Thursday, June 10, 2010

Obama's Response to BP (NYSE:BP) Straining British Relationship

The Chicago street talk of Obama as it relates to the situation with BP (NYSE:BP) is generating a growing strain in British/American relations, as the rhetoric has been strong and unhelpful, even while some of his followers push him to do it in hopes it'll turn his sliding political fortunes around.

He is at the lowest level of popularity with the American people, according to a recent Gallup poll, where 44 percent of Americans approve of his performance in office.

Comments like he's looking for someone's "ass to kick," and he is going to keep "his boot on the throat" of BP, is increasingly being taken as direct attacks on the British people, who have a huge stake in BP via their pensions.

And the call by Obama and Democrats to make BP pay for the moratorium forced on oil companies in the Gulf region for six months by trying to pressure them to pay for lost wages is one of the most stupid and abrasive things I've ever heard a President of the United States do.

Even worse is his and the Democrats' attempt to stop BP from paying a dividend, when in fact the company is fully capable of handling the liabilities related to the spill, as long as these outrageous and ridiculous demands aren't made upon the company in this way.

Finally, the extreme and negative rhetoric of Obama is pushing down the price of BP's share price, which again, is harming millions who have money invested in them, many being average workers through pensions and other money management vehicles.

Obama, the Democrats and their media allies have been stirring up a frenzy which goes far beyond decency and normalcy.

An oil spill happened. BP is doing everything it can to stop the leak and clean things up, with a commitment to pay for all legitimate claims against it. There's nothing more they can do than that, and Obama stirring things up in attempts to look tough for some elements of his political base is irresponsible and doing a lot more harm than good, and is creating a negative view of Americans from those watching and seeing temper tantrums being thrown rather than calm in the face of the storm.

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