President Obama's address regarding oil spill and B.P. - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
 
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post #1 of 8 (permalink) Old 06-15-2010, 08:10 PM Thread Starter
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President Obama's address regarding oil spill and B.P.

I'm not politically, environmentally, or business savy enough to discuss. But maybe you guys are! So let's!

I for one agrees with what the president had to say.
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post #2 of 8 (permalink) Old 06-15-2010, 08:11 PM Thread Starter
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Re: President Obama's address regarding oil spill and B.P.

Oops... posted in the wrong section. MODS please move this to the Lounge please.
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post #3 of 8 (permalink) Old 06-15-2010, 08:18 PM
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Re: President Obama's address regarding oil spill and B.P.

[quote author=Say Chi Sin Lo link=topic=174717.msg3698234#msg3698234 date=1276647046]

I for one agrees with what the president had to say.
[/quote]

It's not even over yet.

Sorry, there was nothing earth shattering here so far. Just more posturing and public relations. Not that he can actually do any more, just not sure why this was an Oval Office address when he doesn't have any answers and so far, his policy points are rehashes.

Oh well, if the loonies criticize him enough for not putting on a scuba suit and plugging the leak himself, guess anyone would try to get out in front of it.
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post #4 of 8 (permalink) Old 06-15-2010, 08:22 PM Thread Starter
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Re: President Obama's address regarding oil spill and B.P.

Hahaha yeah I figured by the time I clicked "post", he would have finished, but I was obviously wrong.

Yeah I was surprised when he threw in clean energy talks as well.
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post #5 of 8 (permalink) Old 06-15-2010, 08:22 PM
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Re: President Obama's address regarding oil spill and B.P.

fuck bro i wont be able to swim
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post #6 of 8 (permalink) Old 06-15-2010, 10:50 PM
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Re: President Obama's address regarding oil spill and B.P.

hahaha I was going to comment but got distracted by the ad at the bottom of this thread: "BP oil Spill? Blame Obama?" Like for real?

Whiskey Tango Foxtrot!!!!
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post #7 of 8 (permalink) Old 06-16-2010, 01:14 AM
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Re: President Obama's address regarding oil spill and B.P.

I gotta say, I was pretty damn disappointed by this speech. Only a passing mention of a call to move toward renewables, an unsubstantiated claim that 90% of the leak will be plugged within days, and finally he closes with some bullshit about how our faith will get us through it? Seriously, BHO? Come on.



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post #8 of 8 (permalink) Old 06-16-2010, 07:41 AM
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Re: President Obama's address regarding oil spill and B.P.

I agree with all the points in this article. Never let a good crisis go to waste.

Commentary by Caroline Baum

June 16 (Bloomberg) -- Reports of the death of capitalism may have been greatly exaggerated following the panic and crisis of 2008 and the governmentís assumption of a bigger role in the economy. Now Iím not so sure.

Itís one thing when the government takes an ownership stake in a company, as it did with the banks. Then it has the authority, even a duty to taxpayers, to be involved in determining how much the company pays out in the form of dividends to shareholders and how generously it compensates its executives.

When the government has no ownership stake, it has no business interfering in the inner workings of a company, other than ensuring compliance with the regulations it has put in place.

President Barack Obama wants to change all that. He wants BP Plc to withhold its dividend in order to pay for the environmental and economic damage from the Gulf oil spill. Estimates of the cost of the cleanup and legal liabilities are as high as $40 billion. BP says it has the resources to do both. It may not have the stomach to pay a $2.6 billion second-quarter dividend on June 21 in the face of public outrage.

Obama wants BP to pay for the lost wages of oil industry workers affected by the moratorium on deepwater drilling -- a moratorium imposed by the president two months after he opened up new areas of the coastline to oil and natural gas drilling. (That way, furloughed workers can be counted in the metric, ďjobs created or saved!Ē)

Regulatory Failure

Do we in the U.S. really want the government to tell publicly owned companies what they can and canít do?

I know what some of you are thinking: When business screws up, government has to step in to protect the little guy.

BP screwed up big time. Based on documents released by the House of Representativesí Energy and Commerce Committee, it sounds as if the company cut corners to save time and money at the expense of safety. It didnít have a backup plan in place to stanch the oil flow if its blowout preventer failed.

Regulators -- in this case, the Minerals Management Service, a bureau of the Interior Department -- screwed up as well, issuing BP a drilling permit for its Deepwater Horizon project without requiring the company to submit a blowout scenario. In addition to MMSís obvious conflicts of interest in regulating an industry it collects revenue from for issuing leases, some of its employees were found to be whooping it up with industry employees.

No Legal Precedent

On what basis does Obama claim that BP is responsible for lost wages?

ďI donít think there is any legal precedent that simply because an employee is put out of work as a result of a government mandate he is entitled to any compensation,Ē says Andy Lang, who practiced labor law at McGlinchey Stafford Pllc, based in New Orleans, before retiring. ďNothing occurs to me in terms of a theory under which that would work. Heís trying to use the bully pulpit.Ē

Exactly. Itís a scare tactic designed to score political points with some of the faithful who are losing faith in Obama.

And itís a tactic the president employs often. With health care, financial reform and now the oil spill, Obama resorts to a whoís-the-baddest-dog strategy, making himself look good by putting someone else down.

One can almost hear the voice of White House Chief of Staff Rahm Emanuel telling the president not to let another crisis go to waste, just as he seized on the financial crisis as an excuse for regulatory reform.

Wolves Baying

It would be one thing if the reforms created incentives for regulators to do a better job rather than pile on more rules for the regulated companies to circumvent. Some changes in the wake of the banking crisis make more work than sense.

For example, federal regulators, primarily pay czar Ken Feinberg and the Federal Reserve, now review the compensation policies of major banks to make sure incentives donít encourage short-term risk-taking.

What does the Fed know about executive compensation?

ďIt knows that the wolves are at the door,Ē says Michael Aronstein, president of Marketfield Capital in New York.

Aronstein thinks most of whatís been crammed into financial regulatory reform could be better achieved by proper incentives.

ďIíve never heard a convincing argument why personal liability isnít the best risk mitigation technique,Ē he says.

The board and management of a bank would be held accountable for the risks they take. (Now thereís a fresh idea in this era of bailouts!) In the case of the biggest banks, liability would extend to perhaps the hundred highest paid employees, all of whom would provide a layer of capital, Aronstein says.

Slippery Slope

Nothing concentrates the mind like a hanging, and nothing constrains risk-taking like the prospect of a personal financial loss. Yet this kind of a market-based check-and-balance never gets a hearing amid thousands of pages of rules Congress writes.

It may be fashionable to claim that free markets donít work and bigger government is the answer. Itís not a big leap from there to the notion that if a little more government is good, a lot more is better. Thatís a slippery slope the U.S. doesnít want to go down, even in the face of a huge oil spill.

(Caroline Baum, author of ďJust What I Said,Ē is a Bloomberg News columnist. The opinions expressed are her own.)

To contact the writer of this column: Caroline Baum in New York at [email protected].

Last Updated: June 15, 2010 21:00 EDT


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