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Originally Posted by BFT3K
Wow, what a biased load of shit that read was.
Can I get my 5 minutes back now please?
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A GFY user posted basically the same (as Llew Rockwell) in another thread:
Quote:
Originally Posted by BestXXXPorn
I just learned today that the oil companies are only liable for damages caused to everyone UP TO $75M ... the government covers the rest...
Apparently there's an $0.08 tax on every barrel to cover it and there's currently about $1B in the fund...
That's fucking BS no wonder they didn't install the safety valve thing... They don't have to face the full consequences of a disaster!
The $0.08 tax should go away and oil companies should be fully liable for every fucking cent... If they were fully liable I guarantee you they would have put that valve in... too big of a risk NOT to but if you only have to be liable for a fraction of the damages what's the incentive to pay the extra cost up front?
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The real problem is that in our current mixed economy, big corporations have no incentive to be careful and prevent huge disasters like the current BP oil leak. Corporations are only liable for damages upto $75m, instead of the full 100% as the should be. The rest of the damages are covered by.... normal citizens, the taxpayer....
In a pure capitalist system, in a 100% free market, corporations would be liable for 100% of the damages and would have a better incentive to prevent disasters.
This is what Llew Rockwell was talking about in his article....