Tuesday, June 10, 2008

Republicans Block Windfall Profits Tax

In a 51-43 vote today, Republicans blocked the Senate from passing a windfall profit tax on the oil industry.

Some will say (like this guy) that this infringes on the freedom of companies to make profits and interferes with the free market. Companies should be allowed to make however much profit the market will allow.

To a certain degree that's true. However, in true free market style, let's open this up to the free market. Many companies are given a pass on paying royalties for crude extracted from federal lands. That's right. While ABC Oil Company, Inc. is drilling on taxpayer land and extracting oil, refining it and selling it for record profits, we the taxpayer give them the oil FOR FREE.

Maybe we should find out how much those companies are willing to pay for their profits. Let's reopen the leases and have a bid on who gets to drill. Wouldn't that be "free market." Or would making a company pay for it's resources be too communist for the market. If you follow that logic (and it is faulty) I can get to the most (il)logical conclusion: Truckers should stop in to refueling stations and fill up with diesel, then drive off. ABC Oil needs free crude to operate and make huge profits. Truckers need free diesel to operate and make huge profits.

I'll say again to those opposed to windfall profits taxes: the oil companies make money for free and are experiencing record profits. It is only fair in a free market system that the taxpayer who is subsidizing their profits should see some of that.

Rep. Dennis Kucinich calls for Bush Impeachment

This is the reason I was willing to volunteer to coordinate his campaign in WV. He is one of the most courageous people on Capitol Hill. The Democratic leadership really, really doesn't want him to do this. As a matter of fact, they quietly worked to have him defeated in his primary, but couldn't pull it off. He got over 50% of the vote in a field of 5.

If you're interested in his reelection campaign you can get more info here.

Saturday, June 7, 2008

Contracts with Crooks: There really is no "low" anymore

According to ABC news and Gretchen Peters, the bush administration has pulled off another one.
"The US military has awarded an $80 million contract to a prominent Saudi financier who has been indicted by the US Justice Department."

Saudi businessman Ghaith Pharaon is WANTED and has been indicted by the FBI, is a fugitive from the law and will be providing jet fuel to American bases in Afghanistan. If only this were a "bad-boy-makes-good" story. It's not:

"Pharaon is wanted in connection with his alleged role at the failed Bank of Credit and Commerce International (BCCI), and the CenTrust savings and loan scandal, which cost US tax payers $1.7 billion.

"The Saudi businessman was also named in a 2002 French parliamentary report as having links to informal money transfer networks called hawala, known to be used by traders and terrorists, including Al Qaeda.

"Interestingly, Pharaon was also an investor in President George W. Bush's first business venture, Arbusto Energy."

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"Ghaith Pharaon is an FBI fugitive indicted in both the BCCI and CENTRUST case," said Richard Kolko, a spokesman for the FBI. "If anyone has information on his location, they are requested to contact the FBI or the US Embassy."

It's hard not to laugh at the sheer audacity of it. Pharaon not only invested in Arbusto, but was a classmate of "W" at Harvard.

How have we not gotten out the pitchforks and torches?