Democratic Party economics: The “Reasonable Profits Board”

posted at 2:15 pm on January 19, 2012 by Ed Morrissey

In a perfect world, we’d be talking about this Democratic proposal in tonight’s CNN debate in South Carolina more than attacking private-equity strategies or discussing the personal lives of the candidates.  Yeah, I know … but a man can dream, right?

Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a “Reasonable Profits Board” to control gas profits.

The Democrats, worried about higher gas prices, want to set up a board that would apply a “windfall profit tax” as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.

The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding “a reasonable profit.” It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be made up of any nominees from Congress. …

According to the bill, a windfall tax of 50 percent would be applied when the sale of oil or gas leads to a profit of between 100 percent and 102 percent of a reasonable profit. The windfall tax would jump to 75 percent when the profit is between 102 and 105 percent of a reasonable profit, and above that, the windfall tax would be 100 percent. The bill also specifies that the oil-and-gas companies, as the seller, would have to pay this tax.

First, a reality check is in order.  While politicians like to hyperventilate over the gross dollar amounts of profit from oil companies, profit is most accurately measured as a percentage — the ratio of profits to the cost of producing those profits.  Does the oil industry have a record of exploitive profit margins? Hardly.  For 2009, the oil and gas industry ranked 9th on Fortune’s list with a margin of 10.2%, exactly half of that of the network/communications industry, which finished first in 2008 as well.  In fact, the margin for oil/gas decreased by three and a half points between 2008 and 2009.

The 2009 list is actually rather instructive.  Internet retail has a 19.4% margin, and no one in Congress would dare talk about seizing profits from Amazon (for instance) as “unreasonable,” even though the margin in that industry is almost twice that of oil/gas.  That, however, highlights a pattern of politically-motivated outrage for Democrats on profit.  Remember in 2009-10 when Nancy Pelosi and her fellow Democrats castigated insurance companies as “villains” who profited while Americans suffered?  They finished 22nd on the Fortune list with a barely respectable 4.5% average profit margin.

So let’s put this in real terms.  If the oil/gas industry had $500 billion in sales, then a 10.2% margin would be roughly $60 billion in profit — after investors spent $440 billion to generate those sales.  Is that unreasonable?  That’s a decision that should be left to the investors and the consumers who buy the product.  Guess who gets excluded from the “Reasonable Profits Board”?

The bill would also seem to exclude industry representatives from the board, as it says members “shall have no financial interests in any of the businesses for which reasonable profits are determined by the Board.”

Well, there’s a prescription for sanity.  Let’s have people who have no stake in the market determine what “reasonable” means.

Can someone please forward this to the campaigns for tonight’s debate?

Update: Bruce McQuain at QandO has a commenter who gets to the heart of the matter:

This is great- now we need a “Reasonable Spending Board” to monitor our Congress.  We need a “Reasonable Ethics Board” to punish members of Congress who use their office to enrich themselves.  A “Reasonable Taxation Board” to prevent the government from taking too much of our money.

Yes, let’s have the body that can’t even produce a balanced budget make determinations about “reasonable profit.”


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MORE INSANITY!

KOOLAID2 on January 19, 2012 at 2:17 PM

Command and control economy moves along nicely.

lorien1973 on January 19, 2012 at 2:17 PM

Fascism – straight up.

Rebar on January 19, 2012 at 2:19 PM

Right out of an F**king Orwell novel.

WordsMatter on January 19, 2012 at 2:19 PM

Didn’t Truman do something similar to the steel companies. To which the companies, once they made all the profit they were allowed to make for the year, promptly shut down for the rest of the year.

rbj on January 19, 2012 at 2:19 PM

Yes, let’s put the body that can’t even produce a balanced budget make determinations about “reasonable profit.”

Balanced? They can’t produce any budget.

zmdavid on January 19, 2012 at 2:19 PM

HR3784; The Wesley Mouch Act of 2012

Average state tax per gallon 48% +
Fed tax per gallon 18% +
Oil company profit per gallon 8% tops

Who are the looters again?

antipc on January 19, 2012 at 2:19 PM

We need a “Reasonable Media Board”.

Schadenfreude on January 19, 2012 at 2:19 PM

Can this apply to gross profits from Hollywood sales?

jukin3 on January 19, 2012 at 2:19 PM

The lefties, with their Cash for Clunkers pimp ‘leading’ them, are sausages made from: Muenchhausen, Pinocchio, Orwell, Machiavelli, Marx and a few more.

Schadenfreude on January 19, 2012 at 2:20 PM

Wage and price controls always work.

/

Spannerhead on January 19, 2012 at 2:20 PM

HR3784; The Wesley Mouch Act of 2012

Average state tax per gallon 48% +
Fed tax per gallon 18% +
Oil company profit per gallon 8% tops

Who are the looters again?

antipc on January 19, 2012 at 2:19 PM

That’s from that totall-far-fetched-and-not-at-all-prophetic Ayn Rand novel, right? Good thing our government isn’t that bad, at least.

/s

RachDubya on January 19, 2012 at 2:21 PM

Windfall profits for me and mine, but not for thee and thine!

Christien on January 19, 2012 at 2:21 PM

“Energy Fairness Board”

Pravda has lots of credibility these days.

Media, suffocate or spontaneously combust for dereliction of duty.

Schadenfreude on January 19, 2012 at 2:23 PM

That’s from that totall-far-fetched-and-not-at-all-prophetic Ayn Rand novel, right? Good thing our government isn’t that bad, at least.

No kidding!

all4mine on January 19, 2012 at 2:24 PM

Will this also apply to overpaid professional athletes?

marybel on January 19, 2012 at 2:24 PM

Gotta give those in dc credit for working 24/7 thinking of new ways to tax tax tax! Wonder how much those green companies will be taxed? Oh, I forgot, they don’t make a profit, they just get taxpayers money from bho and go bankrupted.
L

letget on January 19, 2012 at 2:24 PM

Don’t call Obama a socialist/communist, ya racists!

Schadenfreude on January 19, 2012 at 2:24 PM

Gah they are the dumbest people alive.

therightwinger on January 19, 2012 at 2:24 PM

What about the windfall profits of Starbucks? I got tired of being scammed by them. Dunkin Donuts or McDonalds provide good enough coffee.

(Can’t convince my wife though.)

shick on January 19, 2012 at 2:24 PM

Why this twit gets any air, or other time is the miracle of all.

For shame he is a congresscritter in a still free land. Insane.

Schadenfreude on January 19, 2012 at 2:25 PM

A board deciding reasonable profits wearing their Kucinich approved tinfoil hats.

shick on January 19, 2012 at 2:26 PM

Tonight’s debate will become the most memorable in history.

Schadenfreude on January 19, 2012 at 2:26 PM

Here’s reasonable: My foot up Kucinich’s hind quarters.

Never was redistricting so sweet. Bye Bye, you ugly golem, and take your swan song stalinism with you.

Western_Civ on January 19, 2012 at 2:26 PM

profit is most accurately measured as a percentage

Silly Ed. Dems only want to talk about percentages when they’re talking about taxes. When it comes to profit, it’s dollars.

It’s easier to use the word “obscene” that way.

BacaDog on January 19, 2012 at 2:27 PM

Yes, let’s put the body that can’t even produce a balanced budget make determinations about “reasonable profit.”

Well said.

shick on January 19, 2012 at 2:27 PM

Thanks Newt Gingrich! You’re the one who mentioned “reasonable profits.”

haner on January 19, 2012 at 2:27 PM

The Reasonable Profits Board? Seriously? Isn’t there a committee or something with almost exactly that same name in Atlas Shrugged? So scary.

WesternActor on January 19, 2012 at 2:28 PM

Without trying to go all Godwin and such, this is overt euro-weenie socialism at best; but reeks of 1930′s Euro-fascism in my opinion.

It may be a political Godsend, but it’s also a terrifying indicator of how far we’ve strayed from the course charted by our founders.

RocketmanBob on January 19, 2012 at 2:28 PM

It’s not a very big step from this to a “Reasonable Income Board”. If they can decide how much a company can make “reasonably”, then why not decide how much a person can make “reasonably”? After all, the Citizens United decision says corporations are people…

gravityman on January 19, 2012 at 2:29 PM

“Reasonable Profits Board”? Can we all agree now the Democrat Party has transitioned fully into the Communist Party? Even their euphemisms aren’t hiding it anymore.

Doughboy on January 19, 2012 at 2:29 PM

“windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding “a reasonable profit.”

HAHAHAHA….. this has got to be a joke right? About the most absurd thing I have heard.

kage on January 19, 2012 at 2:29 PM

I remember reading about how FDR said no body needs to earn more than $200,00 /year & anything above that earned should be taxed at 100%.

And yet, people still vote Democrat.

Badger40 on January 19, 2012 at 2:30 PM

How about a windfall profit tax for the government? They make more money off gas than the oil companies do.

darwin on January 19, 2012 at 2:30 PM

They will bury the costs of the oil as they do today. Finding it, drilling and finally pumping costs around 7-10$ per barrel. Sell to trader 10$ sell from trader 80$ to refinery, 90-100$. Take out the middle man and we all win (OK except them)

landowner on January 19, 2012 at 2:30 PM

So how about that insider trading by memebers of Congress ?
That is still legal, right ?

burrata on January 19, 2012 at 2:30 PM

“Reasonable Profits Board”? Can we all agree now the Democrat Party has transitioned fully into the Communist Party? Even their euphemisms aren’t hiding it anymore.

Doughboy on January 19, 2012 at 2:29 PM

Yes

darwin on January 19, 2012 at 2:31 PM

Economics needs to be taught… at the middle-school level. And not by the libs!

anotherJoe on January 19, 2012 at 2:31 PM

I propose the formation of This Sh!t Is Getting Really Old And You’re Making Us Bored Board.

/

Christien on January 19, 2012 at 2:31 PM

HR3784; The Wesley Mouch Act of 2012

antipc on January 19, 2012 at 2:19 PM

Perfecto.

I finished my first reading of Atlas Shrugged over the Christmas holidays. It is an amazing, prophetic work. It is exactly what I thought of when I read about the Reasonable Profits Board.

HeatSeeker2011 on January 19, 2012 at 2:31 PM

Didn’t Truman do something similar to the steel companies. To which the companies, once they made all the profit they were allowed to make for the year, promptly shut down for the rest of the year.

rbj on January 19, 2012 at 2:19 PM

Obscene taxes does this to small business owners.
Our friend owns a boiler repair biz.
Was going to branch out & get a little bigger by hiring a few guys & then he saw he’d be in the next tax bracket & noted it wasn’t worth doing bcs he’d be basically doing it for nothing.
So there’s at least 2 jobs that were never created bcs of the Federal Government.
Let’s count those instances up across America.

Badger40 on January 19, 2012 at 2:32 PM

Why won’t this be discuss, Ed, too small a band of crackpots?

Cindy Munford on January 19, 2012 at 2:32 PM

And yet, people still vote Democrat.

Badger40 on January 19, 2012 at 2:30 PM

They have to to stop the spread of racism./sarcasm

shick on January 19, 2012 at 2:33 PM

The train has left the tracks. Unbelievable. Co-sponsored by 6 Dems who would have thunk.

Will this also apply to overpaid professional athletes?

marybel on January 19, 2012 at 2:24 PM

Now those are obscene profits.

D-fusit on January 19, 2012 at 2:33 PM

Are these guys trying to reenact a scene from Atlas Shrugged? Cuz this can’t possibly be happening, right?

Neo on January 19, 2012 at 2:33 PM

Economics needs to be taught… at the middle-school level. And not by the libs!

anotherJoe on January 19, 2012 at 2:31 PM

I thought it was a FederaL mandate in public screwls as of like 2 years ago all seniors were requried to take a Financial Literacy course lasting a semester.
Here in ND they do.

Badger40 on January 19, 2012 at 2:33 PM

At some point you’ve made enough money.

a capella on January 19, 2012 at 2:34 PM

We need a “Reasonable Media Board”.

Schadenfreude on January 19, 2012 at 2:19 PM

Never happen, because Democrats will be involved. And like you say in a post a little later…the media will be involved.

KOOLAID2 on January 19, 2012 at 2:35 PM

It’s right there in the commerce clause, ya wingnutz!

/

Naturally Curly on January 19, 2012 at 2:35 PM

Lame. This is a retread idea that I am pretty sure they just stole this from Atlas Shrugged.

therambler on January 19, 2012 at 2:35 PM

Here’s a little gem buried in the Automobile Tax Credit section of the bill.

‘‘(1) IN GENERAL.—The term ‘qualified auto
mobile’ means any automobile (as defined in section 4064(b))—
‘‘(A) which is purchased after the date of
the enactment of this section,
‘‘(B) which is assembled in the United
States by individuals employed under a collective bargaining agreement,

Look for the union label.

BacaDog on January 19, 2012 at 2:36 PM

And BTW, this is not just the Democrats’ communist tendencies getting the better of them. They’re also doing this because they need to demonize the oil companies to A)get their base riled up in the fall, B)distract attention from Obama killing the Keystone deal, and C)deflect blame from Obama for the potential $4-5/gallon price at the pump this summer.

Doughboy on January 19, 2012 at 2:37 PM

Economics needs to be taught… at the middle-school level. And not by the libs!

anotherJoe on January 19, 2012 at 2:31 PM

And Civics, things really started going downhill when those two courses were no longer mandatory.

Liberals in the Dept of Education – Destroying America from the Inside.

D-fusit on January 19, 2012 at 2:37 PM

This is all being done as a counter to Obama’s Keystone Pipeline decision. They want to change the conversation from Obama’s traitorous act to “those greedy oil companies”

tommyboy on January 19, 2012 at 2:38 PM

How does a Reasonable Board work without reasonable people?

Flange on January 19, 2012 at 2:38 PM

How about a reasonable salary for government employees board comprised of people who actually pay federal taxes and are employed outside the government?

Wendya on January 19, 2012 at 2:39 PM

The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.

Of course not! That way Barry’s nominees can make any decision they want.

Hey! How about applying an “Unreasonable Profit Board – FOR CONGRESSIONAL MEMBERS”?

When the economy goes down, The Board can REDUCE the salary of Congress.

GarandFan on January 19, 2012 at 2:39 PM

Gotta give them some credit – the dems know how to play to the uneducated masses. They play to greed and selfishness.

They won’t touch Apple, Amazon, Starbucks…”the people” desire those things, and will pay any amount (or riot and steal, if it is for shoes) to have that (newest, bestest, coolest) thing. However, it’s hard to swallow those “fat cats” getting fatter when you just see your paycheck go up in smoke after a trip to the pump – just so you can get to and from your slave job, which also enriches those fat cats.

Same class warfare, different direction of attack. And the people revel in the games, as the country crumbles around them. It’s all distraction.

Hueydriver on January 19, 2012 at 2:39 PM

The Democrats, worried about higher gas prices, want to set up a board that would apply a “windfall profit tax” as high as 100 percent on the sale of oil and gas

Two points:

1. Somehow their concern for gas prices didn’t motivate them to pressure Obama to approve the keystone pipline.

2. What better way to help lower the price of gas than to put even more taxes on the companies that produce it. /facepalm.

Scrappy on January 19, 2012 at 2:40 PM

Right out of an F**king Orwell novel.

WordsMatter on January 19, 2012 at 2:19 PM

Or Ayn Rand. Your choice….

dogsoldier on January 19, 2012 at 2:41 PM

or maybe even Ray Bradbury….

dogsoldier on January 19, 2012 at 2:41 PM

See?

It’s no problem to run as an incumbent with gas over $5 or $6, if the preponderance of media outlets are controlled by de facto members of your re-election team and you yourself don’t go all shy and shameful about properly demagoguing the issue.

kunegetikos on January 19, 2012 at 2:41 PM

Here in ND they do.

Badger40 on January 19, 2012 at 2:33 PM

Hello fellow North Dakotan!

gravityman on January 19, 2012 at 2:41 PM

Update: Bruce McQuain at QandO has a commenter who gets to the heart of the matter:
This is great- now we need a “Reasonable Spending Board” to monitor our Congress. We need a “Reasonable Ethics Board” to punish members of Congress who use their office to enrich themselves. A “Reasonable Taxation Board” to prevent the government from taking too much of our money.

Heh.

How about a Reasonable Consumption Board for food stamps:
The more overweight you are, the less you get.
After all, it’s for their own good.

MichaelGabriel on January 19, 2012 at 2:42 PM

wait! no! Steven King… yeah scary as all hell. Definitely King…

dogsoldier on January 19, 2012 at 2:42 PM

Our new National Anthem.

fogw on January 19, 2012 at 2:43 PM

Though, at least when Kucinich ran for President, the Democratic Party held him to under 1% of the vote in the Iowa Caucuses and the New Hampshire Primary, suggesting relatively minor support for the guy inside the party. Meawhile, maniacs like Paul, Gingrich and Santorum regularly break into double-digits in critical early primaries — suggesting a much higher crackpot vote on the Red Team.

urban elitist on January 19, 2012 at 2:44 PM

No question but that liberals are anti capitalist!

GFW on January 19, 2012 at 2:45 PM

They will bury the costs of the oil as they do today. Finding it, drilling and finally pumping costs around 7-10$ per barrel. Sell to trader 10$ sell from trader 80$ to refinery, 90-100$. Take out the middle man and we all win (OK except them)

landowner on January 19, 2012 at 2:30 PM

So without the middle man, I can fill up my gas tank by arranging trades to get oil from the well to the refinery, buy or rent a refinery, and ship it to my gas tank.

Those evil b@stages! Expecting money for investing their time and money, conveniencing me and doing something I am unable to do. Pure evil that MUST be stopped!
/S

WhatNot on January 19, 2012 at 2:46 PM

I’m gonna need like ten other people’s hands to get a facepalm of sufficient magnitude.

You can see in a split-second what this would produce: massive shortages of supply. It’s staggering that people this stupid can be officials with so much power.

Meric1837 on January 19, 2012 at 2:46 PM

Then there will be gas shortages. Big oil will produce enough until they hit the reasonable profit mark and call it quit until the next year. Prices will go up due to shortages. Hoarding will go up, as will fires, explosions and theft. And gdp will go down as the price of everything inflates.

What a wonderfully ideal./

AH_C on January 19, 2012 at 2:47 PM

UNBELIEVABLE!

ooonaughtykitty on January 19, 2012 at 2:47 PM

Democratic congressmen: like a bunch of snorting pigs rooting around looking for truffles.

Yoop on January 19, 2012 at 2:47 PM

Get back to me when you form a Reasonable Politicians Board.

Lily on January 19, 2012 at 2:48 PM

Given that Kucinich was held to under 1% in Iowa and New Hampshire last in 2008, it’s pretty clear that he’s hardly a force within the party. On the other hand, wackos like Ron Paul, bigots like Rick Santorum and pompous adulterers like Newt Gingrinch regularly do well in early Republican contests. I wonder which side has an extremist problem?

urban elitist on January 19, 2012 at 2:49 PM

A perfect job for Ayn Rand’s Claude Slagenhop. His organization was responsible for the “Equalization of Opportunity” bill. Or was that Bambi?

MikeinPRCA on January 19, 2012 at 2:50 PM

How about “Baseline Competency Board” and “Reasonable Amount of Patriotism Board” before you can run for public office?

Kucinich did however do one thing right -

Mrs. Kucinich

roy_batty on January 19, 2012 at 2:50 PM

The Democrats, worried about higher gas prices…

Then they need to eliminate government spending (Obama’s health bill to start with) and tell Bernanke to cool it with the quantitative easing, or inflation, as it’s better put. They won’t do that, though, will they?

rickv404 on January 19, 2012 at 2:50 PM

Why, this just sounds like the modern version of the American dream, that’s all.

Regardless of the station to which you are born, you can work hard and acheive success….and then turn over all your earnings to the government. Yippee!

MississippiMom on January 19, 2012 at 2:51 PM

And its for this reason that I might, “MIGHT,” hold my nose and vote for Gingrich if he’s the nominee. Despite the staggering moral shortcomings, ample arrogance and hubris, and disgusting use of OWS language in a GOP primary.

Though if it looks like he’s going to lose by a landslide, which I suspect will be the case, I won’t bother.

I mean seriously, of all the Not-Romneys, Gingrich!? Way to get behind the one guy I would’ve had a hard time voting for. :P

WolvenOne on January 19, 2012 at 2:51 PM

This is obviously a lame attempt to inoculate Obama and the Democrats against the upcoming gasoline price spike. Plays right into their class-warfare strategy – they are going to claim pruices are not goin up because of Obama’s nonsensical energy and environmental policy, but because Big Oil and Wall Street speculators are driving up the price for their own profits.

Expect to see many more such non-starter bills introduced this year to try to further the narrative.

rockmom on January 19, 2012 at 2:51 PM

Anybody that ever wondered what happened to communism after the fall of the Soviet Union need only look within the Party of the Democrats. If this insanity isn’t stopped, we will soon see the end of this once great Republic.

rplat on January 19, 2012 at 2:52 PM

2. What better way to help lower the price of gas than to put even more taxes on the companies that produce it. /facepalm.

Scrappy on January 19, 2012 at 2:40 PM

This is the truly stupid part in all of their machinations. The companies pass taxes along to the consumer… it’s called “cost of sales”. If the cost to produce an item goes up via taxes or any other increase in production cost, then the price will go up. Then we still get hit with higher gas prices.

The companies and their accountants will find new ways to avoid this tax, probably by either (a)spinning off operations into individual entities so that no single entity exceeds the windfall profits tax, or (b)simply cease operations after they hit the limit at which the government confiscates 100% for the year. If they aren’t going to make any money, then what’s the point of engaging in the business until the following year, or (c)they will find a way to defer profits into the next tax period once they hit the 100% limit and then recognize those deferments in periods where they fall under the 100% limit.

It’s an Orwellian (Randian?) nightmare.

gravityman on January 19, 2012 at 2:52 PM

It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms.

Hey! We’re from Washington and we’re here to help.

Seriously, when did the Democrat party make killing business, jobs, opportuntiy, and private enterprise as their primary agenda items? I’d love to see some Democrat justify this because, it is clear, that any appointment to this board from Obama would be anti-captialist most likely tree huggers, socialists, and other dregs of society.

Happy Nomad on January 19, 2012 at 2:53 PM

Let’s have people who have no stake in the market determine what “reasonable” means.

Except, since it would be connected to congress, we can expect the usual level of corruption, I mean insider trading, to enrich those on the board, their friends, their families, and those who put them there.

AnotherOpinion on January 19, 2012 at 2:54 PM

Prices will go up due to shortages. Hoarding will go up, as will fires, explosions and theft. And gdp will go down as the price of everything inflates.

AH_C on January 19, 2012 at 2:47 PM

That’s one possible outcome. But, easy for the Lords to monitor.

I’d just look at my projections as the quarter end nears and accelerate bonuses, payment to suppliers, etc. to manage my earnings.

There’s also one other thing those dimwits haven’t considered.

Equity markets price securities on earnings multiples. If this thing were to be signed into law, every oil and gas producer’s stock would plummet. Explain that one to grandpa and grandma when they have Exxon in their retirement portfolio.

BacaDog on January 19, 2012 at 2:55 PM

I wonder which side has an extremist problem?

urban elitist on January 19, 2012 at 2:49 PM

It’s not hard to tell. One side wants America destroyed, the other doesn’t.

Guess what side you’re on?

darwin on January 19, 2012 at 2:56 PM

Wow, “Reasonable Profits Board” is virtually Atlas Shrugged type stuff.

ebrawer on January 19, 2012 at 2:56 PM

And the MSM will claim that teh won is doing this to help “Middle Income Families”

D-fusit on January 19, 2012 at 2:56 PM

How do these idiots stay in office.

Yes, I know.

Because of many other idiots.

fogw on January 19, 2012 at 2:57 PM

The Democrats, worried about higher gas prices,

Why would the Dems worry about high gas prices, didn’t their lord Hussein promise to make energy prices necessarily skyrocket ?

burrata on January 19, 2012 at 2:57 PM

I know I’m missing the point, but assuming the following:

… If the oil/gas industry had $500 billion in sales, then a 10.2% margin would be roughly $60 billion in profit — after investors spent $440 billion to generate those sales.

My math says that $500 B in sales with a 10.2% margin implies a $46 B profit.

But of course the point is not lost on me that it’s none of government’s business what the margin was.

Dems should be told to get bent over such an anti-capitalist communist idea. This Reasonable Profits Board is sickening.

freedomfirst on January 19, 2012 at 2:58 PM

Kuchinich and the word “reasonable”…………………

Right.

Opposite Day on January 19, 2012 at 2:58 PM

Fascism – straight up.

Rebar on January 19, 2012 at 2:19 PM

Wasn’t that a Paula Abdul song?

MississippiMom on January 19, 2012 at 2:59 PM

It is approaching the time when the citizens say enough and drag them into the streets…
(prognostication not suggestion, just sayin’)

Doomsday on January 19, 2012 at 3:01 PM

It’s staggering that people this stupid can be officials with so much power.

Meric1837 on January 19, 2012 at 2:46 PM

How do these idiots stay in office.

Yes, I know.

Because of many other idiots.

fogw on January 19, 2012 at 2:57 PM

You both need to take that final step and admit to yourselves that these people are not stupid … they are evil and completely purposeful. Once you get over that hurdle, you’ll understand a whole lot better what they’re doing.

Lost in Jersey on January 19, 2012 at 3:03 PM

Where is ernesto, I’d like to hear his take on this.

/s

D-fusit on January 19, 2012 at 3:03 PM

You really think anything different would come from a piece of corrupt garbage that ran his own city into bankruptcy, before getting a promotion from dumb@$$ Cleveland voters? There’s a reason inner city s**tholes are inner city s**tholes. Cities are only the sum of their residents.

MNHawk on January 19, 2012 at 3:04 PM

Comment pages: 1 2