Indeed.

Now, if I win the lottery, that’s a ‘windfall profit’ for me, but I have to pay half of that profit back in taxes. Is that ‘fair’?
Considering that I’d still be much better-off through no effort and if another individual won instead of me and they’d be subject to the same taxation, well sure, that’s ‘fair’.
But I didn’t manipulate the lottery system to make my windfall profit. Oil companies HAVE manipulated the system (Government—tax and energy policies) to maximize their profit. That’s a lot of work and work produces income and income is subject to taxes—so how come their tax burden hasn’t increased the way my tax-burden increases when I earn more money and why when I make a windfall profit am I taxed at a much higher rate for that particular windfall profit when oil companies aren’t? Is that ‘fair’?

I agree the ‘average’ American consumer may be in a poor position to now complain about choosing “stupid cars”.
But it is policy-makers, ‘experts’ and ‘industry leaders’ who have made great efforts to limit consumer choice and have repressed, manipulated and even falsified relevant information that would otherwise have enabled the general public to make better choices when it comes to cars—or practically anything else for that matter. Responsible government mandated CAFE standards (which are now 30 years old) which Big–Auto fought then and is fighting now (with the exact same arguments and with Big-Oil’s blessing of course). “Buy American”, ‘huge SUV’s protect your most precious cargo—your kids’ were heavily promoted campaigns re-iterated by politicians and reflected in policies regardless of facts (such as SUV’s roll-over easily and have weak roofs and carry more momentum and therefore are far less safe than a compact car in those respects).
Even so US automakers have lost significant market share and are doing so now especially, so there appear to be an increasing number of stupid American’s who aren’t so stupid anymore. The trouble is that stupid consumers can, or simply have-to, change their purchasing habits faster than Big Auto can respond—because Big Auto has long thought they could maintain there market share not through honest competition by through political manipulation. No longer.

While the Nation Barbecues Burgers, the US Economy is Getting Burned to a Crisp.

North Sea Brent Crude oil hit a record $146 per barrel on July 3rd before dropping to $144.48 which still priced it 11 cents above the traditional benchmark of the international oil trade, US Light Sweet Crude, apparently for the first time ever (that is, since 1973).
On the same day the European Central Bank raised its main interest rate from 4 to 4.25% which appeared to prompt the dollar to drop to a new low in comparison to the euro.

The BBC quotes Tokyo-based fund manager Tetsu Emori as saying: “The current market is being driven by the weaker dollar and with the equity markets a disaster, investment money is looking for a more profitable market.”

In other words commodities investors are steering away from US oil product and US currency at the same time.

Another 62,000 jobs were lost from “non-farm payroll” to reach a total of 438,000 in 6 months, the majority apparently in construction, financial services and manufacturing.
The monthly average over the last 5 months (excluding this month’s figures) is 75,000 so the job-loss rate for June is below that recent average.

However with Bush’s emergency tax rebate having had no appreciable effect thus far and with oil and gas prices still rising and driving increases in essential consumer products as well as wholesale production and distribution overhead there would appear to be little or no prospect of consumer spending slowing its downward tend or of employers halting cost–cutting measures for at least the rest of the year.

Now I have absolutely no official qualifications for my observations and opinions on matters economic and financial to be taken seriously by anyone but I think I’ve picked up a few basic concepts in the last few years to at least present reasoned arguments to support a current opinion that is ( and has been for a while) fairly contrary to usual ‘experts’ the media trots out ad-nauseum.

If nothing else if my “consumer confidence” is low, aren;t there a bunch of other people who share my views, valid or not? And as consumer confidence is widely touted as an economic indicator isn;t a lack of confidence pretty damnded important? And if the ‘experts’ fail to convicne consumers that they should have more confidence, their arguments are failing. Why? Am I and my fellow pessimists simply stupidm or ignorant or a bit of both? It could be. Or it could be that consumer confidence depends not upon the assurances of experts who no so much more than the average Joe or Jane, but from the evidence or the simple experiences that the majority shares–like finding that it’s much harder to afford even the neccessities when their prices increase by 50% whilst one’s wages drop by 10%.
Supposedly consumer spending and “small business: are the abiding strength of the American economy. Well when the consumers can’t afford to spend and the small businesses can;t afford to employ as many people and complain about it, why don’t the ‘experts’ who laud the average American’s fundamental impact on the overall economy then listen to the average American?

I’m reminded of an old joke about British Empire attitudes:

In a generic colonial outpost made of mud and straw, decorated with a smattering of Victorian conveniences and bric-a-brac to lend an air of civilization a British Army officer is just settling down to enjoy a large Scotch whilst he mutters to himself about the heat and the flies and the dirt and whatnot.
Drums and a general commotion erupt from outside and then a Private bursts in to the officers hut in a state of agitation.

“Sir,” he exclaims breathlessly, “the natives are revolting!”

Responds the officer: “You can say that again! I can’t stand them either”.

Same thing really.

Did John Stossel just call Hugo Chavez a hero?

No, he wasn’t talking about state owned oil companies, like Citgo, which use their profits to build schools, hospitals, ect.

He was talking about private multi-national oil companies which receive corporate welfare steal natural resources, and economically rape the people of the countries in which they operate.

How despicable.

http://marketplace.publicradio.org/display/web/2008/06/30/iraq/

Amen to that:

http://oddculture.com/wp-content/uploads/2007/11/bush_saudi1.jpg

So why haven’t we invaded Norway? I don’t think they have nuclear weapons, do they?

Thank you, all oil companies for the sacrifice of allowing us to subsidize you via tax cuts brought about by your powerful lobby groups.

Where’s Tracy to tell us how he is against corporate welfare, and to explain to us how beneficial the oil companies are to his portfolio?

A show of hands here; WHO WANT’S TO NATIONialize the oil industry?

You mean like Norway?

Avoiding the Oil Curse
What Norway can teach Iraq.

The 4.5 million citizens of chilly, oil-rich Norway may be sitting on the biggest gusher of them all. The largely unknown Petroleum Fund of Norway was worth 940.7 billion Norwegian kroner on June 30—about $147 billion—and is growing rapidly.

Here’s how it works. Cash flow from the government’s petroleum activities—the state owns 81 percent of the aptly named Statoil—is funneled into the fund. Last year, the total came to 91.9 billion kroner (about $14 billion). The fund then hires external managers to invest, generally using low-cost indexing strategies. It’s conservatively managed—more bonds than stocks, and investments divided equally between Europe and the rest of the world.

They are going to introduce them to the market in Europe and Mexico has already pre-ordered 2000 of them to run their taxi fleet. They get 180 miles per fill, drive up to 90 miles per hr, cost $3 to fill depending on local electricity rates and best of all, their very affordable….it’s just a matter of producing these things in mass for the consumer.

We could solve this oil crisis over night, we just need leadership! We need someone who will make alternative energy their NUMBER ONE priority. This will solve ALL our problems from the economy to CO2 emissions.

Thank you, Exxon for the damage the Valdez did and paying only $2bil, after the SCOTUS discounted the bill. Of course you paid form the company’s petty cash fund.

Thank you, all oil companies for the sacrifice of allowing us to subsidize you via tax cuts brought about by your powerful lobby groups.

Thank you for having that secret meeting with Bush and Cheney in late 2000 to tell them to go to war with Iraq, destabilize the world oil markets and wreak economic havoc on us.

THANK YOU, THANK YOU, THANK YOU!

But the sad truth is,the gigantic rape of America by the energy industry (and their willing partners in the government and auto industry)cannot be disquised by putting a little lipgloss on the pig.