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What a load of cow cookies ...
Posted by: McQ on Friday, June 13, 2008

Would someone grab John McCain by the stacking swivel and slap some sense into him?
"I am very angry, frankly, at the oil companies not only because of the obscene profits they've made but at their failure to invest in alternate energy to help us eliminate our dependence on foreign oil," the senator said. "They're making huge profits and that happens, but not to say, 'We're in this so we can over time eliminate America's dependence on foreign oil,' I think is an abrogation of their responsibilities as citizens."
This is pure, ignorant and despicable pandering. And it underlines exactly how little McCain knows about how the economy works. And, more importantly, it lends credibility to the left who, in their ignorance, argue precisely the same thing.

Blame the oil companies - because it is politically expedient and popular - when it is the total and abysmal failure by McCain and his fellow congressional ostriches to have a coherent energy plan for the last 40 years that is actually at the bottom of the present crisis.

UPDATE: Larry Kudlow answers McCain:
Well, Senator, my response is drill, drill, drill. Why aren’t you working to deregulate offshore drilling, ANWR drilling, and oil-shale drilling? By some estimates there are nearly two trillion barrels of oil to be lifted. And American oil companies can do it better than anyone in the world. Not only would so-called speculators take a look at this new drilling, they would start selling oil futures contracts immediately and pretty soon the spot-market price would come down.

And by the way, the drill-drill-drill strategy would create hundreds of thousands of high-paying jobs. Think of it. Plus, the oil companies are already paying a bloody fortune in record taxes to the federal Treasury. This is all free-market capitalism. Why not let it work, senator?
How about it Senator *cough* Maverick *cough*?
 
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Comments
Is it pandering or is McCain just a fool?
 
Written By: Grimshaw
URL: http://
This is pure, ignorant and despicable pandering. And it underlines exactly how little McCain knows about how the economy works. And, more importantly, it lends credibility to the left who, in their ignorance, argue precisely the same thing.
At times, when I see extreme Obama foolishness, I think my declaration that I won’t vote for McCain was premature. And then every time McCain opens his mouth, I recommit: I will not vote for McCain. I still believe he will do more damage than Obama, because he won’t have any significant GOP/conservative resistance the way Obama will.

Grimshaw, I think he is a fool. Unlike many politicians, I think McCain means what says almost all the time. He can convince himself to sincerely take any position he thinks will ingratiate himself with the media. That’s how he got to where he is, and what he doesn’t realize is that the media is a fickle mistress. They’ll desert for someone further to the left as soon as they get a chance.

And he’s also a fool for not realizing that.
 
Written By: Billy Hollis
URL: http://
Is it pandering or is McCain just a fool?
Yes.

Either way, this is shaping up to be another election cycle in which I do not make a choice for President. Not that it matters; MA has gone D in pretty much every contest in my lifetime save Reagan in ’84.
 
Written By: CR
URL: http://
While he’s at it, perhaps McCain could force all Pharmaceutical companies to devote all R&D to cancer. Now that would solve all our health problems.

Just where do such people think companies get funds for R&D?
 
Written By: bains
URL: http://
“Stacking swivel”. Heh. I love military locution.

As much as it may aggravate you, this is actually politically advantageous for McCain.


Many Americans view the oil companies like a “company store”. In that they are forced to buy the commodity, fairly priced or not.

It reminds me when John Stossel made the idiotic comparison of buying gasoline to buying ice cream.
I asked people to compare the price of gas to bottled water or ice cream you can buy inside the gas station. Most people were sure the gas was more expensive. But they’re wrong.
If you took the average price of a bottle of water, a gallon would cost nearly $7. A gallon of Haagen Dazs ice cream would set you back nearly $30 — 15 times the price of gas.
What’s idiot about that comparison regardless if it’s true, is that I don’t have to buy ice cream to get to work. And even when I do buy ice cream, I don’t buy it 30 gallons at a time.
Most people are forced to buy it in order to go about their daily lives. So when they see billions in profits all the while they are spending a good chunk of their income to buy gasoline, there is serious resentment there. Rightly or wrongly.

Cheers.

 
Written By: PogueMahone
URL: http://
Rightly or wrongly.
You don’t have to point out the political motivation behind it - that’s clear to anyone paying attention. I’m simply pointing it out for what it is and declaring "wrongly".
 
Written By: McQ
URL: http://www.QandO.net
Be sure in continue to quote the AMOUNT of profit, rather then PERCENTAGE of profit.

Fun with numbers, where would the politics of envy be without it?
 
Written By: looker
URL: http://
I don’t think McCain is pandering to anybody. This is what he believes. People should act and behave as he sees fit. He is the ultimate judge of right and wrong, and laws of man or nature are irrelevant. If the oil companies don’t behave as he thinks they should, he will pass a law to force them to behave appropriately, just as he did with voters. The only time he panders is when he conceals his disdain for the rights and wishes of others.
 
Written By: timactual
URL: http://
Full on ageement, Bruce... as you know.
 
Written By: Bithead
URL: http://bitsblog.florack.us
That’s it.

Obama has my vote.

The country is going to get a beating, I’d rather it come from him than from a supposed "Republican" who can utter such utter tripe.
 
Written By: shark
URL: http://
"What’s idiot about that comparison regardless if it’s true, is that I don’t have to buy ice cream to get to work. And even when I do buy ice cream, I don’t buy it 30 gallons at a time.
Most people are forced to buy it in order to go about their daily lives. So when they see billions in profits all the while they are spending a good chunk of their income to buy gasoline, there is serious resentment there. Rightly or wrongly."
It’s not an idiotic comparison. It demonstrates that these people are clueless when it comes to relative costs, value, and profit margins (to name but a few). A few of the clueless might learn something from that. A few.


Furthermore, a lot of people could, with some time, effort and sacrifice, considerably cut their gasoline consumption to get to work. People simply aren’t willing - yet - to make that trade off. They want their cake and to eat it too.



 
Written By: Grimshaw
URL: http://
McCain:

"They’re the same ones, I guess, that didn’t tell us about the housing subprime lending crisis. They’re the ones that didn’t tell us about the dot-com meltdown. And they’re the ones that didn’t warn us about inflation that’s coming up," Mr. McCain said. "I have to fall back on the old adage that if you take all the economists in the world and put them end to end, they still wouldn’t reach a conclusion. So, I trust the people, not the so-called economists."
Definitely a fool.

 
Written By: Grimshaw
URL: http://
Companies are generally in business to do one thing. MAKE A PROFIT. (unless they are nonprofit companies). How they choose to spend their profits are up to them (or their stockholders). How they choose to invest their profits is up to them. What’s next?

Do we tell the people who own HEB, Krogers or Walmart to invest in food alternatives? Do we tell them they have to invest in enviromental friendly crops? Where is the hue in cry over them choosing to invest profits elsewhere?

Maybe Home Depot should be forced to invest in the planting of new forests or in finding new plastic alloys to replace the metal they use in the screws they sell.

Why dont the democrats try to require the same ridiculous foolish standards to all businesses? Because it would simply show how ridiculous and foolish those standards are.

Why not make Congressmen invest in businesses that make government function more efficiently? It is the same as requring oil companies to invest in alternative energy.

Democrats remind me of Hitler after WW1. He used the Jews as a scapegoat to try to make people feel better about themselves and to have someone to blame on their problems. Congress made this mess through massive regulations and BS laws against drilling. Now they point at the oil companies and blame them for not coming up with a solution to their mess. It is like a 10 year old kid crapping in their pants and then crying to their parents about the mess.



 
Written By: retired military
URL: http://
Most people are forced to buy it in order to go about their daily lives.
Minor quibble - It is our own choice to live and work and recreate where we do. If one does not want to be "forced" to buy high-priced petrol, one can chose to live, or work, or recreate differently.
So when they see billions in profits all the while they are spending a good chunk of their income to buy gasoline, there is serious resentment there. Rightly or wrongly.
Wrongly and primarily because the left dominated media, and Sen. McCain, have chosen to foist the narrative that billions in profits are the end-all be-all metric. But were the discussion to include the billions in royalties, fees, taxes, capital costs, etc., or the billions and billions in gross receipts, then those billions in profits suddenly seem much more in line with the average business in a market economy.
 
Written By: bains
URL: http://
It’s not an idiotic comparison. It demonstrates that these people are clueless when it comes to relative costs, value, and profit margins (to name but a few). A few of the clueless might learn something from that. A few.
It is an idiotic comparison.
As looker pointed out, it is the percentage. And I’m quite sure that if you compare the percentage of profit from the oil companies and ice cream makers, it’s probably not far from each other. And it doesn’t “demonstrate that these people are clueless when it comes to relative costs, value, and profit margins”. Stossel never addressed that. And he never addressed the fact that people buy multiple gallons of gasoline vs. a pint of ice cream.
As a producer of a commodity, I can tell you that it makes a HUGE difference.

Minor quibble - It is our own choice to live and work and recreate where we do. If one does not want to be "forced" to buy high-priced petrol, one can chose to live, or work, or recreate differently.
Minor quibble – If people who truck goods for a living chose to work and recreate differently, then you couldn’t choose to work and recreate differently. You would be forced to.
For your own survival.


Cheers.
 
Written By: PogueMahone
URL: http://
On this subject McCain is just a victim of the cascade that has enveloped the Congress.
They all think that these alternate energies will solve the problem because AGW with oil’s help are going to destroy the world.

I guess they hope to save the western half of the northern hemisphere of the earth while the rest of the world goes to H-E double hockey sticks .. some feat if you can do it.
 
Written By: Neo
URL: http://
I think we’ve achieved "I"diocy "C"ritical "M"ass in Washington.

The number of idiots in office has passed a point of no return for sane government.
 
Written By: looker
URL: http://
I
f people who truck goods for a living chose to work and recreate differently, then you couldn’t choose to work and recreate differently. You would be forced to.
Pogue, you are smarter than this. If enough people who now drive overland goods for a living stopped, then the market economy would put such a premium on drivers, that a whole new batch would come on line. Yes, the costs of those goods would also rise, in natural reflection of that existing market. And I as a potential consumer of those goods would have the choice whether or not to continue purchasing them (anchovies here in Colorado? Only if I chose to have my Caesar salad!)

Ten years ago, I made a choice that I did not want to subject myself to Denver traffic. I moved to a place where I no longer have to drive to work, nor drive to town. At the same time several of my friends made the choice that they’d rather live in suburbia and deal with the toils of driving into Denver, for the opportunity to climb up the corporate ladder and be better financially compensated (they are Dems BTW).

While they now lament the cost of driving to and from work, and to and from and play, I lament the cost of my Caesar Salad. These are all choices we make. Scarcity and abundance happen. Demand happens. Blaming the oil companies for prices driven by exponentially growing worldwide demand and stagnant supply reveals either ulterior motives or stunning economic ignorance.

And screwing with the oil companies as McCain seems to suggest, will almost inevitably have the exact opposite effect he proclaims he wants. And then, I will have to chose how I will react to a world governed by such economic idiocy.

My choices Pogue. They are, indeed, reflexive of the world within which I live, but they ultimately my choices.
 
Written By: bains
URL: http://
Chasing a apparition of Pogue’s conjure there, sorry.
If people who truck goods for a living chose to work and recreate differently...
They would have done so because the market made it unfeasible to continue. Their choice.
then you couldn’t choose to work and recreate differently
No, then I would have to chose to recreate differently. And just like the truckers, I would make those decisions based upon a personal cost benefit analysis. Again, my choice.
You would be forced to.
Yes, but not by the demons you seem to be accusing. I am forced to run from flash floods - I am forced not by the raising waters, however, but my own sense of self preservation.

 
Written By: bains
URL: http://
What the hell are you talking about? I conjure no demons.

It’s simple. Goods and services must be trucked. Businesses suffer the costs of transportation. They are forced to. It’s not as easy to suggest that the market will correct itself and these businesses will garner the same income after these corrections.

The price of goods and services increase. Consumers retreat from previous consumption. Producers of goods and services suffer.

No demons.

It’s true that a lot of people can make better choices with their situation that may alleviate energy costs. But the fact is, goods and services don’t magically appear. They are trucked.

If everyone chose to make career choices that didn’t involve trucking, then you would be forced to till your back garden for corn merely to survive.

The market doesn’t turn on rails. It takes a long time for it to correct itself.
Don’t school me on the market, youngin’… I deal with it daily.

Cheers.
 
Written By: PogueMahone
URL: http://
Pogue - here’s the money line from your quote of Stossel’s:
"Most people were sure the gas was more expensive."
I’m not arguing that the rubes shouldn’t be striving to understand relative profit margins between industries (because they should and don’t). I’m arguing that the comparison has value because, as Stossel illustrated, people don’t even understand on the surface that a lot of the stuff they consume all the time is substantially more per unit than the cost of gasoline. Yeah, few people buy 30 gallons of ice cream at a time, but they do buy hundreds of dollars of food at a time and a lot of that stuff costs as much or more per unit than gasoline. Not all of it of course.
"And it doesn’t “demonstrate that these people are clueless when it comes to relative costs, value, and profit margins”. Stossel never addressed that."
Yes it does and yes he did. Not completely, but enough to draw a basic conclusion. Most people don’t even understand the basics. They never think about it. I wonder how many people gripe about the cost of gasoline but don’t think about plunking down more than $100 for the cost of a ticket to a concert or sporting event? People just like to gripe and don’t think much about value or the cost to produce goods.



 
Written By: Grimshaw
URL: http://
So when they see billions in profits all the while they are spending a good chunk of their income to buy gasoline, there is serious resentment there. Rightly or wrongly
Same jerks railing against this also probably don’t realize that good chunks of their 401Ks are made up of these companies
 
Written By: shark
URL: http://
What the hell are you talking about? I conjure no demons.
Rhetorical flourishes my friend. I had forgotten you’ve a dog in this race. Whereas I, as a modest engineer only see trucking fees second, third, forth... hand, you have to deal with it first hand, both supplies in and product out.

No one really forces anyone else. That was the quibble. Even in the most horrible of scenarios, one has a choice. High oil prices may force you to choose between equally unpleasant alternatives, but it is, in the end, your choice.
 
Written By: bains
URL: http://

 
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