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Title: Maxine Waters threatens to nationalize U.S. oil industries
Source: You Tube
URL Source: http://www.youtube.com/watch?v=PUaY3LhJ-IQ
Published: May 22, 2008
Author: pundital
Post Date: 2008-05-23 14:48:29 by F.A. Hayek Fan
Keywords: None
Views: 326
Comments: 21

Title: Maxine Waters Calls for Nationalization of U.S. Oil Companies
Source: Death by 1000 Papercuts
URL Source: http://deathby1000papercuts.com/2008/05/maxine-waters-calls-for-nationalization-of-us-oil-companies/
Published: May 23, 2008

The heads of U.S. oil companies completed the second stage of their Congressional Big-Oil-Bash-Athon yesterday by answering questions from largely-economically illiterate congressmen–and women.

Congress took time out from pandering in person to pander in front of the TV cameras. The big winner of the “Comrade Stalin” award was Maxine Waters, who threatened to nationalize (seize) the oil company’s assets.

Apparently, Waters is committed to bring the same brand of efficiency to the oil companies that government has demonstrated at the Post Office and Social Security.

Rep. Waters seemed a bit confused on what she was calling for–”socialization” was on the tip of her tongue–and it was guessed that she was wanting Big Oil to “work and play well with others”.

The congresswoman declined to elaborate immediately afterwards–no doubt until she received further talking points from Hugo Chavez.

Of course, the Congresswoman is one of the reasons that oil supply is restricted: she’s voted against opening up U.S. oil fields in Alaska. But, being a member of Congress, she’s used to changing laws.

Waters will find that The Laws of Supply and Demand will continue to defy her best efforts. However, Waters is a gamer and one is assured that she will continue in her quest, no matter the facts.

Any number of rulers throughout history have drug their countries down the broken path of price controls: Rome, Russia, France, Great Britain, the United States are the examples that come to mind. All of them got a lesson in economics; when you control prices, there are less people willing to sell less of something for less money. Scarcity is the result. The next step is to criminalize those people who are not willing to give away their products for less. “Hoarding” is the charge that’s most often heard.

“I’d like to buy a clue, Vanna.”

Allahpundit was right on the money on this one: “Befitting the catastrophic stupidity of this idea, she doesn’t even know what the proper term for it is.”

For those with the slightest historical recall, Congress has been here before: in the 1970s oil and gasoline prices were controlled by a government hellbent on demonstrating that There is Such a Thing as a Free Lunch.

Sadly, the inelastic laws of Supply and Demand trumped the U.S. government’s best efforts then: “Windfall Profits Tax” and “price controls” soon meant that gas stations were open a couple days a week–and when they were open, motorists waited hours in line for privilege of filling up.

When Ronald Reagan was elected, gasoline prices in 1980 were in the $1.50 per gallon range. One of his first acts was to decontrol the oil prices. Pundits and Democrats screamed that gasoline would soon hit $2/gallon.

The Democrats in Congress were just as economically savvy in 1980 as they are 28 years later: within weeks, gasoline prices dropped to 60 to 70 cents/gallon and there were no more supply problems. Chalk one up for the philosophy of “government is the problem, not the solution”.

9/11 changed that a bit for some people. The struggles of the Homeland Security leviathan to do anything effectively–other than spend tax money–should have reminded people of the abilities of government control.

It has taken 28 years for Democrats to figure the American people had forgotten that 1970s episode of Congress “fixing” gas prices.

By calling for the nationalization of U.S. oil companies, Maxine Waters is betting on the “amnesia” of the American people.

Post Comment   Private Reply   Ignore Thread  

#1. To: All (#0) (Edited)

I was wondering how long it would take before some knucklehead started saying this. It comes as no surprise that Maxine Waters is that Knucklehead.

"The Central Intelligence Agency owns everyone of any significance in the major media." ~ William Colby, Director, CIA 1973–1976

F.A. Hayek Fan  posted on  2008-05-23   14:49:58 ET  Reply   Trace   Private Reply  

I actually laughed out loud when I read this header, and then looked for 'the Onion,' but it was only Maxine, being Maxine.

Lod  posted on  2008-05-23   14:59:55 ET  Reply   Trace   Private Reply  

but it was only Maxine, being Maxine.

She's always reminded me of Aunt Esther from Sanford and Son.

"The Central Intelligence Agency owns everyone of any significance in the major media." ~ William Colby, Director, CIA 1973–1976

F.A. Hayek Fan  posted on  2008-05-23   15:02:46 ET  Reply   Trace   Private Reply  

Nationalization of oil companies? Why not?

"HOLODOMOR" is Ukrainian word for "FAMINE-GENOCIDE"

angle  posted on  2008-05-23   15:10:53 ET  Reply   Trace   Private Reply  

She's always reminded me of Aunt Esther from Sanford and Son.

I shudder to imagine her constituents...

Lod  posted on  2008-05-23   15:12:42 ET  Reply   Trace   Private Reply  

I shudder to imagine her constituents...

Keepin' it fo reel, mofo....

“The best and first guarantor of our neutrality and our independent existence is the defensive will of the people…and the proverbial marksmanship of the Swiss shooter. Each soldier a good marksman! Each shot a hit!” Schweizerische Schutzenseitunt (Swiss Shooting Federation) April, 1941

X-15  posted on  2008-05-23   15:16:20 ET  (1 image) Reply   Trace   Private Reply  

She's always reminded me of Aunt Esther from Sanford and Son.

LOL.

Peppa  posted on  2008-05-23   15:32:02 ET  Reply   Trace   Private Reply  

The Wall Street Fed basically nationalized Bear Stearns and JPMorgan.

swarthyguy  posted on  2008-05-23   15:33:32 ET  Reply   Trace   Private Reply  

Nationalization of oil companies? Why not?

This is the same government that gave us Katrina and TSA goons keeping us safe from finger nail clippers and bottles of breast milk.

Gas stations would turn into 1980's Soviet stores. Wait in line for three hours to find out that the goods, whose prices were lowed by the ever loving and mindful state, are sold out.

"The more I see of life, the less I fear death." - Me.

"If violence solved nothing, then weapons technology would have never advanced past crude clubs and rocks." - Me.

Pissed Off Janitor  posted on  2008-05-23   15:36:35 ET  Reply   Trace   Private Reply  

The Wall Street Fed basically nationalized Bear Stearns and JPMorgan.

And this means that they should then go ahead and nationalize the oil industry?

"The Central Intelligence Agency owns everyone of any significance in the major media." ~ William Colby, Director, CIA 1973–1976

F.A. Hayek Fan  posted on  2008-05-23   15:38:14 ET  Reply   Trace   Private Reply  

I doubt she was serious, and anyway, with prior examples of Chrysler in the 70's, another large bank in the 80's, the S&L bailout, the American way of nationalization is to wait until an institution/industry is in trouble, then perform a bailout. Strictly not a nationalization because the taxpayer gets no overt or ongoing perceived benefit, but the citizens, via the tax funded government finance the rescue effort.

The oil industry is not in financial trouble currently.

swarthyguy  posted on  2008-05-23   15:43:20 ET  Reply   Trace   Private Reply  

I doubt she was serious, and anyway, with prior examples of Chrysler in the 70's, another large bank in the 80's, the S&L bailout, the American way of nationalization is to wait until an institution/industry is in trouble, then perform a bailout. Strictly not a nationalization because the taxpayer gets no overt or ongoing perceived benefit, but the citizens, via the tax funded government finance the rescue effort.

The oil industry is not in financial trouble currently.

She sounded serious to me. It appeared as if she was using it as a threat because she did not like the way the oil executives responded to a question.

"The Central Intelligence Agency owns everyone of any significance in the major media." ~ William Colby, Director, CIA 1973–1976

F.A. Hayek Fan  posted on  2008-05-23   15:47:28 ET  Reply   Trace   Private Reply  

Big oil already has the government in its back pocket, to the point where you can't tell where elected officials begin and Big Oil ends. So what difference would nationalizing it make?

Rupert_Pupkin  posted on  2008-05-23   16:26:45 ET  Reply   Trace   Private Reply  

ping

Fox News Channel is the television version of Free Republic

freepatriot32  posted on  2008-05-23   19:02:28 ET  Reply   Trace   Private Reply  

So what difference would nationalizing it make?

It's very important to have this kind of false opposition. Waters will be accused of communism, and everyone will point out that Marxism doesn't work. Meanwhile, the corporate welfare will continue.

buckeye  posted on  2008-05-23   19:10:30 ET  Reply   Trace   Private Reply  

She's always reminded me of Aunt Esther from Sanford and Son.

Only Aunt Esther was a lot better looking. ;^)

Liberty is not a means to a higher political end. It is itself the highest political end.
Lord Acton

James Deffenbach  posted on  2008-05-23   19:29:13 ET  Reply   Trace   Private Reply  

Keepin' it fo reel, mofo....

Fo shizzle!

Liberty is not a means to a higher political end. It is itself the highest political end.
Lord Acton

James Deffenbach  posted on  2008-05-23   19:30:09 ET  Reply   Trace   Private Reply  

Is Maxine on Obama's short list?

Jethro Tull  posted on  2008-05-23   22:24:18 ET  Reply   Trace   Private Reply  

What's that quote, the enemy of my enemy...

"HOLODOMOR" is Ukrainian word for "FAMINE-GENOCIDE"

angle  posted on  2008-05-24   7:07:00 ET  Reply   Trace   Private Reply  

Geez, I was thinking only of the revenue / price angle, rather than the incompetent gubmint worker angle. They may well be our salvation someday, but in this instance...not.

"HOLODOMOR" is Ukrainian word for "FAMINE-GENOCIDE"

angle  posted on  2008-05-24   7:08:55 ET  Reply   Trace   Private Reply  

So what difference would nationalizing it make?

My thought was the profit angle of $ 25 billion per quarter. This country can't make a hammer out of a rock, so it's a pipe dream anyway.

"HOLODOMOR" is Ukrainian word for "FAMINE-GENOCIDE"

angle  posted on  2008-05-24   7:11:21 ET  Reply   Trace   Private Reply  

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