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Socialized power.(Insider Report)
After the August 15th blackout descended on millions of Americans and Canadians in the northeast, former Clinton Energy Secretary (and current New Mexico Governor) Bill Richardson took to the airwaves to indict the free market for the catastrophe. "We are a major superpower with a Third World electrical grid," declared Governor Richardson in one of numerous television appearances. "We have antiquated transmission lines. We have an overloaded system that has not had any new investments and we don't have mandatory reliability standards on utilities, which caused this problem."
Richardson's Republican successor as energy secretary, Spencer Abraham, agreed that the blackout reflected inadequate centralized regulation of the energy industry. "We need to pass an energy bill that gives the Federal Energy Regulatory Commission the authority to impose mandatory reliability standards," Abraham said on CNN's Late Edition. "The people who use the system have to adhere to high standards of conduct, or be punished if they fail to do so."
Predictably, prominent commentators quickly embraced the "re-regulate!" refrain. "In the search for the source of ...
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