Posted tagged ‘gulf oil disaster’

Gulf Blues

June 4, 2010

How does one make a bad situation good? The Obama Administration is learning about that right now. The BP Gulf oil spill is the teacher. The American public, if they are wise, can also learn. The question is will either party learn?

Drilling a mile down and then another two under the sea bed, the BP drilling was truely in “unchartered waters”. Experience, science, and preparation are all working against a prompt sealing of the leaking well head. Never the less, with ecological damage mounting, the call for Presidential action is deafening.

It is strange and somewhat humorous that many of these same people calling for more Presidential action, and in a sense almost blaming President Obama, not so long ago called for smaller government and less regulation. This is a lesson in the facts of life, a coin has two sides.

This Gulf disaster could not be a clearer testimony that there is a critical role for government in a highly developed economy. The financial sector melt down in 2008 was a loud signal which, to this day, many people refuse to acknowledge as a call to action.

Regulation to be sure can be over done. On the other hand, so can “free enterprise”. The role of government is to place reasonable bounds on the “invisible hand” so that it does not unduly take from the public more than it gives back.