The Economist: Obama = Putin

For the record, I think it is way too harsh to say President Obama “…has convinced the markets that he is an American version of Vladimir Putin.” I just like pointing out anytime the left leaning European financial magazine “The Economist” shows any buyers remorse from endorsing Obama in 2008.

I also think that Rep. Joe Barton apologizing to BP Oil was an idiotic statement, but to say that all Republicans agree with him like the Democrat Party want you to believe would be like saying that they agree with Rep. Rep. Hank Johnson that Guam is going to tip over, or any of the insane ramblings from Rep. Alan Grayson.

No one feels bad for BP Oil and if they have to pay $20 Billion to help the people of the Gulf, so be it. That’s not to say that serious people who disagree with the President on policy are justified in having concerns…

America has a well-developed system for getting companies to pay for the damage they do; and BP long ago accepted that it would pay in full. But that was never going to satisfy the country’s corporate bloodlust. An outfit called Seize BP has organised demonstrations in favour of the expropriation of BP’s assets in 50 cities. Over 600,000 people have supported a boycott of the firm on Facebook. Several of BP’s gas (petrol) stations have been vandalised….

Investors seem to be worried that the wrath of American officialdom will ruin BP. They have driven down its value by $89 billion since the well erupted, far in excess of all but the most dire forecasts of the ultimate costs of the spill. Corporate America, normally quick to resist government intrusion, has kept strangely silent, as though businessmen are afraid of the consequences of sticking their heads above the parapet…

Mr Obama is not the socialist the right claims he is. He went out of his way, meeting BP executives on June 16th, to insist that he has no interest in undermining the company’s financial stability. But his reaction is cementing business leaders’ impression that he is indifferent to their concerns. If he sees any impropriety in politicians ordering executives about, upstaging the courts and threatening confiscation, he has not said so. The collapse in BP’s share price suggests that he has convinced the markets that he is an American version of Vladimir Putin, willing to harry firms into doing his bidding.

Give the whole article a read.


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