CNBC interview with Sen DODD: (Unbelievable!!!)
Asked by a North Carolina voter whether he supported a Jimmy Carter-era windfall profits tax, McCain responded: "Um, I don't like obscene profits being made anywhere -- and I'd be glad to look not just at the windfall profits tax -- that's not what bothers me -- but we should look at any incentives that we are giving to people or industries or corporations that are distorting the market."
Glenn Beck: Who makes more than Big Oil?
June 11, 2008 - 12:54 ET
GLENN: Did he ever do private business? Dan, do you know? Did John McCain, was he ever in private business? Joe, you would probably know this. Look it up.
DAN: I don't think so.
GLENN: I don't think he was. I think he went from didn't he go right from the military right to congress? So there is a chance that he didn't understand how the economy works because he's always been in government. But this is his quote yesterday. Quote: I don't like the obscene profits that are being made anywhere and I'll be glad to look not just at the windfall profits tax. That's not what bothers me. But what we should look at is any incentives that we're giving people or that industries or corporations that are distorting the market.
Do you have the clip? Play this.
McCAIN: I don't like obscene profits being made anywhere and I'd be glad to look
GLENN: Stop, stop, stop, stop, stop. He doesn't like obscene profits being made anywhere. Is anyone talking about the hedge funds? Is anyone talking is anyone in congress talking about the hedge funds? You know why? They are not talking about the hedge funds because the hedge funds give them all kinds of money. The hedge funds, these guys Chelsea Clinton works for a hedge fund. John Edwards worked for a hedge fund. Al Gore works for a hedge fund, owns his own hedge fund. Nobody wants to talk about hedge funds. You want to talk about obscene profits. Now, I don't believe this is an obscene profit. I really don't. I think if you can make this kind of a profit, God bless America. God bless America.
But here's their profit margin.
Their profit margin in hedge funds is 87%. 87% profit margin. That is printing money. So you want to talk about an obscene profit margin, there it is. Again, as a capitalist I say God bless you. But that is ten times the profit margin of oil.
Oil's profit margin is about 8.5%. This is ten times the profit.
Why are we going after them?
- How about healthcare facilities? 48%.
- Publishing, periodicals, magazines is 34%.
- Information delivery services, 23%.
- Silver is 22%.
- Application software industry is 22%.
- Shipping, 21%. Well, not anymore.
- Copper is 19%.
- Tobacco products, 19%.
- Drug manufacturers, 17%.
- Insurance brokers, 16.
- Beverages, wineries, distilleries, 15%.
- Long distance carriers, 15.8%.
- I mean, railroads, railroads, 13.9%.
- Steel and iron, 13.8.
- Cigarettes, 13.7.
- Integrated circuits, semiconductors, 13.6.
- I mean, the list goes on and on and on and on.
- Money center banks, 10.8.
- Hotel/motels, 10.6.
- Asset management, 10.5.
- Beverage, Brewers, 10.5.
- Resorts and casinos, resorts and casinos are 10.5. Casinos are 10.5.
I mean, when a casino makes 10.5 and a hedge fund makes 81.7, you've got to ask yourself what's an obscene profit margin. Why aren't you going after those guys? That's not the way this system works, and as soon as America figures this out, these guys are toast. When America figures out and I really believe, I believe that she will. Here's why. Here's why I have more optimism than ever before. These you know these tours always give me faith. Getting out of New York City always gives me faith. Going around the country and talking to as many people as we do. You know, we had another sold out show last night, we've got another show tonight in Portland, Maine. You know, I listen to these crowds and I listen, you know, in the first two shows because it was down in the South people were shouting stuff out and I could hear it. I mean, I could hear the frustration and I could hear the answers. The answers are there, and for the first time this is why I have more faith because for the first time I believe that the people who are normally slugs and don't say anything, they are starting to shout those answers out. They are starting to say that's not the way it works! And they are starting to get involved more than ever before. And I just don't think I think people are going to be asking questions this time, and conservatives, conservatives, not Republicans, conservatives have the answer, and the answer is not to take these oil companies and pound them into the dirt. It is to give them tax incentives to go find it. It is for congress to stay the hell out of the way. When that happens, we'll have a return to sanity. But you know what? I read the front page of the Wall Street Journal today and I have to tell you, inflation is going up. Do you know, what was the country that I said inflation went up, doubled overnight? In India, went from 4 to 8% inflation in two days! And they're all blaming it on the United States of America.