Friday, February 20. 2009
Thanks, I'll pass.
David Brooks tries to make the case for showering money on "frauds and greedy idiots" (his words). He does a lot of "we should...for the good of all" talk.
But what he never says is "I, David Brooks, want to shower my own money on frauds and greedy idiots." Of course, he could do that today if he wanted to. All he'd have to do would be to phone a Merced, CA bank and offer to cover somebody's defaulted mortgage. One phone call. He can afford to do that, and so can multi-millionaires Obama, Hillary, Rahm Emanuel, John Kerry, Charlie Rangel, Ted Kennedy, etc. - and zillionaire Dems like Bill Gates, Bob Rubin, George Soros, etc.
Hence our proposal: If every caring Liberal in the USA would do that to the extent of their ability, problem solved. Plus they would get to feel good about themselves, and to prove that they care.
We just want to see some proof. Readers may have seen Jammie Wearing, who noted in our link this morning how MA taxpayers refuse to "help the children" with voluntary tax dollars when given an easy opportunity to do so: "the left wants to have at it with your money, not their own." (All you need to do is to look at all of the Dem tax cheats unearthed this winter. Now we have Al Sharpton too to add to the lengthening list of prominent Dem tax dodgers.)
But to get back to mortgages, it seems clear to me that government mortgage deals, while buying votes, will accomplish little to (artificially) support the prices of housing. After all, the government already does tons of things to distort and to artificially support and inflate housing prices: mortgage interest deductions*, the passing forward of cap gains from a sold house to a new one, the one-time 1/2 million free throw when you sell, etc.
And speaking of enabling dysfunctional behavior, here's a good use of stimulus $: Free housing for drunken bums. Save me a room, just in case.
* The mortage interest deduction raises the price of housing just as the availablility of student loans and scholarships raise the price of college tuition. These things are not favors to us: they are favors for the greedy housing and greedy academic industries, disguised as favors for us.
Photo via Tiger's amusing series of photos from the Denver protest. Me? Unlike The NJ, I don't want a pony. Already have enough equines. I just want a free one-week trip to Siena. Make that 10 days, so I can cover a little more ground.
Thursday, February 19. 2009
Sowell: How government legal threats created the sub-prime mortgage market. Naturally, they didn't want to hold on to that junk, so they packaged it up, and sold it to willing buyers. Totally logical. If you think there aren't people out there who want to buy junk, just check out eBay some time. They once had a booming market in Beanie Babies. Caveat emptor.
Ed. notes:
Related from neoneo: Bubbles and the Tragedy of The Commons Related from Dino: Grifters get a second chance
I tried hard. Give me an A. It used to be sarcastic to refer to "A for effort."
The plight of the (delusional) Left-wing talkers
Carpentry joke du jour: What's the difference between Jesus and Obama?
Who will qualify for mortgage help? Not speculators. I'm glad about that. This via Insty:
MEGAN MCARDLE ON OBAMA’S HOUSING PLAN: “Well, the obvious point is that it represents a massive transfer to borrowers from lenders and the rest of us. As far as I can tell, there is no penalty for having borrowed more than you could realistically afford to repay–not so much as a speck of dirt on the credit report. The administration’s release talks a lot about ‘responsible homeowners’, but very few responsible homeowners have payments that amount to 43% of their monthly income.”
My take — let’s see what they’ve done with the first trillion before we give them any more money to play with . . . .
Dem culture of corruption: Rahm Emanuel's tricks. And remind me again - how do people with these political jobs become multi-millionaires?
Getting politics involved with the bailout was a big mistake
EPA expected to regulate carbon dioxide. Good grief. The world has gone mad. If they try to regulate fireplaces and wood-burning stoves, we will consider civil disobedience.
How much "authenticity" can a marriage handle?
The ten most famous UFO hoaxes
Redefining "hate speech." Volokh. With rules like those, how can anybody say anything about anybody?
Just name the "disaster":
Let me guess: this disaster can only be forestalled through yet higher taxes and still more suffocating regulations, which coincidentally benefit no one but authoritarian bureauweenies like Michael Bloomberg.
But here's some sanity from Mayor Bloomberg:
"One percent of the households that file in this city pay something like 50% of the taxes," explained the Mayor. "In the city, that's something like 40,000 people. If a handful left, any raise would make it revenue neutral. The question is what's fair. If 1% are paying 50% of the taxes, you want to make it even more?"
Economic warfare? Jules:
We could dicker all day about whether George Bush’s response to the Sept. 11 attacks was appropriate, proportionate, all that. We could argue all day about the same on Obama’s plan. No one sane thinks either man should not have responded in some way. It’s a question of how, how much, and what it gets you. At the current rate, Obama’s economic war will make Bush’s shooting wars look like an exercise in fiscal restraint and a bargain. If Obama’s plan works, fine. War’s over, we all go home. But at what point does Obama’s econ war get a downloadable counter, and when does Congress and the national media start squawking and declare a quagmire?
Wednesday, February 18. 2009
The giant private equity fund Cerberus, which owns Chrysler, wants another 5 billion from the taxpayers to stay in business.
But Cerberus itself refuses to invest further funds into Chrysler. Chrysler, sad to say, is dead. Bury it.
Bloomberg on Merced, CA. I don't know what the big deal is about one's house being underwater. Heck, when you take out a car loan on a new car you are immediately underwater too, paying off a now-used car at a new car price. Nobody promised that housing prices can only go up. The extent of subprime lending still amazes me though, and the willingness of supposedly prudent fiduciary institutions to buy that crap amazes me too. One quote:
U.S. homeowners lost an estimated $3.3 trillion in house value last year, real estate valuation service Zillow said. In California, the state with the most foreclosure filings, the share of underwater owners will rise to a third of all mortgage holders by the end of the year, according to data provider First American LoanPerformance of Santa Ana, California.
Merced, located about 110 miles southeast of San Francisco in California’s agricultural Central Valley, became a housing boom town in the early part of the decade as buyers with subprime loans sought affordable property within commuting distance of Bay Area job centers, said Jeff Michael of the University of the Pacific’s Eberhardt School of Business in Stockton.
Median home prices in Merced rose from $150,000 in January 2002 to a peak $382,750 in December 2005, according to MDA DataQuick, a San Diego-based property research firm. In December 2008, the median stood at $120,500, down 52 percent from a year earlier, as four out of five resales involved properties that had been foreclosed on in the prior 12 months.
Wooly Mammoths used to live in LA. Not very long ago, either.
But you already knew that (h/t, Jungle Man). They are findling lots more interesting bones, though.
The moral preening of celeb hypocrites. Paltrow in this case (photo)
Putin warns American Dems against Socialism
Surprise. Chrysler and GM want more $. The populist in me is getting tired of rewarding failure and imprudence.
Waiting for the backlash. P'line
How severe is the economic situation? Dino. Related, the explanation of why Geithner seemed so lame
Deconstructing Krugman. RCP
All of them are British citizens
Style over substance on the economy. Villainous
You mean it's not a quagmire? Surge in Afghanistan begins
Stanford Financial Group and the ongoing Dem culture of corruption. h/t, Insty
What will become of the "Freetown of Christiania"? Sounds like a den of thieves to me.
Something else to panic about. Eastern European debt. Big mess. Another result of cheap money.
Kill The Rich! Am Thinker. But aren't there tons of rich Dems? I'd wager that there are far more filty rich Dems than there are Conservatives. Certainly true in public life, beginning with the Clintons and the Obamas. And heck, Wall Street has been a huge Dem donor source for years.
Hey Will! We're part of the anti-intellectual knuckle-dragging, nose-breathing Right, and we are offended by that. Truth is, 97.4% of the Conservative political brains are in Newt's head.
Bank nationalization gains ground among Repubs
New t-shirts, via Theo:
Tuesday, February 17. 2009
Thanks to Tiger for pointing out a new economic site, Baseline Scenario.
Their global Baseline Scenario, 2/9/09 is a grim but plausible piece. They do a clear job putting the housing bubble in perspective, as one part of a global cheap money house of cards. Furthermore, it is written in English instead of economese.
She's a Dartmouth gal, and she keeps rifles around the house.
I think she's a Maggie's Farm sort of senator (despite being D-NY). The self-protective instinct seems sadly lacking in the flabby Western world these days. Plus she has a nice, honest smile.
If you get immunized for Polio, you should just as reasonably immunize yourself against the bad guys by being armed. Both dangers are rare, but can really hurt you.
Somebody made her move those guns, though.
Dem culture of corruption exposed further: Burris in hot water
Is Rep Eric Cantor now targeted for Palinization? (Or should we call it Gingrichization?) Why? See Dem Underground: Repub Party needs to be "eliminated." Liberal fascism, anyone? Why the heck can't we debate issues rationally and in a civil manner?
Teen sexting leads to child porn arrests. Not worth the risk, kids.
Isn't it about time for some government-required "fairness" on TV? PBS' latest outrage.
Has an Afghan surge already begun? I will be skeptical about anything we try to do there, because the place is not a country in any usual sense of the word. It's just a place.
Why don't they love us now? Protests against Hillary in Indonesia. North Korea greets Hillary with threats.
We do not have "unfettered Capitalism" in the US today. We have what's termed a "mixed economy." But if you compare our economy's handling of downturns with Europe and Japan, we handle it better.
Dear Obama: Make it rain candy. Good grief. Maybe we have become a nation of children.
I doubt this would have happened with Bush in office: Pakis make truce with Taliban
Photo: Re our post last night. If Starbucks wants to thrive, I think they should serve booze. Or at least Irish Coffee in the morning.
Monday, February 16. 2009
Starbuck's stock price tracks the economy. Ouch.
As much as we enjoy promoting the simple virtues of Dunkin Donuts here, we have never really been mad at Starbucks. I like their House Blend, and I think the idea of a "third place" to hang out for a while either alone or to meet - which isn't a pub - is a civilized thing.
And, when you think about it, they don't charge any more than a pub would charge you for a drink. As with a pub, you are paying for a place to go to, not for the liquid.
I think they over-reached in their expansion. The are spots in NYC where you can see at least two of them from one corner.
Dunkin is still making money, and, if you don't mind hard plastic chairs, no wireless, no semi-cool CDs for sale, no bean-sprout sandwiches on bread so "natural" that I doubt Medieval serfs would want to eat it, no phony 1/4" thick ambience, and no barristas, Dunkin is still a pleasant "third place" for lots of folks.
Still, for your first e-Harmony get-together, Starbucks is probably a better idea...
How Democracies become Tyrannies. Am Thinker
Somebody will eat crow. But who? Dino
Men often view naked women as objects. How much did that study cost? (h/t, Theo)
Re Fairness:
Waxman is also interested, say sources, in looking at how the Internet is being used for content and free speech purposes. "It's all about diversity in media," says a House Energy staffer, familiar with the meetings. "Does one radio station or one station group control four of the five most powerful outlets in one community? Do four stations in one region carry Rush Limbaugh, and nothing else during the same time slot? Does one heavily trafficked Internet site present one side of an issue and not link to sites that present alternative views? These are some of the questions the chairman is thinking about right now, and we are going to have an FCC that will finally have the people in place to answer them."
Rowan Williams: "Everybody agrees" that some Sharia would be good
No goat jokes allowed in Europe.
Media needs to be more hysterical about warming, says IPCC official
Is Hannity right about Japan's recession?
Britain literally a police state now. Stumbling
Quagmire: Losing the war on drugs for 40 years
BDS: They just can't get over it. VDH. Related, from John Hawkins:
It's ... worth noting that it was Barack Obama who made unity and bipartisanship a core part of his campaign platform. Granted, Bush ran as a "uniter, not a divider, too" but he actually tried to make it work. He did institute a "new tone." He did partner with Ted Kennedy to write "No Child Left Behind." His payback for his effort to reach out to Democrats was a campaign of demonization unprecedented in the history of American politics. John McCain also promised bipartisanship, but John McCain would have actually made it work by moving his proposals to the left. That's why Republicans like me constantly want to strangle the guy.
Photo above: Train of death, according to James Hansen. Cranks rule the world.
And just one related comment about all of the excitement about electric cars. What do they run on? Coal. Coal is where the electricity comes from. Some people seem to think it comes from magic out of sockets.
Aspiring moonbat Prince of Wales to travel with gigantic carbon footprint to spread warming religion
We used to joke about "thought police." It's become real, in the UK. Spiked
Driving ships through the graveyard of the Pacific. I have run a few bars in my time in boats, and it is scary.
Depressing. What we just did. Surber: "Too bad this bill is born-again communism."
The Obama plans for February. They were serious about changing America.
Have Obamacons been Obamaconned? Q&O. Duh.
Obama to Eastern Europeans: You're on your own. Nice. Looks more and more like Carter.
Who was America's best Presidential speechwriter? Ted Sorensen answers.
Jeb Bush: Make Repubs a national party.
I'd be scared to lend too, with these economic idiots in charge
Sign above from Right Wing Prof. More seriously from him, What have I been saying? College kids are not prepared for college-level work.
Get ready. I don't know what this has to do with stimulus, but the stimulus bill gives the government the power to over-rule your doctor for cost purposes. That is insane, politically and humanly.
Stimulus gives states incentive to add to their welfare rolls.
New York State gets stimulus windfall:
Gov. Paterson called yesterday for fiscal restraint with the massive influx of federal aid. His budget office estimated that New York will receive $24.6 billion over the next two years, $4 billion more than first believed.
Restraint? Haha. Fat chance.
Obama's "shock and awe" will be paying the bill. But what the heck, White House admits stimulus won't do anything.
A few things economists agree upon. Mankiw
From a piece by Paglia:
Speaking of talk radio (which I listen to constantly), I remain incredulous that any Democrat who professes liberal values would give a moment's thought to supporting a return of the Fairness Doctrine to muzzle conservative shows. (My latest manifesto on this subject appeared in my last column.) The failure of liberals to master the vibrant medium of talk radio remains puzzling. To reach the radio audience (whether the topic is sports, politics or car repair), a host must have populist instincts and use the robust common voice. Too many Democrats have become arrogant elitists, speaking down in snide, condescending tones toward tradition-minded middle Americans whom they stereotype as rubes and buffoons. But the bottom line is that government surveillance of the ideological content of talk radio is a shocking first step toward totalitarianism.
One of the nuggets I've gleaned from several radio sources is that Michigan Sen. Debbie Stabenow, who has been in the aggressive forefront of the campaign to reinstate the Fairness Doctrine, is married to Tom Athans, who works extensively with left-wing radio organizations and was once the executive vice-president of Air America, the liberal radio syndicate that, despite massive publicity from major media, has failed miserably to win a national audience. Stabenow's outrageous conflict of interest has of course been largely ignored by the prestige press, which should have been demanding that she recuse herself from all political involvement with this issue.
Stimulus is largest increase in government hand-outs in history. Good grief. Yes, we are back to the dole again, undoing Clinton's best deed for the poor. I think the Admin is over-reaching here. Same mistake Clinton made in the beginning. Nobody wants a change back to 1970.
Greenies upset with stimulus' billions for highways. I am actually sympathetic with them. Don't we have highways everywhere? Around here, we have highways to nowhere already.
Do the Blue Dog Dems have any clout anymore? Less, but still some.
Road to Serfdom, in cartoons. We linked this once in the past. h/t, Insty
Stimulus problems, at RCP. A quote:
"If we borrow money from China to give money back to individuals to spend (in the form of tax cuts or tax credits), will their spending eventually go back to China because they use it to make purchases at stores such as Wal-Mart?" she asks.
Which begs a follow-up question: How would that stimulate job growth here?
The current stimulus plan lacks ambition, innovation and creativity, Brown says. Government shouldn't create jobs; it should create markets that spur private companies to create jobs. "The government's job is to speed up the process known as 'creative destruction,' " she says.
Much of the money in the stimulus plan goes to states to help balance their budgets or to programs created long ago -- some successful (such as Pell grants) and some controversial (sexually transmitted disease prevention) -- but not many that are really "new" or experimental.
"Too much for too little" is Brown's assessment of the stimulus package.
Plus I always wonder what happens when China stops wanting to buy our debt...Won't we be in the same position as the banks? Insolvent, with nowhere to borrow and nobody left to tax? Which is precisely where California is right now.
Bumper sticker below from Gay Patriot:
Sunday, February 15. 2009
What's my house worth? What's yours worth? We all have no idea today. Probably darn little right now - or nothing at all - because I hear there are no bids out there for anything. No bid means no current value or, as they say sort-of euphemistically, a highly "illiquid investment."
I'm glad my place is my home, and not an investment. I wish it were fully paid for.
From Bruce Kesler:
That isn’t my headline. It’s the headline on a report in the Huffington Post from Iraq by a reporter opposed to the war in Iraq writing about another who is opposed, Dahr Jamail.
Shane Liddick is a freelancer out of San Diego, with newspaper and magazine reporting experience, currently in Anbar Province, Iraq. Dahr Jamail is also a freelancer, who has been the darling of the left.
Dahr Jamail’s shoddy anti-Iraq propaganda, indeed invention of false horror stories, has been exposed before. I wrote about him in March 2008, as “an accomplished propagandist and fabulist on Iraq,” with links to Jules Crittenden, Instapundit, and most tellingly to a series of exposes by Denis Keohane. The Keohane exposes can be seen here.
Liddick’s words are direct:
… I saw many of the same things you did. But I've come to very different conclusions. That, I believe, is because you had a pre-existing agenda you were determined to conform evidence to (i.e., war is bad, the U.S. is waging a war, so whatever it's doing in Anbar is bad); and because you're a coward….
He goes on to say -
I still don't think we should be here. But that debate became passé six years ago. Now it's a question of how soon the U.S. gets out and what happens before and after it does. I've met too many good and decent people here to write this place off, smart and hard working Iraqis that want and deserve a first-world existence….
As a journalist, criticizing military policy without talking to the military is completely incompetent. But with you, it goes deeper. You hide behind political artifice to lob your mines of pre-conclusion, like a craven wretch. And really, I think that goes to the solid core of the dregs of the problem. You're not a coward merely because you're afraid to seek the truth when it might not conform to your views ... rather your chickenshit views are shaped by the fact you're a coward….
Nearly every American soldier on the ground--no matter how misguided vis-à-vis the underlying motivations that brought the U.S. to Iraq--is here because of a sincere and genuine desire to help; none of them, I wager, have come to further an empire. Whether it be to fight against terrorism so people back home feel a little safer in skyscrapers, or to relieve a weary Iraqi population of a dictator, they're here for honorable reasons; just as is the case with the majority of those Iraqi soldiers (who still have targets on their foreheads). Which makes your fink agenda a slap in the face to about a million people who have fought and died and lost legs, brothers, and lots of blood in the hope of making something as simple as a secure place to live.
The military has been surprisingly forthcoming with me and all I had to do was ask. Marine Corps Colonel Patrick Malay sat with me on three different occasions, for long discussions about security in his area of operation in Anbar. One thing I learned quickly is that the military's officer corps is filled with the best of America's minds--kids that aced their college entrance exams, were the captains of their ball teams, and had to be nominated by senators to go to the schools they did. These are the guys (along with their much more experienced superiors) that are deciding strategy--and they're fucking smart. I was allowed to sit in on a couple of their high level briefings--again, all I had to do was show some kind of aptitude for objectivity--and I can tell you their comprehension of the situation on the ground is apt, their thinking clever, and their intentions centrally wrapped up with the Iraqi people….
The military's policy is designed from the bottom-up on security. The plan is simple--so simple (in theory), it can't fail. Security will bring outside investment, which will thereby enhance existing security, which will bring more investment, further enhancing security, and so on. It's uncomplicated and it's already working. The lynchpin is security. The people of Anbar want it desperately (I lived with these people for most of the past month, and I can't tell you how desperately they want it) and they need it to be able to rebuild….
The heart of the problem in all of this isn't only with the people of Iraq, it's also with Americans in this age of rapid and uncensored hydra-headed media--and the fact anybody can print anything. The threat there lies in the fact that 80-percent of people in society are grazers (and you can check Chomsky on this, Colonel Malay, or anybody who's served time); non-thinkers that only want to be herded and told what to do. It's those people who read your half-truths online and don't realize you're "independent" for a reason.
I'm phobically allergic to the conservative Republican types the military is rife with, but I've only been in country four months and already I hate liberals. There's plenty of ugliness to report in Iraq (as there are thousands of stories of hope and headway)--and the U.S. military certainly isn't beyond reproach. Nobody's telling you to report on one side or the other. But manipulating the truth because of your own personal biases is wretched and works in the face of progress. The other end of the political spectrum disregards you, Dahr, and now I know why. I thought it was because you're a liar--but you aren't. You don't have enough backbone to be a liar. You're a craven obfuscationist, intent on promoting your agenda at the cost of a menagerie of much braver men and women. ... s.d. liddick
Inflationary warning above from People's Cube via Moonbattery
The WaPo is in love with Obama. But is it love or lust?
Rick Moran isn't:
I hate to say it but we have got to find a way to right the ship at the White House. History has reached out and tapped this novice on the shoulder at a time when there is real danger his bungling will result in a catastrophic economic collapse as bad as the worst in our history.
Mark Steyn not in love with O either: So far, it's been Obomateur Hour. (h/t, Jules)
Stimulus: 1.6 billion for "science." Yes, just "science."
We are not great fans of Geert Wilders, but we are fans of free speech. Atlas has posted his 15 minute film Fitna here.
A rising voice: Rep. Cantor of VA
Ledeen: We are all Fascists now. One quote:
...not one person in a thousand knows what fascist political economy was. Yet during the great economic crisis of the 1930s, fascism was widely regarded as a possible solution, indeed as the only acceptable solution to a spasm that had shaken the entire First World, and beyond. It was hailed as a "third way" between two failed systems (communism and capitalism), retaining the best of each. Private property was preserved, as the role of the state was expanded. This was necessary because the Great Depression was defined as a crisis "of the system," not just a glitch "in the system." And so Mussolini created the "Corporate State," in which, in theory at least, the big national enterprises were entrusted to state ownership (or substantial state ownership) and of course state management. Some of the big "Corporations" lasted a very long time; indeed some have only very recently been privatized, and the state still holds important chunks-so-called "golden shares"-in some of them.
Back in the early thirties, before "fascism" became a pure epithet, leading politicians and economists recognized that it might work, and many believed it was urgently required. When Roosevelt was elected in 1932, in fact, Mussolini personally reviewed his book, Looking Forward, and the Duce's bottom line was, "this guy is one of us."
Fascism, like Socialism and Communism, assumes that politicians are wiser, more far-seeing, and have more integrity and less self-interest than the average person. Also, that the regular person is a feckless dope. Little evidence for that, on average, thus far in history. Politics is just "Hollywood for ugly people," as they say - but also for many who cannot make it in the real world.
Speaking of Fascism, Jerry Brown:
“a little state control (of radio) wouldn’t hurt anybody”
Democracy at work, at Ace:
"We are obviously very pleased with the court's decision ... there's a large chunk of ballots that have now been taken out of play," said Franken lawyer Marc Elias.
The unintended consequences of the executive pay cap. NYT
Sen. Burris: "I forgot." (He's a lawyer, mind you.) But here's the most revolting Dem corruption story of the month.
Sisu on timeless wisdom and hopey-changey socialism. She reminded us of our 2006 post The paradox of conservatism: Seeking power to extend freedom.
Saturday, February 14. 2009
"Academia outraged" by crucifixes at Boston College
The future for designer babies
A possible relation between Alzheimer's and herpes simplex
Did Obama lie about Caterpillar?
Did you catch that Atlantic swimmer hoax?
Dark comets threaten the earth
How many of our banks are insolvent? Related: Bank recovery stalls on donations to Congress
How Krugman distorts numbers for Dem agenda. It's only blogs that ever call him on it.
Is this a failed presidency already?
Bill Clinton wants more "fairness" on the radio. How come nobody talks about "fairness" on TV?
Photo: A Theo Valentine
Friday, February 13. 2009
But it passed. No Repubs on board, and 7 Dems against it. We just got screwed, big time. It will take a while for us to find out how badly we got screwed, since nobody has read the thing yet.
As he said, Ayn Rand, call your office.
One month into a failed Presidency. I did think it was odd that the Admin. had no economic plan, and ceded it all to the Dem House sandbox. Why was there no realistic plan, and just a mix of every Dem Congressman's junk pile?
Big stimulus money for warmists only. The warming biz is hot. No doubt there is plenty of pressure and incentive to come up with the wanted results. Even absent-minded professors know on what side their bread is buttered. They like to eat too, and the grant money they can bring in is their bread and butter. The grants pay their salaries.
Sullivan declares that the GOP has declared war on Obama. I think it is the other way around. When you say "F-you, we won," you aren't being collegial. When you grab the Census, you aren't even being civilized: it's a Chavez-like, Chicago-style power grab. I think the WH is planning to crush the GOP for the next 10 years. Who is using projection here? Me or Sullivan? We viewed the Dem handling of the pork and federal power-grab of the so-called stimulus as a declaration of war.
Read Ray Dalio's 4-page piece in Barron's, if you haven't (we linked a couple of days ago). His macro view, while depressing, makes a lot of sense: It's a D-process. He likes gold right now.
Re the national debt chart we posted this morning: If China is buying all of our federal paper, does that mean that they will own us?
General reminder: When you have the time, it's always worthwhile to see what TimesWatch has to say.
Reagan said "The closest thing we will ever see to eternal life on this earth is a government program." The gummint racket ratchet has no reverse setting. Why the cost estimates of the stimulus are way off. Does anybody imagine that any of these hundreds of new "programs" will ever be cut or dropped when things settle down? I think we taxpayers are being rolled and scammed within an inch of our lives - if not more.
I found the comments on this CNN Judd Gregg story quite revealing. Man, there is a lot of anger and paranoia out there.
Frederick Kagan: Afghanistan is not Vietnam
Did he or did he not run on a redistribute the wealth platform?
San Francisco: Still insane
Via Mankiw, budget deficits. This will be a big problem for us:
From Sipp:
The people who say they are qualified to micromanage the affairs of the world and everybody and everything in it can't do arithmetic well enough to be a successful bank teller, and can't figure out whether to put an apostrophe in it is.
I've broken ground on many substantial construction projects. We used to paint a shovel to look like it was made of gold, and the bankers and politicians would turn a shovel load of dirt and have their picture taken. Then we'd mount the shovel on a board with an inscription and present it as a keepsake. We used to fashion a box and fill it with sand for the participants, as it was unlikely anyone involved would be capable of turning even one spadeful of real soil from the site.
It's the greatest metaphor possible for today's Zeitgeist. People completely unaware of how anything actually gets done or paid for using an instrument fraudulently tarted up to look valuable to perform a meaningless operation in order to be given credit by the media for everything.
Thursday, February 12. 2009
Finally, it's OK to make jokes about Obama
Bernard Goldberg and the slobbering love affair between Obama and the press
They will not go after that lady whose video we posted last night the way they went after Joe the Plumber/
The press conference: The questioners were pre-picked
The true cost of the stimulus. By the way, the bill is 1473 pages, and the Repubs aren't allowed to read it. The handling of this bill - the largest spending bill in US history - has been a declaration of war on the Repubs.
How Reagan's team built its economic plan
Kondracke: Rush was right about stimulus
Will the stock market recover?
Ten worst cities in the US
NYC's rent control: Insane
They removed E-Verify from the "stimulus" bill. Now you can hire all the illegals you want.
The savior-based economy. Michelle.
All expenses paid. Obama orders Palestinian immigration.
No Wilders, but look at the creeps England does allow in. And they want to ban the flag. Why don't they all just get it over with and shoot themselves. Oh, they can't. They gave away their guns.
You are going to pay for this so-called stimulus for a long time. Enjoy it, suckers.
Hollywood's Che Chic
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