- Eric Holder Attorney General
The other way to look at it is that Eric Holder is taking cheap shots at BP to try to deflect attention away from the lack of effort of the Obama Administration towards fixing the problem. These guys would rather fix the blame than fix the problem. In either event, BP is a buy because with $300 billion in revenues, they are not going out of business. We are absolutely sure that BP complied with all federal safety standards regarding deep water drilling. What happened was ultimately inevitable. It just so happens that BP was the one that it happened to.
You can not have 5000 off shore wells associated with America and not have a problem from time to time. The deep drilling strategies employed are ultra-modern. The problem is that the strategies that are needed to deal with them are antiquated, and no one has either spent the time or energy to dream them up, or has the federal government forced anyone to.
This is a tragedy all the way around and brings home a very salient point. Those who put their trust and faith in government are making a terrible error historically. They screwed up the Iraq situation and the Katrina problems in New Orleans under the Republicans. Now the government does the same thing under Obama and the Democrats. Can you imagine over the next couple of years, health care will be screwed up by the trillion dollar plus fix that the Democrats voted on.
I am very optimistic about the future because as bad as government is at doing the wrong thing, it is far worse in every other country of the world. One of the biggest industries in China is tobacco. The government owned tobacco companies are twice the size of Philip Morris. China is currently creating a couple of hundred million future cases of lung cancer, diabetes, and other issues completely on a voluntary basis. Good luck China.
RichOnMoney
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