Chirac's Triumphant Plan
It looks like Jacques Chirac wants to step into the ring and duke it out with Internet heavyweights Yahoo! and Google.
Earlier this week, the French president announced an initiative whereby France will spend well north of $2 billion on a series of technological projects; including building an Internet search engine, an unlimited mobile TV, and a French hybrid diesel vehicle.
(By any chance, was Mr. Chirac a guest of Hillary Clinton's during her Chicago Economic Club speech earlier this month? This French plan sounds startingly similar to Mrs. Clinton's "National Investment Authority" if you ask me..)
The French president added that he would like to avoid a future in which France was known only as a "museum country".
Looks like Chirac may be a day late and a Euro short.
Earlier this week, the French president announced an initiative whereby France will spend well north of $2 billion on a series of technological projects; including building an Internet search engine, an unlimited mobile TV, and a French hybrid diesel vehicle.
(By any chance, was Mr. Chirac a guest of Hillary Clinton's during her Chicago Economic Club speech earlier this month? This French plan sounds startingly similar to Mrs. Clinton's "National Investment Authority" if you ask me..)
The French president added that he would like to avoid a future in which France was known only as a "museum country".
Looks like Chirac may be a day late and a Euro short.
posted by Money Politic$ at 2:41 PM
68 Comments:
I thought Sen. Clinton copied it from Chirac.
There is an appropriate piece at Cafe Hayek.
I love this market process. People such as me -- people who lack even a whiff of creativity, people who are terribly risk-averse, people who lazily prefer to read novels and work at secure jobs and spend our evenings at home dining and drinking with family and friends -- just sit back and wait for profit-hungry hard-working anxiety-ridden creative entrepreneurs, each in competition with others, to find new ways to improve our lives. And we don't even have to accept what they devise. If we like it, we buy it. If not, we don't buy it.
Can I point out to you that France uses nuclear energy for most of their needs?
They are now net exporters of oil.
I want to thank the Republicans for my $100 check to pay for gas. There is only one problem. $100 is not enough. Can you make that a $1000?
From Kudlow's blog:
Todays guest
Tony Snow
Treasury Secretary
There will be many ex-Republicans who cash those checks.
Heh, a French government-sponsored search engine? Will it have a handy filter to screen out offending keywords like "courage", "immigration", and "failure to integrate"?
called, "I Surrender.Com"
or, "Dhimmitude For Me.Com"
BTW, Who said this, Today? "I don't believe an Increase in Real Wages causes Inflation."
Answer to above question, "Ben Bernanke!"
Answer to above question, "Ben Bernanke!"
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Don't humiliate him by calling Bernanke. It is not only tough to pronounce, it is also wrong.
His official name is Helicopter Ben.
I don't care if he wears a funny red suit, and his wing-man's call sign is "Rudolf;"
If he understands that a free-market capitalist isn't going to pay any employee more than his "productive" input, he's okay with me.
Instead of doubting the quality or earnings or wondering if prices have run too high and are risky, one could go through the earnings and determine the source and sustainability.
i wonder why none of the posters here ever bothered to support me on banning all subsidies for the oil and gas industry. Actually CMAYE did support me // Sharp chose to anatagonize me at every opportunity .
its like you guys just turned and looked the other way. Its like a little "tip" for Cheney and his former buddies in the oil and gas industry. Its like my criticism violated the "thou show never offend Tom Delay credo. "
Now both sides of the aisle want to end the subsidies in the Energy Bill of 2005. looks like I was right. If some of the conservatives out there want to get serious about controlling spending and letting the free-market do its thing --you cant allow things like these unnecessary subsidies to continue.
Oh yeah, like these tv talkers have time for stuff like that. Next thing you know Larry would actually do about 15 minutes of research on something he's been slamming for a solid year. Nah
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Angry over skyrocketing gasoline prices, both parties on Capitol Hill are considering taking back $2 billion in tax incentives the oil and gas industry got in last year's energy bill. "Nobody's happy," said Rep. Joe Barton, a Texas Republican who last year pushed the new incentives. Sen. John McCain said that the return of $3-a-gallon gasoline showed that Big Oil had "the least PR sensitivity of any group outside of satanic cults." Industry officials said they wouldn't fight to keep the breaks. "We'd obviously like people to like us," said Red Cavaney, president of the American Petroleum Institute.
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Thank God! Boom Boom show is over. Now I can live in peace.
XOM misses
4/27/06
10/27/05
4/28/05
10/30/03
8/01/02
4/23/02
You know Sharp, I guess that any business that has to do business in places like S. America, Africa, the Middle East, the Stans, the Oceans, etc. could be expected to have some hits and misses.
And, I guess they could be expected to make a bunch of money, from time to time, also.
Having said that, though; I'll be damned if I don't believe the government has let way to much consolidation go forward.
Exxon - Mobil
Chevron - Texaco
Conoco - Phillips
Valero - Premcor
Too much 3 companies own 70% of retail outlets too much
MS, I'll support you on banning subsidies for the gas and oil industry but precious little good it will do. Bush has called for dropping $2 billion in subsidies over the next ten years. But it was mentioned on CNBC yesterday that the industry is set to recieve about $30 billion over that same period in subsidies, royalties, and free leases.
The best Congress money can buy. Also, remember it was big oil and the other energy producers Cheney went to to write the energy bill.
Chirac would do better to actually invest the $2 Billion in GOOG & YHOO stock and get a return in 12 months! What conceit in this man and his country's business leaders! The Internet Revolution began 10+ years ago!!!
Great idea, Kevin.
Rufus, I do not believe mergers are the cause as you do. Our oil companies are small in the world. They no longer carry the weight to get contracts for good drilling sites as they cannot influence foreign governments. When was the last big find? America is just not as important in the oil market as it once was. I firmly believe one of the last things we want is small companies in a global economy of state owned oil companies. Besides the majority of the earning come from foreign countries. One must remember only a percentage of earnings comes from gasoline and only a percentage of that comes from our market. Prices are as high in every country except in those that control price because it owns the oil company. Prices are higher in some because of taxes and other reasons. All of Europe drives tiny cars and pays twice and up what we do. Americans just want something for a price that does not exist in this world, and the politicians are shameless. Worrying about Granny won't help. AG's investigating will not help.
Besides the mergers were made because oil was so low for so long the companies had to survive. Many refineries went bankrupt. That is creative destruction. The fit survived and they keep us supplied without interuption.
A few more E&P companies missed this afternoon. Cannot believe the earnings this week. Microsoft blew it again. The insurance companies do well.
They could cancel all of the subsidies for oil companies except most of them are added in the House and Senate to benefit a district or a state more than the oil company. The oil companies would probably be happy to trade the subsidies for the removal of regulations.
No more language about "wage pressure" is a good start. Now, Bernanke needs to stop talking about economy overheating and capacity constraint.
If there is not enough capacity, companies will build more and expand. It's as simple as that. Does the Fed think our CEOs have no idea what they are doing, or backward looking just like the Fed? Isn't it the job of the CEOs to worry about whether there is enough capacity? Shouldn't the Fed trust company mangers to do their job?! Or does the Fed think no one except the Fed is smart enough to figure out how fast should the companies expand capacity? What business does the Fed have targeting some arbitraray capacity utilization number?
Don't they know that the higher the interest rate, the less capacity expansion projects will be funded? This is corporate finance 101. By keeping interest rate high, the Fed is choking our economy and actually preventing capacity from expanding. Are they nuts or what? Please use some common sense Dr. Bernanke! Take your eyes off meaningless statistics and take up corporate finance theories!
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just sit back and wait for profit-hungry hard-working anxiety-ridden creative entrepreneurs, each in competition with others, to find new ways to improve our lives.
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I take it you didn't hear the tape of the Enron traders talking about f**kin* Aunt Millie in LA for the price of her electricity?
They're only after your money; how that happens isn't of much concern to these guys.
Jesus and Buddha they are not.
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The oil companies would probably be happy to trade the subsidies for the removal of regulations.
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If that means we can use 'eminent domain' to tear down The Hammer's house and put in a combination refinery, nuclear reactor, and rendering plant I'm all for it.
thanks Quirk -- I guess Bridges to Nowhere makes grabs quick news headlines -- but subsidies are indeed more plentiful and more of a taxpayer waste.
Its like "tipping" for the GOP -- you scratch my back on this earmark and Ill scratch yours later and tell CLub for Growth or Fox News NOT to mention it.
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subsidies for the removal of regulations.
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I'm willing to relinquish my mortgage write-off in return for a liquor license.
Not just retail; manufacturing rights too.
just sit back and wait for profit-hungry hard-working anxiety-ridden creative entrepreneurs, each in competition with others, to find new ways to improve our lives.
It must be nice to be a tenure professor supported by tax payer's money, and make fun of the people who made this country great. Our education system is broken!
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supported by tax payer's money
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You mean like CEO's that run companies that get federal subsidies?
Come to think of it, didn't Jimmy Swaggart get tax write offs?
Just as long as we're talking about who gets benefits in the tax code.
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people who made this country great.
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Any idea how many great scientists were gay?
Too bad you guys wanna throw them in prison.
You should read a bit about Alan Turing.
BTW, did coal miners make this country great?
Because I think we shot a few of those guys along the way...
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supported by tax payer's money
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You know the guy that runs UNH, got a billion or so...?
Did UNH get to write-off any part of that?
One of the ideas that’s been discussed in that context is the idea of defining quantitatively what the optimal long-term inflation rate might be.
What is there to discuss? It should be zero!
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What is there to discuss? It should be zero!
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Nope; it's too easy to fall into deflation.
just sit back and wait for profit-hungry hard-working anxiety-ridden creative entrepreneurs-------
The peoople willing to take the risk deserve the rewards. Many times it ends in failure and leaves them poorer than before. If one reads the piece, it shows how the market will work if allowed. Those with no desire to learn or work only the required 40 hrs. should not be envious of the rewards that go to those who get educated, work long hours every day and succeed. A previous piece at the same site reminded us how hundreds or millions of opinions work better than a few from government. I will add a few uninformed, political opinions from government.
Too bad you guys wanna throw them in prison.--
I missed this one. Who wants to jail gays?
Did UNH get to write-off any part of that?----
I only learn enough tax policy each year to file my own return, and I am not up on tax law. If the company wrote it off, the stock option profit did not come from the taxpayer, and he may have paid taxes on the profit.
I hear the coal miners are still shooting back. Massey's CEO took a few shots not meny years ago. Coal miners have a tough job which is safer today than ever before. There are many industries with more injuries and deaths. I think construction is one.
subsidies for the removal of regulations---
The regulations that hold up smaller exploration and production companies are more environmental. A company can be awarded a lease only to be tied up in court for years by the green groups. The cost of delay is possibly greater than the subsidy.
There are books of regulations on the refineries and the exploration companies. Allowing them to drill when there is oil or gas would help.
I think the good news in the opinion of some Senators that FEMA should be abolished is that they admit the bureaucracy of governmant is out of control. The bad news will be if they let someone like Collins construct a new one like she did for the National Intelligence Dept.
Responding to public anger over gasoline prices, the White House and Senate Republican leaders backed new measures to shift the burden to car makers and oil companies.
Both President Bush and Senate Majority Leader Bill Frist yesterday urged Congress to pave the way for higher passenger-car fuel-economy standards, a measure Detroit has long resisted. White House spokesman Scott McClellan said a rise would "save jobs, save lives and save fuel." Mr. Bush said during a visit to a Mississippi gasoline station that he would ask Congress for clearer authority to raise the levels, and Mr. Frist, as part of a new energy bill, offered to give it.
Bush and the Republican majority Congress want to fight high oil price with more, not less, regulation. Shame on them.
Nope; it's too easy to fall into deflation.
Zero inflation also means zero deflation. Are you sure you are an economist?
Aww, how cute. magicStix and KTS mistook election year pandering for actual reforms, and naively took it for vindication of their rantings.
Seriously, don't you remember this routine every two years? There's always a boogeyman, always an evil corporation or special interest group trying to destroy the American way of life. The only difference is the choice of cardboard cutout targets, which tend to cycle depending on who's out of power.
Now we'll have cardboard cars with great mileage. I tell ya Tax, politicians are shameless and dangerous.
aww too bad UNBELIEVER is resigned to attacking other posters b/c he cant refute anyones arguments w/ subtle nuances and over 60% of the country doesnt approve of his beloved President. SO Sad.
Bernanke said some good things yesterday: Kevin Brady (R-TX) asked, “Does the windfall profits tax increase production or in any way lower our gas prices any way?” To which Bernanke responded:
I don’t think it would. Profits taxes have the adverse effect of removing one of the major incentives of our market system; if people think that their profits are going to be taxed away, that reduces their incentive to engage in certain activities. So I would like to let the market system work as much as possible to generate new supplies—both of oil but also of alternatives—and for prices, painful as they may be, to help generate more conservation and alternative uses of energy on the demand side.
He also said that the Fed won't raise rates to fight high oil price. That is a very good sign. Here is what Bernanke said: Rising energy prices pose risks to both economic activity and inflation. If energy prices stabilize this year, even at a high level, their adverse effects on both growth and inflation should diminish somewhat over time. However, as the world has little spare oil production capacity, periodic spikes in oil prices remain a possibility.
However, to show the world that the Fed knows what it is doing, Bernanke must do at least two more things: (a) elimimate the language about overheating. How does the Fed know what kind of growth rate our economy can achieve? No body knows! Let the market decide. And (b) give us a monetary target (not the optimal target of inflation rate). If Bernanke wants more transparency, less uncertainty, and smoother financial markets, then the Fed must pick a good monetary target and let everyone know about it. That would be a major improvement over the Greenspan era.
That's what I like to hear about oil. I have not listened to Exxon's call yet, but Lehman's was impressed with the 5% y-o-y production increase after 5 q's of decreases.
On Valero a NE refinery will be down for five weeks for upgrades and maintenance. The Houston expansion will be complete in September and increase production from by 75,000 b/day.
Sharp said...
There are books of regulations on the refineries and the exploration companies. Allowing them to drill when there is oil or gas would help.
Sharp, I think I read on one of the posts that you are from Florida. If true, the only observations I would make are that with the rebounding market, with Florida property values booming, and with Jeb Bush vetoing any drilling off the Florida coast, it is probably pretty easy to take the high road on government regulation. However, I suspect if someone said they were going to put a windfarm or a refinery in your neighborhood, in the words of Hans and Franz, you would "squeel like a little girley-man." You know, similar to how the "environmentalist" Kennedy's reacted when they found out that a proposed windfarm might "spoil" the view off Hyanisport.
Q I have already given my negative opinion of ugly, noisy windmill farms being put on our spots of natural beauty. I do write to my representatives on a regular basis to argue for drilling offshore FL. It would be far more profitable than tourists. The refineries will be expanded rather than new ones built. The book of reg's make it a lengthy process and too expensive to build new. Local regulations would keep them from your neighborhood, and we don't need politicians pretending to have some control over prices by passing more reg's.
And FL properties are considered in the bubble area of the RE market. I took the high road on government regulation in every state in which I have lived. Principles do not change because one moves.
Sharp, I apologize. I should not have questioned the purity of your convictions. Obviously, a case of me projecting my own shortcomings onto a fellow blogger.
From Briefing?
Exxon Mobil announces startup of Nigeria Erha development (62.96 +0.54)
Co announces its affiliate, Esso Exploration and Production Nigeria Limited, has started production from the world-class Erha deepwater development located approx 60 miles offshore Nigeria in 3,900 feet of water. Erha production is expected to ramp up to 150,000 barrels a day by the third quarter, and Erha North will contribute another 40,000 daily barrels by year-end for a total production output of 190,000 barrels a day. The facilities were constructed within budget and total cost for the two developments, including facilities and drilling, is approx $3.5 bln.
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