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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: kodiak_bull who wrote (85177)1/23/2001 10:21:35 PM
From: AltLar  Read Replies (2) of 95453
 
Bull,

You wrote, "Let me understand this. One family has been, foolishly, eating at the most expensive restaurants for months (the spot market) and now that it threatens bankruptcy it wants everyone else in the neighborhood (the rest of the states) to pay its restaurant bill? On the reasoning that the money lavished at the restaurants went out into the community?

Tell me, how did your average Iowan profit from California's foolishness? Let's try to stay in this solar system on this dialogue, shall we?

Look, I never said anything about supporting a Federally funded bail-out for California (I also think it is highly unlikely). Though I think the Fed's mandating that the out-of-state suppliers have to keep supplying CA with Nat Gas and electricity is setting the stage for continued Ferderal intervention. Their involvement makes them a culpable party IMO.

California got itself into this and it is certainly reasonable that it (and PG&E's and SCE's stockholders) pay its way out of it. My point is that there is an awlful lot of belly aching by out-of-staters about the mess California got itself into, given that the mess has resulted in a massive redistribution of assets out-of-state - hopefully to companies we've invested in :).

The fact that Iowa may not have been a beneficiary hardly seems relevant (though within the solar system I must admit).

Larry
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