Thursday, July 7, 2011
Democrats jumping off the cliff
The real cause of the financial crisis
If you want to understand how government intervention screws up markets and damages an economy, there are two new publications worth reading. FIRST, PICK UP A COPY OF RECKLESS ENDANGERMENT, A NEW BOOK BY GRETCHEN MORGENSON OF THE NEW YORK TIMES, AND JOSHUA ROSNER, AN EXPERT ON HOUSING FINANCE….
… But government intervention in housing is not limited to Fannie Mae and Freddie Mac. A NEW REPORT FROM PEW LOOKS AT THE PANOPLY OF TAX PREFERENCES FOR THE INDUSTRY, AND ANALYZES THE IMPACT ON OVERALL ECONOMIC PERFORMANCE. There are parts of the report I don’t like, such as the term “subsidies,” which implies that tax distortions are a form of government spending, but I fully agree THAT TAX PREFERENCES HARM THE ECONOMY BY CAUSING CAPITAL TO BE MISALLOCATED…
You’ll not see this many places because the culprits are well connected democrats who were simply trying to do good and lining their pockets at the same time.
The original amateur hour
….This weekend, as America celebrated Independence Day, A STATUE OF PRESIDENT RONALD REAGAN WAS UNVEILED IN LONDON. Former Secretary of State Condoleezza Rice and others were on hand for the dedication. The bronze statue sits in the same park as a statue dedicated to the memory of Former President Dwight D. Eisenhower, which was dedicated in 1989 by the Iron Lady herself, Margaret Thatcher. The Reagan statue is part of the world-wide celebrations celebrating the centennial of Reagan’s birth.
That night, a dinner was held in honor of Reagan. It capped a day of events that celebrated the life and extraordinary achievements of the 40th President of the United States. YET, MISSING FROM THE DINNER – CLEARLY THE BIGGEST EVENT OF THE DAY – WAS UNITED STATES AMBASSADOR LOUIS SUSMAN. While he did host a VIP breakfast that morning, Susman was absent from the grandest event, where speeches were given and the memory of Reagan was put forth – reminding everyone of his impact, and his legacy.
Once again, OBAMA AND HIS CRONIES CAN’T THINK THEIR WAY OUT OF A RIPPED-OPEN PAPER BAG.. . .
Second, WHAT COULD THE AMBASSADOR TO ENGLAND HAVE ON HIS SCHEDULE THAT IS MORE IMPORTANT THAN ATTENDING A CELEBRATION AND COMMEMORATION OF A US PRESIDENT? ISN’T THIS, IN PART, PART OF THE JOB? When a foreign country goes out of its way to honor your country, doesn’t that give you a unique leverage that should be capitalized on? Doesn’t it follow that the only way to capitalize on it is to actually be there?
From all reports, Susman was not sick, stricken with illness or involved in a really intense game of Farmville. HE SIMPLY DIDN’T SHOW UP, as the representative of the United States, to an event honoring one of the greatest presidents in US history.
Stupidity, thy name rhymes with Osama.
Democrats jumping off the cliff?
…. But how can our Democratic friends be persuaded to jump off a cliff like a herd of buffalo? Aren't Democrats all supposed to be creative individualists doing their own thing? Ann Coulter in Demonic thinks not. She gently reminds us THAT OUR LIBERAL FRIENDS HAVE HAD A WEAKNESS FOR THE MADNESS OF CROWDS AND MOB RULE EVER SINCE THEIR FAVORITE FOREIGNERS, THE FRENCH, MADE THE PARIS MOB INTO A PLAYER IN THE FRENCH REVOLUTION. Remember how the mob eventually bayed for the blood of thug dictator Maximilien Robespierre? "There goes the dirty maximum," they jeered, WHEN MAX'S ECONOMIC POLICY OF PRICE CONTROLS HAD FAILED TO CURB PRICES OR DELIVER BADLY NEEDED STIMULUS DURING THE QUANTITATIVE EASING OF THE 1790S. Of course Democrats don't call their thuggish activists "mobs." They call them "peaceful protesters."
Maybe there is no need for Republicans to stampede the Democrats next year. In December 2012, as we view the steaming heap of sacred cows that stampeded to red ruin off the Progressive Cliffs, it need not be the work of cunning neo-Rovian political operatives. The Democrats' peaceful protesters may stampede themselves over the cliff. Look how many cliffs they have already jumped off since 2009.
First the REID-PELOSI CONGRESS STAMPEDED OFF THE STIMULUS JUMP, then REID AND PELOSI CHASED THEIR HERD OVER THE OBAMACARE CLIFFS. Then the Wisconsin State Senate Democrats stampeded off to Illinois while their supporters milled around in an angry mob in the Madison state capitol. Now, to cap it all, President Obama is trying to frighten a skittish Congress all riled up about the debt ceiling and stampede it over the Tax Jump….
Never interrupt your opponents when they are digging themselves into an even deeper hole.
Big Government isn't necessarily good government
An elderly Upper East Side woman claims a sanitation agent chased her, threatened her with arrest and slapped her with a ticket for putting day-old newspapers in a city trash can.
Darbe Pitofsky, 83, said she was on her way for a cup of coffee around 6:30 a.m. on June 25 when she threw a brown bag filled with old papers in a city litter basket near her apartment on East 71st Street.
She said A SANITATION WORKER QUICKLY JUMPED OUT OF HIS VEHICLE AND DEMANDED HER INFORMATION TO WRITE A SUMMONS.
“I froze,” Pitofsky told 1010 WINS’ Carol D’Auria. “He just frightened the hell out of me, scared me to death, I was terrified.”
She said THE WORKER DEMANDED A FORM OF IDENTIFICATION AND THREATENED TO “PUT HER AWAY” IF SHE DIDN’T COMPLY.
Pitofsky said it took the worker 25 minutes to write the summons and when she complained that it would cost her $100, she said he threatened to make it $300.
A representative for the Sanitation Department said street baskets are for pedestrian use only but added Pitofsky can challenge the ticket if she thinks there has been a mistake.
Litter baskets across the city are marked with stickers that read “no household trash” or “no business trash,” along with a warning of a $100 fine for violation. The Sanitation Department has a platoon of enforcement agents tasked with enforcing litter basket laws….
Let’s see if I have this correct. A senior citizen tries to do the right thing and not litter and gets accosted and intimidated by a sanitation worker for putting trash into a trash can. And the sanitation worker demanded identification which Democrats tell me intimidates voters. The explanation is that this trash basket is NOT for household or business trash. I’m not sure what’s left but I am convinced that big government is STUPID government.
Uh oh: GM backlog looking a lot like 2008
“Is GM falling into old, bad habits?” asked one industry analyst when the backlog data for General Motors was made public yesterday. The bailed-out automaker now has a growing inventory in its truck lines of 122 days worth of sales, nearly twice that of its non-bailout domestic competitor Ford Motors for similar lines. With sales flattening in the auto market, GM has now returned to the high inventory of its pre-bailout condition…
The GM bailout was more of a bailout of the UAW rather than the manufacturer. It was designed to save the union contract at the taxpayer’s expense. Crony labor relations.
When Noble economists go ideological
… NO ONE EVER SAID "REGULATION IS ALWAYS BAD," EXCEPT A FEW DEMOCRATS WHEN THEY WANT TO SLANDER CONSERVATIVES. Good regulation is part of the Rule of Law applauded by the Right. Only bad regulations are bad, and there are plenty of them.
No one ever said "WHAT'S GOOD FOR THE BANKER'S IS GOOD FOR AMERICA." Here Krugman seems to be making a play on a famous comment Charlie Wilson's made in 1955 when he was president of General Motors. Wilson is said to have said -- What's good for General Motors is good for America. But there's one problem. WILSON NEVER SAID THAT. WHAT HE ACTUALLY SAID WAS QUITE THE OPPOSITE -- WHAT'S GOOD FOR AMERICA IS GOOD FOR GENERAL MOTORS. It was a statement of acquiescence that the Left twisted to look like one of arrogance. ARE WE TO BELIEVE THAT THE NOBEL PRIZE WINNING ECONOMIST DIDN'T KNOW THAT?
NO ONE EVER SAID TAX CUTS, OR THE LACK THEREOF, HAD ANYTHING TO DO WITH THE 2008 FINANCIAL CRISIS. Very few voices have called for tax cuts since 2008. What the Right argues is that raising taxes during periods of recession can be disastrous. IF THE BUSH TAX RATES HAD NOT BEEN EXTENDED, TAX RATES WOULD BE HIGHER IN 2011 THAN IN 2010. ONLY A DEMOCRAT COULD CALL THAT A TAX CUT.
Why should anyone believe that handing even more money to corporations, no strings attached, would lead to faster job creation?
…."OUTRAGEOUS TAX LOOPHOLES" IS SUCH AN OFT REPEATED MANTRA OF THE LEFT THAT IT SHOULD BE HYPHENATED. A LOOPHOLE IS AN UNINTENDED PATH OF AVOIDANCE. WHAT KRUGMAN IS ALLUDING TO IS THE ACCELERATED RATE OF DEPRECIATION OFFERED AS AN INCENTIVE FOR INVESTMENT IN EQUIPMENT. IT WAS PART OF THE STIMULUS PACKAGE PROMOTED BY PRESIDENT OBAMA. IT'S NOT A LOOPHOLE; IT WAS VERY MUCH INTENDED.
That only covers the first 3 paragraphs of Krugman's article. It's enough….
It seems to me the left gets what they want and when what they wanted goes south, they try to blame it on the right.
Obamacare Tragedy Primed To Further Explode the Deficit
President Obama bludgeoned Obamacare through Congress on the claim, backed by CBO, that it would not add to the deficit, even though it adopts or wildly expands three entitlement programs. As I discuss in my new book,America’s Ticking Bankruptcy Bomb, CLOSE ANALYSIS OF THE CBO SCORE AND ADDITIONAL NEW DATA INDICATES THAT, QUITE TO THE CONTRARY, OBAMACARE WILL LIKELY ADD $4 TO $6 TRILLION TO THE DEFICIT OVER ITS FIRST 20 YEARS, AND POSSIBLY MORE….
This is a must read piece. Obamacare besides demanding we buy a product, appears to be ready to slam the deficit. It must be repealed.
The conventional explanation for controversy over climate change emphasizes impediments to public understanding: Limited popular knowledge of science, the inability of ordinary citizens to assess technical information, and the resulting widespread use of unreliable cognitive heuristics to assess risk. A large survey of U.S. adults (N = 1540) found little support for this account. ON THE WHOLE, THE MOST SCIENTIFICALLY LITERATE AND NUMERATE SUBJECTS WERE SLIGHTLY LESS LIKELY, NOT MORE, TO SEE CLIMATE CHANGE AS A SERIOUS THREAT THAN THE LEAST SCIENTIFICALLY LITERATE AND NUMERATE ONES. More importantly, greater scientific literacy and numeracy were associated with greater cultural polarization: Respondents predisposed by their values to dismiss climate change evidence became more dismissive, and those predisposed by their values to credit such evidence more concerned, as science literacy and numeracy increased. We suggest that this evidence reflects a conflict between two levels of rationality: The individual level, which is characterized by citizens’ effective use of their knowledge and reasoning capacities to form risk perceptions that express their cultural commitments; and the collective level, which is characterized by citizens’ failure to converge on the best available scientific evidence on how to promote their common welfare. Dispelling this, “tragedy of the risk-perception commons,” we argue, should be understood as the central aim of the science of science communication.
So rather than ignorance being the major obstacle for climate change alarmists, it appears knowledge is. Those in the know don’t buy what the alarmists are selling. The conclusion of the report is teaching science in a neutral way, without understanding the students’ political orientation, can backfire, in that their knowledge may make them more skeptical. In other words, we need to manipulate the way we teach science so we don’t have this problem. It seems to fall in line with those who call on the press not to print both sides of the story since it only confuses people.
….But what's the joke? We don't find out until a 14-year-old-boy says it plainly: "I THINK I OR OTHER PEOPLE JUST SORT OF DO IT AS A WAY OF MOCKING PEOPLE WHO ARE OVERLY SENSITIVE ABOUT RACE ISSUES."
NPR COULD HAVE DONE THE WHOLE STORY IN 30 SECONDS. But instead it spent more than five minutes trying to grapple with A WONDERFUL YET UTTERLY INCONVENIENT TRUTH FOR THE OSTENTATIOUSLY LIBERAL NETWORK: YOUNG PEOPLE JUST AREN'T AS UPTIGHT ABOUT RACE AS THEIR PARENTs, never mind their grandparents, are. And, by the way, the days of segregated swimming pools and neighborhoods haven't merely "yielded" to "more subtle forms of discrimination"; THEY'VE YIELDED TO -- WAIT FOR IT -- LESS DISCRIMINATION.
No, racism hasn't vanished. And the legacy of racism still has a long half-life.
But THE SIMPLE FACT IS "THAT'S RACIST" IS THE SORT OF THING THOSE DARN KIDS TODAY SAY TO MAKE FUN OF THEIR AGING GEN X AND BABY BOOMER PARENTS.
It's also a common joke among conservatives, precisely because we're used to being called racists for the weirdest things. If I write on Twitter something about how I don't like "Obamacare," some fellow right-winger will immediately respond with some variant of "that's racist!"
And that's the joke. And the people who've spent the last few decades screaming, "THAT'S RACIST," NOT AS A PUNCH LINE BUT AS A HEINOUSLY UNFAIR ACCUSATION OR IN AN ATTEMPT TO BULLY PEOPLE, DON'T SEEM TO GET THAT THE JOKE IS ON THEM….
The left’s most potent weapon has been downgraded to a punch line.