The Hidden Hand of the Market In Action

Josh Marshall at Talking Points Memo brings up this little gem.

An article in [the] Times reports that the long-negotiated compromise which seemed to be leading towards an Iraqi oil law — a key ‘progress’ benchmark — has apparently collapsed. All gone down the drain.

The story though connects up with another one we told you about just a couple days ago — the decision of the Kurdistan regional government to sign an oil exploration deal with Dallas-based Hunt Oil, run by Mr. Ray L. Hunt.

The Shia and Sunni leaders believe the Kurds are opting for a sort of oil secession that puts them outside the whole concept of a law to share the country’s oil resources. And the Hunt deal is apparently the straw that broke the camel’s back, shall we say.

But remember, Hunt, in addition to being the son of legendary Texas John Birch Society extremist H.L. Hunt, is also a pal of the president’s. Indeed, President Bush has twice appointed Hunt to his Foreign Intelligence Advisory Board. So while the president is striving to get the Iraqis to meet these benchmarks one of his own pals — and more importantly, political appointees — is busy helping to tear the whole thing apart.

Is anyone surprised? What a lovely display of the internal contradictions of the “greed is good” philosophy that has dominated this country since the first Reagan Administration. Greed can’t run a country, conduct a war, or even respond to a natural disaster. And like a drunk at a wedding, it just gets in the way of getting anything done.

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