Bachmann calls oil spill victim escrow account ‘a redistribution-of-wealth fund’

This woman is insane...

Who votes for her?

:confused:

minnesotaindependent.com/60259/bachmann-calls-oil-spill-victim-escrow-account-%E2%80%98a-redistribution-of-wealth-fund%E2%80%99

Hours before President Obama’s Oval Office address regarding the BP oil spill, Rep. Michele Bachmann had some choice words for the escrow account in the works — designed to aid spill victims — during a luncheon Tuesday held at the Heritage Foundation in Washington, DC. She called it a “redistribution-of-wealth fund.”

In her address to the group, Bachmann attacked the White House proposal for BP to arrange a $20 billion escrow account to pay for damages from the oil spill:

The president just called for creating a fund that would be administered by outsiders, which would be more of a redistribution-of-wealth fund. And now it appears like we’ll be looking at one more gateway for more government control, more money to government. If there is a disaster, why is it that government is the one who always seems to benefit after a disaster, and that’s of course what cap-and-trade would be.

[quote="jjdrury81, post:1, topic:202124"]
This woman is insane...

[/quote]

No more so than her comedian comrade...

[quote="jjdrury81, post:1, topic:202124"]
Who votes for her?

[/quote]

Hmm....she comes from the same state as Franken? Does that make things clearer?

[quote="jjdrury81, post:1, topic:202124"]

In her address to the group, Bachmann attacked the White House proposal for BP to arrange a $20 billion escrow account to pay for damages from the oil spill:

[/quote]

Here's the issue I have with the current proposal. Granted, the details aren't clear yet, but if it becomes another case of cronyism, I don't like it.

This "independent" group is appointed by whom? Who provides the oversight to this group? I think without congressional oversight, and clear rules established for the filing of claims, it will be exactly as Bachmann characterized it: they will make BP "be fleeced and make chumps to have to pay for perpetual unemployment and all the rest".

Payment of damages claims is a ham-fisted bandage and an attempt to restore wealth. It is in no way a redistribution of wealth.

I'm not too crazy about the demand for the escrow, but for different reasons.

  1. That's a lot of capital. Locking up that much money will likely hamper BP's ability to be profitable and actually pay claims. BP really can't get away.

  2. It seems very strange to me that this administration is keen to provide foreign terrorists with every right the law provides for citizens of the U.S., yet wants to remove BP from the protections of the law. No matter how you cut it, the escrow demand is a demand to remove the legal protections BP indisputably has in our courts of law, at least to the extent of 20 billion. If, indeed, BP can't escape civil liability, the escrow demand is breathtakingly hypcritical and can only be politically intended.

  3. And how much is this government going to put in the escrow account? I don't think there is much question that it has aided in bobbling this project. I am far from a lover of BP, but it seems to me that what's sauce for the goose is sauce for the gander. If the administering party really is independent, the government portion would not be doled out politically.

There was a good point made by estesbob on another thread.

[quote="estesbob, post:23, topic:202059"]
Obamas drilling ban is doing as much or more damage to the workers of the Gulf States as the spill did. Why should BP be held resonsible for Obamas guttng of the Off Shore Oil industry?

[/quote]

So, I've heard that the offshore drilling ban will cost 20,000 jobs in LA alone (source). Will they be eligible for funds from the escrow account?

[quote="Suudy, post:5, topic:202124"]
There was a good point made by estesbob on another thread.

So, I've heard that the offshore drilling ban will cost 20,000 jobs in LA alone (source). Will they be eligible for funds from the escrow account?

[/quote]

It is a matter that nobody in his adminstration seems to understnd the industry. He thinks that by forcing BP to pay these workers for 6 months it wont be a problem. The problem is that these rigs lease for hundreds of thousands of dollars a day. The rigs will soon start moving out of the Gulf to more drilling friendly coasts-it could take years to get them all back.

I really don't think BP will be financially hampered with as much as they make hand over fist. :p

[quote="cymonk, post:7, topic:202124"]
I really don't think BP will be financially hampered with as much as they make hand over fist. :p

[/quote]

Really? What was BP's profit margin last year? They are a publicly traded company, look it up.

I think you'll find their profit was less than other industries, including pharmaceuticals, banking, fast food, software, etc.

The reason she says this is because as soon as Obama get's his hands on that escrow account he will send MORE money to his buddy Soros to drill more wells in other countries. Obama and crew will be the ones deciding who will get what and how much. Third party means former ACORN employees.

"For the full year, replacement cost profit was $13,955 million compared with $25,593 million a
year ago, down 45%."

www.bp.com/liveassets/bp_internet/globalbp/STAGING/global_assets/downloads/B/bp_fourth_quarter_and_full_year_2009_results.pdf

Besides, I don't know that Obama can 'make' BP give the money up anyways... BP is trying to save face. Put a positive spin on this, instead of everyone boycotting their gas.

[quote="cymonk, post:11, topic:202124"]
Besides, I don't know that Obama can 'make' BP give the money up anyways... BP is trying to save face. Put a positive spin on this, instead of everyone boycotting their gas.

[/quote]

It appears that BP has agreed to a 20 billion dollar escrow fund. It should help their share prices as the market, above all, hates uncertainty

[quote="cymonk, post:10, topic:202124"]
"For the full year, replacement cost profit was $13,955 million compared with $25,593 million a
year ago, down 45%."

www.bp.com/liveassets/bp_internet/globalbp/STAGING/global_assets/downloads/B/bp_fourth_quarter_and_full_year_2009_results.pdf

[/quote]

And what does BP do with those dollars? Do they put them in a vault somewhere for the board of directors to jump into like a pile of leaves?

Or do they actually pay them out to the shareholders? Let's see, on p. 4 of the report, you see that every dollar of the profit you mentioned was paid out in dividends. Now, who are the stockholders? Mutual funds, private investors, and other institutions.

bp.com/extendedsectiongenericarticle.do?categoryId=9010453&contentId=7019612

Over 75% of all shares are held by individuals with less than 10,000 shares. This isn't a small cabal of people getting rich of BP. They are mostly individuals that invest in BP, and use that investment either to plan for retirement or to make a living.

[quote="jjdrury81, post:1, topic:202124"]
This woman is insane...

Who votes for her?

** “redistribution-of-wealth.”**

.

[/quote]

There was a time in this country when people knew it was a bad thing.

Actually she's one of the few people in Congress who gets it.

youtube.com/watch?v=TQRmiWuwe2Y

Looks like BP agreed to put up the $20 billion. Must have already been a done deal. Not the sort of thing you would work out in 20 minutes.

[quote="jjdrury81, post:1, topic:202124"]
This woman is insane...

Who votes for her?

:confused:

minnesotaindependent.com/60259/bachmann-calls-oil-spill-victim-escrow-account-%E2%80%98a-redistribution-of-wealth-fund%E2%80%99

Hours before President Obama’s Oval Office address regarding the BP oil spill, Rep. Michele Bachmann had some choice words for the escrow account in the works — designed to aid spill victims — during a luncheon Tuesday held at the Heritage Foundation in Washington, DC. She called it a “redistribution-of-wealth fund.”

In her address to the group, Bachmann attacked the White House proposal for BP to arrange a $20 billion escrow account to pay for damages from the oil spill:

The president just called for creating a fund that would be administered by outsiders, which would be more of a redistribution-of-wealth fund. And now it appears like we’ll be looking at one more gateway for more government control, more money to government. If there is a disaster, why is it that government is the one who always seems to benefit after a disaster, and that’s of course what cap-and-trade would be.

[/quote]

Looks like she was pretty accurate: it will be administered by Obama's "pay czar" from the White House. In other words, just another slush fund.

Will be get all the transparency that Obama promised in other areas, but not delivered?

Did y'all notice that no one yet has explained how paying a damage claim is wealth distribution?

I guess being self-insured is down right communistic!

[quote="Beau_Ouiville, post:18, topic:202124"]
Did y'all notice that no one yet has explained how paying a damage claim is wealth distribution?

[/quote]

Did you notice that nobody defended that point of hers?

[quote="Beau_Ouiville, post:18, topic:202124"]
I guess being self-insured is down right communistic!

[/quote]

I guess arguing from silence is down right irrelevant!

I'm not sure if anyone has noticed or not but the wealth in this country has already been redistributed...up. Over the last 30 years the rich have been getting richer and the poor and middle class have been steadily getting poorer.

A higher percentage of the country's wealth is being concentrated into a smaller and smaller percentage of the population but everyone acts like there's nothing wrong with this? I don't get it.

DISCLAIMER: The views and opinions expressed in these forums do not necessarily reflect those of Catholic Answers. For official apologetics resources please visit www.catholic.com.