Tuesday, September 23, 2008


Democrats Surrender on Drilling Offshore

After fits and starts, and despite the best (or worst) efforts of the limited political vision of the Gang of 16 or 20 or whatever, the Democrats have failed in efforts to reinsert the Congressional offshore drilling ban (due to expire October 1) into a must pass resolution and have thrown in the towel. Let the leases begin to be sold. Let's see what effect this news has on the oil markets the rest of this week.

Money quote from Cap'n Ed:

This puts quite the capper on the 110th. Not only did Democrats fail to achieve their broad policy goals, they failed on almost every specific goal they set in 2006. They failed to stop funding the Iraq war, they failed to impeach George Bush, and they surrendered on energy policy. Their only policy goal achieved — an increase in the minimum wage — came in a war-funding bill.

This battle may have been won, but the larger war for a rational energy policy continues. Congress has to pass a revenue-sharing bill with the states in order to get investment started in American production — a process that will create American jobs and keep our wealth in the US rather than overseas. With the meltdown in the financial markets still looming, this could not come at a better time.



Glad to get that off your chest? Does it feel good to point out democratic policy failures over the past 12 or 21 months?

Just remember, that the GOP mostly controlled Congress from 1994 to 2006. So never send to know why the manure heap is so high or the pit so deep.

There's more today, T. Except for the unnecessary Sarbanes-Oxley and the failure to get anywhere with needed reform of Social Security, what 'manure' between 1994 and 2006 are you complaining about. Tax cuts? Welfare reform? Iraq Policy 1998? What?

I am somewhat of an optimist and think that I can learn from instances in which I have been wrong. I remember the S & L mess in the reagan years, Remember? It was caused by deregulation. People who were greedy and stupid wee allowed to handle other people's money which they managed to loose in digits that began in 7 numbers and went on from there. I thought my children would be paying for that mess.

Then along came the 1990's and the economy was productive and the government deficits that were the result of Ronald Reagan's potlatch and voodoo economics shrank, became manageable, and even promised to disappear.

Then came 2000 and the JV snake oil salesman in the form of George W. Bush who cut everybody's taxes especially those of his rich buds. His party wasn't too keen on cutting spending though and the economy hit a series of rough patches even b/f 9/11.

Then he started a a war about which nobody talks about paying the freight. I mean what it is for Iraq? 8 billion per month off the books?

Now we have the subprime meltdown caused by the S&L TNG only the bailouts being discussed make the Resolution Trust look like a mom and pop grocery store in a prairie town the interstate bypassed a few generations ago.

And you know that Social Security isn't the problem. It is Medicare and Medicaid that are the entitlements for which we cannot pay.

So what has the GOP done or even thought about when it comes to health care. Tax credits? Okay let's see. You won't have to pay taxes on money that you don't have if you use it to buy health and accident insurance that you cannot afford.

Do you count Resolution Trust a success or failute? I agree that Medicare/aid is much worse than SS but both are unsupportable as they exist now. Stop with the tax breaks for the rich. It really makes you sound silly. The tax rate cuts were across the board. Of course the guys paying the highest taxes got the most tax relief as measured in dollar amounts, but it was a smaller rate cut than the lowest percentile rate cuts. The top 10% of American earners pay nearly all the income tax and much more than their fair share; the bottom 50% pays merely 3%. That's not good enough? And the latest tax rate cuts "for the rich" actually increased the percentage being paid by the top 10%. If we could tax spending fairly I'd go for that. Failing that I'm for a flat tax (the rent) of about 15%. Higher than that is wholly socialistic and therefore bad. Pleasure to talk to you yesterday. I got the case you sent. We'll chat more soon.
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