Sooner or later, someone is bound to say it.
Last week ExxonMobil posted record-breaking profits. This news provoked an immediate reaction from Senator Hillary Clinton at the Democratic National Committee in Baltimore on Friday. “I want to take those profits,” Clinton said, “and put them into an alternative energy fund that will begin to fund alternative smart energy alternatives that will actually begin to move us toward the direction of independence.”Beuller...Beuller? (Linked from Pajamas Media)
Clinton’s remarks are the first time that a nationally known Democrat has openly called for the government seizure of an industry since President Harry Truman tried to nationalize the steel industry in 1952. The U.S. Supreme Court slapped back Truman’s takeover in Youngstown Sheet & Tube Co. et al. v. Sawyer. (Like Senator Clinton, Truman also championed a national health-care scheme.)
While other politicians have suggested establishing an alternative energy fund, Clinton is the first to advocate funding it by taking the earnings of a publicly held American company. ExxonMobil has some eight-hundred thousand shareholders, many of whom depend on these earnings to fund their retirements.