At a family birthday party yesterday, I made a tongue in cheek reference to Mrs. Clinton as “The Smartest Woman in the World.” My quip earned a disapproving glare from the honoree.
Sheer stupity is not the only explanation for Mrs. Clinton. Gall and greed also work. Not does Mrs. Clinton tell business how much profit they should earn, she now telling individual investors that they are making too much money, Colin Barr, Fortune :
Exxon Mobil’s (XOM ) latest numbers continue to draw scrutiny. Exxon posted a 17% rise in first-quarter earnings , to $10.9 billion, or $2.03 a share, as the company benefited from the rise in energy prices. But shares fell 3% in afternoon trading, as the numbers missed Wall Street’s expectations and investors worried about an unusual production decline. Sen. Hillary Rodham Clinton indicated in an afternoon statement from her presidential campaign office that she’s enraged by the implication of Thursday’s selloff – that Exxon isn’t making enough money.
“There is something seriously wrong with our economy when Exxon’s record $11 billion in quarterly profits are seen as a disappointment by Wall Street,” Clinton said.
There is nothing wrong with an economic systtem which allows the individual investor to sell or buy when he alone see fits It is called the free market and no more productive system has existed. Yet Mrs. Clinton feels that somehow the individual investor should seek approval from the state before they reap a profit. I am sure that Hugo Chavez of the late Fidel Castro would agree with Mrs. Clinton. Do you?
Mrs. Clinton will certanly never be mitaken for Milton Friedman. Mrs. Clinton could be mistaken for Chavez, and Hugo’s enconomy is tanking.
Addendum; (Bit:)According to CNN Money , Exxon total “profits” if you don’t count exploration costs, were $40BUSD, in 2007. Their taxes, however, were $100BUSD.
And so, now perhaps we understand better why Wall Street sees those profits as being disappointing. They know the history of government where oil company profits are concerned. Mrs Clinton can and will preen and posture over ‘obscene’ levels of oil company profits but will never acknowledge who is really making the big money, here; Government.
Also, we appear to have answered Mrs Clinton’s question about what’s wrong with the system. Government is involved with it.