5 Dumbest Things on Wall Street: May 7

Arnold's Epiphany

The Governator is terminating his support for offshore drilling. And he's not being too slick about it.

In the wake of the massive oil spill in the Gulf of Mexico, California Gov. Arnold Schwarzenegger announced he will withdraw his support for a plan to expand oil drilling off the Golden State's coast. Schwarzenegger intended to use funds raised by selling offshore drilling rights to help close the state's $20 billion budget deficit.

"You turn on the television and see this enormous disaster, you say to yourself, 'Why would we want to take on that kind of risk?' " said Schwarzenegger at a news conference.

Funny, we ask ourselves the same thing about Arnold every time we see Kindergarten Cop on cable.

But seriously folks, it's not like we have a problem with Arnold changing his mind. Even Conan the Barbarian would weep like a girlie man after seeing images of the Gulf Coast's wildlife covered in oil and muck. Moreover, watching thousands of brave workers fight to contain the damage from the BP (BP) -operated (Stock Quote: BP), Transocean (RIG) -owned (Stock Quote: RIG) rig reminds us all that the country's real heroes are not necessarily found on the silver screen holding bazookas.

No, what's unsettling to us about Arnold's startling about-face is that he needed a picture to tell him the story, even though the story is all too familiar.

(BP) (RIG) Come on, Arnold. You don't need Total Recall to remember the Exxon (XOM) Valdez.

(BP) (RIG) (XOM) Dumb-o-meter score: 75 -- "California is going to have to drill somewhere else to for a budget solution."



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