Fox News Claims that Obama has Nationalized BP

Obama BP Since the creation of the victims fund was announced last week, Fox News has been going ballistic with claims that President Obama bullied BP and abused his power. These claims went to whole new level today when on FNC's Journal Report, John Fund referred to the $20 billion put up by BP as a new model for how a company is, "nationalized."

Since the creation of the victims fund was announced last week, Fox News has been going ballistic with claims that President Obama bullied BP and abused his power. These claims went to whole new level today when on FNC’s Journal Report, John Fund referred to the $20 billion put up by BP as a new model for how a company is, “nationalized.”

Here is the video courtesy of Media Matters:

While the panel from the also Murdoch owned Wall Street Journal was bemoaning the misery of BP, John Fund took it to whole new level by claiming that by getting BP to place $20 billion in escrow, Obama had nationalized the company. Fund said, “It’s almost like we have different models on how you nationalize a company. There’s the original model with General Motors and Chrysler, and now there’s a new model, the next Toyota for example. You are going to basically face such liability that the federal government is going to effectively own your future.”

John Fund does not seem to know what the term nationalize means. Nationalization by definition means to convert from private to government ownership. The last time I check, the United States government does not own BP. In fact, I would like to hear Mr. Fund explain how Barack Obama, the President of the United States, could nationalize a foreign corporation? It is not possible. There are several things that Obama could do. He can cancel BP’s government contracts. He can revoke all their drilling licenses, but he can’t nationalize them.

BP has nothing in common with the automobile bailout. Neither GM nor Chrysler caused the biggest environmental disaster in US history. The auto bailouts can be argued until the end of time, but it really stretching it to compare them to BP. What Fund is truly upset about is that BP is being held accountable. What he means by nationalization is not a government takeover, but government holding corporate America accountable.

The arrogance of the people, and news organizations, that are defending BP is mind blowing. These people sincerely believe that BP should not be held accountable in any way for their negligence in the Gulf. To put this in perspective, BP has over $1 trillion in unsold oil reserves. I think they can afford to put a down payment of $20 billion in escrow for the victims. By giving people like John Fund airtime, Fox News has proven once again that no Obama falsehood is too big, or too small to be advanced.

8 Replies to “Fox News Claims that Obama has Nationalized BP”

  1. The auto bailouts were bailouts, not nationalization because in time the government will be divested of any stocks or monies in them.

    The government does not own any part of BP, so how can it be nationalized?

    The government did not and has not nationalized anything.

    Geeze, I hope the the GOP plays on this one in November. More drama fodder for the Dem cannon

    This is great stuff. Simply because Fox has now become entertainment, with a total lack of honesty.

    The other part of the entertainment is good cop O’leily and bad cop Beck.

    The bad part is, Murdock owns so much, that there is no one to stand up and call them liars

  2. These claims are getting crazier by the day. It is as if they are looking for any negative word to associate with Obama in the hope that it will strike a chord with voters.

  3. Its not working for Beck Jason. I hope someone in the limelight calls them out. Wheres Rick Sanchez when you need him.

  4. I can’t understand why anyone would think that defending the biggest corporate villain in the country would be a winning strategy?

  5. Fox can get away with this BS because so many of our fellow Americans are easily manipulated sheep. Sad but true. I don’t know what the hell we can do about it. Keep calling them out on it, I suppose. I just don’t know how much difference it makes. Sometimes I find it so depressing I just want to give up.

  6. How does one go about nationalizing a foreign company? “BP plc is a British-based global energy company which is the third largest energy company and the fourth largest company in the world” (Wikipedia). It is impossible for a foreign power like the United States to nationalize a British-based company. That is like Obermann wanting to take BP into receivership it is impossible. High school econ classes will tell that, WTF is wrong with these people.

  7. Marvin, if we don’t call them out, how will people ever know the truth? Remember they only have 2 million viewers, and here is a number that might cheer you up, more than 2 million people have viewed this website, so all is not hopeless. There are a lot of people out there who are just like you. They care.

  8. Jason Yes, we can not stop! Gop will forever be associated with “drill baby drill”
    a Palinism/GoPism that we must not forget, the people of the gulf are suffering b/c of BP’s malfeasance and the animals are being exterminated!
    VOTE THEM OUT come NOV and 2012! Americans will not forget the GOM oilapocalypse and who was chanting drill baby drill!

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