Posted on 07/28/2006 5:51:35 AM PDT by governsleastgovernsbest
by Mark Finkelstein
July 28, 2006 - 08:27
MRC's Brent Baker has noted ABC News' hyper-ventilation over Exxon's 'breathtaking' profits. This morning it was NBC's turn.
As everyone knows, the way to decrease the price of a product is . . . to raise taxes on it? As contradictory as the notion might sound, it appears to be the Today show's preferred solution to $3/gallon gas.
It was the news of Exxon's $10.3 billion second-quarter profit that gaveToday the opening to air its n-th iteration of the 'soaring gas prices' story. In an innovative bit of demagoguery, Today even displayed a clock informing us that Exxon racked up profits at the rate of $1,317.66 per second.
Well, if an American company is making big profits, something must be done to stop it!
Today had no problem finding a lady-in-the-street [at the wheel, actually] willing to weigh in to the effect that it was 'disturbing' that a company could be earning that much money.
NBC chief financial correspondent Anne Thompson, who narrated the segment, informed us "There's a new round of outrage in Washington." Republican Sen. Mike DeWine of Ohio was shown complaining that "there's something wrong when we're paying record prices at the pump while oil companies are making record profits." He didn't tell us just what was wrong, but I guess the message for folks back in Ohio was clear: "I care."
Here's where Thompson started her pitch: "Yet bi-partisan calls for windfall profits tax have gone nowhere."
Byron Dorgan then popped up. The Dem senator from North Dakota bemoaned the fact that 'the oil companies have a lot of friends here in Washington, DC and at the end of the day they pretty much get what they want."
Guess what?: ethanol mandates have contributed to the high price of gasoline, and the ethanol companies also have 'a lot friends in Washington,' including . . . Byron Dorgan, who not long ago got a plaque from something called the 'National Ethanol Vehicle Coalition' in recognition of his 'leadership' promoting the use of ethanol. But while Today informed us that oil companies have made $61 million in campaign donations, they didn't get around to telling us how much ADM & friends had dropped in the DC till.
NBC reporter Anne Thompson closed the segment with one last hand-wringing plea:
"Consumers are using more gasoline this summer than last as prices continue to rise. With no end in sight the question is how high do they go before words turn into action?"
Right. Just when will our legislators get around to taxing our way to lower prices? Needless to say, there was not a word about legislation that might actually make a difference: opening up drilling in ANWR or offshore areas.
Today Show/NewsBusters tax-your-way-to-lower-prices ping.
No One ever questions the record profits of milk producers.....
Were those profits gross or net, just out of curiosity? And if the profits are taxed into oblivion: A) How is the company going to invest for future profits? and B) What investor is going to want to invest in the company?
Not very objective reporting.
The only necessary "action" is to eliminate such taxes across the board. Permanently.
Two nights ago on the local news here in Nashville, they had the obligatory man-pumping-gas-and-he's-angry interview and he said with a stern face right into the camera "I'll say this. 3 dollars is about my limit."
I just started laughing.
When you have Harold Ford Jr (D) running for Bill Frist's seat and his campaign ads are attacking the Exxon CEO for making too much money, what are you going to do? It's everywhere.
The Today leftists can shove it, as Tarayza Heinz-Kerry would say.
Where's my cut, Matt? Hmmm? Hmmmmmmmmm?
Quite right. This is reporting, it's editorializing. Pure and simple.
So, I presume this means that, if and when oil prices return to 12 dollars a barrel, the oil companies can expect tax rebates from Uncle Sugar? Yes?
And Merka's pore wil beeleev it because they went to gubbmint skools and lurned that it was so.
They can use the windfall to start drilling off the coasts and increasing refinery operations. Giving it to the government so the government can tell them they can't drill off the coasts is suicidal.
Heard on Rush yesterday that those were gross profits and that 5 billion went back into exploration, research, etc.
S/B "This isn't reporting." Sorry.
-Rex
JMO, the American people are on a economic learning curve that was almost impossible 20 years ago, due to the absense of the internet, and the domination of the liberal MSM.
Sure the MSM will always go back to their playbook of demonizing the oil companies, but it is less effective as most Americans get their facts from the internet and not the "Today" show.
It just shows the hubris of the media elites, IMO.
Why don't these people just buy stock in oil companies and cash in?
(Go Israel, Go! Slap 'Em Down Hezbullies.)
Please, Big Oil uses monopolistic practices to set pricing...GREED DRIVEN. They are A$$wipes and I have no problem BIG Oil being taken on.
Just my two cents, many of you disagree, I know, but when you have no choice but to fill your car with gas...with all gas companies setting similar prices (mmm, that makes you scratch your head too...why no competition???)...I just have no sympathy. If we had realistic alternatives to Big Oil, I would say let them make as much as they can...the American way. Simply, we do not so screw them and their profits on the back of Americans and the economy.
Our government will not take them on as too many have their hands invested in that cookie jar. F'em.
Thank you! :)
I'm no MBA, but even I know the difference between gross and net profits.
Last I knew, oil companies were making ten cents profit off a barrel of oil.
In NYS, between fed, state, and local taxes, governments' haul is over 50 cents a gallon. When the oil companies make that freaking much, then I'll holler.
Shhhhhhhh! The drive-by enemedia doesn't want anyone to know that little nugget of truth. It's a whole lot easier to rile up the sheep when you throw around figures like $10B.
I hope you're right about economic education.
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