Thursday, July 03, 2008

Obama promises, "No New Profits."

WASHINGTON (IP) — Sen. Barack Obama on Sunday said as president he would strengthen government oversight of energy traders he blames in large part for the skyrocketing price of oil.

"Read my lips: No New Profits!"

"Some people blame low oil supplies or high oil demand for the recent spike in gasoline prices," said the presidential hopeful, "but these are just outdated economic theories. The real cause is speculative trading in the oil futures market. Trading by unscrupulous, unpatriotic profit-mongers. My administration will put a stop to this by making it illegal to sell oil futures for more than was paid for them. Without the market distortion caused by the so-called 'profit-motive' , our energy market - under the prudent and level-headed guidance of the federal government - will once again become both free and fair."Obama said that he intended to implement his "No New Profits" pledge within his administration' s first 100 days, promising to expand his economy-saving plan to other markets as his tenure progressed.

"Although I've long stood against the 'excessive' profits made by oil companies," said Obama, "the fact is that ALL profits are inherently excessive. That's why I vow to extend this program to other markets as well. Food, precious metals, stocks, bonds - all will eventually be both bought and sold 'at cost'. With all price fluctuations banned by the force of law, America will finally have a stable, sustainable, plannable future, unmarred by the evils of fear or uncertainty.

"The Democratic contender, however, reassured his audience that this new stability would not interfere with the creation and implementation of new government programs. "Some of my critics contend that without profits, we would be unable to collect the new taxes necessary to implement important new government programs like Universal Health Care, but we will find a way to make the wealthy pay their fair share. They'll just have to sell off their mansions and limousines."

"At cost, of course," he concluded.

Commentary: This speech by Obama should appeal to the Democratic base, many of whom are socialist at heart. Unfortunately, I also run into people who drive SUV's and are not necessarily die-hard Democrats or very political at all who will also find this rhetoric appealing. There seems to be a lot of people, even otherwise educated people, who simply have no understanding of economics. An increase in the price of their favorite commodity or a loss of a job and they are ready to tax away an industry's profits, embrace wage and price controls, and nationalize companies. You may recall, California Representative Maxine Waters called for "the government taking over and running the oil companies" back in May. Despite the repeated failures of socialism, there are many who still find it appealing.

OK. For you people in Antioch, the Obama speech is a parody. That is not a real story and he really didn't say those things. I don't want this to become one of those Internet rumors that are repeated as the truth. Unfortunately however, as bizarre as it may sound, Maxine Waters did call for oil company nationalization.

Author unknown, I plucked this from a chat group. Commentary is mine.

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  1. You fooled me there for a moment. I was about to go off on the speech. :)

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