Wednesday, November 09, 2005

Senators Expected To Grill Oil Execs Today.

It is a sad day for the free market today. Senators are going to make the oil executives testify before the senate about their profits.

If you watch the news on television you'll see almost universal approval of the proposal to seize oil company profits. If you asked one of these people what "inventory profits" are, and why inventory profits rise and fall quickly? They wouldn't have a clue. I doubt that 10% of them could correctly state the difference between profits and profit margins, nor could they come within a few points of telling you what Exxon-Mobile's profit margin was for the last quarter. It's ok though they're right in step with the vast majority of the American public. Ignorance of basic economic matters is rampant in this country, thanks to the lack of education from government ran schools, and politicians will always exploit ignorance to expand their power.

The hearings today will be a huge victory for the anti--capitalist left in this country who has been trying for generations to demonize the very concept of profits and dream of government ownership and control of profits and production. Profits have long been described by the left using terms like "obscene," "excessive," and "windfall." Any way you cut it, profits are an ugly thing to the left. Generations of American school children, under the guidance of their leftist union school teachers, have either learned that profits are evil, or have learned nothing about the concept of profits at all. These school children have now grown into adults with the ability to vote and have a say in something they no nothing about. They couldn't write a paragraph on the important role of profits in the creation of our dynamic American economy. Even Republicans, like Senate Finance Committee Chairman Charles Grassley, know what the voters don't know and are eager to exploit their ignorance with calls for evil oil companies to "give back" profits to "the people."

Politicians are so slick. "Give back profits to the people" Their is no "give back" to use the term "give back" would imply that the profits use to belong to the people and the the corporations either stole them or the profits was given to them. Bussineses do not recieve profits or steal profits, they earn them through work. The only people in this scenario who may be stealing profits is the government and the only people who may be given anything is the non achievers.

While the rest of us will get the shaft since the oil companies will just look at this as another expense to do bussines and pass it on to the consumer. Oh well at least the poor will have their energy costs paid for while the rest of us pick up the slack.

Once again I will remind you that Alexander Tyler warned that a free country can not survive once its citizens learn that they can use the ballot box to take the property of others. We are almost there.

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