NEW YORK, July 21, 2011 — Leading Independent and Senior Energy Executive Karl W. Miller today renewed calls for President Obama to start listening to senior industry executives and experts, resolve the U.S. real estate crisis, address depression era unemployment and put a credible national energy plan in place. The debt limit sideshow is a “red herring” and deferring focus away from the true problems facing the U.S. economy.
According to Mr. Miller:
The U.S. economy runs on three key factors: i) a stable housing market; ii) affordable and dependable energy supply; and iii) stable employment environment. Without these three critical factors functioning properly, there will be no meaningful economic recovery in the U.S. economy.
The U.S. Federal Reserve must stop subsidizing the defunct real estate loans in the residential and commercial marketplace which must be properly vetted, written down to net realizable value, and moved off the banks, hedge funds and insurance company books.
The U.S. regulators must force this to happen without preference for any specific group. There will be bankruptcies, bank failures and forced liquidations; these are the cold hard facts of a capitalist society, which the U.S. economy is founded upon.
Politicians must acknowledge where the U.S. economy and energy industry are today. We have serious and deep-rooted problems with no credible national energy plan in place and must start addressing these problems immediately.
The U.S. needs a credible and sensible energy policy and emissions plan. Subsidies and handouts do not work, never have and never will. Natural gas is not the “Holy Grail” but will remain a power generation fuel, heating fuel and select industrial manufacturing fuel. The U.S. has substantial cheap and dependable coal supplies which provide over fifty percent (50%) of the nation’s electricity generation.
President Obama and the Democrats failed to “recognize” the message that the American people sent them in November 2010 as the economy continues to decline, unemployment continues to grow and the real estate crisis continues to worsen.
It is time for Washington to take stock in America and start executing on a credible business plan. Failure to execute is cause for termination in Washington.