Memnison Journal

With huge numbers of people unemployed, and more rolling into the offices, the states are running out of money to pay benefits.  Like 30 out of 50 states.
Drill-baby-drill just went *choke*, as oil companies are suddenly unwilling to finance new exploration.   Existing wells are being shut down as uneconomical to operate, and forecasts are [...]

Beginning in 1992, a series of tax laws combine to create large tax credits for certain Hummer buyers. By 2002, the New York Times reports that, thanks to changes in the tax code during the Bush administration, an eligible buyer can deduct $34,912 of the $48,800 base price of the Hummer.
July 2002: The Hummer [...]

He also mooted the possibility that the Russian government would buy some of its metal products to shore up falling demand.
At under $50 a barrel, the Russian government is taking a beating, because their Big Ticket was oil and gas.   The entire economy was not based on industrial production, but in raking in petrodollars.   [...]

So here’s my ideas, half-baked:

Make the deal comprehensive, and mostly a take it or leave it scenario.  This sucker has been a political football for decades, and this ends here right now.
All three companies essentially go into a central, nationalized receivership corporation.
The equity in these businesses is pretty much gone, in any event.  [...]

I’m actively interested in your poisition on this matter.  Feel free to sound off inside *politely*.
My own struggles on this:

Robert Reich, the former Labor Secretary and one of my favorites on economics, writes:
After the market closed today, Bank of America announced a significant deterioration in people’s ability to repay credit-card and other consumer debt.  The central fact is this: consumers in the real economy are coming to the end of their capacities to keep [...]

Bush officials at the Department of Interior’s Denver office that were ‘overseeing’ oil company royalty payments to the government and taking all sorts of goodies from the oil companies - sex, drugs, hot bubble baths, frat house beer setups, and par-tay par-tay.  Then they tried to rewrite the ethics rules to permit them to do [...]

In Alaskan politics, you have to remember that the main support of the state revenue system is the tax-on-oil-stuff coming out of the north slope…and that all Alaskans get a cut back from the state of around $1700 a year in ‘reverse taxes’.  So EVERYONE supports drilling in ANWR in Alaskan politics.  Otherwise, they’d have [...]

The first thing you have to understand on Big Oil is that they have had this whip-hand on the United States in particular and the world oil market in general for a very long time.    They are not interested in giving that sort of level of economic or political control up to anyone.
And to be [...]