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Well, you know how our congress has been demonizing the oil industry--and just about every other profitable company in the US--well, the 'chickens are coming home to roost' as they say. Seems that Sarbanes-Oxley and the rest of our anti-business actions and rhetoric are having an effect. Just not the effect that idiots like Schumer (sp?--he is not worth looking up) expected. The companies are leaving the country. And taking all those jobs with them. A college freshman taking Economics 100 could have predicted it, but not our congress.

For more of the gory details, here is an article today from Investors Business Daily. I checked into it, and sure enough it is true:

 

Much political hay has been made in Congress about "unpatriotic" corporations that move operations abroad. Weatherford International is the latest, taking its headquarters from Houston to Switzerland. The oil services company said that it wants to be closer to its markets. But what it really meant was that it no longer saw the future in the U.S.

In a political atmosphere of blaming corporations, it's no wonder. Halliburton fled to Dubai in 2007. Tyco International, Foster Wheeler and Transocean International all went to Switzerland. As a pattern emerges, America's global standing diminishes, in part because it's based on the willingness of companies to invest. It's an especially bad sign when domestic companies flee.

"The U.S. is an important market," Weatherford CEO Bernard J. Duroc-Danner told the Houston Chronicle Thursday. But, "it's just a market. It's not the primary market."

How does that sound for a loss of global leadership? If that's not clear enough, try this: "In the hierarchical pecking order, (Houston's) not going to be Rome anymore."

What accounts for this vote of no confidence in the U.S.?

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