BP, Big Government and Crony Capitalism

Channel: Fox Business
Show: Nightly Scoreboard
Host: David Asman
Date: 06/22/2010


David Asman: White House chief of staff Rahm Emanuel made it clear over the weekend that he’s going to try to sell the voters on the idea that Republicans are actually responsible in large part for the oil spill. He even targeted the son of our next guest as one of those who’s in his sights.

Rahm Emanuel: Rand Paul, running for Senate in Kentucky. What did he say? He said the way BP was being treated was un-American. Other members of the Republican leadership have come to the defense of BP and attacked the administration.

David Asman: Joining us now from Washington, the father of Rand Paul, Republican Congressman Ron Paul. Well, there they go again, beating up on your son. How does that make you feel?

Ron Paul: It’s part of politics and people who are insecure have to go and attack somebody else and make up stories. I have no idea what Rand said or what they’re talking about. But that’s the way, I guess, the game is played.

David Asman: The irony, Congressman Paul, is that you and Rand have been very critical of all of the benefits that BP has been getting in their relationship with working with the government, and specifically with the Obama administration.

Ron Paul: Yeah, BP is a big government corporation and they’re in bed with government. We provide a lot of protection for their oil rigs in the Middle East. And, of course, they’re for Cap and Trade.

David Asman: That’s right.

Ron Paul: I think this whole thing about setting up this fund satisfies both the politicians and BP because they’ve agreed to this and this sort of is a PR stunt as far as I’m concerned. BP hah already been making a lot of payments to people who have been injured. My point is…

David Asman: Hold on. Before you go any further let me just ask, because a lot of people would say, “Wait a minute, 20 billion dollar payout, that doesn’t sound like much of a benefit for BP.” How does that benefit BP to have this fund?

Ron Paul: Well, they have to pay, everybody knows that, and I think they know that, too. So they might as well concede to this. But I don’t think BP is being a good example of the free enterprise system. You know, I think that they’re very much in tune with big government, and here the process is sort of suspicious. Under what law have they done this? There’s not even an executive order, not even a congressional approval, and here they’re dealing with 20 billion dollars. I think they should pay 100 billion dollars if there are a 100 billion dollars worth of damage.

David Asman: They should pay… by the way, isn’t there an actual provision in this supplemental bill that they’re trying to push through Congress, a 100 billion dollars, or whatever it is now, to force some of the cleanup that BP should be paying? Aren’t they forcing some of the costs of this on tax payers instead of BP?

Ron Paul: That’s right. And that’s exactly the opposite of what it should be. It should be the corporation that did the damage that should pay for this. So I just don’t like the process; I think they should pay and there are legal ways of doing this. But I’m very suspicious of how this has come about. And this whole idea that somebody defends the rule of law and says that you shouldn’t beat up on a corporation and drive them into bankruptcy, yeah, they should be dealt with in a legal fashion and hopefully they don’t go bankrupt. Fortunately, they are a wealthy company.

So they should pay the bills and I think they’re capable of doing this. But this whole idea that you have to close down all oil wells in the Gulf, and that means it will hurt BP even more plus all the oil companies, plus all the people who now are going to lose their jobs in addition. And this is absurd to say that because Obama issues an order, closes down all the other oil rigs, that they make BP pay for that damage. They have enough to pay for.

David Asman: Well, they do, although again, they are forcing some of that on taxpayers by putting it in the bill because of their cozy relationship with the administration. If Cap and Trade passes, because they’re the largest producer of natural gas in this country, they could benefit many times over what they’re paying out in that 20 billion dollar funds through Cap and Trade, right?

Ron Paul: Oh yeah. And I’ve heard talk, and we don’t know exactly what the tax ramifications will be. Maybe they’ll essentially get all their money off their taxes or something. Maybe they’ll consider this a donation or who knows what. But I suspect there is a lot about the agreement that we don’t know about and probably will never know about. Somebody asked me what did I think about the conversation they might have had. Well, I can’t characterize it, I wasn’t there, I’d like to see the transcript. What do you think the odds are that we’ll get to audit that transcript? I don’t think we will.

David Asman: Probably not. It would probably be easier to get the minutes from the Federal Reserve board, as you well know.

Ron Paul: Yeah, find out what they’re doing.

David Asman: Final, very quick question: next time Rahm Emmanuel starts pointing his fingers at you and your son as being friends of BP, why don’t you just point it right back and say, “You are the guys who were more friendly than we are?”

Ron Paul: Well, I think that’s a perfectly good answer, and that’s one thing that I’ve been fighting against for a long time.

David Asman: You certainly have.

Ron Paul: And I think you essentially agree with me on this that the partnership between big business and big government is not capitalism.

David Asman: That’s right.

That’s crony capitalism or, you know, interventionism of the Keynesian type, which I strongly disapprove of.

David Asman: We do as well. Ron Paul, good to see you, thank you very much for being here.

  • GBH

    Ron Paul Revolution 2012!!
    9/11 was an inside job, Support the 9/11 victim’s familys and Demand a new scientific Investigation! High levels of Nano-Thermite found in all WTC dust samples (evidence of Controlled Demolition). YouTube WTC 7. We cannot let this False Flag go unjustified, We are Change!


  • Alpinex105

    we need regulated capitalism!

  • 1kingconan


  • keokirhodes

    Mussolini said that big business working with big government is fascism.

    • GBH

      Pretty sure that is called Socialism, Fascism is extreme dictatorship oppressing the people with Militarism/Totalitarianism.

  • VexZeez

    Tort lawyers should be able to gobble up BP and leave no skeleton behind.
    There shouldn’t be be a $20billion cap on what tort lawyers can take out. The crony capitalist in Big government are protecting BP. BP should pay up for all the damages, time, and effort wasted to stop this massive gusher that most likely dwarfs 20billion.

    Will $20billion be enough for damages if this massive gusher continues until this Christmas or worst if it last years?

  • cabl3guy2012

    fantastic video clip

  • terr547


  • oldwarhorse1865

    All these uncontrolled monopolies are whats destroying America! One or two companies means no competition = control!!! BP was Barry’s biggest contributor!

  • Gravija1980

    5:21 “We do as well.”


  • MrSleeps

    rham such a pile. now what i get from it is not ron paul saying BP shouldn’t be left to fail he said hopefully they won’t, so i take it that he saying that if the cost of this mess makes them go bankrupt then thats really to bad but it could happen now he didn’t put it into those words but thats what i take from it. i’m sure someone else see’s it different.

  • stonecast

    @truthadvocate You missed his point, he doesn’t think we should try to bankrupt BP just as punishment, it shouldnt be our direct objective. He maintains that if BP goes bankrupt for paying what they rightly should pay for then ok, but we shouldnt look at that as a good thing, people will lose their jobs if that happens.

  • WulfBand

    It’s time to ARREST OBAMA for SEDITION.

  • truthadvocate

    The first time I disagree with Ron Paul. He doesn’t think BP should go bankrupt??? I agree the entire industry should not be punished. But BP should be allowed to fail, just like all the banks that should have been allowed to fail. If it goes bakrupt it will free up capital and workers that can be acquired by other companies with more responsible leadership. That’s exactly what Paul was saying about the car companies and banks. Consistent logic requires one to apply the same reasoning to BP.

  • BloodiCheeseCake

    Categorical exclusions and liability caps. The administration has a cozy relationship with BP, and they’re going off blaming other people for their problems. That’s PR for you.

  • SgtTravisBickle

    Rahm Emmanuel: Son of a Terrorist. The apple doesn’t fall far from the tree. Rahm’s brother Ari is a high powered Hollywood agent and represents Sascha Baron-Cohen… the Emmanuels tried to set up Ron Paul to look ridiculous in Bruno. They are scumbags.

  • nathuwjohn

    Rahm, just looking at your evil countenance makes me feel like throwing up.

  • emserinfo


  • Stepper11

    Rahm lives in a swanky apartment provided by a BP crony for years, and Obie gets over a million dollars from them. But Paul, no connection to BP, gets ripped for suggesting that they should pay in accordance with the law and actual costs/damages. I love politics, don’t you?