Congressional Dysfunction
Congress is indulging in its usual posturing by holding innumerable hearings investigating why the price of gas is so high. Every member of Congress knows or should know that the Enron loophole, passed 7 years ago, is the primary cause of this energy catastrophe. After years of successful, tight governmental control over speculators, Enron’s large campaign contributions to members of Congress resulted in the loosening of this oversight. The Enron loophole allows unregulated speculators to manipulate oil so that prices are estimated to be $60- $80 higher per barrel than they should be.
Enabler
Enabler is the terminology for anyone, wives, families, or friends, who empower addicts and abusive spouses to act irresponsibly. The United States government is the biggest enabler in the world. It bailed out: the Continental Bank in 1964, the Savings & Loan Industry in 1989, and the Long Term Capital Management Hedge Fund in 1998. Recently, the Federal Reserve, under political pressure, bailed out Bear Stearns. (See the op-ed in the April 11th Wall Street Journal, “Our Financial Bailout Culture,” by Ethan Penner.)
