Dear media, 2

Obama did not drop his oil windfall profits tax or reverse his pledge to implement one. The tax was supposed to kick in when oil went above $80/barrel. It's now below that.

I know everyone is desperate to get the first told you Obama was just another lying politician!!1! story, but please, try to wait for one that isn't fake.

David Roberts is staff writer for Grist. You can follow his Twitter feed at twitter.com/drgrist.

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  1. morganmghee Posted 11:03 am
    03 Dec 2008

    It's All RelativeBush defends Record '05 profits for Exxon, Exxon reported record profits of $10.71 billion for the fourth quarter and $36.13 billion for the year -- the largest of any U.S. company. Average crude oil prices over all of 2005 were $49.18, which was a 37-percent increase relative to the 2004 average of $35.99. http://seattlepi.nwsource.com/national/257887_bush02.html ... http://www.eia.doe.gov/emeu/perfpro/news_m/q405.pdf
    Exxon raked in record profits in '06 even though the price of a barrel of oil ended 2006 at $61.05 http://www.usatoday.com/money/companies/earnings/2007-02- ... http://www.eia.doe.gov/emeu/perfpro/news_i/fni_q406.pdf
    Exxon shatters profit records 2007 while crude prices hover between $85-$95 climbing from $50 in mid-January to over $90 in mid-October http://money.cnn.com/2008/02/01/news/companies/exxon_earn ... http://www.dallasfed.org/research/energy/en0704.cfm

  2. amazingdrx Posted 2:39 pm
    03 Dec 2008

    WindfallsDeflation is rearing its depressionary head.  The tipping point between recession into depression is approaching.  
    A maelstrom of falling prices and profits and layoffs powers itself, one by one industries enter the event horizon and plunge into bankruptcy, the memory of the corporate entity lingers after chapter 11.  
    Individual fortunes are gone for good, thanks to tighter individual bankruptcy laws, lobbied in by credit card companies disguised as banks, too big to fail.
    The only thing that can counter it is confidence.  Obama is restoring it already.  We collectively shrug off market dips now.
    He knows what to do.  Manufacturing has to be restarted.  This whole maelstrom is made of imaginary currency and its electronic manipulation.  
    Obama will bring back reality, the reality of real workers and consumers, and smack wallstreet between the eyes with it.
    That's how you retrain these meatheads, first you have to get their attention.

    http://amazngdrx.blogharbor.com/blog John Schneider, Northern Wisconsin

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