Finally a good article on the California electricity crisis. The bottom line is that through the use of corporate structure and a sort of legal shell game literally billions of dollars has been extracted from consumers and given to energy corporations. Right-wing toadies claim that the market always works, and the problem wouldn't have arisen if full deregulation were in place. The price of energy would then rise until the demand dropped and there would no longer be a shortage. What they fail to mention is that the result of this would be that the average Californian could no longer afford to pay for any electricity! Even funnier is that
Bush, buddy of one of the evil energy corporations, Enron, is using the California crisis as an argument to allow these new Alaska oil wells, when one issue has absolutely nothing to do with the other. Leaving aside the fact that it would take years to develop the new wells, there is absolutely no economic reason to argue that the new wells would have any effect on the global oil price, and thus couldn't lower the cost of power production in California or anywhere else.
THE DISCUSSION SPARKED BY PIKETTY CONTINUES - As I had hoped, my lengthy review of Piketty has sparked a vigorous and interesting series of comments on this blog. I am going to spend a good deal of t...
8 minutes ago