Theft Or Boondoggle?
Published: February 19th, 2007
By: Tom Morgan

Theft or boondoggle?

Her idea sounds so obnoxious I felt it deserved a second column.

You maybe read last week’s column. About Hillary’s remarks about Big Oil’s record profits. “I want to take those profits and I want to put them into a strategic energy fund that will begin to fund alternative smart energy; alternatives and technologies that will begin to actually move us toward the direction of independence.”

I wrote that when politicians feel they are entitled to take anyone’s profits for their ideas you should worry. It amounts to larceny. It is theft from millions of purses. Including yours. You either own shares. Or your pension plan does. Or your community foundation does. Or your mutual funds do. Or your insurance company does. Or your church does. Those profits belong to investors. Not to Hillary. Not to any government.

By the way, that theft from oil companies will surely drive gasoline and heating oil prices higher.

The theft will drive stock prices lower. It will will frighten investors away from oil stocks. And from other industries that might get punished for earning too much profit.

I wonder: Would Hillary cheer if ExxonMobil profits fell? Would it make her happy if Big Oil did not do so well? ‘Tis a point worth a ponder. A grim one. Our largest companies, that benefit tens of millions of us. Doing poorly. Hooray!

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