Wall Street trumps Main Street for GOP 'leaders'

NH taxpayers: Please join me in lifting a glass of champagne (or oil….which will soon cost as much) to Senate Republicans who, in their wisdom and deep concern for the American public, have voted down a tax on the bloated profits being realized by Big Oil. (S. 3044, the Consumer-First Energy Act of 2008). (Both Senators Gregg and Sununu voted against the measure).

The bill would have called for a 25% tax on ‘unreasonable’ profits reaped by the five largest oil producers, who made more than $36 billion during the first three months of this year alone. Additionally, the GOP blocked a provision reversing the $17 billion in tax breaks that Americans are handing to Big Oil. Finally, the bill would have restricted off-shore futures speculation, thought to be behind skyrocketing oil prices.

It is heartwarming and, indeed, inspirational to see the GOP lined up squarely behind the oil companies and their lobbyists. Predictably, Wall Street's influence trumps Main Street's financial anxieties for our principled Republican ‘leaders’.