Before I get started, a little disclaimer on some of the headings below and on The Ash Heap in general. In most cases, casting something on The Ash Heap is a recognition of its fundamental uselessness, and is a dishonor generally reserved for concepts so illogical, counterfactual, or egregiously failed as to have no further place in a rational discussion of the subject at hand. In a culture that actually had rational discussions, that would be that. In American culture circa 2010, however, concepts cast on The Ash Heap are perfectly capable of picking themselves up, dusting themselves off, and further affecting, or even dominating, the national discussion, utility and reason be damned.
That said, the Gulf oil spill should prove just as damaging to the following ideas as it has been to the economy and ecology of the Gulf Coast.
“...GOVERNMENT IS NOT THE SOLUTION TO OUR PROBLEM. GOVERNMENT IS THE PROBLEM.”: This quote from Ronald Reagan, the deficit increasing, tax raising President conservatives inexplicably revere, has provided the rhetorical lynch pin of their governing philosophy ever since. Government cannot do anything right (an assertion for which they offer ample proof every time they get control of it), and should get out of the way and let the marketplace do its magic. Deregulation, lax oversight, and nod-and-wink safety and inspection standards have been the result, and have now further resulted in the biggest environmental disaster in American history.
This one is so ripe for the ashes that not even the conservatives themselves believe it any more. Since the gulf spill they have called for extensive federal involvement up to and including the commandeering of boats to clean up the results of this particular example of free enterprise, and criticized the Administration for not being activist enough in handling the spill and not acting quickly enough to reform the corrupt, slipshod regulatory regime conservatives had established on their watch. Internal consistency has never been a hallmark of Republican policy, but this insistence that the government they’ve hated, slandered, and tried to starve should take responsibility for the irresponsible actions of a multibillion dollar corporation puts them both outside the realm of rational discourse and firmly and consistently on the side of that irresponsible multibillion dollar corporation. The Party of Hell No, indeed.
REPUBLICAN ENERGY POLICY, A/K/A “DRILL, BABY, DRILL”: The idea that the exploitation of domestic oil reserves would provide a path to American energy independence was always complete horseshit, a cynical attempt by 2008 Republican candidates to exploit the then-hot issue of rising gas prices that never had anything like practical value. The US uses over twenty percent of world oil resources. It controls just over 1.5 percent of proven oil reserves, meaning that if all of those reserves could be safely and quickly exploited-- an assumption recent events clearly argue against-- American production would only cover a small fraction of American consumption.
Or would, that is, if oil produced in America was somehow pumped into special barrels marked “AMERICAN OIL” and exclusively refined, priced, and consumed here. It isn’t, and those who think it is are wished a belated welcome to the global marketplace, wherein a barrel of oil is a barrel of oil whether it came from Texas or Siberia and the economic entities doing the buying and selling are multinational corporations whose only allegiance is to the bottom line. Take, for instance, the company currently in the news for their role in the production of American oil-- BP, formerly British Petroleum.
The fact is, we use way too much of the stuff, we import the vast majority of what we use, and there isn’t a damn thing we can do to address the problem from the supply side. We could cut demand, of course, but we won’t.
LITTLE FEELINGS: Tony Hayward is distraught. Barack Obama seems emotionally distant. Does anyone care, and if so, why?
STAKEHOLDER CAPITALISM: We are told to number among the victims of this catastrophe the pensioners of Britain, who have been deriving up to one sixth of their income from the usually generous BP dividend, and BP stockholders in general, who have lost something like half the value of their shares. While some limited sympathy can be justified for the pensioners, whose nonvoting shares are likely held in managed instruments and who probably never made a conscious decision to tie their futures to BP’s, the assertion that those investors who did have that choice are in any way victims here is both morally repugnant and a direct repudiation of the main tenets of investor capitalism.
I’m a little amazed that anyone needs reminding in this biz school dominated culture, but it works like this: when one buys a share of stock, one is buying a measure of ownership of the issuing company, representing both an entitlement to a proportional share of the company’s profits and a responsibility for a proportional share of its losses. If the latter outweigh the former, you have made a bad investment, and you lose-- tough shit, schmucko. The notion that such a loss should be in anyway offset or compensated, particularly through public sector action, renders the entire capitalist system a particularly successful long con.