Mitch McConnell Defends the $75 Million Cap for Damages on the Oil Companies
Looks like Mitch McConnell is channeling his buddy Lisa Murkowski on lifting the $75 million cap on damages for the oil companies. So let's see if we can follow Mitch McConnell's logic here. He doesn't want anyone to be able to sue the oil companies for more than $75 million in damages because it might put some of the smaller oil companies out of business. I would assume lifting that cap would only put them out of business if they actually they did more than $75 million worth of damage. So I guess that means McConnell would like for small companies to be allowed to do more damage than they can afford to pay for, because putting an unsafe company that did that much damage out of business would be worse than... allowing them to do more damage than they are capable of paying for. The mind reels.
GREGORY: Let me turn to the issue of the BP oil spill, which the president was quite angry about after the appearance by CEOs on Capitol Hill this past week, including the CEO of BP. You heard Senator Schumer say there ought to be more effort on the part of the government to look over the shoulders of the oil companies. What do you say?
McCONNELL: Well, look, we're all angry about it. This is a--an environmental disaster of gargantuan proportions, but the president's spent a whole lot of time pointing the finger at, at BP--and you should point the finger at BP and the other companies involved in it. We're also interested in knowing what the administration did. Was the Mineral Management Service a part of this administration that approved this site? It also approved this spill response plan. What kind of oversight did the administration provide during the course of the drilling? There are plenty of questions that need to be answered, and there'll be adequate time for that. But the administration's involvement in this will be a big part of the inquiry. In the meantime, we need to do everything we can to stop this spill.
GREGORY: What about the issue of legitimate claims, as BP said, that it will honor? Do you think that the cap for damages should be higher now, higher than $75 million, as you heard Senator Schumer say they would propose?
McCONNELL: Well, the danger in that, of course, is that if you raise the cap too high, there will be no competition in the Gulf and you'll leave all the business to the big guys like BP. What BP has said they need to be held to, which is they're going to pay for this. They ought to pay for it, and they will pay for it. But the danger of taking the cap too high is that you end up with only massive, very large oil producers able to meet that cap and produce in the Gulf. And look, we can't walk away--and the president's not suggesting this either--from offshore drilling. As horrible as this is, it's important to remember that we get 30 percent of our oil from the Gulf and, if you shut that down, you'd have $14 gasoline.
I'd also like to know where the Republicans were during the eight years of the Bush administration with their concern about MMS. I say investigate away, but they'd better be going back ten years and not just one for the causes of the problems within that department.
(as the bush/oil administration did) then you are also pushing for the companies to pay for the costs THEY create when they make mistakes, and the mistake here couldn't be bigger. you can't say that others should pay for these costs, there is no logical or moral justification to say they should make others pay for the costs(junk economics be damned). de-regulation once again shown to be nothing but a self serving scam, as the left said it was all along.
As soon as we cap profits.
...
Hmmm - sure got quiet out there all of a sudden.
So McConnell's argument for BP's low liability cap is for the small business guy. The mom and pop drilling ops. What a crock. The lower cap benefits BP.
Also, did anyone ever read the article a couple years ago why $5 a gallon gas might be a good thing? It would be a shock to the economy, but it would force us to deal with our oil addiction (Bush's words) and bring many alternative energy methods to the fore front.
Who allowed the cap and why..Could it have been as a salvo for thier corporate donors..Could it have been the Cheney closed door sessions..Think so! Do check the cap original allowance..It was the republicans!
it's time mcconnel went.
he is nothing more than a
corporate whore always down
on his knees with his mouth
wide open.
Well said. McConnell is a whore for the ones with most money. What is most disgusting is that he is so overt about it.
Most of my caps cost $10.00 at Walmart...
Diabolus est Deus Inversus
I almost fell off my chair on this one , what a shock . God damned scum . Thank you Kentucky , you inbred morons should not vote !
"The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all."
mom and pop international oil companies and deep sea drillers. Mom and pop are just struggling to put food on their tables.
yeah, really. Why do you hate small business in America?
BP has already 'given' Florida $50 million. Not for damages, but for smoke and mirrors.
BP CEO: Here's another $25 million, Florida
snip
I cannot vouch for how long the link will be valid-one of my issues with No-News 9.
;o}
I pledge allegiance to the Constitution of the United States of America, and to the republic which it established, one nation from many peoples, promising liberty and justice for all
for the important stuff.
Well in that case Mitch maybe we should put a cap on political contributions to you, say, $75. That way, the little guy will have a chance as well.
He looks like a frog!
I think the animal you're looking for is turtle. Mitch McConnell is a turtle.
turtles are reptiles.
they will both eat flies whenever possible, and they live in the mud.
And all the while the band plyaed on.
Have I ever mentioned he looks just like an old lesbian I know??? :) ;) ^.^
far left loon >.<
he looks like a set of saggy dirty drapes
When is the last time you heard a Republican tell the truth ?
"The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all."
How many Bushies are in the chain of command that allowed this flawed BP operation to go forward?
'Talk to the hand'
"But the danger of taking the cap too high is that you end up with only massive, very large oil producers able to meet that cap and produce in the Gulf."
WTF??? There already are only the "massive, very large oil producers" left.
Exxon Mobil
Royal Dutch Shell
BP
Chevron
ConocoPhillips
These make-up five out the ten biggest corporations on the planet!
The only thing worse than McConnell having the temerity to say it is Gregory not having the balls to refute it.
We are Doooomed.
"I can't keep doing this on my own with these...people."
I refuted it. I should have Gregory's job.
"Welcome to Meet the Press. And here now is curtilingus..."
Instead of the mealy-mouthed pandering to ass-hats like McConnell, you'd get questions like this:
"Mr. McConnell, the American people feel they're being raped by the multinationals and you and the Republicans are just holding us down while they take turns. Care to respond?"
"In theory theory and practice are alike. In practice they are very different."
Nice comment
Nationalize BP now. Then tax gas so its $4-5 a gallon. Presto. Not fun for a while but what the hell?
Heck, its all going to collapse really soon anyway. 17 trillion in leveraged funny money debt in world financial markets. Yeah, that'll work.
Is anyone paying attention at all????
Hellooooo!?
"I can't keep doing this on my own with these...people."
it will hurt for awhile. I may have to give up on my prescription drugs and resort to eating dog or cat food for variety in my diet but it will only hurt for awhile. Since I won't be able to drive to the doctor's office, I can quit doing the checkups to see if I can quit taking the drugs that I already can't afford too.
Ok.
While you're in Petsmart buying groceries, buy your meds right there and save on gas driving between stores.
Meooow.
"I can't keep doing this on my own with these...people."
and Deep Sea Fishing."True, but even that skips over the most important point. If a corporation's proposed activity has the potential to cause a bazillion dollars in damages, then that corporation or industry must have a bazillion dollars in escrow or insurance. If not, they are disqualified from engaging in that activity.
Or, put another way, if Congress wants a $75 million cap on damages, fine. Then NO project should be approved, ever, where the potential damages can exceed $75 million.
You break it, you own it. If you can't afford it, don't touch it.
It's that simple.
Of Mexico? How's that?
Yep.. I refuted that one too. More like we spilt 30% of our oil in the gulf.
http://www.google.com/hostednews/ap/article/A...
Diabolus est Deus Inversus
....right after McConnel got done blabbering, where Gregory bent all the way down, between his legs, shoved his head straight up his ass past the ears and rolled away like a big doughnut. He sure put Yertle the Turtle to task! Woo! What blistering questioning!
I'm just superstitious enough to hedge my bets.
Damn C&L's clip didn't make it to that part. Wish I had seen it.
McConnell's other lie. The one where he said that of all the jobs created, only 3,000 were created in the prvate sector, and the rest were created in Washington DC. I live in Columbus and 2 employers just announced 1,100 new jobs. So in 49 states there have been only 1,900 jobs created.
I wrote this earlier but I wnat it to be known that this is what should happen without a doubt.
Agreed. If corporations want to be persons, they should be subject to the death penalty when they commit crimes against humanity.
No profit from plunder or blunder.
Well put. Pass this along. I'm hoping that the idea will soon be heard on some teevee show because it is a realistic end for BP.
McConnell's a big doe-eyed jerk
Talk about out of touch. Most thinking people are appalled and sickened at the ongoing destruction of the gulf coast. Between defending Wall street, condoning discrimination in Arizona, and now defending big oil, the republicans have handed Democrats a surefire victory in the elections. Make some hard hitting commercials out of these assinine positions and show the American people clearly where the interests of the republican party lies. If only the Democrats had the guts and brains to do it.
Just as they have done with their defending the financial sector and too big to fail fail.
is a joke. These wells make billions of dollars.
cause billions (at least) in damage. Fuck the cap. This happened due to corruption. These people weren't playing by the rules, all bets are off.
You get the cap when you follow the law. When you cheat, uh uh. This is all heads they win, tails, the taxpayers lose.
me-oww!
No exception. Or better yet, NO offshore drilling. 10 billion my ass. They just made over 5 billion in PROFITS the first quarter of this year. Enough is enough. Let them invest their money somewhere else. Like in condos on the moon.
They make $70 million a day profit. $6 billion (low end profit in the first quarter) divided by 90 days (number of days in a quarter) is $66 million.
Not this one.
"I can't keep doing this on my own with these...people."
We already have $14 gasoline if take into account all the tax payer assistance to the oil industry.
if the smaller companies get the same kind of pass that BP did on the governmental inspections.
a good example of a regulation that needs to go.
Too many regulations and not enough laws (if you ask me)
audit-prosecute-incarcerate
Obama is making robocalls for Lincoln and Specter.
You really think Mr Clean Coal, Nuclear plant, Off shore driller is going to do anything about BP?
Really??
"I can't keep doing this on my own with these...people."
Specter, either.
You can bet gasoline would cost $14 per gallon TODAY if the vast majority of that was profit and demand plateaued.
to name the one mom and pop outfit working in the gulf
Why it would appear to be the gov't/taxpayer.
Looks like a socialist program to me.
A socialist program beloved by republicans.
Mitch & BP - Bought and Paid for.
mitch mcconnell on the site. every time you do, i get this nearly overwhelming urge to punch my monitor. i can't afford to keep replacing my monitor, nor the ER bills, for the sutures on my knuckles.
my monitor and my knuckles thank you.
Its the same all over the place. If a nuclear reactor blows up in Sweden, the companies that owns them pays a billion or so. The rest is up to the state. So once again the profits goes to the private companies and if something goes bad, the public pays.
A billion in this case is about one years profit for the company that owns the plant.
is a republican frame to show government doesn't work. It may seem backwards and absurd, but this disaster could end up being a republican win.
Campaign commercial.
If I were a psychopath, I would join the republican party, and get in on the gravy train taking the Teabircher morons to the cleaners.
Big Tobacco, Big Oil tool.
would be unable to come up with the money to cover the damages they could inflict! Isn't that sorta the point?
That is precisely the point. If you can't afford the risk, then we can't let you take it.
let's see, he wants competition - well there is none. Big Oil controls all the big rigs I would guess. And much of the oil from US wells go elsewhere anyway. Oh, I think $14 gas is the SOLUTION not the problem to worry about. THEN you'd see some real competition!
these little oil companies are too small to fail... the banks are too big to fail... this is the goldilocks rule of government
One bubblehead corporate tool interviewing another.
Waste of time.
you lying fuckweasel! We don't get 30% of our oil from the Gulf of Mexico. It was stated on NPR this morning that we get 1/8 (that's 12.5%) of our oil from the Gulf.
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