Say Bye Bye to PUCHA
Last week our “one party” congress approved two bills. One, the War Departments over-inflated $441 billion (which does not include all the so-called Iraq supplemental which is now up to $300 billion) did not include the amendment that would have made funding for the Veterans Administration a mandatory budget item—so much for supporting the troops. But then the majority of those in the Bush administration are “chickenhawks” are they not?
The other bill, the so-called "energy bill," which is nothing more than a grab-bag of dollars for the energy industry, has effectively relegated PUCHA—the Public Utility Holding Company Act—to the dust-bin of history. It is now gone. It was the unregulated energy industry and all the wild energy investment speculation that was one of the root causes of all the bank failures in Oct 1929 which led to the crash and subsequent 14 year depression. We will in this nation once again be at the mercy of a completely unregulated energy industry and market thanks to the pro-corporate greed merchants that now run this nation.—Jack
Congress flips a big switch
Scrutiny needed as electric firms can now easily merge
Get ready to start reading the fine print on your electric bill. And especially keep track of who owns the utility. Starting this week, the nation's roughly 220 investor-owned electric utilities can be more easily bought and sold, like properties in a game of Monopoly.
Congress last week repealed the venerable but little known Public Utility Holding Company Act, a Depression-era safeguard designed to prevent market manipulation by supersized electric utility companies. Once a keystone of the New Deal, the 1935 law was thrown onto the ash-heap of history as just one of many measures in a comprehensive energy bill soon to be signed by President Bush. (Read the full article here)