Thursday, June 10, 2010

"Leave BP alone" nonsense continues

A meme now running around the blogosphere and in columns is that people should stop badmouthing BP because. among other things, their stock is plummeting. You can even see this on the left-leaning UK Guardian.
This is too big too fail on steroids, where we must rein in free speech simply because it may hurt a companies stocks.

I'm sorry, but BP faces ruin because of its actions, including the insane idea to self-insure their drilling operation. The stock market is supposed to be a means to an end, but obviously investing and financial games have become an end unto themselves. Ed Markey put it best on an interview this morning, "we can't have 28 year-old traders determining policy."

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