The Royalty Boondoggle
Editorial, NY Times
In 1995, when oil prices were very low, Congress tried to encourage deep-water drilling in the Gulf of Mexico by giving oil companies relief from some of the royalties they incur for producing oil and gas on public land. It has never been clear how much new exploration this provision inspired, since steadily rising prices provided plenty of incentive. What is clear is that it has been a good deal for the industry and a bad deal for taxpayers. According to the Government Accountability Office, the provision could allow industry to escape up to $54 billion in legitimate royalties, depending on the price of oil.

An Insider's View of the Real Estate Train Wreck
John Mauldin, Outside the Box
They created a nearly perfect political formula in dealing with housing, and they are going to follow that formula. The entire U.S. residential mortgage market has in effect been nationalized, but there wasn't any act of Congress, no screaming and shouting, no headlines in the Wall Street Journal or the New York Times about "Should we nationalize the home loan market in America." No. It happened right under our noses and with no hue and cry. That's a template for what they could do with the commercial loan market.

Time Essay: The Nightmare Life Without Fuel
Isaac Asimov, Time (1977)
There are many advantages, if you want to look for them..The air is cleaner and there seem to be fewer colds. Against most predictions, the crime rate has dropped. With the police car too expensive (and too easy a target), policemen are back on their beats. More important, the streets are full. Legs are king in the cities..and people walk everywhere far into the night. Even the parks are full, and there is mutual protection in crowds.