A little late on the post:
Look for the second Q&A on the page.
I’ve been reading Bill Clinton’s My Life recently. I’m at the point of his congressional loss in 1974.
I was hoping for one thing, though. I was interested to hear his philosophical attraction to his political ideology — how did he come to believe what he does? He explains many of his thoughts on inter-personal relationships, interestingly — but his political association seems to be assumed. He expresses some admiration for John F. Kennedy and mentions working on Democratic campaigns and on Capitol Hill, yet there is hardly any precurse to explain why this is.
I could go on about why I think these are important; perhaps I will some other time.
Also in the perhaps category: something along these lines may come up later in the book.
Also reading: Kerouac: Big Sur
Blog in the headlines, concerning media concern for McCain:
Although some of these points would appear to be valid (circa February 2000), it really is hard to draw a comparison with the racket Obama has going.
Consider the gap in coverage between the two.
Probably a little better than my recent post on the topic:
Due to a lull in the campaign action, I’m here to rifle off some thoughts on these energy policies.
First of all, Paris Hilton has a balanced and generally agreeable plan. I think both candidates would admit some support for it.
Obama is being absurd
An energy rebate for families paid for using windfall oil profits? Is he going to tax the profits of the Saudi royal family?
People in the media continue to point fingers at the supermajor oil companies for price gouging. They cite their “record profits,” which are, of course, in the billions. Numbers like that…just…sound so large! Sometimes you’ll even hear a politician refer to their record “profit margins.” Of course, profit margins can be expressed as either a percentage of revenue or as an absolute number. Which do you think is their favorite?
Let’s do a quick financial check on Exxon-Mobil, as of today.
profit margin: 10.17%
operating margin: 15.72%
Pfizer has numbers of 18.52% and 31.15%, respectively. Why aren’t drug companies being attacked? (Because it would be counter-productive to attack them also, would be my answer). Is it because they sell something that is “good?” For what it’s worth, Altria makes 21.38% and 35.99%, respectively.
The average profit margin for many large cap companies is somewhere around 8-9%. The oil sector has generally been achieving 9-10%.
NEWS FLASH: The price of OIL is going up. Oil is the major component of gasoline. Therefore, the price of gasoline is going up. Oil companies are paying more for oil and they are charging more for gasoline. Does this not make sense? When these politicians and talking heads quote oil profits they use absolute numbers. They have record profits, revenues, and costs. The dollar value has simply gone up (as the dollar itself withers).
Another fact: 0.05% of Exxon-Mobil is held by insiders. That’s incredible! Meanwhile, 53% of this company’s shares are held by institutions (typical Americans). When Exxon-Mobil makes a profit, so do a ton of retired Americans and anyone else saving for retirement.
Over 13% of Microsoft is held by insiders. Over 36% of Lee Enterprises is held by insiders.
McCain is Being Absurd
But selling tire gauges is at least an attempt at being funny. I don’t find this energy rebate to be entertaining.