BP holds enough oil in its reserves to single-handedly supply the United States for two years. It has little debt for a company of its size and makes more money than Apple and Google combined.
So when the White House arm-twisted its executives into setting aside $20 billion for the Gulf oil spill, investors weren't worried it would bankrupt BP. They barely batted an eye.
"The U.S. government will become insolvent before BP does," said Bruce Lanni, a stock analyst with Nollenberg Capital Partners.
From Glen Ford:
The nation's unionized public school teachers are in a race for survival, whether they know it or not. Their worst enemy - the one that can do them and the public the most harm - was not George Bush, the white Republican, who called teachers' unions "terrorists." It is Barack Obama, the Black Democrat, who has taken the corporate education agenda farther than Bush could ever dream of.h/t KL
By all rights, the nation's five million unionized teachers should be in the forefront of resistance to the corporate money bags that dominate the Republican and Democratic parties. Teachers are the best-equipped for the job, in raw numbers, in depth of union penetration and, especially on the moral front: most people like and admire teachers. George Bush's Republicans were made to look like ogres when they tried to vilify teachers as a class. Yet that is precisely what Barack Obama is doing: making teachers the scapegoats and villains for all the ills that have been inflicted on the inner cities of America for the past five or six decades. Obama is having considerably more success than Bush in his offensive against teachers, mostly because teachers' unions cannot seem to recognize their enemy when he is a Democrat, and Black. [emphasis mine]
That lesson has finally been learned in Chicago, hometown of Obama and his Secretary of Education, Arne Duncan. Chicago's teachers, students and neighborhoods were the guinea pigs for Arne Duncan's campaign to hand over public education to corporations, when Duncan was CEO of the city's schools. Mass firings were the order of the day, decimating the ranks of Black teachers, especially. Whole communities were destabilized.
Last week, reformers finally won control of the Chicago Teachers Union, in what will hopefully set an example for teachers, nationwide. Karen Lewis, co-chair of the victorious Caucus of Rank-and-File Educators, or CORE, told the truth that so many teachers' union hacks have been avoiding: "This so-called school reform is not an education plan," she said. "It's a business plan." Lewis continued:
"Fifteen years ago, this city purposely began starving our lowest-income neighborhood schools of greatly needed resources and personnel. Class sizes rose, schools were closed. Then standardized tests, which in this town alone is a $60 million business, measured that slow death by starvation. These tests labeled our students, families and educators failures, because standardized tests reveal more about a student's zip code than it does about academic growth," said the union reformer.
And that is the heart of the matter. Public and private policies have devastated inner city America, with totally predictable results in terms of inner city student performance. And yet, what do both the Obama's and the Bush's propose? They demand more privatization, more so-called "public-private" initiatives that outsource Black and brown schools to corporations, for profit. Barack Obama and Arne Duncan learned the privatization game in Chicago. Hopefully, Chicago teachers can awaken five million union members and millions more inner city residents to the clear and present danger posed by Obama's corporate school agenda. For Black Agenda Radio, I'm Glen Ford. On the web, go to www.BlackAgendaReport.com.
From the good doctor:
Tomorrow he’s “informing” the president of BP of BP’s financial obligations. “Informing” is what you do when you phone the newspaper to tell them it wasn’t delivered today. Why not “directing” or “ordering?”
The President distinguished what has happened in the Gulf of Mexico from a tornado or hurricane because they are over quickly while the leak is an ongoing crisis, lasting many weeks and perhaps months more. He likened it to an “epidemic.” But the real difference has nothing to do with time. Tornadoes and hurricanes are natural disasters. Epidemics occur because germs mutate and spread. The spill occurred because of the recklessness and ruthlessness of a giant oil company in pursuit of profit.
I wrote earlier that we need to drill concurrent relief wells. Now Senator Lautenberg has introduced a bill to do just that...
"My bill takes a common-sense step to contain damages that come with the inherently dangerous drilling business. If relief wells had been in place before the BP rig explosion, the gushing oil could have been stopped in weeks instead of months," Lautenberg said in a statement sent to the Huffington Post. "Clean energy that will reduce our dependence on oil is the long-term solution - but while offshore drilling continues in the Gulf and Alaska, this bill provides a proven way to contain oil spill drilling disasters. I will also continue to oppose any energy proposal in the Senate that does not protect New Jersey from oil drilling in the Atlantic."h/t JM