Saturday, February 2, 2008

Exxon Mobil $40 billion profit breaks records

The news media is reporting Exxon Mobil made over 40 billion dollars in oil profits. This is another example of under reporting by the news media. Because the profit was over 70 billion dollars, and the government confiscated over 30 billion dollars through taxes. The government made over 30 billion dollars in oil profits and did not have to assume any of the risk or invest any money. Rather good deal for the government. But the news media is out to vilify the oil companies and does not want to vilify taxes. Because the news media believes in excessive taxes to redistribute the wealth in this once capitalist, democratic society we use to have.

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