Posted on 05/01/2008 6:55:13 PM PDT by Kaslin
Profits: Exxon Mobil's first-quarter earnings of $10.9 billion, up 17% from a year earlier, are stirring outrage in Washington. Some are calling such profits "obscene." What a sad lack of understanding of economics.
No, what's seriously wrong is that politicians such as Clinton can cynically manipulate public opinion to enact disastrous policies.
Indeed, rather than be upset at Exxon's profits, Americans should be thrilled — and angry at a Congress that doesn't seem to want to encourage the oil industry to make even more.
Our free-market economy is built on profit. Higher profits mean more jobs, higher incomes, more investment in equipment and people, higher standards of living. Yes, profits are the engine for all of this — and that includes the profits of "Big Oil."
By signaling that supply is scarce, higher profits encourage more production. Except, that is, when Congress through its inept lawmaking stands in the way. And that's the case now with the oil industry.
(Excerpt) Read more at ibdeditorials.com ...
Everyone who owns stock in the oil companies, directly or through an investment fund, is making a profit on oil. That means my IRA, your retirement plan in all likelihood, and your Aunt Fannie’s investment portfolio that you’re hoping will one day be all yours. It doesn’t look as sinister when you look at it that way.
” ...I think it’s high time to start charging hollywood studios, a “windfall profits” tax.
“Big cd”, and “Big movie” can pony up some of their bucks. And “Big lawyers” too. They’re pretty greedy....”
My big bugaboo is the cost of a University Ed-You-Kayshun. I want to see a plot of the growth of tuition against gasoline from 1965 to today. Somebody reading this has the ability and nothing better to do than put it together.
“I’m mad because nobody is doing anything to fix the problem, so ... my motives are questionable.”
—
I agree, your motives ARE questionable. Bush has tried a number of times to initiate efforts to address energy shortages and has been stymied each time by a Congress dominated and controlled by idiot Dimocratz.
You are parroting the lines of the Dimocratz - yes, your motives are questionable.
No offense intended, but you seem brainwashed.
It’s clear, nobody is really trying very hard to fix this.
There are too many people making too much money, for this to be fixed. Same with so-called “free trade”.
Anything for a few (rapidly depreciating) dollars more...
Problem is, the eventual outcome seems to be, America will collapse economically.
I’m parroting nobody.
I’m worried for my country.
Libs aren’t interested in facts, only feelings. We err here in arguments that are fact based. Better to use their own tactics. Instead argue to them that, if they want to impose windfall profit taxes, it’s only “fair” to grant a similar rebate if/when a company incurs a loss. Fairness demands balance. Then watch their argument crumble.
Michael Medved had stated on his show that we actually get the majority of our oil from Canada and Mexico.
bttt
Interesting, from the administration's active efforts to maintain the porous state of our border with Mexico I would have sworn he was in the pocket of "Big Marajuana" or "Big Meth".
Firemen have union jobs which can’t be outsourced - globalism is good for them.
This is just the continuation of the maturation of the world economy since the 1970’s. First it was union jobs in the NorthEast and Midwest which moved to Japan and the Southern States. Now the Jobs in Japan and the Southern States are moving to China. In a few years, those jobs in China will move to SE Asia and the Philippines.
The open borders is just an example of globalism, if investments and products can flow freely from one country to the next, then so should labor.
Economics is no longer taught in high-school, and barely taught in universities unless you are a business or economics major. Though most degrees require students to take a 101 level econ course to graduate, most of these courses are taught by outright socialists who, if they do not worship at the alter of Marxism, pay huge tribute to Keynes. If Adam Smith is mentioned it is usually with derision.
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