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President Obama announced tonight that he will not.
Will not allow production of the keystone XL pipeline.
That would carry almost a million barrels of oil every day from Canada to the golf pros and create thousands of badly -- -- -- construction jobs.
Of course the State Department originally approved the project earlier this year and only reconsidered after facing pressure from some of the president's constituents on the left.
The decision on leads to firestorm of criticism in congress to democratic senators joined the backlash.
Against the president.
Here now to discuss -- my freedom fighters Fox Business anchor and my colleague Liz Claman Christopher -- democratic strategist and Fox News contributor.
And James Odyssey Yeshiva University economics and philosophy professor what your take on this -- as the president changes -- Was being it was just quote that movie dirty -- all nobody puts baby in a corner.
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Pricier era where you're also democratic strategist and as I know you your central eastern I have hard left guy right shouldn't the president the -- to -- center could you take an issue an issue.
In the campaign.
But the Republicans like.
Off the table by having said yes -- he could've taken -- off the table what's the address a couple of misconceptions here first of all it was the Republican governor of Nebraska who sent to the State Department these stop.
The State Department was ready to approve -- back in the fall.
Nebraska Nebraska to reconsider because as far as our president these various guys hello hello another -- -- -- this -- -- -- -- -- -- and say hey you've -- -- return let me address -- they wanted to re -- they would every -- it congress made an arbitrary and -- capricious deadline that was not -- Had nothing to do with backs and had everything to do with the political gain that they're gonna get about four days now all right that the president was Smart to do just before his state of the union.
Jim why is that government involved in this in the first place I mean if a company in Canada wants to deliver oil to Arkansas.
What is and it just go to the landowners on which it would like to build the pipeline.
And negotiate with them to build the pipeline stated differently why does the president get to make this decision well.
It's a good question but it is a legitimate role for the government to protect us against what are called but economists call extra nowadays these are spillover effects on people who had no particular bargain it literally no role in the in the bargain that was struck.
That said the best way we've been able to figure out to handle extra visas by internalize and then with the scheme of private property so what you do is you allow private property owners.
To negotiate their deals as they see fit and if they suffered damages which allow them to do is to sue for Dan there's a -- that's the way to do it.
-- -- -- are the but the process was overwhelmingly approved by congress for three years running a negative for many terrible McChrystal -- vote.
Of 242 Republicans voted yes.
39 of 47 Republicans voted yes when I mean so yes I mean to give the president of the United States the final say.
Not -- -- not the people whose money is being invested that the people who are gonna receive the -- and sell it in Arkansas and Texas and Mississippi.
But the president also today.
Yet you have governor Dave Heineman of Nebraska saying hold on it will at least as it stood originally go into the water tables that could be dangerous.
What are these other pipelines leaked about fourteen yeah.
Make sure that if it does -- there's going to be problems of the president held it up the question is though for how long and what are the real.
But if something leaks if if if your.
Well happens to my property -- -- you don't involve the White House.
If this happens on a large scale the landowners sue.
And they get they get damages and they got their cost of lawsuit you know one of the reasons why we have clean drinking water cleaner and -- countries because along time ago President Nixon -- to start the EPA.
And he decide to put on the government -- -- -- -- well -- hold Paper for tonight water -- don't tell you something there was no free market for clean -- mean -- -- the the market with polluting our -- weren't -- we -- -- -- had -- there's gonna -- set of rules to -- only do do you know that there -- 56 cases of eminent domain that have been that have been commenced.
A Canadian monopoly.
Came into the United States and used local governments to sue to condemn property.
56 different losses seeking five -- Billion in real estate and some of those lawsuits have already been won him by the Canadian monopoly what happens is people -- the pipeline is a going to be belts.
Well this is one of the larger -- -- -- a step back and take a look at the larger political issue which is whatever power you give that the government to do for you will also give them to use against you.
If you're going to give the president or whoever the president not just this president any president the final say on major economic issues across many states.
And remember that these decisions are made on political base is not necessarily economic performance Wall Street think -- decisions of this magnitude -- -- on what are obviously political bases -- full well that I economic.
I've got all street rallied today the markets moved higher meaningfully -- didn't -- that at all it affects a couple of companies that are involved trans Canada a couple of others.
This isn't really that much of Wall Street is -- right issue becomes that you really do look at.
And looking about a 120000 workers -- wanna ask you have about the twenty seconds that the democratic backlash.
Joseph -- and I can't remember the other democratic senator from Alaska -- baggage from -- ripped into the president does that matter to you know -- -- the Republicans a majority in the senate again timing is everything in politics through what present and we -- February's he's -- -- union next week.
And as a primary on Saturday every gonna forget about this by Wednesday -- -- honest politics really does off the plate every day I got it got a couple of months and -- Chris Simon Liz -- thanks for joining us.