Does anyone else see this coming? The Wall Street bailout followed by the Gulf Coast mop-up?
We’re talking about the oil spill on the Gulf Coast, and the calls by that region’s governors for the federal government to step in and take over this clean-up.
It’s rather remarkable to see governors who normally extol the virtues of small government now calling on the federal government to assume this massive clean-up.
Louisiana Gov. Bobby Jindal argues that Louisiana has provided oil to the nation for years, conveniently forgetting that the oil industry provides $65 billion in direct and indirect annual benefit to his state and pays for 13 percent of his state government budget.
British Petroleum, meanwhile, is a monster of a corporation, producing reported profits of more than $95 million per day.
There is, we hope, no way U.S. taxpayers will be on the hook for this clean-up.