Taking a break from mindless attacks on Al Gore, NewsBusters' Noel Sheppard has spending time of late attacking what he calls "the international disaster of ethanol," blaming it for a rise in food prices. (Though, of course, he does work some Gore-bashing into this as well, blaming him for casting "the tie-breaking vote in the Senate requiring this oxygenate be added to gasoline" in 1994.)
In an April 26 post, Sheppard praises as "delicious" (italics his) Jim Cramer's assertion that removing the ethanol additive mandate will cause prices to "plummet." Um, wasn't Cramer the same guy who, in March, told people to hold onto their Bear Stearns stock even though it had fallen from $171 a share to $62 in the previous two months, and insisted that Bear Stearns was "not in trouble" even though, a week later, it was sold to Bank of America for a paltry $2 a share? Yep, as Sheppard co-worker (and NewsBusters blogger) Jeff Poor detailed on MRC sister site Business & Media Institute. So why believe anything Cramer has to say?
Sheppard's opposition to ethanol also puts him in league with another figure of some notoriety -- Hugo Chavez:
Venezuelan President Hugo Chavez says a U.S. push to boost ethanol production during a world food crisis is a "crime."
The socialist leader says he is concerned that so much U.S.-produced corn could be used to make biofuel, instead of feeding the world's poor.
Chavez said Saturday that the corn needed to fill an average car with ethanol would be enough to feed seven people for a year.