End Game: The Energy Scam

George Bush lifted bans on offshore drilling, explaining that this will not only increase our domestic supplies, but will also remedy recent drastic increases in the price of imported oil. Now, oil companies already have more than 2,000 leases on offshore oil that they haven’t even begun to drill, and then there’s all the producing oil wells in Texas and Oklahoma that Ronald Reagan’s administration ordered capped (and labeled ‘reserve’) after taking office in 1981 (and which caused a rather drastic immediate recession in those states as well as contributing to the infamous S&L collapse. The very first bank to collapse - Penn Square Bank in 1982, was heavily invested in those producing wells when they were ordered shut down. That cost We the People $150 million. The current and ongoing bank failures will cost us a lot more.

Meanwhile, the New York Times reports a Possible Industry Role in Energy Shortage, as Big Oil companies sought as long as five years ago to cut refinery output to increase profits. And cut back on new refineries is just what they’ve done.

But fear not! Bloomberg reports that Kuwait may build a refinery in Louisiana to help the US boost its capacity for refined petroleum products. As we fall further and further into deep recession/depression due to $5 a gallon diesel, $4 a gallon gasoline, and the fast-rising price of food, shelter and clothing based on that.

I probably don’t need to say it, but this is really bullshit. Bush/Cheney aren’t done robbing us blind yet? We’ve something MORE for them to steal before escaping to Paraguay? We’ve been set up for a fall, and now that we’re actually falling (with no sign of bottom yet), they expect us to clean up their mess with wealth we simply don’t have anymore? They looted our retirement funds. They screwed us on our mortgages. They blew everybody big time on WMDs in Iraq. And now… NOW we’re told…

…that the US oil industry is exporting a record 1.6 billion barrels a day of refined petroleum products, up a full 1/3 over last year.

Now, I realize that I’m not that smart about this sort of capitalistic crap-shoot, but it occurs to me that if the US had those 1.6 billion barrels a day of gasoline and diesel fuel we might not be falling off the economic cliff at an accelerating pace. And it occurs to me that we’re being told that the BushCo oil wars (now threatening to ignite the entire ME) are all about ’securing our supply’ - even though the truth is that our biggest foreign supplier is Canada, NOT Iraq, Iran, or even Saudi Arabia.

And with all this bruhaha about domestic supply - selling offshore and protected wilderness areas for drilling, capping producing wells, exporting a third of our domestic production - I’m wondering if the price of the oil they’re importing and charging us an arm and a leg for is LESS than what they receive on the world market for what they’re exporting.

I get the very strong feeling that they’ve screwed We the People yet again (that feeling just never goes away), seriously planning to turn us into just another Third World “Resource Region” for their total expoitation.

It’s their End Game. We have no choice but to play it.

Filed under Analysis, Recession, Depression, Energy, History, Market Crash, Corruption, Economics | Comments (2)

4,000 And Counting…

The Associated Press reported on Easter Sunday that the American Death Toll in Iraq Reaches 4,000 after a roadside bomb killed four soldiers in Baghdad.

At least 61 other people died across Iraq on Sunday, but the U.S. is not keeping any official records of how many Iraqis pay the ultimate price for the ‘freedom’ we have brought them. …and bought them, at a price so far to American taxpayers of ~$600 billion.

Meanwhile, back in Manhattan, J.P. Morgan upped its bid for the bankrupt Bear-Stearns investment bank to $10 a share, 5 times the negotiated price agreed upon last weekend just in time for the Tokyo stock market opening on St. Patrick’s Day. The unprecedented bailout of an investment bank that is not a member of the Federal Reserve system was seen as necessary to prevent a worldwide financial market meltdown. The Fed is guaranteeing Bear-Stearns’ worthless investments up to $30 billion (of American taxpayers’ money).

Speaking of American taxpayers’ money, the Bush administration assures us that the $200 - $600 in tax rebates set aside earlier this year in hopes of stimulating the economy (perhaps we’ll all go out and purchase shares of J.P. Morgan?) will be mailed in May. Perhaps this will come just in time for millions of soon-to-be homeless Americans to buy a nice three-room tent to live in during the warm summer months. If they’re very careful with their budget, some of those families might save enough to buy kerosene space heaters for their tents before winter!

Filed under Memorials, Class War, Depression, Anti-War, War, Federal Reserve, Military, Economics | Comment (0)

The Sky is Falling! …Oops

Bear-Stearns Bailout: Billionaires 1, Taxpayers 0

Hat Tip to The Bonddad Blog

This video consists of clips of Treasury Secretary Henry Paulson lying his ass off on George Stephanopolis’ Sunday talk-fest (you can tell he’s lying because his lips are moving, but pay attention to his “tell” - how he blinks, stutters and shakes his head when he tells lies, negating what he’s saying. The man just cannot defend bailing out a speculative investment bank - the fifth largest in the country - while doing precisely zip to help the citizens who are losing their homes to this mess.

Which, unfortunately, is only going to get worse as more greedy billionaires who haven’t paid any taxes since Bush exempted them get the people they’ve screwed (US citizens) to bail them out of their bad decisions. If the US taxpayers have to bail out the billionaires, shouldn’t we also make them pay some taxes? How about refinancing their homes at a flat 4% for 30 years, as if they’d gotten those loans from a fed-guaranteed lender (since that’s now who owns the paper)? How about wiping out THEIR debts?

I like this “Hillbilly Report,” thought readers would find it refreshingly truthful too. Enjoy!

Filed under Analysis, Policy, Recession, Depression, Class War, Appointees, Market Crash, Federal Reserve, Corruption, Economics | Comment (0)