I suggested “Steaming Towards Statism” and another alternative as possible titles. PJM chose otherwise; it’s their perogative.
The sub-headline appropriately teases the content:
The decline in private-sector wages is just the tip of the iceberg.
The column will go up here at BizzyBlog on Wednesday morning (link won’t work until then) after the blackout expires.
If the government can take over giant global insurer AIG and the auto giant General Motors and replace their CEOs, in order to keep them financially solvent, it should be able to put BP’s north American operations into temporary receivership in order to stop one of the worst environmental disasters in U.S. history.
The Obama administration keeps saying BP is in charge because BP has the equipment and expertise necessary to do what’s necessary. But under temporary receivership, BP would continue to have the equipment and expertise. The only difference: the firm would unambiguously be working in the public’s interest. As it is now, BP continues to be responsible primarily to its shareholders, not to the American public. As a result, the public continues to worry that a private for-profit corporation is responsible for stopping a public tragedy.
This is evidence (as if we needed any) that Maxine Waters wasn’t blowing smoke when she said that she and many of her Democratic Party fellow travelers intend to take over the oil business. They’ll use any angle, any “opportunity,” any crisis as an excuse.