Corporate Profits, Iraq War, and George Bush

 Guest author, retired MAD Magazine editor, Al Feldstein writes:

Nearly 4000 innocent American G.I.’s have died… over 29,000 American G.I.’s have been wounded and maimed… and over a million Iraqis have been slaughtered, wounded or maimed in the Bush Administration/PNAC/NeoilCon’s “War In Iraq”…which was started in order to stop Saddam Hussein, with the help of the French, the Germans, the Russians and the Chinese, from extracting Iraq’s oil and marketing it outside of the control of OPEC and America’s “Big Oil” Companies.

Here are this Quarter’s results:

Exxon shatters profit records: Oil giant makes corporate history by booking $11.7 billion in quarterly profit; earns $1,300 a second in 2007.
http://snipurl.com/1ys6v

Chevron 4th-Quarter Profit Rises on Record Oil Prices : Fourth-quarter revenue climbed 29 percent to $61.4 billion, Chevron said. Price gains more than made up for a 1.6 percent decline in oil and natural-gas production.
http://snipurl.com/1ys6y

Shell Rakes in $8.5 Billion in Three Months: Royal Dutch Shell, the world’s second-largest publicly traded oil company, today reported net income up 60 percent last quarter to a record $8.47 billion
http://snipurl.com/1ys70

 
In contrast…

When America was attacked by Japan at Pearl Harbor in 1941…and the U.S. declared war on Japan, Germany and ItalyPresident Roosevelt announced that no one was going to make any money out of that war!

He asked the Congress to pass two bills to fund that war: the “Corporate Excess Profits Tax” (which set 1940 as a benchmark and taxed all Corporate profits above that amount at hugely increasing tax rates…and the “Individual Progressive Income Tax” (which taxed individual incomes progressively over a base amount…increasing up to 95%.

There were no obscene Corporate Profits like those above… and no Corporate executives… no movie stars or sports figures keeping a major portion of their multi-million dollar salaries… as they do today.

Every Corporation and every Individual contributed to the funding of America‘s participation in World War II.

Not like today.

Today…our Treasury has been ransacked…our National Debt has rocketed sky high…and the ordinary citizen is paying for this “Iraq War” and the War on Terrorism… while America’s millionaires and America’s Big Corporations are raking it in, enjoying their low taxes and stuffing their pockets.

How are you doing financially?

Incidentally, gasoline was about $1.00 a gallon in 2000…shortly before Bush entered office.

MAD-ly yours,
Al Feldstein

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4 thoughts on “Corporate Profits, Iraq War, and George Bush

  1. Amen. Someone is actually coming out and talking about this. Until recently I lived in Kuwait for several years; The stories I could tell you. I’ve long held the conviction that the war was a financial orchestration and not to ‘free americans from terrorism and establish democracy in baghdad.’ War is a profit making venture. Great post.

  2. Indeed, this is the crime and tragedy of our generation, and a blight on America’s honor. Happy will be the day when Bush and Chaney, the monkey and the organ grinder, leave office.

  3. History tells us that economics drives politics. That US should wage a war is no big surprise in the given context, considering the critical oil reserves in middle east. But what is surprising is the fact that inspite of spending billions of $ they have not been able to find a substitute for oil.

    Best,
    OptionSwap
    OptionSwap

  4. SIMPLE MATH
    GDP=13,000B
    TOTAL NATL INCOME=10,000B
    TOTAL CONSUMER SPENDING=9,000B

    BUDGET = 3000B

    33% OF CONSUMER SPENDING TO COVER BUDGET

    30% OF ALL INCOME TO COVER BUDGET

    HOW DO YOU CHOSE TO COVER THE BUDGET??

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