When the full damage of the oil is calculated, and the full payment of restitution is required and the full consequences of lawsuits are understood and the monetary consequences of such enormous personal and economic misery are realized, BP will tell us that we face the choice of BP going bankrupt and being unable to pay its debts or receiving a government bailout so it can meet its obligations from the damage it has done.
We will be told that BP is too big to fail.
Prediction: Before the rooster crows another 60 times, BP will be seeking a government bailout. If you thought the Wall Street bailout debate was nasty, wait until you see the BP bailout debate.
There should be NO bailout of BP paid for by ANY taxpayer, period, end of discussion, over and out. If necessary there should be a fund paid for by all of the oil companies doing offshore drilling, as the price of their doing business off our shores and as the incentive to make sure this does not happen again.'
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Your giving oil companies a lot of credit in saying that BP's competitors should be the one's to come up with a fund. That just will not happen. Remember that oil companies are the greediest companies on the planet and that unethical buisness has become a normal part of the buisness day for all drilling contractors.
ReplyDeleteIf BP was an American company, the world would all get together and say, "Their government better do something about this!" "Those Big Bad Americans!" Sorry to say, but "British Petroleum" is at fault here and because this is a British company it is most definitely the responsibility of the British government to step in and help... which unfortunately also means that the British tax-payers will take a hit in the end. This is the way of the world. Somebody always gets the finger of blame and an invoice when it's all said and done. A government bailout by the British Parliament is not going to break the british economy.
And if the British Parliament's pockets don't seem deep enough, then maybe the US government should come up with some more monopoly money and make the company called "USP"... But let's all remember that 1/6th of British pension portfolio's are sunk into good ol' BP stock... And your saying that the British tax payer's should play no role in this crisis?