Tuesday, June 22, 2010

Looks Like Obama Is Going To Have Taxpayers Pay For Laid Off Oil Rig Workers

It's starting and the ulitmate cost to the U.S. Taxpayer will be enormous:  "President Barack Obama has asked Congress for legislation for a program to provide unemployment assistance for such workers." Here's the article link:  Take That, Taxpayers

While the Administration is posturing as if they are going to seek compensation from BP for the expense of supporting the laid-off rig workers, we all know how this is going to end.  Quite frankly, it now appears that Obama's Presidency is in the full downward spiral of failure.  His management of the oil spill disaster could well be, to this point, his coup de grace.

I have maintained from the beginning that:  1)  BP would lie and cover-up for as long as possible the true amount of damage occurring - so far this view is supported by many facts that have emerged;  2) the cost of the is disaster would ulitmately be in the several hundreds of billions, all things considered - like the economic damage to the Gulf States and ultimately to the U.S.; 3) that Obama should have seized BP's assets and assumed the management of the operations for the sole purpose of paying for this disaster;  4) ultimately, the U.S. taxpayer would bare most of the expense.  So far I have yet to see any indication that any part of my view is wrong.

On an unrelated note, the last Englishman to win Wimbeldon:  Fred Perry in 1936.


  1. So none of the $20 billion BP fund is going to help pay for these workers but we have to pay with our tax, donate money, and other things when BP should be the one picking up all the costs.

  2. I am truly amazed that Obama has not yet recognized that his ideologically driven policies yield exactly the reverse of the result he thinks they will. Healthcare, stimulus, Wall St bailouts, foreign affairs, ad infinitum. His imperviousness to facts make him so much more dangerous than just an empty suit.

  3. He needs to read "Atlas Shrugged." I am going to start re-reading it as my pool-side reading.

    The more I examine the whole situation, the more I have come to believe that Obama is exactly what the real PTB wanted in that job, as his policies are turning into a massive conduit to transfer taxpayer wealth (i.e. middle class) to the very wealthy and those who control the capital/capitol in this country.

    I have said since 2002 that the PTB would hold up this country until they've confiscated every last crumb of middle class wealth. Retirement funds are next.

  4. Dave, i'd like to check options issued regarding gold/silver future contracts. Just to have some idea about max pain and where the price is being manipulated to. I was looking for data on cmegroup's web but didn't succeed.

    Could you provide some link, where summary/list of active options can be seen (supposing you have one)?

  5. Dave,

    I started Fountainhead this past weekend. Funny how we find comfort and a little bit of ourselves in Rand's writing. On a bizarre side note, have you ever stop to think that Greenspan was actually just sabotaging the system Francisco d'Anconia style during his stint as Fed chair. That is the only way I can make any sense of someone with his background making those ludicrous decisions. Food for thought during those first few hundred pages...

    Got to go, getting more tugs and barges ready to go down to the Gulf. Boys are a bit nervous about some tropical storm wiping up.

    Quote of the day :

    "This business will get out of control. It will get out of control and we'll be lucky to live through it."

    Admiral Josh Painter from "The Hunt for Red October"

    I am Sofa King...exhausted.

  6. Hey Sofa - great observation re: G-span/Rand - thing is, Greenspan is one big fucking phoney. He is Henry Kissinger's blow-job boy. Greenspan and HK knew each other from their days at Bronx Science HS. Kissinger rescued G-span from commercial failure and propped him up at the Fed. Greenspan isn't even a bona fide Phd.

  7. here ya go stibot:


    $19 is the Maginot LIne right now.

  8. Don't worry Judge Hellerstein is in charge of the money. You have no worries there. His record in this area is impeccable just look at what he did for 911 victims. Stopped them from taking the Israel and the US government for running a controlled demolition that pumped particulate asbestos into the lungs of 13,000 people. They were completely denied legal redress by Mossad sayanim representative Judge Hellerstein. Now of course they are all dying poverty without medical cover form lung cancer and the vultures are nickle and diming the families for pennies to pay for medicines.

    911 litigiation was kept out of Court and in the land of the free the families were banned from even simple coroners courts on the dead. You have got a legal system in New York that makes jurisprudence in Yemen, North Korea and Uzbekistan seem fair and reasonable.

    Hellerstein approved the setting aside of inquiries into the put options into the airlines and by inaction allowed them to be "destroyed".

    This man is now in charge of the BP money (which is of course a Rothschild company), if you think anyone outside of the chosen tribe is going to get a penny you must have been hitting on your bong.

    Even if BP paid all the money in the world into the coffers of Justice Hellerstein, not one red cent would trickle down from Faggins crew to the people affected just look at Katrina. The Levies were clearly blown up as part of City Centre redevelopment scheme. Look their compensation 10 MRE's and bus ticket to Texas for your house.

    No use blamming anyone else just look at your own justice system. Stalin would have given his eye teeth for this type of complaint moronic population. But of course it has been this way since 1913 and before. The last man to deal with these prolems in the US was Andrew Jackson and in the UK it Edward 11 in 1270.

    By the way I suspect when he's not busy on 911 or BP Justice Hellerstein will be taking charge of your little class action against the COMEX. Don't bet on a successfull outcome of the charade. Perhaps if Hellerstein is busy, Michael Chertoff's old man might be sitting lots of luck with that one.

  9. Oh an by the way, if you draw on that BP account from the government...Yes that is considered EARNED income and will be taxed.

    BP does not have to pay taxes. YOU DO.

  10. http://www.marketwatch.com/story/lawmakers-ok-temporary-guarantee-program-for-banks-2010-06-22

    "Transaction Account Guarantee" program

    IE: Were printing.

  11. Not sure what that program accomplishes. I'm thinking maybe it's a Govt backstop to guarantee payment for business transactions? Anyone know?

  12. I got it - just means that if yer dealing with someone who kites checks, the Govt will make sure you get paid:


    Not sure how value-added that is other than to generate more moral hazard.

  13. Admirale Josh Painter was played by Fred Thompsen--politician and atty--do we expect less.

    or is that more--or anything?

    Speaking of attorneys, hows Eric (the taxpayer will not pay one cent) Holder doing. He should be "on deck" with WH departures.

  14. LOL - I have a much different job for EH - one that doesn't involve pay...

  15. Jesse had an interesting itme from you up a bit ago. If true I am liking it!

  16. Oh it 'tis true. He and I both think that as long as the stock market doesn't tank hard, silver/HUI can really rocket higher here.