HEADLINE:

“The U.S. government is prepared to provide up to $10 billion in loans to finance the development of massive hydrocarbon reserves off Brazil‘s coast, a Brazilian official said Wednesday…”

WHATEVER I THOUGHT OF THE NEW ADMINISTRATION BEFORE…this is simply amazing.

This morning on CNN business news there was a report that the new administration is negotiating with a firm, Petrobras (and others) which is one of the largest companies on earth, to do the following:

We will LOAN this top-ten company TEN BILLION DOLLARS to hire AMERICAN drilling companies to drill for oil OFFSHORE in BRAZIL so that the Brazilian government can SELL the oil produced to US (U.S.) and to China!

In other words, while Florida and California hold the rest of the nation hostage, and their governments and the “left” believe that to harvest energy off of our own coasts is environmentally dangerous, it is however perfectly all right to use American money to HIRE an outside intermediary to CONTRACT American companies to do offshore drilling for another nation to SELL us oil.

Please think about the logic—or lack thereof—in such a deal. Now, in fairness, part of their rational is that Brazil is “friendly” with us. Of course, so was most of the Middle East until they realized that, with our dependence on their oil, that they held the winning hand and for that matter so were our good amigos in Venezuela till Señor Chavez decided to nationalize the industry.

Stupid is as stupid does. I’ve been trying to be fair and to give them a break, but good lord, if this is the way they are going to run the BUSINESS of government, god save America. This is stupid x 100.

For some fascinating reading on what can only be described as some of the most convoluted thinking I have ever encountered and a fine example of a presidential organization talking out of both sides of it’s collective mouth you can start here:

http://www.rigzone.com/news/article.asp?a_id=79003

http://online.wsj.com/article/SB10001424052970203863204574346610120524166.html

http://answers.yahoo.com/question/index?qid=20090821070839AAr2TEr