Bashing BP — When We Should Be Bashing the Corporatist State - Matthew J. Novak - Mises Daily

Bashing BP — When We Should Be Bashing the Corporatist State - Matthew J. Novak - Mises Daily: "the government specifically passed laws that gave the oil companies incentives to drill far offshore — that is, in deeper water where risk is presumably higher. In addition to the higher risk of accidents, the cost of solving any problems are necessarily greater in five thousand feet of water than in, say, 250 feet of water."

"The incentives encouraged drilling in water that had been previously deemed economically unattractive by those same companies.

Additionally, a liability cap of $75 million for the oil companies was put in place by law. This is an incredible use of the control of the political means to make favorable dealings for oneself in the economy."

"Congress and big oil companies colluded to reward risky behavior and lost their bet. Comically, we now see Congress — who encouraged the risks — cry "foul!" They are demanding that the previously set damage cap be raised, retroactively, to another arbitrary figure deemed more appropriate for BP's sins"