Sunday, August 31, 2008

Ben Stein Asks Some Good Questions

I would argue that over the long term, oil companies’ profits relative to sales are not above average for industrial or financial companies. But even if they were, why punish the owners of the oil companies, who are largely pension plans, group or individual, and individual investors (see chart above)? Why should we punish some American firefighters who own oil company stocks more than American firefighters who own drug company stocks or tobacco stocks? Why tax away the savings of some Americans because they happen to own a share in a company that supplies a totally legal, absolutely indispensable product like oil? I don’t get that at all.

~Ben Stein in the NY Times


At 8/31/2008 3:09 PM, Anonymous Anonymous said...

It's about the politics of envy, not sound governance.


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