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**untostaronaf** · 08-02-2008, 12:06 AM

Originally posted by ramseya
Please can this go back on track or someone could change the post title and delete the stupid Mugabe references? This is really an important issue.

I am bothered by this greatly. First of all, what the hell is a windfall profit? That terms makes no sense to me as a profit is a profit, and it sets a dangerous precedence for the future. The situation behind the original windfall profits tax was different; in that case, an actual embargo by OPEC was allowing American oil companies to charge artificially high prices. The tax in that case made a little more sense than now where high demand is motivating inflation. Oil companies, as price takers in an open, non-OPEC manipulated market, are doing nothing wrong with their 8 cents on the dollar profits.

this is actual scary for the future of American capitalism. I think there's been little debate on the issue because most of us agree that it's a pretty bad idea. Moreover, I'm not concerned about it because I think it's empty rhetoric. It makes me (further) doubt Obama's sincerity, but I mainly see it as a way for him to try to beef up his progressive image as he otherwise continues to drift toward the center.

08-02-2008, 12:06 AM	#21
untostaronaf Join Date Oct 2005 Posts 448 Senior Member	Originally posted by ramseya Please can this go back on track or someone could change the post title and delete the stupid Mugabe references? This is really an important issue. I am bothered by this greatly. First of all, what the hell is a windfall profit? That terms makes no sense to me as a profit is a profit, and it sets a dangerous precedence for the future. The situation behind the original windfall profits tax was different; in that case, an actual embargo by OPEC was allowing American oil companies to charge artificially high prices. The tax in that case made a little more sense than now where high demand is motivating inflation. Oil companies, as price takers in an open, non-OPEC manipulated market, are doing nothing wrong with their 8 cents on the dollar profits. this is actual scary for the future of American capitalism. I think there's been little debate on the issue because most of us agree that it's a pretty bad idea. Moreover, I'm not concerned about it because I think it's empty rhetoric. It makes me (further) doubt Obama's sincerity, but I mainly see it as a way for him to try to beef up his progressive image as he otherwise continues to drift toward the center.
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