Chairman Obama’s Next Move? Takeover BP?

…tapping, tapping, tapping…waiting, waiting waiting…for the next move of the collectivist Obama administration which could very well be the borg absorption of British Petroleum as recommended by economic transition team member Robert Reich.

Because one should never waste an excellent crisis!

Why Obama Should Put BP Under Temporary Receivership

It’s time for the federal government to put BP under temporary receivership, which gives the government authority to take over BP’s operations in the Gulf of Mexico until the gusher is stopped. This is the only way the public know what’s going on, be confident enough resources are being put to stopping the gusher, ensure BP’s strategy is correct, know the government has enough clout to force BP to use a different one if necessary, and be sure the President is ultimately in charge.

If the government can take over giant global insurer AIG and the auto giant General Motors and replace their CEOs, in order to keep them financially solvent, it should be able to put BP’s north American operations into temporary receivership in order to stop one of the worst environmental disasters in U.S. history.

The Obama administration keeps saying BP is in charge because BP has the equipment and expertise necessary to do what’s necessary. But under temporary receivership, BP would continue to have the equipment and expertise. The only difference: the firm would unambiguously be working in the public’s interest. As it is now, BP continues to be responsible primarily to its shareholders, not to the American public. As a result, the public continues to worry that a private for-profit corporation is responsible for stopping a public tragedy.

Read the entire article at the link above.  Mr. Reich does have a point that the government does need to be in legal control and have direct authority over what is happening to fix the leak in the gulf, I’m just worried that Bambi isn’t gonna give this bright shiny back when the leak is fixed.

(H/T BB)

Your Daily Glenn Beck; 10.26.09: The Me Generation

As soon as a YTer puts up the Art Laffer portion of Beck’s show today, I will post it.

Glenn Beck talking about the Me Generation:

Barney Frank is coming after non-financial firms. I heard about this legislation and am on the lookout for it.

Refounder Total as of today: 9

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