Oil Industry Bailout

[OnlinePoker]

Saw this on Reddit and thought it would be good for a cringe here.

+++++++++++++++++

America's once-booming oil industry is suddenly in deep financial trouble.

The epic crash in oil prices has wiped out tens of thousands of jobs, caused dozens of bankruptcies and spooked global financial markets.

The fallout is already being felt in oil-rich states like Texas, Oklahoma and North Dakota, where home foreclosure rates are spiking and economic growth is slowing.

Now there are calls in at least some corners for the federal government to come to the rescue.

http://money.cnn.com/2016/01/14/investing/oil-bailout-us-washington/index.html?iid=EL

[floriduck]

1. No f in way.

Sounds like a great time to transfer those lost jobs into the green energy sector. Didn't Texas previously want to secede from the union? Maybe they want to make that move now.

[earthside]

2. Well that's just too bad.

I don't live there anymore, but I grew up in Wyoming and still have a lot of conservative friends there.

In the 2012 election they all loved to whine about how it was all Pres. Obama's fault that oil and gasoline prices were so high.

Now, of course, it is all his fault that oil and gasoline prices are so low that they are losing their jobs and houses.

In places like Wyoming, Texas, Oklahoma they complain about the big, bad federal government all the time. So, as far as I'm concerned, let them have what they want -- no rescue or bailout from the feds for what they still claim is Obama's fault.

[safeinOhio]

3. What ever happened to the

"invisible hand"?

[kentuck]

4. It was accidentally chopped off...

by a masochistic free market...

[Truprogressive85]

5. Sucks people are out of work

But no bailouts sorry

[onecaliberal]

6. No! They have gotten enough Wellfare from taxpayers. Let them fail.

[Wellstone ruled]

7. This story was out their a couple of weeks ago.

It is on the Republican action items in the next few weeks. Watch for a panic deal like 2008,need a blank check to save our Oil and Gas industry cause that is what we did for the Auto Industry. Two weeks ago,all three Business Channels started floating this story. Daily they have some person from a high yield Hedge Fund or some Bank that is leveraged to hell and back with Energy Patch Debt.

[Blue_In_AK]

8. Alaska is already paying them more

than we're getting back. I have no pity.