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A Bleak Future
IBD ^ | May 29, 2008

Posted on 05/29/2008 5:14:07 PM PDT by Kaslin

Politics: Imagine an America where the government decides what profits are acceptable. Imagine our country with the oil industry nationalized. Impossible? Not with Democrats in control of Washington.


One California Democrat, saying out loud what many on her side of the aisle have been thinking for some time, has threatened to seize the oil industry.

"This liberal will be all about socializing, uh, uh . . . would be about . . . basically taking over and the government running all of your companies," Rep. Maxine Waters told oil executives on May 22 during yet another show-trial congressional hearing.

Socializing, nationalizing — the term doesn't matter. But the result is the same. Oil industry takeovers are disastrous. Does Waters really want the U.S. to go the way of Venezuela, Iran, Bolivia or Mexico? Those nations that have nationalized their domestic oil operations and have suffered economically because of it.

And as wretched as their situations are now, their economic prospects are even poorer as long as their corrupt governments continue to control their oil industries.

Meanwhile, Waters' colleague from Pennsylvania's 11th district, Rep. Paul Kanjorski, is proposing a federal "Reasonable Profits Board." Its members would be charged with determining when oil and gas companies' "profits are in excess."

Forget that it's impossible to objectively define what's "excessive." When the energy companies' profits increase, so will their federal taxes.

(Excerpt) Read more at ibdeditorials.com ...


TOPICS: Business/Economy; Politics/Elections
KEYWORDS: 110th; maxinewaters; oil; socialists
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To: OpusatFR
Because by that time, the country will vote the goofs out.

If it doesn't hang em from the light polls...
21 posted on 05/30/2008 2:59:37 AM PDT by Kozak (Anti Shahada: There is no god named Allah, and Muhammed is a false prophet)
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To: driftless2

I wish we had an energy audit of Ron’s home and lifestyle.

Isn’t there a bit in Atlas Shrugs where the government man is frantically asking what can be done to reverse the mess they made and they are told to just stop doing anything and get out of the way? It’s been a long time, so perhaps I should read it again.


22 posted on 05/30/2008 8:11:58 AM PDT by reformedliberal (Capitalism is what happens when governments get out of the way.)
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