Friday, June 18, 2010

O'bama Torpedos the Gulf States' Economies

As we predicted on Credit Bubble Stocks last month, the NYT is reporting Drill Ban Means Hard Times for Rig Workers:

"[Ronald Brown] works aboard the Ocean Monarch, which was idled along with 32 other oil rigs when the Obama administration ordered a six-month moratorium on all deepwater drilling after the April 20 Deepwater Horizon disaster. The rig’s owner is now seeking customers in other parts of the world. If the rig moves, Mr. Brown and his fellow motormen, roughnecks and roustabouts will be left behind, jobless, with few alternatives that would pay anything close to the $3,500 to $4,000 a month typical for such jobs."
The spill was an accident and not O'bama's fault, but overreacting and hurting an important industry IS his fault.

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