PLUG the HOLE

American Greed Kills the Gulf of Mexico

  © 2010 Rick Martin, Registered Patent Attorney

In 1985 I wrote a law school graduation thesis on how tort lawsuits focused on software bugs might kill the software industry. I argued for tort reform. The National Academy of Sciences invited me to lecture on the theory of mass tort creating the Next Depression.

I lectured about two jet airliners colliding over New York City, killing thousands of people, and burning down several buildings. I theorized that a multibillion dollar class action lawsuit would kill the airline industry and create a domino effect on the American economy. Basically this all came true except the airliner crashes were not an accident. But for the federal government stepping in to prevent the giant class action lawsuit, the airline industry may well have ceased to exist. The feds paid off most victims in a short period of time. This reduced a potential fifteen year waiting period for a super large class action, appeals, and bankruptcies.

Fast forward to the current Gulf disaster. There is no stopping the 100,000 barrels a day polluting an entire ocean! Consider the tidal currents carrying this pollution up the Atlantic seaboard by Christmas. Yes, the Gulf spill will reach the New York City 911 shoreline by Christmas. No feasible plug the leak plan has been publicized. Already in a month the pollution is bigger than Long Island. That’s 120 miles by 5 miles. Now the cover-up is unfolding. Independent scientists estimate the flow at over 10 times the BP estimate. One Exxon Valdez every four days, incomprehensible!

What is your waterfront home worth with toxic oil at your dock? What about an entire fishing industry? What about the loss of one fifth of America’s seafood? What about tourism? What about the boating industry? What about entire cities collapsing under the economic loss? What about the utter catastrophe unleashed on the wildlife and coastal beaches – for a hundred years?

Now get out your calculator. First, BP, Halliburton and Trans Ocean are bankrupt. Next all existing wells are properly regulated to invest in a working plug. Now the federal regulators that had sex with Big Oil in Denver turn into magnificent whistle-blowers, and the United States of America has to finance a new ocean. Nothing to it for the rich, just another Middle Class tax about the size of Obama’s first year bailout averaging $75,000 per family.

Haven’t you read that at best only ten percent of an oil spill can ever be recovered? In less than a year, the Gulf of Mexico will become a Dead Sea and some of the Atlantic Ocean along with it. It’s a good thing hurricanes don’t hit the Gulf.

Hurricane “Drill Baby Drill” will create a 100 mile per hour toxic oil and chemical gas that will drive 20 million people inland to avoid asphyxiation. The good news? Short sell BP, Halliburton, Trans Ocean. Convert all your stocks to gold. Vote the bums out and pray for a cleaner crew holding political power.

America’s love of oil will bring down her economy in 2011. The only winners will be class action lawyers. Just like the tobacco class actions, they will earn $50,000 an hour after they pay their dues of five years working for free.

What will the dollar be worth when they receive their paychecks in 2015?

What will the price of gasoline be in 2015?

My solution is to ration gasoline and price control it until this disaster is under control and a super vacuum ship is in place. What’s your solution? Invade Iran?