Posted on 11/30/2001 2:10:53 AM PST by snopercod
Edited on 04/22/2004 11:45:44 PM PDT by Jim Robinson. [history]
It was one of the great fantasies of American business: a deregulated market that would send cheaper and more reliable supplies of electricity coursing into homes and offices across the nation.
But look what's happened instead. Enron Corp., the vast energy trader at the center of the new freewheeling U.S. power markets, now faces collapse amid a blizzard of questionable financial deals. And California, the first big state to deregulate its electricity market, has watched its experiment turn into a disaster, with intermittent blackouts and retail power rates as much as 40% higher than they were a year ago.
(Excerpt) Read more at interactive.wsj.com ...
Wait, you said regulation was good. If Lazio and Enron can get away with insider trading, what use is regulation?
Wait, you said regulation was good. If Lazio and Enron can get away with insider trading, what use is regulation?
Good point, federal agencies (i.e., SEC) should do their jobs, or disband.
If your rignt at 29 cents a share, one could make a lot of money (think Penn Central).
BTW - I just put my mouth where my mouth is; bought 1 share of Enron.
Indeed. But that is the crux of the problem. If we could just legislate nirvana, we would be there.
Politicians and bureaucrats are cheap. The end result of populism always benefits the wealthy and powerful.
Yup, I'm still in business and still expanding. Boeing is building their rocket engines here in Alabama, not Russia. Honda has just started making the Odessy minivan here, and Mercedes is greatly expanding their Alabama manufacturing plant. Southern Company is ramping up here in order to pick up the slack from ENRON's exit, and BellSouth is doing rather well. Placements at IBM have stopped, but requests from CSC are up once again (healthcare is booming around these parts). I've been getting a fair amount of bank business, too. AmSouth, SouthTrust, and Colonial Bank are benefiting from the current interest-rate environment.
Life is good.
Good for you! Sounds like you're entering the big time.
Regards.
Excellent point. My first impression when reading this article was that the "spin" would be that the "energy pirates" were finally going to share a cell with "Spike".
My apologies to everyone. I posted the thread just as I had to leave for work, and just now got home.
CNBC has been busy all day discussing Enron's swoon and
what it means and will it really happen (seems certain).
And what role Arthur Anderssen had in the cooking of the books, etc!
They couldn't be more wrong, and this should be a flag to others that their opinions are mere wishful thinking.
Wrong. The true purpose of the "security bill" was to 1) satisfy the sheeple that the politicians "feel their pain" so the sheeple will have a sense of security (even though it's a false sense) and, 2) place 28,000 more people on government payrolls who will automatically have union dues confiscated from the paychecks to support support political views 40% of them do not share.
The security bill had little or nothing to do with foreigners acting as security guards--in fact, the security personnel did their jobs on 9/11. The screening rules that were in place then--enforced by the FAA were followed to a "T". Name for me one security guideline that was transgressed on 9/11 or one employee who has been reprimanded or fired as a result of the 9/11 incidents.
The "security" bill was a major scam and we all fell for it.
I wish someone would answer what we do when (and there will be a when) someone intent on evil gets through the federal screeners. What's the next step--federalizing the airlines?
IMO AES is the next house of cards to go.
Deregulation?
We have CAA I and II..............
Title V...........................
MACT..............................
TRI's.............................
There's nothing deregulated about "deregulation".
The primary result of the last ten years' "deregulation" has been that the mandated transfers of generating assets have lined the pockets of those on the receiving ends of the required legal costs and commissions.
As for Enron, pimps in the energy business are as old as the energy business. Enron just took it to the next level, and along the way generated enough money to grease politicians of both stripes.
If there is a solution, that might be the only solution.
The hole in the current security plan is the maintenance workers on the airplanes, of which many are non-citizens.
I guess I am the the only one in the world who thinks that's a problem.
I guess I am the the only one in the world who thinks that's a problem.
If you want to invent problems, you are free to do so. I am not aware of any case of sabotage on a commercial airliner perpetrated by maintenance workers. Doesn't mean it couldn't or wouldn't happen, but thus far, it has not.
I personally do not feel more secure with the federal government being in charge of this--or anything for that matter (except the military). Just look at the track records of the large government agencies like the IRS, the SSA, HHS--the agencies are a mess, the employees are often incompetent and/or surly (if you can actually ever get one to talk to you) and huge amounts of money are wasted or go unaccounted for.
Look at AMTRAK and you'll see how well the federal government handles transportation.
People are so easily duped into thinking their lives will be safer and better if the government runs them. In the case of the duped, perception = reality.
Sure! Let's close the barn doors after the animals have escaped the barn.
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