Saturday, November 15, 2008
More Bailout Nuttiness
The companies that provide home heating oil in Connecticut are now demanding that they be part of the $700 B TARP financial bailout. Somehow this makes sense to someone, but not me? As the Republican-American Newspaper reports here; some far sighted Connecticut residents signed contracts to get home heating oil this winter at a fixed price. Of course they signed these in the Summer so they got prices around $3.50 a gallon. Now prices have collapsed and you can buy a gallon for $2.40. Somehow this justifies the Federal government cushioning the provider by covering the difference. Sorry, a contract is a contract and we need to start letting people pay for their mistakes. Harsh as how that might sound.