US largest private coal company files for bankruptcy

[KCfromNC]

I simply pointed out that a democrat party president is the one who intentionally set in motion the events that led to the bankruptcy of the coal industry

From the OP : "But the deregulatory push has been overwhelmed by market forces"

If a Democratic president created the free market, weird that more conservatives aren't supportive of him, given their professed support of the free market.

 

[Jonathan Walkerin]

Actually, Obama killed the demand for coal by bankrupting anyone who wanted to open or run a power plant that uses it. That's not the "free market". That's government interference of the market.

In which alternative reality this took place ? Some steampunk fantasy ?

 

[FenderTL5]

money quote from the article:
"..coal keeps losing ground to cleaner and cheaper alternatives. Power companies are rapidly retiring coal-fired power plants and replacing them with dirt-cheap natural gas and increasingly affordable renewable energy.
"It's just simple economics. Coal is not cost competitive.."

I'm glad to see the artificial efforts to prop up this segment of the fossil fuel industry are failing.

 

[iluvatar5150]

Why are you blaming Trump for this? Remember this line: “If somebody wants to build a coal-fired power plant, they can. It’s just that it will bankrupt them,” ?
Uttered in 2008, still haunting Obama

Then should we ignore history and forget who alone (proudly) caused it? Shall we also forget which political party that person belongs to that wants to regain the White House and bring about more bankruptcies?

What does it have to do with who is "stronger"? I simply pointed out that a democrat party president is the one who intentionally set in motion the events that led to the bankruptcy of the coal industry, and here we have people blaming Trump for it. Place blame for something squarely where it belongs and learn from it instead of looking to blame Trump for everything that happens.

Actually, Obama killed the demand for coal by bankrupting anyone who wanted to open or run a power plant that uses it. That's not the "free market". That's government interference of the market.

In that clip you cited, Obama was a candidate talking about a proposed cap and trade system that ultimately never passed. So, how do you propose that he bankrupted an industry with a policy that never did anything? Magic?

Ya know, it isn’t hard to check basic things like this.

https://www.washingtonpost.com/news...aim-that-obama-vowed-to-bankrupt-coal-plants/

 

[KCfromNC]

money quote from the article:
"..coal keeps losing ground to cleaner and cheaper alternatives. Power companies are rapidly retiring coal-fired power plants and replacing them with dirt-cheap natural gas and increasingly affordable renewable energy.
"It's just simple economics. Coal is not cost competitive.."

I'm glad to see the artificial efforts to prop up this segment of the fossil fuel industry are failing.

Remember - the government propping up failing industries to help the GOP get votes from poor people is the free market, the government trying to lower heath insurance costs for everyone is SOCIALISM!

 

[CRAZY_CAT_WOMAN]

You make it sound like Obama is stronger than Trump.

I'm sure Obama is stronger and smarter ,than Trump.

 

[Aldebaran]

"I was born one morning when the sun didn't shine. I picked my shovel and I walked to the mine."

That pretty much summarizes the exploitation of the coal miner. He was expendable and still is. The Trump administration has cancelled health, safety and environmental regulations. He is complicit too.

A song that was written back in 1947 hardly describes the way the job is done today. Technology has increased you know.

 

[Aldebaran]

I would like to see some rationale for your POV.

Why do you need my POV? Why not get the POV of the man who admitted that his own policy was going to bankrupt the industry? Uttered in 2008, still haunting Obama

 

[Aldebaran]

And he was right. Did you not see the reasons for the demise of coal?
Cheap natural gas (also cleaner)
Plummeting price of renewables

I'm sorry your free market is steering you towards an alternative you don't like but so it is. Obama was actually quite prescient. But I know you'd hate to give him that one.

Are you gonna try to pin this on Obama now tho?

LOL!
Obama pinned it on himself:

“If somebody wants to build a coal-fired power plant, they can. It’s just that it will bankrupt them,” Obama said, responding to a question about his cap-and-trade plan. He later added, “Under my plan … electricity rates would necessarily skyrocket.” Uttered in 2008, still haunting Obama

Who's plan? No, it wasn't Trump's.

 

[Aldebaran]

I'm sure Obama is stronger and smarter ,than Trump.

"The cops acted stupidly!"
Yeah, real smart.

 

[rambot]

LOL!
Obama pinned it on himself:

“If somebody wants to build a coal-fired power plant, they can. It’s just that it will bankrupt them,” Obama said, responding to a question about his cap-and-trade plan. He later added, “Under my plan … electricity rates would necessarily skyrocket.” Uttered in 2008, still haunting Obama

Who's plan? No, it wasn't Trump's.

So has everyone's utility rate increased in the us the

 

[Aldebaran]

So has everyone's utility rate increased in the us the

I know mine has.

 

[iluvatar5150]

Why do you need my POV? Why not get the POV of the man who admitted that his own policy was going to bankrupt the industry? Uttered in 2008, still haunting Obama

LOL!
Obama pinned it on himself:

“If somebody wants to build a coal-fired power plant, they can. It’s just that it will bankrupt them,” Obama said, responding to a question about his cap-and-trade plan. He later added, “Under my plan … electricity rates would necessarily skyrocket.” Uttered in 2008, still haunting Obama

Who's plan? No, it wasn't Trump's.

Did you miss the notifications when I quoted your earlier posts? That cap-and-trade plan was never implemented.

But oh hey, look at this. In Murray Energy's bankruptcy filing, they put some of the blame on Trump's trade war and on weather fluctuations that could conceivably be linked to climate change:

In Court Filing, Pro-Trump Murray Energy Blames Trump’s Policies For Bankruptcy

Overall weakness in the global demand for coal has been driven by a number of factors, including: low liquefied natural gas prices; a recent trade war driving Russia to increase exports; mild weather across the Northern Hemisphere led to a reduction in demand for heating in both Europe and Asia; higher freight costs; and a prolonged monsoon season in India which kept demand depressed while conditions cleared for a record eight months.

 

[cow451]

A song that was written back in 1947 hardly describes the way the job is done today. Technology has increased you know.

And jobs have decreased along with demand.

 

[Aryeh Jay]

And jobs have decreased along with demand.

Wrong, coal jobs have only increased, in fact, since Donald J. Trump single-handedly resurrected the failing coal industry under Obama, coal is the second largest employer in America.

 

[cow451]

Wrong, coal jobs have only increased, in fact, since Donald J. Trump single-handedly resurrected the failing coal industry under Obama, coal is the second largest employer in America.

And Russia has always been our friend, Comrade.

 

[Aryeh Jay]

And Russia has always been our friend, Comrade.

Putin is our strongest ally.

 

[cow451]

Putin is our strongest ally.

Your loyalty is noted, Comrade!

 

[Aryeh Jay]

Your loyalty is noted, Comrade!

If you follow this formula, you can never go wrong, Trump, Party (Republican of course), Guns, God, and Country.

 

[ThatRobGuy]

It's almost as if heavily relying a dying technology (that creates numerous problems) isn't a smart business move...

It's about time for coal to take it's place in the "was once considered good in their day, but we have new information and better options now" hall of fame next to asbestos insulation, and DDT pesticide.