Straight Out of Atlas Shrugged! "Reasonable Profits Board"

[Guest nicemac]

Dems propose 'Reasonable Profits Board' to regulate oil company profits - The Hill's Floor Action

Un. Believe. Able.

[mav]

Doesn't surprise me. Its too bad that people don't realize that the only people this going to hurt is themselves.

[hipower]

Sounds like O's getting his socialist/communist agenda underway at full speed.

[Oh Shoot]

Yep, another of the ole slippery slopes. Regulate that, and you have precedent to regulate any business. Or profession.

Then again, plumbers already make too much, eh?

- OS

[Guest nicemac]

People need to understand. Most "fat cat oil companies" are not owned by a bunch of fat cats. Small percentages of these companies are owned by corporate executives. The vast majority of the stock is owned by institutions. Institutions like your pension plan at work. Like the mutual funds your 401k puts YOUR money in every month. In other words, the very middle class that those Lib-tards profess to help.

Create the "Reasonable Profits Board" (and the other commissions that will soon follow) and watch America spiral into irrelevancy.

[Guest 6.8 AR]

I love those phrases like "Fat Cats". It reminds me of so many who fell into the "envy" game of the liberals.

"Equalization of Opportunity Act"

"Directive 10-289"

That woman had a way with words, didn't she?

Who is John Galt?

[Guest nicemac]

"Equalization of Opportunity Act"

Those were the first words that popped in to my mind when I read the article.

[leroy]

Just another reason to get rid of these chumps and anybody else that thinks this is a good idea; and apply the test on both sides of the aisle -- Demorat and Republican. One of the reasons that our economy in in the toilet today is this stupid socialist "envy your brother" baloney. Business (...as well as investors....)are afraid of what can come next from this bunch of idiots. Nobody is goin to invest in anything these sons of satan may choose to regulate (...and that could be anything....). Remember, there is an election this fall. It cant come too soon.

Update: I forgot about this. Dennis Kuncinich is the house sponsor of this bill. He is a firm UFO believer and genuine moonbat commie. My guess is that the "Astral Overseers" on the mothership are behind this bit of enlightenment. The co sponsors are the usual communist trash from the usual places.

leroy

Edited January 20, 2012 by leroy

[Guest Lester Weevils]

Though Roosevelt and Truman done thunk it up for wartime, none other than Nixon first done it in peacetime. At least it was peacetime if we ignore that pesky little annoyance grinding down in S.E. Asia that Nixon inherited from Kennedy and Johnson.

Hadn't thought about that for years. Looked it up the lazy way on wikipedia. According to these references, most sheeple at the time thought wage and price controls were the best thing since sliced bread and Nixon done good! I didn't remember that detail, if in fact it is an accurate representation. I was young'n'dumb and don't recall thinking about it much, except having to wait a dang long time to get a raise.

Paul Krugman loves it. Wouldn't have thunk Krugman would ever compliment RM Nixon!

Incomes policy - Wikipedia, the free encyclopedia

During World War II, price controls were used in an attempt to control wartime inflation. The Franklin Roosevelt Administration instituted the OPA (Office of Price Administration). That agency was rather unpopular with business interests and was phased out as quickly as possible after peace had been restored. However, the Korean War brought a return to the same inflationary pressures, and price controls were again established, this time under the OPS (Office of Price Stabilization).

In the early 1970s, inflation had been much higher than in previous decades, getting above 6% briefly in 1970 and persisting above 4% in 1971. U.S. President Richard Nixon imposed price controls on August 15, 1971. This was a move widely applauded by the public and some number of (but by no means all) economists, especially Keynesian. The 90-day freeze was unprecedented in peacetime, but such drastic measures were thought necessary. Also motivating the controls, on the same date that the controls were imposed, 15 August 1971, Nixon also suspended the convertibility of the dollar into gold, which was the beginning of the end of the Bretton Woods system of international currency management established after World War II. It was quite well known at the time that this would likely lead to an immediate inflationary impulse (essentially because the subsequent depreciation of the dollar would boost the demand for exports and increase the cost of imports). The controls aimed to stop that impulse. The fact that the election of 1972 was on the horizon likely contributed to both Nixon's application of controls and his ending of the convertibility of the dollar.

The 90-day freeze became nearly 1,000 days of measures known as Phases One, Two, Three, and Four, ending in 1973. In these phases, the controls were applied almost entirely to the biggest corporations and labor unions, which were seen as having price-setting power.[11] However, 93% of requested price increases were granted and seen as necessary to meet costs. With such monopoly power, some economists saw controls as possibly working effectively (though they are usually skeptical on the issue of controls). Because controls of this sort can calm inflationary expectations, this was seen as a serious blow against stagflation.

Indeed, the first wave of controls were successful at curbing inflation temporarily while the administration used expansionary fiscal and monetary policies. However, the long-term effects proved to be destabilizing. Left unsuppressed after the initial price controls were relaxed, the overly expansionary policies proceeded to exacerbate inflationary pressures. Meat also began disappearing from grocery store shelves and Americans protested wage controls that didn't allow wages to keep up with inflation.

Since that time, the U.S. government has not imposed maximum prices on consumer items or labor (although the cap on oil and natural gas prices persisted for years after 1973, causing gasoline lines during the 1970s). During times of high inflation, controls have been called for; in 1980 during unprecedented inflation, BusinessWeek editorialized in favor of semi-permanent wage and price controls.

Here is another link with reinforcing details (including Krugman's praise)--

Nixon Shock - Wikipedia, the free encyclopedia

Edited January 21, 2012 by Lester Weevils

[Guest 6.8 AR]

Funny thing about this thread. It could have been

as easily "One more piece of Atlas Shrugged is

confirmed, many more to follow", because the

hits just keep on coming. Amazing how well that

book predicted all this crap, isn't it?

Sent from my iPhone using Tapatalk

[oldogy]

Five of the six are admitted socialists............What can we expect! And who elects this trash!!!!!!!!!

[Glenn]

I'm thinking the first state to secede from the United Socialist States of Obamaland is going to have a huge influx of hard working freedom loving people. I am going to charter a bus.

Glenn

[leroy]

I'm thinking the first state to secede from the United Socialist States of Obamaland is going to have a huge influx of hard working freedom loving people. I am going to charter a bus.

Glenn

Glenn has his a home run here. There are those of us that believe that the good ole USA is quietly breaking up into "confederations" (...for lack of a better term ...) where like-minded folks come and settle for various socio-economic reasons.

There is a reason that there is an exodus from the commie territories like kalefornia to places like texas. We have been seein it here in tennessee.

Our next door neighbors are delightful young folks from, of all places, long island, ny. They are the third members of their families to move from new york to tennessee. They have 80+ year old grandparents and 45 to 50 ish uncles and aunts here in east tennessee. When ya talk to them about leavin home its the same thing. Too much government, no work, taxes too high, too much crime, sorry schools, ect. The problem that the blue states are havin is keeping their subjects at home and subjugated. It aint workin out; they are leaving, and i dont blame them.

I say to all of 'em: "...Come on down, leave your socialist slave masters behind....". sooner or later, all the real people will live in the "economically free" states and the socialists will live in the socialist states. Things will get real interestin then. I think it's closer than we all realize.

leroy