At least our local paper, the Houston Chronicle, knows which side its bread is buttered on. Here is my letter of 12/7/08, applauding their field trip, in behalf of our dominant local industry, into the world of free-market capitalism.
“The best news . . . It means government will not be stepping in where it has no business and can do real harm – attempting to micromanage profits in a skillfully managed and market-sensitive industry. We can almost hear the sighs of relief . . . A quick review of the history of the . . . tax and its consequences helps explain that relief . . . Many producers shifted their activity overseas to avoid the punitive tax. . . .”
So, who is the author of this salute to free markets and low taxation of business? Was it Milton Friedman? Rush Limbaugh? The Republican National Committee? No, it was our very own Houston Chronicle, in its lead editorial on December 6, 2008, in which the Chronicle again demonstrated that its grasp of supply-side economics is put to use only in support of the one industry upon which its survival depends: the oil and gas industry.
[Posted on mecmoss.com 10 Feb 2012]