Posted on 06/10/2008 10:29:21 AM PDT by Rufus2007
When a high-ranking U.S. senator sounds more like Karl Marx than Adam Smith over the issue of energy prices, it must be an election year.
Democratic Sen. Chris Dodd, the chairman of the Senate Banking Committee, appeared on CNBCs June 10 Squawk Box pushing government control of corporate profits. Dodd said he considered a company to be doing very, very well with profits above $8 or $10 per barrel of oil. He said he advocated a windfall profits tax, where Congress would determine what amount of profit is fair and what isnt.
Co-host Joe Kernan called the Connecticut senator on the idea, asking if he was going to apply the same strategy to other types of businesses. Are you going to go across industries across the board and decide what Congress thinks is a fair amount of profit and drawing a lines on whats fair and whats not for corporations? Kernan then emphasized the point. Thats not the way its done in this country, senator. It could never be done that way, could it?
(Excerpt) Read more at businessandmedia.org ...
The WPT will have the effect of eliminating all profits, so there won't be and "windfall" to tax...............
“How in the hell do we defeat this power????????????”
Our founding fathers showed us the way.
Dodd’s windfall profit tax would not lower the price of a gallon of gas by one damned cent, and he KNOWS it.
Why the hell isn’t the press doing its job and asking Dodd how his tax proposal will lower the price of gas???
Kernan then emphasized the point. Thats not the way its done in this country, senator. It could never be done that way, could it?
...
Yes, it could be, Dodd said.
...
Dodd also made the extraordinary statement that these taxes should be taken from the oil companies and invested in other sources of energy or be given back to consumers in the form of a rebate.
Mr. Dodd never met a payroll. However, he has chased a lot of booze down his throat, and, I hear, a few waitresses at “The Hawk and Dove” on Capitol Hill.
A question, Mr. Dodd: If oil reverses course and goes to 12-dollars-a-barrel, will the government begin paying the oil companies to make up for the drop in crude prices?
Honestly, the government has given us trillions of dollars in debt, and the Congress can’t even run its restaurants at a profit. Who in blazes in the government can say “how much” is a good profit?
What complete and total nonsense.
For those who don't like that model, we have the option of using force to level the playing field. A businessman can work long hours and take financial risks to start a company that provides goods or sevices that people want, and if he succeeds know that Dodd will stroll in, define his profits to be excessive, and use the police and FBI, or the threat that the IRS will call them in, to take the "excess" for a higher purpose, one that only coincidentally looks like rewarding his big donors. Since Dems never believed in the Law of Unintended Consequences, there's no risks that the Dodd approach will discourage businessmen from putting in the hours needed to find oil, produce new medicines, or create thousands of jobs at a new company.
He even went to Nicaragua to negotiate a seperate peace with Danny Otega in the 80’s too, let us not forget!
Or the Bible, especially a line: "Thou shalt not steal." A man who read, understood, and believed that simple commandment would never advocate taxing "excess" profits.
DRILL NOW!
And Obama just smiles...he suggested a windfall profit tax a couple of days ago...
Obama is TOO YOUNG to remember that LAST time we had one of those, we ended up PRODUCING LESS OIL.
I’m so mad I could spit nails.
What’s your opinion on him?
The founding fathers did not have to contend with the ABCCBSNBCMSNBCPBSNPRNEWSWEEKTIMENYTWPHOLLYWOODCNNACADEMIA, war room monopoly.
How bout the Gov mandating how much profit they can make/steal from my labor. I pay about 50% of my income in taxes. People are concerned about private sector companies making $100 while stupidly sitting by while the government steals their income with the threat of gun violence should they resist. Go figure.
What’s your opinion on him?
The oil companies will cut production as they have no incentive to sell a product for no profit. That oil will still be in the ground at some point in the future when more intelligent policies are in place. Prices will rise on what is left and shortages will become common. The left is dumb as a sack of rocks.
HR 5800
Congressman Proposes that Government Establish a "Reasonable Profits Board"
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