Thursday, October 17, 2002
Returning to California
Commenting on the recent admission by an Enron official of price-manipulation in California, Brad Delong remarks that "people who said that the California energy crisis was due not to market manipulation but just to excessive pro-Green government policies seem to be very quiet these days."
Who are these people, anyway?
George W. Bush? Who said: "The problems in California shows [sic] that you cannot conserve your way to energy independence," quoted in the New York Times, May 29, 2001.
Dick Cheney?, who in attempting to blame Gray Davis for the entire mess said on Meet the Press on May 20, 2001; "They've bankrupted the biggest utility in the state, destroyed the state's credit rating and squandered a significant portion of the state's financial surplus in a harebrained scheme to try to use the state to purchase power.... They knew over a year ago they had a problem, and Gray Davis refused to address that problem. [They] kept putting it off and putting it off and putting it off, with the notion that somehow price caps could be maintained. Now, today, where are they in California? Well, rates are having to go up. The PUC just had to increase the rates themselves in California. They've got rolling blackouts, they've had some already. They'll have them across the state this summer."
Dick Cheney?, who called accusations that price-gouging was being allowed, "goofy," quoted in the San Diego Union-Tribune, June 5, 2001.
Perhaps it's time for an apology.
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