Because the state government had a cap on retail electricity charges, this market manipulation squeezed the industry’s revenue margins, causing the bankruptcy of Pacific Gas and Electric Company (PG&E) and near bankruptcy of Southern California Edison in early 2001.
It sounds like satire, but this argument was actually made by members of Congress, TV pundits, etc.— executives should get enormous “golden parachutes”— even (as with Enron) when gross criminality is involved— so companies can attract “the best people” (like the Enron execs).
17 years, and the Republicans haven’t changed ONE IOTA!!! They are STILL greedy graspers, bent on building their own wealth and to hell with anyone else!!! Right, “Graduates” of trump u., or investors in trump casinos, or trump airline, or trump steaks, or trump water, or….?
Say What Now‽ Premium Member about 5 years ago
So pertinent to today.
Zev about 5 years ago
Nice reminder, now that the current administration plans to cut out food regulations. Soon we’ll be eating recycled plastic particles.
braindead Premium Member about 5 years ago
Oh, come ON.
Everybody knows that banks no longer need regulation.
That was PROVED completely as soon as Trump started calling Elizabeth Warren ‘Pocahontas’.
.
And everyone knows that any regulation, especially if it is effective, is socialism and will make us just like Venezuela.
kaffekup about 5 years ago
The invisible hand might just work – if the wealthy didn’t own and control the iron glove on it.
Brass Orchid Premium Member about 5 years ago
Because the state government had a cap on retail electricity charges, this market manipulation squeezed the industry’s revenue margins, causing the bankruptcy of Pacific Gas and Electric Company (PG&E) and near bankruptcy of Southern California Edison in early 2001.
wrd2255 about 5 years ago
Talk to the (invisible) hand. Which also happens to be deaf, dumb and blind. And stupid.
Linguist about 5 years ago
Talk to the hand, ‘cause the ears ain’t listenin’ !
GaryCooper about 5 years ago
It sounds like satire, but this argument was actually made by members of Congress, TV pundits, etc.— executives should get enormous “golden parachutes”— even (as with Enron) when gross criminality is involved— so companies can attract “the best people” (like the Enron execs).
Masterskrain Premium Member about 5 years ago
17 years, and the Republicans haven’t changed ONE IOTA!!! They are STILL greedy graspers, bent on building their own wealth and to hell with anyone else!!! Right, “Graduates” of trump u., or investors in trump casinos, or trump airline, or trump steaks, or trump water, or….?
Kip W about 5 years ago
When last seen the invisible hand had dyed itself white and accepted a day job shilling for a boxed hamburger add-in product.
gigagrouch about 5 years ago
Capitalism in a nutshell.
Teto85 Premium Member about 5 years ago
Robert Mueller led the team that put the Enron crooks in jail.
Godfreydaniel about 5 years ago
SOME of the Enron crooks, but, yes, that is indeed encouraging to remember.
jpozenel about 5 years ago
Well, we all know who’s hiring “the best people” now!
willie_mctell about 5 years ago
The priesthood of the Orthodox Church of Free Enterprise is in charge.