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Mine Tragedy Spun as Profit Opportunity

Posted by CorpWatch on January 11th, 2006

Spectacular. Bad-boy investment celebrity Jim Cramer, host of CNBC's "Mad Money with Jim Cramer," actually recommended today investing in "mine-safety" stocks. Not because it is important for us as a country to pick up the slack left by a "paper tiger" federal mine safety agency, but because there could be lots of dough in it.

According to the blog Crooks and Liars, Cramer actually said ""we're not partisan here... we're just looking to make money, and the Bush Administration has been negligent." And why on earth not cash in?

There is simply something obscene about the very suggestion.

How Bush Rolled Back Mine Safety

Posted by CorpWatch on January 6th, 2006

With the same logic that dictates that logging is good for trees, the 5 years of the Bush Administration has rolled back regulations on mine safety at the bidding of mining corporations.

The head of the Mining Healthy and Safety Administration is himself a former mining executive. A New York Times article in August 2004 noted:

In all, the mine safety agency has rescinded more than a half-dozen proposals intended to make coal miners' jobs safer, including steps to limit miners' exposure to toxic chemicals. One rule pushed by the agency would make it easier for companies to use diesel generators underground, which miners say could increase the risk of fire.

The policy of the Bush Administration from the first has been to kowtow to energy interests, allowing them to tinker with the nation's energy policy, labor codes, and environmental protections in exchange for huge financial contributions to campaign coffers. Only today, in the wake of the Sago mine tragedy, we see how such policies can actually kill. And to think that West Virginia is a blood red state; perhaps not for long.

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