Slog News & Arts

Line Out

Music & Nightlife

« He Really Is a Menace! | Required Reading »

Tuesday, September 23, 2008

How Congress Really Feels About CEOs and Their Lopsided Bonuses

posted by on September 23 at 16:09 PM

Have ‘em.”

Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in an month-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer.

Appropriations Committee Chairman David Obey, D-Wis., told reporters Tuesday that a provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election.

If this comes to pass, oil speculators win, as do oil companies who have been left blameless in the record-profits-record-prices “paradox.” You want a real price drop? Let the oil bubble pop, and let the speculators stop driving record prices. Instead, if this Democratic quit comes to fruition, then the reduced overhead and convenient access to emergency, conservation-crucial regions will be icing on the cake for these companies’ continued record profits while the bubble naturally pops. All the while, most of America will be too busy making jokes about how gas is cheaper than milk to notice.

If Congress uses CEOs as whipping boys over investment scandals, then jerks them off in the corner, what’s the point? And the Democrats can’t even begin to pass blame on the Republicans for the past four years’ Congressional standstill if they keep meekly responding to Mr. 31 Percent’s veto threats. The only good thing is that Republicans can’t exactly spin this in a political ad. “The Democrats caved to the other side. Do you really want such wimps running the show? Vote McCain.”

…Actually, I’m starting to think the Republicans could run an ad just like that—with a photo of Jesse Jackson in the background Photoshopped next to a burning flag and an aborted fetus—and attract crowds of 200,000 for Sarah Palin in Fayetteville, AR, as a result.

RSS icon Comments


Any Democratic party partisans ready to stand up and explain this?

Posted by Trevor | September 23, 2008 4:29 PM

"Speculators" are just investors.

If you don't think free markets are particularly useful, which I don't, then fine. But if you profess to believe in (have faith in, kneel before) free markets, then please stop with the demonizing of these so-called speculators.

Posted by elenchos | September 23, 2008 4:31 PM

Goddamnit, this pisses me off. I can't stand up and explain it, but I would stand up and demand that Cantwell, Murray and McDermott explain their votes if they go for this bullshit.

Posted by Levislade | September 23, 2008 4:37 PM

I think we should take this fight to the House and Senate primaries. If its a Democrat and a Republican in a fight over a seat, I'm voting Dem no matter what. But I have no trouble going after some lazy ass, do nothing, incumbent and replacing them with an insurgent. It might take a few cycles, but it will remind the DNC who they should really be frightened of.

Posted by blank12357 | September 23, 2008 4:38 PM

The CNN artile about it state that they think there is 18 Billion barrels in the ocean.

Which would be about 2.4 years of oil for the USA.

Add in the environmental costs, how much it would cost to drill, put in oil rigs, etc...what a winning combo!

Fucking morons. Why are the democrats so spineless? WHY WHY WHY WHY WHY WHY WHY?!?!

Posted by Original Monique | September 23, 2008 4:42 PM

speculators are just investors with money to lose.

Posted by Bellevue Ave | September 23, 2008 4:52 PM

OM, theyre spineless because they have constituents that disagree with you across the country.

Posted by Bellevue Ave | September 23, 2008 4:54 PM

3 percent of the people own 84 percent of the stuff.

Posted by John Bailo | September 23, 2008 7:14 PM

Appropriations Committee Chairman David Obey, D-Wis.

The name says it all.

Posted by UnCommonSense | September 23, 2008 9:58 PM

@8 - 0.1 percent of the people own 81 percent of the stuff, Comrade John Bailo.

Didn't they teach you that at Socialism School when you became a Republican and therefore a Socialist?

And don't forget 99 percent of the people get to pay when the 0.1 percent make a boo boo and might otherwise LOSE CAPITAL (losses are part of that darned thing called Capitalism that you Republican Socialists hate so very very very much).

Posted by Will in Seattle | September 24, 2008 12:24 AM

WTF? If this comes to pass, oil speculators lose. Not much, but they lose.

And what - all CEO's are oil company CEO's?

If we had a real left left, wouldn't it have more of a clue?

Posted by RonK, Seattle | September 24, 2008 8:30 AM

Comments Closed

Comments are closed on this post.