Tuesday, July 1, 2008
Herbert -- Joined at the Hip
new_york_times:http://www.nytimes.com/2008/07/01/opinion/01herbert.html
By BOB HERBERT
Published: July 1, 2008
It’s getting harder and harder to remain deluded. With each day comes new facts to drag our heads out of the sand.
Two weeks ago, The Times reported that four Western oil giants were on the verge of signing no-bid contracts that would return them to Iraq, the third-most bountiful petroleum playground on the planet. The deals, expected to be finalized in the next 30 days, were the kind of news that big oil lives for.
Giddy executives singing “Oh Happy Day” could be heard in the corporate offices of Exxon Mobil, Shell, Total and BP, which had been shut out of Iraq for three and a half decades.
We also learned this week that a group of American advisers, led by a team from the State Department, played a key role in drawing up the contracts between the companies and the Iraqi government. Chevron and several smaller oil companies are also on the verge of signing contracts.
President Bush and Vice President Cheney, both former oil-company executives, have long tried to tell us this war was about terrorism, about weapons of mass destruction, about bringing freedom and democracy to the Iraqi people, about anything but oil.
Said Mr. Bush: “We cannot wait for the final proof, the smoking gun that could come in the form of a mushroom cloud.”
He didn’t wait. It didn’t matter that Saddam Hussein posed no imminent threat to the U.S. Or that Iraq had nothing to do with the attacks of Sept. 11, 2001. The troops were sent into battle in early 2003 and there is still, after more than five years and more than 4,000 American deaths, no end to the war in sight.
One of the starkest examples of U.S. priorities came during the eruption of looting that followed the fall of Baghdad. With violence and chaos all about, American troops were ordered to protect one particularly treasured target — the Iraqi Oil Ministry. As David Rieff wrote in The Times Magazine in November 2003:
“This decision to protect only the Oil Ministry — not the National Museum, not the National Library, not the Health Ministry — probably did more than anything else to convince Iraqis uneasy with the occupation that the United States was in Iraq only for the oil.”
How convenient that the peculiar perspective of the oil-obsessed Bush administration can now be put to use advising the Iraqi government on its contracts with big oil.
The contracts themselves are not huge. They are like the keys on a coveted ring that will begin opening the doors to Iraq’s vast oil reserves. As The Times reported Monday, “At a time of spiraling oil prices, the no-bid contracts, in a country with some of the world’s largest untapped fields and potential for vast profits, are a rare prize to the industry.”
A prize, yes. But at what cost?
In addition to the terrible toll of Americans and Iraqis killed and wounded, the war in Iraq has diverted attention and resources from critical problems here in the U.S., where the housing market has been crippled, the stock market has tanked, gasoline has soared past $4 per gallon, unemployment is increasing and an extraordinary number of debt-ridden working families are staring into a financial abyss.
Even as oil companies are enjoying staggering profits, many Americans — in July! — are already worried sick about the potentially ruinous cost of heating their homes next winter.
And then there’s the so-called war on terror.
The latest news is that Al Qaeda, the terror network that actually did attack the U.S., has successfully regrouped in the tribal areas of Pakistan and has reconstituted its ability to institute terror attacks from the region.
For an administration joined at the hip to the oil industry, the lure of Iraq’s enormous reserves was stronger even than the impulse to conquer an enemy that murdered more than 2,700 civilians on Sept. 11, a toll greater than the number of Americans killed by the Japanese at Pearl Harbor.
Referring to Al Qaeda members who regrouped in Pakistan, The Times reported on Monday:
“Current and former military and intelligence officials said that the war in Iraq consistently diverted resources and high-level attention from the tribal areas. When American military and intelligence officials requested additional Predator drones to survey the tribal areas, they were told no drones were available because they had been sent to Iraq.”
Who knows how long it will be before the U.S. disengages in any significant way from Iraq. What you can take to the bank is that this country will not make any major advances in energy policy, in health coverage, in rebuilding its infrastructure, in improving its public schools or in curtailing runaway public and private debt until our open-ended commitment to this catastrophic multitrillion-dollar war comes to an end.
How long will it take before that finally sinks in?
Labels:
Civil Society
Labels
- Civil Society (478)
- Liar's Poker by Michael Lewis (342)
- Hot Air (327)
- Heating Degree Days (160)
- Good Writing (153)
- natural gas (148)
- Deregulation of Electricity (139)
- Cramer Yesterday (134)
- Paul Krugman (128)
- Masters of the Universe (102)
- baselinescenerio.com (101)
- Countrywide (95)
- madoff (88)
- tech tips (76)
- aggregation (72)
- health care (63)
- trading again (63)
- Saakashvilli (59)
- Duke Energy (58)
- Trading Natural Gas and Other Futures and Derivatives (58)
- bailout (55)
- friedman (53)
- David Brooks (52)
- e-bills (52)
- Not Hot Air (51)
- simon johnson (50)
- Home Buyer (45)
- goldman sachs. (45)
- Leverage (43)
- Bear Stearns (39)
- Gretchen Morgenson (36)
- aig (36)
- herbert (35)
- real estate (33)
- GE (29)
- derivatives (29)
- Cramer Today (28)
- confessions of a pattern day-trader (28)
- gs (28)
- 885 Greenville (27)
- etf's (27)
- brooks (26)
- CNBC Today (25)
- Crash of 1987 (24)
- Rush Limbaugh (24)
- rich (23)
- How to Read This Blog (22)
- saackashvili (22)
- crash now (21)
- Clarence Thomas (20)
- kristoff (20)
- Nocera (19)
- William F. Buckley Jr. (18)
- cohen (17)
- credit default swaps (17)
- dowd (17)
- lehman (17)
- The Big Short by Michael Lewis (16)
- citicorp (16)
- hedge funds (16)
- obama (16)
- Charlie Rose (15)
- collins (15)
- cramer last night (15)
- globe_mail (15)
- banks (14)
- dreier (14)
- flynn's oil (14)
- georgia (14)
- kristol (14)
- Banc of America (13)
- Cramer and October 8 (13)
- Gold (13)
- Jimmy Rogers (13)
- The Current Stock Market and Reporting Therein (13)
- Warren Buffett (13)
- geithner (13)
- Bill Gross (12)
- Norris (12)
- Value of Diversification (12)
- c (12)
- fifth third (12)
- stimulus plan (12)
- American Energy (11)
- Auchincloss (11)
- bill moyers (11)
- david f swensen (11)
- humor (11)
- margaret wente (11)
- nakedshorts (11)
- pattern day trader (11)
- Ah Enron (10)
- alternative investments (10)
- yale (10)
- Energy Savings for Residential Home (9)
- Paulson (9)
- aig.credit default swaps (9)
- bond funds (9)
- investment advisors (9)
- realtors(R) (9)
- toxic (9)
- Misleading CNBC Ads (8)
- Why I Was Too Busy (8)
- canada (8)
- carlos celdran (8)
- consuelo mack (8)
- dead_of_winter (8)
- fifth_third (8)
- jp morgan (8)
- larry summers (8)
- morgan stanley (8)
- rubin (8)
- wolfe (8)
- Amaranth (7)
- Barefoot Advertising (7)
- Cooling Degree Days (7)
- Glengarry (7)
- Judge Cudahy (7)
- No Hot Air smart grid (7)
- Weakening Dollar (7)
- james kwak (7)
- pogue (7)
- reflects (7)
- symmes township (7)
- what we learn when special people die (7)
- Municipality Bankruptcies (6)
- Notary Signing Agents (6)
- Private Equity (6)
- andrew ross serkin (6)
- bogle of vanguard (6)
- civil rights (6)
- fannie and freddie (6)
- gm (6)
- health (6)
- italy (6)
- keynes (6)
- mortgage brokers (6)
- stan chesley (6)
- susan boyle (6)
- volker (6)
- ; CNBC Today (5)
- Actual Laurel and Greenville (5)
- Cost Per Megawatt (5)
- Deregulation (5)
- Judith Warner (5)
- Merrill Lynch (5)
- Phil Gramm (5)
- The Dollar (5)
- auction rate securities (5)
- bonds (5)
- cramer's crash checklist 2010 (5)
- credit cards (5)
- dan gearino (5)
- dominion (5)
- dulley (5)
- high frequency trading (5)
- iou (5)
- iran (5)
- john lanchester (5)
- joseph cassano (5)
- kesselschlacht (5)
- libor (5)
- mybesttime (5)
- natural gas is not like oil (5)
- palin (5)
- philippines (5)
- sec (5)
- stanford (5)
- ted kennedy (5)
- Gail Collins (4)
- Hunter S. Thompson (4)
- Si burick (4)
- US Dollar (4)
- art cashin (4)
- blow (4)
- buffett (4)
- don marshall (4)
- dwell (4)
- economics (4)
- finances (4)
- fraud (4)
- green township (4)
- grisham (4)
- harry markopolos (4)
- heating oil (4)
- hillary (4)
- investment banks (4)
- john c bogle (4)
- pajama traders (4)
- rider fpp (4)
- soros. friedman (4)
- sotomayor (4)
- subprime meltdown (4)
- supreme court (4)
- tarp (4)
- where we live out lives (4)
- 1998 (3)
- 970 laurel (3)
- Fiscal Stimulous (3)
- Paul Newman (3)
- Reich (3)
- The Associate (3)
- Thomas Frank (3)
- What a Ride Ye Gave Thee Shareholders (3)
- ackman (3)
- bp (3)
- burry (3)
- calvin trillin (3)
- carlos slim. masters of the universe (3)
- cdo (3)
- cds's (3)
- checklist (3)
- christopher buckley (3)
- collapse (3)
- commodities (3)
- david muth (3)
- doug worple (3)
- duhigg (3)
- duke energy retail sales llc (3)
- elizabeth warren (3)
- euro (3)
- flash crash (3)
- g-20 (3)
- glendale (3)
- goolsbee (3)
- gs; Liar's Poker by Michael Lewis (3)
- gs; goldman sachs. (3)
- hank greenberg (3)
- institutional investor (3)
- insurance companies (3)
- law firms (3)
- manila (3)
- mcnees (3)
- meredith whitney (3)
- middle east (3)
- movies (3)
- new yorker (3)
- option arms (3)
- paul daugherty (3)
- procter (3)
- reagan (3)
- ritchard posner (3)
- steve martin (3)
- stimulous plan (3)
- terrorism (3)
- toqueville (3)
- trust (3)
- wendell potter (3)
- words (3)
- Bernie schaeffer (2)
- Buddy (2)
- Editor's Selection (2)
- Frank DeFord (2)
- Gasparino (2)
- George Vecsey (2)
- Geothermal (2)
- God (2)
- Greenspan (2)
- Latest Carry Trade (2)
- Railroads (2)
- Remnick (2)
- Rich.reflects (2)
- Spitzer (2)
- The Very Crux (2)
- Wachovia (2)
- Weather Futures (2)
- a heddgie (2)
- abacus (2)
- aep (2)
- andreww ross serkin (2)
- arthur nadel (2)
- auto task force (2)
- barcelona (2)
- barrons (2)
- barton (2)
- bernanke (2)
- beth smith (2)
- biden (2)
- bill black (2)
- black swan (2)
- blood pressure (2)
- bridge (2)
- brooks-Simon (2)
- bruce abel (2)
- bubbles (2)
- cheever (2)
- chris dodd (2)
- christopher walken (2)
- community reinvestment act (2)
- corporate bonds (2)
- cramer's list (2)
- crash of 1929 (2)
- crash of 2:45 p.m. (2)
- cursing mommy (2)
- daugherty (2)
- donttrythisonyourhome.blogspot.com (2)
- duk (2)
- economix (2)
- entrepreneur (2)
- eu (2)
- fasb (2)
- fast money last night (2)
- financial advisors (2)
- financial crisis inquiry commission (2)
- fool's gold (2)
- glanville (2)
- glass-steagall (2)
- guessing cramer (2)
- hal mcCoy (2)
- house of cards (2)
- hugh laury (2)
- ian frazier (2)
- imf (2)
- immelt (2)
- indymac (2)
- iolta (2)
- jamie dimon (2)
- jimmy cayne (2)
- john mack (2)
- kellerman (2)
- lobbying (2)
- loonie (2)
- magnetar (2)
- marcellus shale (2)
- marselus shale (2)
- mcCain (2)
- medicare (2)
- merton.mit (2)
- milton friedman (2)
- neil bortz (2)
- notes from natural gas country (2)
- nuclear power generation (2)
- patrick french (2)
- paumgarten (2)
- pelosi (2)
- peter bernstein (2)
- phil in the mountains of kyushu (2)
- phillip schuck (2)
- philosophy (2)
- pnc (2)
- power grid (2)
- ratigan (2)
- rebecca Worple pictures (2)
- regions financial (2)
- regulation (2)
- rick santelli (2)
- robert shiller (2)
- rolling stone (2)
- schumer (2)
- schwab (2)
- securitization (2)
- seeking alpha (2)
- shadow banking system (2)
- sir allen stanford (2)
- south ossetia (2)
- stanley fish (2)
- stated income loans (2)
- steen (2)
- stress tests (2)
- structured finance (2)
- taleb (2)
- talf (2)
- too big to fail (2)
- treasury (2)
- troubled asset recovery plan (2)
- trusts (2)
- twitter (2)
- veverka (2)
- walter noel (2)
- water (2)
- weatherization (2)
- wells fargo (2)
- whitney tilson (2)
- william cohan (2)
- world affairs (2)
- 1040 (1)
- 12 angry men (1)
- 60 minutes (1)
- Daschle (1)
- December (1)
- Detroit (1)
- Dirty tricks (1)
- Dmitry Orlov (1)
- Econned (1)
- Electricity (1)
- EnCana (1)
- February (1)
- Gold Standard (1)
- Irremedial (1)
- January (1)
- Jr. (1)
- Judith Timson (1)
- Kevin Hassett (1)
- McFadden Act (1)
- National City (1)
- Negrych (1)
- No There There (1)
- November (1)
- Peter Baker (1)
- Rob portman (1)
- September (1)
- Surowiecki (1)
- T. Boone Pickens (1)
- TWITTER DAY capers (1)
- Teddy Roosevelt (1)
- The Flash Guys (1)
- VaR (1)
- WEP (1)
- WPA (1)
- ` (1)
- aa (1)
- aaron pressman (1)
- above the law (1)
- acorn (1)
- adwords (1)
- afghanistan (1)
- africa trip (1)
- aging (1)
- ai (1)
- ajay kapur (1)
- ajit jain (1)
- aligned interest partnerships (1)
- allegheny (1)
- ambient (1)
- american electric power (1)
- anandarko (1)
- andrew j hall (1)
- andrew lo (1)
- andy redleaf (1)
- anne hathaway (1)
- annuities (1)
- apc (1)
- attorney review (1)
- ayp (1)
- ayres (1)
- bachus (1)
- barofsky (1)
- baseball (1)
- basis_of_stocks (1)
- ben stein (1)
- best line of the day (1)
- bill ayres (1)
- bill gates (1)
- bill o'reilly (1)
- bill youngclaus (1)
- blackstone group (1)
- blankfein (1)
- blodget (1)
- blodgett (1)
- bob woodward (1)
- books and entertainment (1)
- brown-kaufman (1)
- bruce harlamert (1)
- bully points (1)
- buy and hold (1)
- california (1)
- canadian banks (1)
- canadian dollar (1)
- carlyle group (1)
- carol loomis (1)
- casa batllo picture (1)
- cds.money market (1)
- charles ortel (1)
- charles taylor (1)
- chesapeake energy (1)
- chicago (1)
- china (1)
- christopher hitchens (1)
- city-data (1)
- cleaving in two (1)
- closing costs (1)
- cloud computing (1)
- cng (1)
- cobra (1)
- colin powell (1)
- collar funds (1)
- colors (1)
- columbia gas (1)
- commercial property (1)
- communitarian (1)
- conan obrien (1)
- concrete (1)
- conocophilips (1)
- consumer financial product agency (1)
- contracts (1)
- cooking (1)
- corporate law (1)
- cottage ownership (1)
- cox (1)
- creditaig.credit default swaps (1)
- daily normals (1)
- dan kucera (1)
- david corn (1)
- david einhorn (1)
- david faber (1)
- david frum (1)
- david gray (1)
- david gu (1)
- david kessler (1)
- dayton daily news (1)
- default option (1)
- deficit (1)
- discount rate mismatch (1)
- divorce (1)
- dmitri young (1)
- douthat (1)
- dov seidman (1)
- due diligence (1)
- dzhugashvili (1)
- earmarks (1)
- earthquake (1)
- edmund andrews (1)
- education (1)
- effrat (1)
- el-erian (1)
- ellen brown (1)
- emma (1)
- equities (1)
- eric holder (1)
- estate planning (1)
- estate taxes (1)
- ethics (1)
- european union (1)
- everything relates to everything (1)
- ewe reinhardt (1)
- exceptionalism (1)
- extend and pretend (1)
- ezra merkin (1)
- f (1)
- facebook fiasco (1)
- fairenergyohio.org (1)
- fault swaps (1)
- feith (1)
- financial engineering (1)
- finland (1)
- first energy (1)
- fitzgerald (1)
- fixed income (1)
- fonts (1)
- food (1)
- foreclosures (1)
- fracking (1)
- fuchs (1)
- futures chain (1)
- game face (1)
- gary kaminski (1)
- gasoline (1)
- gawande (1)
- gazprom (1)
- gerry spence (1)
- glen beck (1)
- good writing; what we learn when special people die (1)
- greek debt (1)
- gregg (1)
- gs; (1)
- gwyn morgan (1)
- hdd (1)
- heroes (1)
- hilda solis (1)
- home buyer tax credit (1)
- homes (1)
- igs (1)
- index funds (1)
- india (1)
- inflation (1)
- infrastructure (1)
- interest rate swaps (1)
- investment neighborhood concept (1)
- iphone+facebook (1)
- ireland (1)
- irs (1)
- james simons (1)
- john burns (1)
- john cassidy (1)
- john_paulson (1)
- jon stewart (1)
- jose manuel tesoro (1)
- julian epstein (1)
- kagan (1)
- karl icahn (1)
- kate middleton (1)
- kate winslet (1)
- ken lewis (1)
- kevin drum (1)
- lafley (1)
- lawyering (1)
- leonie benesch (1)
- liddy (1)
- limiting wall street salaries (1)
- linda greenhouse (1)
- liquidity (1)
- listen up (1)
- lists (1)
- livingwiththeoldies (1)
- lynn a stout (1)
- macArthur (1)
- madmoneyrecap.com (1)
- maira kalman (1)
- malcolm gladwell (1)
- managed futures (1)
- manhattan institute (1)
- mark everson (1)
- mark-to-market rule (1)
- martin act (1)
- mcallen texas (1)
- mcconnell (1)
- meachem (1)
- medicaid (1)
- memory lane (1)
- mergers and acquisitions (1)
- mf global;corzine; Masters of the Universe (1)
- michael jackson (1)
- mike demmer (1)
- mike mayo (1)
- mit (1)
- mit technology review (1)
- mold (1)
- mommy (1)
- money market funds (1)
- moral hazard (1)
- mother jones (1)
- mozilo (1)
- msnbc (1)
- muppets (1)
- mutual funds (1)
- myth of the great war (1)
- nagornay (1)
- naipaul (1)
- nassim taleb (1)
- nationalization (1)
- ncaa (1)
- new construction (1)
- nicholas dawidoff (1)
- nick grealy (1)
- nopec (1)
- not misleading cnbc ads (1)
- not sure (1)
- november 2010 elections (1)
- nymex (1)
- oil sands (1)
- oil spill in gulf (1)
- options (1)
- orange county (1)
- orman (1)
- p&g (1)
- packer (1)
- pakistan (1)
- passive houses (1)
- patrick-taylor plan (1)
- pension funds (1)
- peter weinberg (1)
- phillip blond (1)
- phisosophy (1)
- pico iyer (1)
- pictures (1)
- planes (1)
- plutomomics (1)
- powers of attorney (1)
- prechter (1)
- primal image (1)
- primary care doctors (1)
- procedure (1)
- progress energy (1)
- quants (1)
- queen elizabeth (1)
- quiet zones (1)
- rahm (1)
- randazzo (1)
- random sayings (1)
- randum notes; Hot Air (1)
- ratings (1)
- regulatory capture (1)
- renminbi (1)
- rent scams (1)
- repo 105 (1)
- residential counteroffer (1)
- restoring wireless (1)
- retail (1)
- reunion (1)
- rice v igs (1)
- roger altman (1)
- ron insana (1)
- ross serkin (1)
- roubina (1)
- rtichard posner (1)
- russian winter (1)
- s and p (1)
- sallie mae (1)
- sarah brightman (1)
- saskia de brauw (1)
- saturday night live (1)
- satyajit das (1)
- schadenfreude (1)
- science (1)
- sean miller (1)
- segal (1)
- silver (1)
- single payer system (1)
- singleism (1)
- sistine chapel (1)
- small business (1)
- smart metering (1)
- soros (1)
- speculation (1)
- springfield township (1)
- stalin (1)
- steele (1)
- steidlmayer (1)
- stenfors (1)
- steven g breyer (1)
- steven schwartzman (1)
- stewart (1)
- stiglitz (1)
- strauss-kahn (1)
- strictly local (1)
- susan jacoby (1)
- tabula rasa (1)
- tanenhaus (1)
- tanta (1)
- target date funds (1)
- taxes (1)
- ted forstmann (1)
- ten things (1)
- tett (1)
- thamel (1)
- the haggler (1)
- the reader (1)
- thomas jefferson (1)
- thomas lee (1)
- thomas montague (1)
- thomas ricks (1)
- timeline. laffley (1)
- timothy egan (1)
- tivo (1)
- tod_x;Duke Energy (1)
- todx (1)
- tom archdeacon (1)
- tom daschle (1)
- tom wilson.allstate (1)
- trains and automobiles (1)
- travel insurance (1)
- ultra (1)
- ung (1)
- united states steel (1)
- vanity fair (1)
- vatican (1)
- verizon (1)
- victoria falls (1)
- victorian homes (1)
- w (1)
- wall street (1)
- washinton mutual (1)
- whitebox (1)
- wilpon (1)
- wtrg (1)
- wwII. flash crash (1)
- www.rule26a1.com (1)
- x (1)
- year_end (1)
- zambia (1)
- zardari (1)