Texas Power Repercussions

The Texas electrical power outage can teach us a few lessons. First, the Texas “we don’t want the Federal Government involved” attitude does not interfere with Texas’ expectation for that same Federal Government to bail them out when things go south. In fairness, the emergency assistance is to help the regular folks. I’m sure that the rich and powerful have whole-house generators that automatically switch on when power from the grid is lost–they may not have even noticed.

However, he biggest lesson here is to be aware of the difference between us and the elites. It’s not just Ted Cruz’s Mexican vacation that differentiates the haves versus the have-nots.

If you or I were responsible for 30 deaths and millions of dollars in damages, we’d be held accountable. We’d face a variety of civil and criminal charges and possibly be sitting in jail, waiting for our court date. On the other hand, what is the fate of those who were responsible for the decisions that led to his debacle–the board of directors of the Electrical Reliability Council of Texas (ERCOT)?

They resigned.

Wow! What severe consequences! What a sincere penance for them to undertake! Who needs sackcloth and ashes or self-flagellation when resigning your seat on the board of directors is such a major atonement.

So what are they giving up?

Boards tend to meet monthly (what an exhausting schedule!) and are primarily the venue for rich people to get together and chat with other rich people. The board meeting normally starts with a catered meal, often with an open bar, after which the directors sit around a big table and talk about grand ideas. There are lots of boring PowerPoint slides and equally boring handouts. When the oldest member of the board nods off,it’s the signal that the meeting needs to end..

I certainly hope they survive the experience.

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