In capitalism, we “make profits”. In socialism, we “take profits.”

Senator Durbin (D- IL) keeps making this comment about oil companies and their “record-taking profits.” Please watch his CNBC interview today and listen closely to the last ten seconds. You will hear….”record-taking profits”. As a part of speech, “record-taking” is being used as an adjective, not a verb.

And then remember Senator Durbin when he held court with the oil company execs a few weeks ago and said….

Is there anybody here that has any concerns about what you’re doing to this country with the prices that you’re charging and the profits you’re taking? You know, I know lots of — I am a regular person. I have got lots of friends that are regular people. And we do not like this situation any better.

In that interrogation - Senator Durbin used “taking” as a verb - like when you unfairly steal something that someone else owns.

In trading, we say “taking profits” when we refer to closing out a position and capturing the gains from a successful trade where we risked capital. Do you think Senator Durbin is criticizing how bad it is to risk capital or participate in a business where the company actually dares to make a profit? Or do you think he is claiming that oil and gasoline companies should exist for the common good and not “take profits” from the citizens that own the oil? Do you think that he feels traders have a right to make money on oil and gas trading?

I find no good explanation for Senator Durbin’s views on “record taking profits” of oil companies. I am sure that socialists feel he is right and that they get to decide which industries get to make money and how much “profit can be taken” before they complain. Be careful “making profits” - they may be taken from you.