Granted Iceland’s minimum wage at the time was over $20 (U.S.) per hour. I haven’t seen the breakdown of why gas prices in Europe are so high, perhaps someone following this thread could provide that info, but IMO the driving forces for the high gas prices in Europe is taxation and lack of natural resources (where America is hardly in that same category, which I’ll explain next). I also agree the Dems would just love to increase gas prices with additional taxes to European standards. That was one of the issues (Global Warming & Environmentalist suggestions the U.S. should raise gasoline prices to $10 per gallon through taxes) posed by Tom Brocaw in his interview with Obama, who gave Tom a, “you sonofabitch” look, then proceeded to dodge the question.

There is big problem with Dems justifying such taxation measures and that is our own national reserves. I’m old enough to remember Nixon giving a SOTU & addressing the issue in Cold War terms. He told the American people that we had enough capped-off oil reserves estimated to operate this country WITHOUT ANY use of foreign imports for at least 60 years (at our then current rate of consumption). However, he stated those reserves would remain capped for strategic and emergency reasons (to keep America capable of remaining self sufficienct during an extended world block-aid, sanctions, or similar crisis). The other part of the strategy was that eventually after every other countries oil supplies ran dry. America would become the new world source for crude oil. As I understand it, the owners of the land where we have capped off reserves are paid a subsidy much like farmers are to keep fields fallow. These reserves do not even take into consideration the oil under Alaska or offshore. In truth, North America is one of the richest of continents in untapped resources. The others are Africa & South America. Even if the myth, were correct that it would take 10 years before we could see any oil out Alaska. If it were not for the fact that we have become complacent in the construction of new refineries, we could cut off all foreign oil imports NOW, use our reserves and never experience any interruption in oil supply before Alaskan oil started flowing.

The Media certainly was scoffing then too stating that those elections were not a mandate from the people they were on board with the “Contract With America”. But yeah, best Libs continue sipping their Koolaid, coloring, and cheering for their “real life” cartoon hero Obama, while the Grown-ups talk about real issues.

BTW Steve;
Gas prices are not artificially low. They were artificially high before. OPEC countries took a big loss along with the rest of the world & were also seriously damaged financially by America’s market failures and bail-outs. “The Donald” came out when people were still talking about the first bail-out deal and predicted a silver lining and oil prices would plummet if it didn’t get signed the first time. The reason the prices continued to drop was the “Domino Effect” of our market, upon the rest of the world:

http://www.foxnews.com/story/0,2933,430583,00.html

The hurricane bought oil companies a little time to continue trying to keep them artificially high for a few weeks, but once it dropped to under $100 a barrel, consumer demands upon local governments to look into prosecution for those guilty of price gouging forced them to give it up & cut the crap.

Instead it proves that any renegotations with an insolvent buyer who should have never gotten either 1: a loan for the amount they did, or 2: at all… isn’t working.

Dugan said recent data showed that after three months, nearly 36 percent of borrowers who received restructured mortgages in the first quarter re-defaulted.

The rate of re-default jumped to about 53 percent after six months and 58 percent after eight months, Dugan said, without providing an explanation for the trend.

Regulators speaking at an OTS-housing forum did not provide any explanations for the causes behind the data.

I’ve said many times that the foreclosures aren’t really the base problem. It’s the fact that the banks can’t foreclose on the home for the note value (which they paid out at closing…) and recouperate that same amount (less the foreclosure costs which they can write off) on a resale because of the abnormal inflation on housing prices. Otherwise just swap one insolvent buyer for a solvent buyer, as we’ve done for decades. Not possible anymore.

Hard Right? Can’t believe you had the patience to respond to John Ryan… someone that ill-informed and partisan is the type I generally use a can of Raid on. Kudos to your kindness.

John Ryan: when did a Republican have control of the workings of Fannie and Freddie, besides, regardless of the ‘number of years’, both McCain and Bush tried repeatedly in the past years to get the Democrats to regulate that thing and Old Barney refused. Tough, huh, it would be a cakewalk if the MSM was not trying to keep the heat off the Democrats 24/7.

“However, data which is to be issued by the OCC and the Office of Thrift Supervision (OTS) next week could throw cold water on a push by some U.S. policymakers for loan modifications as the key remedy for the ailing U.S. financial and economic crisis.

Dugan said recent data showed that after three months, nearly 36 percent of borrowers who received restructured mortgages in the first quarter re-defaulted.

The rate of re-default jumped to about 53 percent after six months and 58 percent after eight months, Dugan said, without providing an explanation for the trend.

Regulators speaking at an OTS-housing forum did not provide any explanations for the causes behind the data. ”

http://www.reuters.com/article/GCA-Housing/idUSTRE4B75A220081208

Do you think the Reps are just going along, or are they trying to get to the truth. It’s an open question.