Massive U.S. Company Going Bankrupt – This is Very Bad News…
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Leftist politicians often pride themselves on their job-killing agendas. When imposing regulations that kill massive companies, they tout it as a success for the middle class – apparently unaware that the vast majority of jobs lost when a company goes under are middle and lower class jobs. A massive energy company is going bankrupt thanks to over-regulation and the left is delighted with themselves. It’s truly disgusting.
From the Conservative Tribune:
Just another sign of President Barack Obama’s America: On Wednesday, the world’s largest privately-owned coal company filed for bankruptcy.
Peabody Energy Co., headquartered in St. Louis, blamed part of its decision to file for Chapter 11 bankruptcy on the regulatory climate brought in by the Obama administration.
According to The Hill, it’s also the fourth major coal company in America that has filed for bankruptcy in the past year, amid regulatory hurdles and slumping energy prices. Alpha Natural Resources Inc., Patriot Coal Corp. and Arch Coal Inc. have also filed for bankruptcy.
“This was a difficult decision, but it is the right path forward for Peabody,” Glenn Kellow, president of Peabody Energy, said in a statement.
“Through today’s action, we will seek an in-court solution to Peabody’s substantial debt burden amid a historically challenged industry backdrop,” the statement continued. “This process enables us to strengthen liquidity and reduce debt, build upon the significant operational achievements we’ve made in recent years and lay the foundation for long-term stability and success in the future.”
More on why U.S. coal giant Peabody Energy has voluntarily filed for Chapter 11 bankruptcyhttps://t.co/1QGiY8S75I https://t.co/OaCfYnpBul
— Bloomberg (@business) April 13, 2016
Peabody operates in 25 countries and employs over 8,000 people. However, the Obama administration’s limits on emissions and carbon dioxide output has now put those jobs in danger.
Well, at least we have the jobs from Solyndra to compensate … oh, wait a minute. Never mind.
Still, Peabody was confident things would recover — probably because Obama is leaving office soon.
“The factors affecting the global coal industry in recent years have been unprecedented,” the company’s statement read. “Still, multiple third-party estimates project that both the U.S. and global coal demand will stabilize. Coal currently fuels approximately 40 percent of global electricity and is expected to be an essential source of global electricity generation and steel making for many decades to come.”
Translation: Obama lives in a magical world where coal isn’t necessary and solar, wind and fairy dust can meet our power needs. Thankfully, he’s only here until January, and if we elect someone who doesn’t live in such a world, things ought to be a bit better.
This is Obama’s America, folks. Hopefully, we’ll only be living in it for about nine more months.
Few argue that we should remain committed to coal and oil forever. Exploring alternative energies is a good idea, but it must be an idea driven by market conditions, not government regulation.
What is it that the left find so difficult to understand about free-market success? Stay out of the way of capitalism and the market will correct itself.
Stepping in to “correct” the market and picking winners and loser is what is killing America’s economy and the middle and lower classes.
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