Richard Wolff warned of this scenario on Thom Hartmanns show today. He reminded everyone that the fracking industry borrowed over 600 billion dollars (yes, that’s billion) to get their operations off the ground. They quite literally need oil to be over $80 a barrel to break even. Now that that seems impossible, the banks and the investment class are getting very worried, however, only slightly. They knew what the plan was all along. Sure, it would be great for the price of oil to spike over $100, but in lieu of that unlikely scenario, we could always count on a government bailout.
But I’ll bet we don’t have enough money for poor kids to have lunch at school.
Fracking has been near underwater for awhile; let the magic of the marketplace take it down. No I am not a libertarian, but don’t believe in corporate socialism.
This might also teach the investment banks a lesson.
And it is a messy business as it is in the land, air and water.
It’s not socialism. It’s capitalism and should be named. This is sloppy and weak and plays off popular anticommunism. When Sanders uses this term he’s at his sloppiest.
I really try, you know? - to not just use obscenities and contempt when commenting on trump. but this POS is so over-the-top corrupt and a pathological fuckin liar and criminal rotten scumbag it’s gotten very difficult. The last few weeks since the coronavirus near-pandemic has given the orange chancre more opportunities to lie, further demean science and replace it with his ignorant syphilitic malignant brain, and commit more atrocities like the latest spew, I just find myself challenged to maintain - add the entrenched biden, clinton, obama DINO scum and my head explodes daily. Sorry
Emphyrio, I know exactly how you feel. I’ve grown so sick of this whole fucking political mess (swamp ain’t the word for it. Septic system perhaps?) with the elected politicos along with those politicos wanting to become elected. their subordinates, the media and everyone associated because they are all corrupt to their rotten core because of greed and self interest. Piss on the bunch of them but only if they aren’t on fire.
Love Richard Wolff. One of the very best economic professors.
And they’re saying that crude oil prices are plummeting as a resultant of this deadly bug? Good Lord, the world really is ending!
Seriously, can we please stop using this term?The US government doing something isn’t socialism. Come on, we can do better.
I think it may be MBS showing Trump just how little “power” T-wrecks truly has over the economy compared to what he has with Saudi crude. Some of their wells are so shallow that they can be ‘profitable’ at $6 per barrel.
I’ve read that the Saudis will continue to up production and drop price which will kill the frackers here. For the sake people depending on clean water from wells, I hope they succeed.
The dystopian psychoscape has truly rolled in — sickly grey, septic and greedy to be fed at the slop trough under Trump.
Mouths wide open awaiting the shovels of greasy cash.
School lunches for kids in poverty? Not in the world of Trump and the cult of Republicans living in their gated communities, away from the dirty, unwashed ones of America.
America must throw all Republicans and DINOs out of office and begin rebuilding “life, liberty and the pursuit of happiness”.
He is a POS. And yet he got alot of support by you people on this site originally. Especially on account of his pro russian and pro assange views. Only now when he is not toting you peoples version of politics do you care about all the crap he is doing to this country and the planet.
Trump got support on this site?
Absolutely fixable, IF we were actually a democratic republic. Bernie is working on that and the socialism too. What Trump should worry about —if this virus gets worse—is that all the people that voted for him before ( who had no money, nor much hope) and Trump said he was there to help-----they are still waiting—and time is running out. Besides as more and more places that deal with the public are closed down due to the virus and the hordes of UNINSURED—and people are either laid off or have their hours cut-----AND they still need to play rent and loans and cars—as all these items are hanging by a thread but need help or repairs-----------well ----not only Trump------but the nation will be in a heap of trouble. : ( Helping the corporates while both the planet and the People are suffering will be a nightmare for Trump --but for all the rest of us too. : (
socialism for the rich,capitalism for the rest of us. Just like the 2008 bankster bailout. To,“save the economy”. More gubbmint lies. WMDs,chem weapons, 911 etc etc
What? Trump did not support Assange. Trump does not support real journalists. In fact he doesn’t even like the concept of a Free Press–as even a few in the thoughtful press get accused of lies. That is Trump;s most popular go to word in his tweets-- FAKE NEWS. The irony , of course, is that Fake News is Trump’s lifeblood------Trump is twisting in the wind and I think that even as big an ego as is----is starting to get nervous ( not about the fate of America though, just his personal welfare. )
WOW! What kind of meds are you on to make a statement like that?
Typical Trump. Bail out businesses while ordinary people die.
A bailout for Fracking billionaires? Another article today discusses Trump proposing to raid …I mean borrow… from Social Security coffers to fund efforts to deal with the Corona virus. Evidently Trump feels that there is a shortage of cash? The poor man is worried that it would be hard to bailout the Frackers and fund efforts to deal with the Corona virus both?
My guess is that in Trump’s mind all that money in Soc Sec is just going to waste when it could be used to shore up the doomed Fracking industry. Hey maybe we could give a jump start to the dying Coal industry while we are at it? Trump has big plans and big plans need big money. No need for it to be wasted giving it back to people years from now when they’ll need it. Let’s do exciting things with it now. Let’s save fracking! Besides Soc Sec is socialism! Fracking is ‘good business’!
Cold hard capitalism is only for the masses of minions.
Government corporate welfare, and ‘noble’ largesse is reserved for the few and disgustingly wealthy. For those in our modern Versailles, their only competition is maintaining handouts from the public while starving same, cause they can’t afford to pay a decent wage. It’s too hard for them.
Capitalists can’t bring themselves to admit this publicly. It is our responsibility to attach the accurate narrative when describing the undermining of democracy again and again and again. Why are the wealthy entitled to even more money while the majority is told to suck it up? Time for trickle down to be replaced by bottom up. Insist on it.