Editor’s note: The following letter is in response to the May 28-June 3, 2014, column “Agitate, America!: Inequality can be deadly” by Nancy Churchill.
With 25 years in racing, Nancy Churchill certainly must have some understanding of “competition” and of what enables one car to get to the finish line before the others.
If Big Oil were “swimming in an endless river of profits,” they would be paying bigger dividends. If their lobbyists give them unfair advantage, let’s do what Sweden did: Make it a crime with a heavy fine or prison sentence for offering or accepting anything for political favor.
She quotes Rachel Maddow and MSNBC on how Big Oil and the railroads are “thumbing their nose at the DOT.” In a half-century of experience with industrial companies of all sizes, I learned that most do not flout laws. They have “bigger fish to fry.”
As to Bakken crude oil going by rail … Union Pacific RRY handles a very large portion of that oil. And that railroad is owned by Warren Buffet, who, as you know, is a close personal friend of Barack Obama.
Big Money, pushed by Big Government under George W. Bush, encouraged banks into foolish lending practices to help the housing market, and thereby the economy. The phony prosperity crashed. The Federal Reserve dropped interest rates to practically zero to foster a recovery. This robbed folks who depend on the interest from their savings. It did nothing to help recovery, but Big Money is doing nicely, thank you.
For proof of this foolish idea: Japan had an identical real estate bubble that crashed about 1988. Identical recession. Identical low-interest “fix.” Identical failed fix. They still keep interest rates almost zero. It still doesn’t help. (We learn nothing.)
While you subtitled Ms. Churchill as a “Progressive Visionary,” she sounds more like an old-fashioned socialist. And we have seen what socialism has done to other countries. If she wants the USA to be like one of those countries, she’s on the right track. If she cares one iota about her country’s future, she will rethink her socialist sentiments.
From the June 11-17, 2014, issue