Critics of the deal being worked out between Obama and Hayward point out that $10 billion is a mere drop in the bucket for a trillion dollar disaster but also note that BP, if its assets were nationalized, could fetch almost a trillion dollars for compensation purposes. There is talk in some government circles, including FEMA, of the need to nationalize BP in order to compensate those who will ultimately be affected by the worst oil disaster in the history of the world.Here's the link from Zero Hedge: LINK
I have been told that the shrimp industry in the Gulf will be wiped out for several years after this year. That's just for starters. The National Oceanic and Atmospheric Administration issued a report in which they estimated that in 2006 the Gulf fishing industry produced $7.8 billion in totals sales to the region's economy. Here's the link to that report: LINK.
If you read the Zero Hedge post, it is clear that BP is doing its best to try and cover-up as much as they can about the severity and cost of this disaster. Last week NPR reported that right after the rig blew, BP representatives were swarming the coastal towns trying to persuade local fisherman to take a $5,000 check in return for signing a waiver which would prevent the signee from suing BP for damages. Apparently Obama halted that effort.
What I find to be most ironic is how quickly the media has taken this story largely off the radar. I guess people would rather read about more important things like what's happening on American Idol or Jennifer Aniston's feeding habits...I would like to know why Obama is so quickly trying to negotiate a cap on BP's liability exposure. Hasn't he given enough taxpayer largesse to the Big Banks? After all, beyond BP's liability, the Taxpayer will be the deep pockets paying for this one.