority of Americans have money invested in the stock market, mostly through mutual funds, that the term quant fund is something only insiders are familiar with. Just goes to show that the majority of Americans don't know enough about how the financial markets work to be throwing their money at them.

I happen to disagree that the markets have already priced in the credit problems, because the extent of the problems is not yet fully known. Some very knowledgeable people estimate that the write-downs will exceed $1trillion.

Godot 7 years, 3 months ago

And, regarding the effect of inflation on the housing market: we currently have inflation in commodities and deflation in assets. This is not a good thing.

Sigmund 7 years, 3 months ago

Godot, obviously then you are well read! We disagree on the future of the markets, but hey, that is why they ring the bell in the morning and for every buyer there is a seller. Best of luck with your hobby, someday I may need to borrow a few bucks!

Godot 7 years, 3 months ago

"Best of luck with your hobby, someday I may need to borrow a few bucks!"

Hey, you won't have to borrow it; if you lose you money by making bad choices and complain loudly enough, a Democrat controlled Congress will take my savings and give it to you, no pay-back necessary.

jonas 7 years, 3 months ago

yourworstnightmare (Anonymous) says: "If the price of a gallon of gas were tied to the price of oil, gas in the US would now be about $6 ($2 for $28/barrel compared to $6 for $100/barrel)."

I assume that your referring to the price mentioned above during Clinton's presidency. If you recall, though, the price of gas at that point was less than $1.00, at least here in the midwest. Just prior to the new administration, gas was still at .97 cents a gallon, I believe. I'll leave discussion of who's to blame for the rise in prices to you, but I bring this up to show that the price flux between the two elements is closer than your incorrect numbers would show. It's not a straight shot, but both prices have come close to tripling since the late 90's.

Mkh 7 years, 3 months ago

Oil is tied to the dollar (at least for a short while longer)... when the dollar sinks, oil soars. Pretty simple really.

That, combined with ever growing demand of a resource whose supply is not realtively multiplying has led to an inflation on the market for oil. Currently in many parts of the world, oil producers are having to drill deeper than before to get the same light, sweet crude. Obviously this costs more, especially when the reduction of the dollar's purchasing power is calculated. Naturally the oil companies are passing this increased cost on to the consumer.

But still I have to ask, who else is going to give the equivalent energy for $3.09 to haul you and over 2,000 lbs approximately twenty miles in less than a half hour? You'd have to put together a pretty incredible mule team to compete with those rates.

yourworstnightmare 7 years, 3 months ago

Sigmund,

I needn't remind you that the high price of gasoline in other countries is due to very high taxation on gasoline, higher than in the US. Don't be a simp. You know this is the case.

And who is being intellectually dishonest here?

How do you explain that the price of gas in the US hovers between $2-$4 despite a four-fold increase in the price of oil?

yourworstnightmare 7 years, 3 months ago

Jonas,

Gasoline prices averaged about $1.50 in 2000, with regional variation. Oil was $28/barrel.

Gasoline prices now average about $3.20, with regional variation. Oil prices are now $100/barrel.

You do the math.

If you have different numbers (for the country, not the midwest or regions), please let me know.

We may well see $4 gasoline, but that is still way off from a purely market-driven price.

yourworstnightmare 7 years, 3 months ago

Oil taxes in Britain, for example, are nearly 60% of the cost, whereas in the US tax is about 25%.

If you have different numbers, Sigmund, please let me know.

Godot 7 years, 3 months ago

It was the spring of 1976 when spouse and I travelled to Mammoth Cave. Gas was an unbelievable $1.56 per gallon.

Richard Heckler 7 years, 3 months ago

Credit Crisis

Declines this year in stocks, hedge funds and other investments make those assets too dangerous, said Chriss Street, treasurer of Orange County, California, which has a $2.3 billion plan that is 71 percent funded. The Standard & Poor's 500 Index is down 9.4 percent this year.

This is the worst credit crisis in the last 25 to 30 years and that's not going to change,'' said Street, who has recommended the fund buy five-year Treasuries.It's a good time to own bonds.''

Falling Treasury yields have made other fixed-income investments more attractive, said Barbara Novick, vice chairman and head of the account management group in New York at Blackrock Inc., which manages $513 billion in fixed-income assets.

Investment-grade corporate bonds yield 2.47 percentage points more than Treasuries on average, up from 0.89 percentage point a year ago, according to Merrill Lynch indexes.

``Yield spreads have widened to such a great extent, this is exactly the time to go into other things,'' Novick said.

Godot 7 years, 3 months ago

Merrill, you are posting, but do you even realize the import?

here's another:

http://www.federalreserve.gov/boarddocs/....]

Godot 7 years, 3 months ago

The link did not work. It announces an emergency meeting of the Fed for tomorrow. Rate cuts are imminent, but to what end?

jayhawklawrence 7 years, 3 months ago

I guess we can predict more talk about privatization of social security. What better way can the big corporations find some readily available cash. Especially the young investors. They all think they are going to be millionaires.

The best thing about it is that it will take about 40 years before anyone realizes how badly they have been had. About the time they start wondering how they are going to pay for food and housing, not to mention prescriptions. And aspirin alone will probably cost about $20 a pill by then.

Richard Heckler 7 years, 3 months ago

"Godot (Anonymous) says:

The link did not work. It announces an emergency meeting of the Fed for tomorrow. Rate cuts are imminent, but to what end?"

Cutting rates may help some however people still do not good enough jobs and no more money so it's all smoke and screen. BUSHCO does not manage anything well except directing more tax dollars to Wall Street,the war profiteers and financial institutions.

Cutting off the Bush war of choice is the answer to getting back to some sort of economic stability. Keeping a force of well over 140,000 troops,plus CIA,plus Blackwater types, maintaining a huge Iraq embassy and 4 large USA bases in Iraq will continue to drain the economy. Being the world cop does not pay well and protecting mideast oil lines does not pay back to the huge majority of taxpayers. One would think the mideast oil barons would protect their own business???

Commenting has been disabled for this item.