Accrued Knowledge of Economics

McCain is getting beat up for saying he doesn't understand economics. Another case of punishment for telling the truth?

Apparently Obama wants to demonstrate his ignorance. He plans to windfall-tax the oil companies and give the public $1,000 bucks per head to help buy gasoline. which will continue to cost more as petroleum demand overwhelms supply. This tax will 2) reduce dividends to shareholders so he can give some of their money back and 3) take money away from drilling holes to get more oil. So he wants to take money away from increasing supply and use it to increase demand. This is as dumb as McCain's support of the "gas tax holiday." Approximately.

What, you were thinking if we raise oil company taxes it will 1) reduce excessive CEO salaries? Has the Tooth Fairy been to your place lately?

Both McCain and Obama want to curb salaries of CEOs who get rich while screwing up. I wonder how? These are publicly owned corporations, structured under the laws of the United States and whatever state they are chartered in. Their directors are elected by shareholders under a legally monitored process and are legally charged with certain duties, including setting the pay package for the CEO.
If a CEO screws up, do we take back his pay? Will the directors of the company be punished? If so does that mean the voters should be punished if a politician screws up? All of them, or just the ones who voted for him or her? How about the ones who didn't vote? Maybe they should be rewarded; say by splitting the politician's left over campaign funds.
Who gets to define "screwing up?" After all, thirty per cent of the country thinks W is a successful president.

Both candidates are demonizing "speculators," also known as "investors." Either term means a person who buys something hoping to sell it for more than they paid. This happens for GM stock, crude oil, corn, pork bellies and U.S. Treasury bonds. People who do this include you, me, our retirement fund managers, and every seller on eBay. If somebody wants to bid $15 for GM stock thinking it will go up to $20, exactly how are we going to make that against the rules?

"Speculators" are bad, it seems, because they just buy and sell. They buy and sell crude oil, for example, without refining it. Does every GM stock holder make cars? Are we going to change the rules so that only refiners can buy crude oil and only farmers can buy corn?

Beats me. Just drive safe. And far -- remember I'm retired from the petrochemical industry.