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Posts Tagged ‘bank capital injection’

President Obama was in Williamsburg, Va., addressing  the House Democrats saying the stimulus bill could end the “tyranny of oil, “and blames the entire economic meltdown of the GOP and GWB. 

“Bolivian president Jorge Quiroga recently remarked that two key commodities, oil and cocaine, enter the United States duty free while the U.S. Congress debates duty-free entry of legal products from the United States…” http://www.latinbusinesschronicle.com/app/article.aspx?id=3129 

Congress is debating a lot of things, but it would seem that this stimulus bill isn’t going to stimulate anything but more angst for everyone. Why would Obama allow House Democrats to draft his stimulus legislation in the first place? What could he have been been thinking.  http://www.forbes.com/2009/02/05/obama-stimulus-republicans-opinions-columnists_0206_peter_robinson.html?partner=popstories

Apparently, it all comes back to the black gold and blame for Mr. O, failing to realize that there have been plenty of bipartisan issues that created this fiasco.  Yes, three–quarters of oil is owned and controlled by the world’s governments.  Chevron, Exxon Mobil, BP , Shell, Valero, Conoco-Phillips and Marathon are part of the world’s largest and most powerful financial empires in and of themselves, recently announcing record profits.  Problematic, is the restrictions from drilling and exploration on U.S. Soil and Territories while Obama wants to go green.  Sarah Palin governs a treasure trove of oil and reserves that could certainly help our economy. 

Green is already breaking the state of California with businesses moving out of state and taking jobs with it before they have to pay cap and trade carbon penalties.   http://online.wsj.com/article/SB123336500319935517.html?mod=googlenews_wsj  “Green policies have a tendency to push states into the red.”  Green is not going to push up any daisies for America in the short term, either.

Antonia Juhasz, in her book, “The tyranny of oil- The world’s most powerful industry and what we must do to stop it,” http://www.npr.org/templates/story/story.php?storyId=95465269 says the business and politics of oil’s production pose such grave implications on so many fronts — the environment, human rights, the economy, worker safety, public health — that the current state of petroleum-industry affairs is fundamentally antithetical to democracy.  Antithetical to democracy?  Tell that to the Iraq’s who recently voted in a democratic election. 

Juhasz is also analyst with Oil Change International, a watchdog group, and is the author of “The Bush Agenda: Invading the World, One Economy at a Time.”  Want to bet she voted for Obama?   Obama is not blameless in taking in Oil Industry campaign donations, granted not as much as the Republicans. 

General James Jones, US National Security Adviser was nominated to the board of directors for Chevron.  http://www.scandoil.com/moxie-bm2/news/gen-james-l-jones-nominated-to-chevron-board-of-di.shtml  Jones said, “Americans are right to demand swift and sensible action to produce more energy right here at home…”   http://www.energyxxi.org/articles/Statement_from_General_James_L_Jones_USMC_Ret_on_expanding_US_oil_and_gas_access.aspx  Maybe there is hope yet.

In the first round of billions spent, a report due on Friday calculates Treasury put about $254 billion into financial institutions in 2008, but got only $176 billion in value.  “That’s a shortfall of about $78 billion,”  adding that Mr. Paulson “was not entirely candid” in his description of TARP’s bank capital injection program. http://www.nytimes.com/2009/02/06/business/economy/06tarp.html?em   Pauslon bought preferred stock in companies like General Motors and Citigroup.  I’ve heard of “Buy American”, but holy shit, Paulson wasn’t supposed to take it literally.

What the frig is O doing in Williamsburg anyways- the campaign is over.  We know, you won.  Sad thing is, we’ve already lost $78 billion.  A stimulus is supposed to be immediate short-term spending in an economic downturn, not a forever solution to every problem.  It is still winter on the calendar and just a few weeks into the Obama administration and capi­talism and globalization are freezing in the US. 

Someone get Obama a blanket cause the heat is on Mr. President.

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