16 July, 2010

BP and Economic Reform

President Obama Meets With BP ChairmanImage by talkradionews via Flickr

FINALLY BP managed to get the oil to stop gushing from the well, even if the fix isn't permanent. They still have to close up the pipeline permanently, which they have not done yet. I don't believe the relief well has reached the original one yet. I just hope the cap doesn't, you know, explode off of the damaged pipe and start spewing even faster than it had been.

The Senate's side of the Capitol Building in DC.Image via Wikipedia

FINALLY the Senate managed to pass sweeping reforms that will be the biggest since the 1930s. The 1930s!? The times have changes since then, and you'd think they would have gotten around to such things sooner, but at least they got it done. Unfortunately, a lot of people aren't happy with it. Some are saying, "It's not big enough!" and some are saying "This is too much government!" Actually, I'm pretty okay with it. It doesn't change the really fundamental things about the market and whatnot, but it will help. In my opinion.

The President must have felt relieved yesterday. I'm relieved, that's for sure. And the Senate even got three Republicans onboard for the reform package. It isn't as good as, say, 30, but it's something, and it's more bipartisan than healthcare reform.

-----The Golden Eagle
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1 comment:

The Words Crafter said...

I haven't been able to watch the news, so thanks for the update. I'm surprised, but not really, that nothing has been updated since the '30's. It's all about money. I agree, hopefully it will remain intact until a permanent solution can be put into place. Dang.