Dodd: Government Can Mandate What Profit is 'Fair' for Business

businessandmedia.org ^ | June 10, 2008 | Jeff Poor

[Free Vulcan]

And then remind Dodd that the govt gets 50 cents per gallon while the oil companies 4, and given the size of our pork laden govt, when are we going to tax their windfall profits?

[wastedyears]

Sorry about that, my router crapped out.

[NoobRep]

And then when the businesses say “well...I guess there’s really no point of being in business any longer” the lefties can reach their ultimate goal-complete control of all industries in the country. Communism is upon us. Guess I always thought it would be the Russians who conquered us, not our own so called citizens.

[B4Ranch]

I just called Dodds office and asked if it was true that he sup[ported windfall profits tax. The young lady said he did. I said, “Great, my company is about to declare bankruptcy. I am sure he also supports giving the windfall tax profits to me to keep my business from collapsing.”

She said, “I am not sure what his position is in your case.”

Being retired is so much fun. I can pester these doods all day long.

[nathanbedford]

Here is the unnerving part of the interview that should be emphasized above all the rest:

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 what’s fair and what’s not for corporations?” Kernan then emphasized the point. “That’s not the way it’s done in this country, senator. It could never be done that way, could it?”

“Yes, it could be,” Dodd said. “In fact it’s been done that way in the past and particularly when you’re trying to get some relief for people out here when the economy is in a tailspin. We’re about to go into a recession here. This is really causing a tremendous dislocation, not only here, but around the world.”

There is no end to the good that Marxist Senator Dodd thinks he can do.

It is unnerving because these people are going to take over virtually every branch of our government in November.

[ryan71]

And the government should look at Chris Dodd’s net worth and leave him with what is fair...$1.50.

[Red Badger]

If I can’t sell my product in this country and make a profit, I’ll sell it somewhere else to someone who will buy it for my profit.............

[xkaydet65]

If you examine the figures he uses, $10 a bbl profit, on a bbl @ $132, a $10 profit amounts to 7.5%. Hardly a windfall.My guess is that if Exxon reported a 7.5% profit for the next 1/4 its stock price would fall as pensions and mutuals searched for a higher performing business investments. This Dodd surely knows business and finance.

[MrB]

Classic Marxism/Fascism.

Dictate what the prices are to be for any good or service.
When the suppliers of that good or service won’t/can’t sell it for that price, arrest/execute them as “hoarders”.

[MrB]

The Bible is not a source of truth for these people.

[MrB]

If you don’t sell it for what they say you must, you’re a “hoarder” and will be punished.

[Hebrewbrother]

When is the federal reserve going to be punished for destroying the value of our money. And when are the owners of the federal reserve going to be billed for their excess profits.

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[Myrddin]

If I can’t sell my product in this country and make a profit, I’ll sell it somewhere else to someone who will buy it for my profit.............

Bingo! The dummies forget oil companies are multi-national entities. They can redirect their market focus. The corporate taxes imposed by the U.S. are only applicable to income derived on U.S. soil. A market that yields no profit is no market at all. A company is wise to shun such a market.

[Myrddin]

Exxon reported 8.5% profits on last year's revenues. A 7.5% profit would be a 1% drop. That certainly would send investors looking for something better.

[SE Mom]

Been, done, thanks:)

I’m just thinking we need to do what we did for illegal immigration last spring...

[rodguy911]

Joe Kernan is a good guy, Dodd of course is an old Socialist who sucks off someone else's labor and acts as if it's his right.

[rodguy911]

Those of us who pay excise tax at the rate of 10% like oil companies and fishing tackle mfg.’s usually pay more in taxes than we ever make bottom line.

[kempo]

Dodd, who is suppose to be for the “working people” is giving them the shaft. By limiting the areas for drilling in this country, by voting against nuclear and coal fired power plants, he is making life miserable for them. It would not only bring down the price energy it would provide tens of thousands of good paying jobs. The legislation he wants to pass will not provide one more drop of oil nor would it ensure a source of energy for the future of this country.