David Brooks’ column “A period of stagnation” observes “Everybody is comparing the oil spill to Hurricane Katrina, but the real parallel could be the Iranian hostage crisis… They want to hold [President Obama] responsible for things they know he doesn’t control… Their reaction is a mixture of disgust, anger, longing and need…. We want regulation to be strong enough to reduce risk but not so strong as to stifle innovation….We should be able to have a grounded conversation based on principles 95 percent of Americans support. Yet that isn’t happening. So the period of stagnation begins.”
WATCHDOG:
Three shakes of the tail.
Brooks is correct in implying that there isn’t a tinker’s dam that the government itself can do to plug the well. Only BP has the technical skills. When the crisis is over, they will likely fire their executives and renege on promises to cover all costs. It will be their obligation to stockholders.
If we hold oil companies fully responsible for all losses in the future, few if any may be willing to run the risk…or they will do so in separate corporations with limited assets for each well.
We only differ with Brooks in that we perceive the “period of stagnation” having started decades ago with the merger and acquisition movement which sapped the initiative, vitality and resources of American corporations.
Brooks has evolved into what this old hound would call an Eisenhower Republican.
