ExxonMobil tells Trump that Venezuela is uninvestable [sic], Trump stiffs ConocoPhillips, Chevron, already there, is ready to go go go

 What the Big Oil executives told Trump about investing in Venezuela

... “We’ve had our assets seized there twice, and so you can imagine to re-enter a third time would require some pretty significant changes from what we’ve historically seen here,” Woods told Trump at the White House. “If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it’s uninvestable.” ...

ConocoPhillips CEO Ryan Lance congratulated Trump on ousting former President Nicolás Maduro. He said the banking sector will need to help restructure Venezuela’s debt and provide billions of dollars in financing for the restore [sic] the country’s infrastructure. ... Trump told the Conoco CEO that the U.S. government is not looking at recovering the assets the company lost during the 2007 nationalization.

“We’re not going to look at what people lost in the past, because that was their fault,” Trump said. “That was a different president. You’re going to make a lot of money, but we’re not going to go back.” ...

Vice Chairman Mark Nelson said Chevron has a way forward to rapidly ramp up its production, which currently stands at about 240,000 barrels per day.

“We have a path forward here very shortly to be able to increase our liftings from those joint ventures 100% essentially effective immediately,” Nelson told Trump. “We are also able to increase our production within our own disciplined investment schemes by about 50% just in the next 18 to 24 months.” ...

Trump gaslights America about affordability in last night's speech, says it only became an issue during the Biden administration

 I've been talking about affordability until I'm blue in the face right here ever since the Great Recession wrecked America and Obama did nothing about it.

There's even a label for it, with over 120 posts about it going all the way back to the beginning.

Affordability has become an even bigger problem because of the recent episode of inflation, no question about it.  

For example in 2025 the average sales price of a single family home in my county has been $433k, 87% higher than it was in 2019.

For that to be affordable, an income of $166.5k is necessary (2.6x = 433,000), but 94% of individual wage earners didn't make that much in 2023.

But in Trump's America in 2019, when the average sales price of a single family home in my county was only $232k, 85% couldn't afford it because they didn't make the necessary $89.2k a year.

Same shit, different day. Illegal aliens weren't to blame in 2019 any more than they are in 2025. 

Millions of Americans lost their jobs in 2009 and never got them back. Many of them lost their homes, too, and much else. Zero interest rate policy for a subsequent decade is what made housing unaffordable then, and Trump is calling for more of the same now.

People like me voted for Trump in 2016 because we thought that finally we had someone who meant business about stuff like that, but his failure to prioritize illegal immigration in 2017, his signature campaign issue, indicated that he wasn't a serious person, and the rest of his tenure proved it.

And he still isn't serious. 

He's wasting billions of dollars rounding up illegals whom he now laughably says number 25 million when he should be rounding up their employers and passing legislation which puts the screws to THEM instead of to some grandma with a sign at a protest rally.

He's also wasting billions going after Venezuela, which hasn't paid ExxonMobil and ConocoPhillips about $10 billion for expropriating their oil assets in 2007. Fighting this small potatoes matter is also costing us a fortune.

He also wasted $9-$12 billion in the Red Sea trying to stop the Houthis, but cut and ran when it got too expensive, leaving shipping the sitting duck it was in the first place, so it still goes around Africa instead. Transits through the Suez are down 50% and tonnage is down 66% compared with 2023.

America is no longer the guarantor of freedom of navigation on the seas. It doesn't care about freedom in Ukraine, and it certainly doesn't care about economic freedom at home. If it did it wouldn't spend the country into oblivion, and would tax the bejeebers out of the billionaires and leave the rest of us alone. 

We do not have a serious president.

It's all theatre.  

LOL, CNN's KFILE has really flipped the script, keeps going after Kamala Harris and Tim Walz on their hypocrisy

 KFile: Kamala Harris pledged to prosecute oil companies over emissions. Now, she’s praising their record US production

 “You should be really prepared to look at a serious fine or be charged with a crime,” Harris said in November 2019 when a South Carolina town hall attendee asked whether she would investigate companies such as Chevron and Shell for their role in contributing to climate change. ...

“And, not unlike the tobacco companies, after years — ’cause they’d done the research — they knew the harm that their product was causing. They were making so much money that they kept that secret — same thing with these big oil companies. And they need to pay the price,” she said. “So yes is the answer.” Harris made a similar promise when speaking with the liberal Mother Jones magazine a month earlier, saying, “Let’s get them not only in the pocketbook, but let’s make sure there are severe and serious penalties for their behaviors.” ...

Campaigning in Philadelphia last month, Harris pointed to the Biden administration’s record on increasing domestic oil production, telling voters, “We have had the largest increase in domestic oil production in history because of an approach that recognizes that we cannot over rely on foreign oil.” ...

Archived material from Harris’s 2020 campaign found more than a dozen mentions of prosecuting Big Oil either for pollution or climate change. Citing climate change as an urgent threat, Harris said aggressive action was imminently needed. ...

During a CNN town hall on climate change in 2019, asked whether she would sue ExxonMobil, Harris responded, “I have sued ExxonMobil.”

However, this claim was incorrect. While Harris did initiate an investigation into ExxonMobil for allegedly misleading the public and shareholders about the risks of climate change, she never filed a lawsuit against the company.

Democrats simply hate big oil and are oblivious to the windfall profits of their pals in tech which dwarf those of the oil industry

 

Kurt Andersen in The Atlantic projects his now-rejected experience of libertarianism onto all of the GOP and conservatism

Unfortunately for Kurt, he thinks recovery means doing some cherry-picking of his own, exchanging one insanity for another. It never occurs to him that while Paul Ryan found his life's inspiration in a novel, millions of young Americans today derive theirs from film. If forced to choose, I'll take active insanity anyday over passive. Kinda makes you miss the "Jesus is my favorite philosopher" president, doesn't it? And how could anyone still seriously speak of an anti-psychiatry "craze"? I must have missed that in my "Man from U.N.C.L.E." years.

In other words, it takes a kook to know a kook. In his own words Andersen expresses the affinity which exists between the insane, the left and libertarianism.

Here:

Relativist professors enabled science-denying Christians, and the antipsychiatry craze in the ’60s appealed simultaneously to left-wingers and libertarians (as well as to Scientologists) ... Another way the GOP got loopy was by overdoing libertarianism. I have some libertarian tendencies, but at full-strength purity it’s an ideology most boys grow out of. On the American right since the ’80s, however, they have not. Republicans are very selective, cherry-picking libertarians: Let business do whatever it wants and don’t spoil poor people with government handouts; let individuals have gun arsenals but not abortions or recreational drugs or marriage with whomever they wish; and don’t mention Ayn Rand’s atheism. Libertarianism, remember, is an ideology whose most widely read and influential texts are explicitly fiction. “I grew up reading Ayn Rand,” Speaker of the House Paul Ryan has said, “and it taught me quite a bit about who I am and what my value systems are, and what my beliefs are.” It was that fiction that allowed him and so many other higher-IQ Americans to see modern America as a dystopia in which selfishness is righteous and they are the last heroes. “I think a lot of people,” Ryan said in 2009, “would observe that we are right now living in an Ayn Rand novel.” I’m assuming he meant Atlas Shrugged, the novel that Trump’s secretary of state (and former CEO of ExxonMobil) has said is his favorite book. It’s the story of a heroic cabal of men’s-men industrialists who cause the U.S. government to collapse so they can take over, start again, and make everything right.

Trump's pick for Secretary of State, Rex Tillerson, was the Boy Scout who paved the way for gay boys to join

Because he thought is was in the best interests of those boys.

From the story here:

Despite increasing pressure from gay rights advocates, Exxon has refused to create a specific policy barring discrimination against gay employees, as many Fortune 500 companies have done. Nonetheless, Tillerson was instrumental in lobbying the Scouts’ board to accept openly gay youths, said John Hamre, president of the Washington think tank Center for Strategic and International Studies, of which Tillerson is a board member.

“I can’t get into the intimacy of these conversations. But he agonized over this. He prayed on it, and ultimately he came to the conclusion the only thing that can guide him here is what’s best for the young boys,” he said. “I think he became a key leader in helping the group come to a consensus.”

Crony Socialism: Fed Profits On College Student Loans Rank Third Behind Exxon-Mobil And Apple!

Or is that socialist cronyism?

Anyway, those thirsty blood suckers in the federal government made $41.3 billion off the nation's college student loan program in fiscal 2013, according to the Detroit Free Press, here:

It’s a higher profit level than all but two companies in the world: Exxon Mobil cleared $44.9 billion in 2012, and Apple cleared $41.7 billion.

--------------------------------------

That's not quite right, however.

In 2012 the profits thrown off from massive numbers of government bonds and mortgage backed securities "purchased" by the Federal Reserve and returned to the Treasury by the Fed were more than double that, as reported here last January:

The Federal Reserve sent a record $88.9 billion in profits to the Treasury Department in 2012 as it reaped gains from the unconventional programs it launched to spur economic growth.

Last year's remittance to Treasury topped the previous record of $79.3 billion in 2010, Fed records show.

Joshua Kurlantzick Totally Ignores Theft And Corruption At Heart Of State Capitalism

To know how far we've descended along the path to global fascism, with authoritarian technocrats in partnership with ideologues like Barack Obama pulling the levers and picking the winners and losers, consider this opening to a puff piece on the rise of state capitalism by Joshua Kurlantzick of teh Council on Foreign Relations for Bloomberg Businessweek, here:

Over the past five years, as much of the developed world has staggered through crisis, a new type of capitalism has emerged as a challenger to laissez-faire economics. Across much of the developing world, state capitalism—in which the state either owns companies or plays a major role in supporting or directing them—is replacing the free market. By 2015 state-owned wealth funds will control some $12 trillion in assets, far outpacing private investors. From 2004 through 2009, 120 state-owned companies made their debut on the Forbes list of the world’s largest corporations, while 250 private companies fell off it. State companies now control about 90 percent of the world’s oil and large percentages of other resources—a far cry from the past, when BP (BP) and ExxonMobil (XOM) could dictate terms to the world.

Kurlantzick spends not one moment considering the massive European and American efforts to prevent creative destruction in the banking and housing industries through the use of bailouts and monetarist central banking interventions, which represent state capitalism already in practice at the expense of hostage populations. Well, why would he spend any precious column inches on an utter and abject failure?

There's no room for that in a propaganda piece for the status quo.

James Altucher Talks Up Optimism, and Five Stocks He Doesn't Own!

Here.

Give me a break! Put your money where your mouth is, bro!

Apple, Exxon Mobil, Walmart, Amazon and Google: This year's dinosaurs are next year's tank of gas. It's happened before, and it will happen again. Maybe not right away, but Steve Jobs will die. The Arabs will try another embargo over Israel. Companies depending on relatively cheap transportation and distribution will experience tighter margins. And we can't predict the future, but a world where energy costs more is a world where electricity usage puts free operations like Google between a rock and a hard place.

On the macro side James Altucher really shows his colors: securitization without mark-to-market. You can't have the one without the other. He must be reading too much Steve Forbes.

Have fun stormin' the castle!

Flaky, as in 'Obama' (not as in 'Bachmann')

Michele Bachmann may be many things, but flaky is not one of them.

For flaky, we must throw out the much too tame traditional dictionary, and go to the Urban Dictionary, which nails it many times over:

An unreliable person. [See 'Obama' who hasn't improved one economic measure for black people, let alone anyone else, except for their government dependency]

A procrastinator. [See 'Obama' who dithered and dithered for three days after the Fruit of Kaboom bomber incident in route to Detroit because he and his administration were all on vacation, again. And how many months did it take him to decide to surge in Afghanistan?]

A careless or lazy person. [See 'Obama' who was content to let the House and the Senate duke it out over their versions of healthcare reform and provided no legislation of his own, or who let BP clean up the spill in the Gulf despite a long-standing contingency plan put in place by the government in the wake of the Exxon Valdez spill in Alaska]

Dishonest and doesn't keep to their word. [As in 'Obama' who didn't close Gitmo and didn't try the terrorists in civil court]

They'll tell you they're going to do one thing, and never do it. [See 'Obama' who promised to end the war in Iraq but our soldiers continue to die there]

They'll tell you that they'll meet you somewhere, and show up an hour late or don't show up at all. [As in 'Obama' who, the president of all the people, deliberately misses church, and patriotic or Christian holidays but never seems to miss a Muslim one]

Also spelled "flakey", or "flake" in the noun form. [Also spelled 'baked' in the adjectival form, as in the noun 'head']

She told me she would send me her pictures, but it's been 3 months and she hasn't sent me shit. She's flaky as hell.

I think Sean Hannity is still waiting for an RSVP for that beer.

Pompous Senators Rake in 18.4 Cents For Every Gallon of Gas Sold . . .

. . . while states take in 20.6 cents!

And they begrudge Exxon 7 cents a gallon in profits?

Jerks! Government is the biggest gasoline profiteer!