"So the question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is, no they do not. " Milton Friedman
We’ve all heard the protestations by various poseurs and politicians, who want to investigate or restrain or regulate or apply punishing taxes to the “obscene profits” of big oil.
The best response to these demagogues and lunatics would be a flat-out declaration: profits are never obscene. Continued
2 comments:
Your mamma cant even spell Dow Jones!
This may be easy for me to say as someone that conducts his everyday travel on foot mass transit or two wheels (motorized and non) but people seriously need to stop crying about the price of gas. Big Oil isnt the problem -- indiscretionate and irresponsible entitlement consumerism is. The public, as Huckabee says...
"spends like John Edwards in a beauty shop."
For starters Americans pay less at the pump than almost everywhere else in the free world and secondly it is not a Constitutional Right to drive an automobile. Nobody forces nobody to move to the suburbs or work an hours drive commute away. Nobody forces nobody to drive to the AM/PM for a gallon of milk (more expensive then gas, so more evil than Exxon?) or a pack of Bubbalicious.
Obviously everones situation is different but the point remains, but anyone that has ever complained that ExxonMobil et al are the problem and evil and yet still drives a car or uses their product in any way is not only a hypocrite and a fraud but lacking in all redeeming moral character.
If you cant afford to fill your tank, buy a bicycle or walk. In other words tough shit. Its also a reason the vast majority of Americans are fat bastards.
However where "profits" do become obscene in my mind is not when they are a result of transparent capitalism but rather cloaked behind the ruse of altruism. For example the upcoming Live Earth concert series with tix going at a hundo a clip, the numerous charities of Revs Sharpton and Jackson enabling them to wear $5000 suits and live in Hustler (much better than Penthouse)apartments, or John Edwards making millions at a hedge fund to "learn about poverty".
I have no problems with wolves, its when they cross dress in sheep's clothing that concerns me.
Ever note that there is little discussion of the fact that Governments, who risk no money, take more money per gallon than do the oil companies and refiners, who risk billions?
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