Oops. I’m a little behind for the day

Had to take the youngest for a sports physical, then since we were in the area we took a side trip to Sam’s. I’m afraid I’m a little delayed in continuing the windfall profit tax debate.

I’ll get to it. In the meantime, reject the MSM continuing assertion that McCain was “open to the idea” of a windfall profit tax for oil companies a few weeks ago. I did some research and found the actual quote to which they refer. Luckily, there’s video:

He said he’d take a look at it – as in you asked me a question and I don’t want to be rude. Then he said he’d look to see if there were any other issues affecting a pure market exchange.

Of course, there are. Some we can control, like subsidies to oil companies, and some we can’t, like futures trading. A little comment on each: To remove the oil company subsidies, just like increasing the capital gains tax, would be an effective increase to the cost of business for the company and would increase prices. The idea that future trading is driving up prices may or may not be real. What’s for sure? That speculation creates winners and losers. And the losers will eventually want a bailout.