To: T L Comiskey who wrote (82641 ) 8/13/2010 11:17:13 AM From: tejek Read Replies (2) | Respond to of 89467 From Wharf on the Obama thread........Our Real Gulf Disaster (Page 4 of 4) < Previous | 1 | 2 | 3 | 4 | All this misinformation comes at a serious cost. Even if the administration quickly rescinds its ban on offshore drilling (cost: 50,000 jobs, more than $2 billion in lost wages), as appeared likely in early August, the economic impact of the spill and the paranoia surrounding it will be huge. Potential visitors and customers are scared. ? The real-estate company CoreLogic, as quoted by Bloomberg, says property values could fall by about $3 billion over the next few years along the Gulf, and as much as $56,000 for some houses. ? A trade group, the U.S. Travel Association, said the tourism industry in Florida alone could stand to lose up to $18.6 billion over the next three years from the BP oil spill, even though the well has been capped.? There are dozens of anecdotal reports that no one is buying Gulf seafood, even in areas unaffected by the spill. Gulf Coast shrimpers and fishermen are in a tough spot: On one hand, as more areas of the Gulf are declared safe, they presumably won’t be able to collect compensation from BP or the government and will have to get back to work; on the other, no one’s buying their catch. Given the public fear of toxins in food, this problem could last a long time. Even if the drilling ban ends, regulatory uncertainty will exact a huge cost from oil firms and their shareholders. Some insider reports suggest that oil assets in the Gulf are already being disposed of at fire-sale prices.What’s especially unfortunate here is that all the misinformation connected to overreaction to the spill may have had a serious influence on President Obama and his advisers — leading, for example, to the Gulf drilling ban and an overly strict regulatory approach. This is a tough sell for conservatives, many of whom are looking for evil purposefulness, rather than delusion, in the administration’s policies. But think of it this way. We have the most liberal administration in history, and it is composed of people who lack the reflexive skepticism that conservatives apply to the mainstream media and left-wing blogs. Spend enough time following the reporting and blogging on Deepwater Horizon, and you come to realize that the administration’s behavior in the crisis likely wasn’t based on a cynical master plan; rather, the administration was overwhelmed by sheer panic about the magnitude of the potential disasters, outlined by its most loyal supporters, that it thought it faced. article.nationalreview.com