ConAgra, Walmart and JPMorgan Lounge In The Food Stamp Safety Hammock
Thus we are left with stimulus spending that is not self-sustaining and a structural expansion in the food stamp program. In effect, we have an increase in the disincentive to work or to search for better paying employment….The Congress, however, has not helped its case by taking what so far has been a do-no-harm attitude toward agricultural subsidies. Most of the benefit of these subsidies | Read More »
The Half-Century Failed Progressive War to Perpetuate Poverty
Year after year, leftists run for office promising to solve the very problems they helped create with central planning and distorting the private economy. They self-righteously ingratiate themselves to an array of constituencies promising policies that will redistribute wealth and create a utopia for all. Well, 50 years into the so-called war on poverty, and after flushing roughly $20 trillion in inflation-adjusted spending on mean-tested | Read More »
WWGO – November 5, 2013
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Today’s topics include Obamacare, Exploding Kings, Clunky Clunkers, Red States Hardest Hit, Coal, Plane Crashes, mystery voting … whew! A plethora!
He Didn’t Lie, It’s Just That The Words He Used In The Order He Used Them Didn’t Tell A Truth Per Se
This weekend, in an article titled “Insurance Policies Not Worth Keeping,” the New York Times gave Obama cover for his “you can keep your insurance” claim, saying that he merely “misspoke,” and that besides, the cancelled policies were no good but people were just too dumb to see it, and thankfully Obama knows better than you and also isn’t he dreamy. From the Times: Congressional | Read More »
The Great Society and The Great Pumpkin
“We have just concluded the 5th fiscal year since President Obama took office. During those five years, the federal government has spent a total $3.7 trillion on approximately 80 different means-tested poverty and welfare programs. The common feature of means-tested assistance programs is that they are graduated based on a person’s income and, in contrast to programs like Social Security or Medicare, they are a | Read More »
The Pirate Game, The Shutdown and The Debt Ceiling Ultimatum
Let’s say for the sake of hypothesis that the current Federal Budgetary process is so badly broken and divorced from any legitimate concern for the American commonweal that we could describe it as five pirates deciding how to divide up the spoils from looting America. Mathematician Ian Stewart proposed a mathematical game that could describe how this situation could work itself out. There are 5 | Read More »
Pavlov’s Dogs and America’s Last Men
So how are EBT Cards and QE debt monetization alike? They resemble one another in three ways. They are jet-fuel for the continued encroachment of the state. They require a voluntary acquiesence of liberty in return for security and they both are a form of shackle that binds those who benefit from either to greater government dependence. What type of individual would prefer either QE or EBT Card money to individual liberty? Friedrich Nietsche gives us a description of just that type of individual.
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The last man is tired of life, takes no risks, and seeks only comfort and security….The last man is the goal that European civilization has apparently set for itself. The lives of the last men are comfortable…. Social conflict is minimized. Nietzsche said that the society of the last man would be too barren to support the growth of great individuals. The last man is possible only by mankind’s having bred an apathetic creature who has no great passion or commitment, who is unable to dream, who merely earns his living and keeps warm. The last men claim to have discovered happiness, but blink every time they say so.
Yellen’s Fed Will Look Familiar
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the official nomination of Janet Yellen as the next Fed Chair, why it’s likely the Bernanke philosophy will continue forever and if the depressed job market is temporary or more permanent.
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So What Could Go Wrong If You Owned Your Own Money Tree?
Janet Yellin may not remind people of the boisterous cartoon character Buzz Lightyear, but her fete accompli elevation to the Chairmanship of the Federal Reserve probably implies Quantitative Easing to Infinity and Beyond! The White House announced that President Obama would nominate her to succeed Ben Bernanke this Tuesday. This bears significance because she is seen as being a strong advocate of quashing intrest rates in order to support lower unemployment. She is a classic Keynesian to the core in that sense and will not be willing to “taper” QE under anything like the current circumstances.
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Lockmart 1 – Obama 0
You know who is currently winning the Govt. Shutdown? It’s not the Democrats, it’s not the Republicans and it sure isn’t anyone in the Civil Service. Jim Gareghty suggested nobody will win at all. This would persumably be fine with House Speaker John Boehner who has quite vocally announced that “This Isn’t some d— game!” The White House doesn’t see things this way and has announced that they are happy with the shutdown to go on for a long, long time until Congress learns its lesson and obeys. Unfortunately for Team Obama, the enemy always gets a vote. As it has often been when the Democrats demagouge, the enemy is private business. Lockheed Martin Inc is not happy to have this shutdown continue. They’ve elected to match the Obama Furlough with the ongoing waves of Lockmart Furloughs. The 1st 3,000 are being told to go pound sand this Monday.
In response to this piece of news, the government just got a whole lot less shutdown. 350,000 employess who work for The Department of Defense are now WAAAYYY more essential than they (who am I kidding, we) were last Tuesday. In response to the possibility of the Military-Industrial Complex becoming a whole lot less industrial over the coming months of a prolonged shutdown, the management of Shutdown Kabuki Theatre has made the following announcement:
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How the Democrats got us to a shutdown
The press has been falling over itself to attack Republicans for the shutdown and claiming that they are the source of all the irresponsibility in the process. They have conveniently forgotten several important things about how much the Democrats have broken the budget process in the last couple of years and in this year in particular. I wrote back in January about how the Senate | Read More »
Emperor Obama’s Dog and Pony Show Turns Into A Dog
So Mississippi Republican Rep. Steven Palazzo tells the Department of The Interior that a group of old, ailing WWII veterans are coming to visit the WWII Momument on the Capital Square. He asks if they can see it despite the coming government shutdown, given that some of them won’t be alive long enough to have another chance. The people-powered administration of Barack Obama responded as follows:
“We got the heads up that they will be barricaded and specifically asked for an exception for these heroes,” Palazzo told TheDC. “We were denied and told, ‘It’s a government shutdown, what do you expect?’ when we contacted the liaison for the White House.”
These are the same Miss Congeniality contestants that lectured The Tea Party about civility after the shooting of Congresswoman Gabriella Giffords by a person who later turned out to have ambiguously leftist political beliefs. The current government shutdown was intended to conceal a lot of the administration’s problems, but has instead put them out there in stark bas-relief. The longer this drama goes on, the more the public pays attention to President Obama and Harry Reid and finds out what these people are truly like as human beings.
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The Detroit Non-Bailout And The Power Of A Shut-Down Government
Let’s say you do what you are told, show up at your place of appointed duty and then lather rinse and repeat for a good 10 to 25 years. If you are a Federal Employeee deemed “non-essential*” that gets you furloughed because the US Senate hasn’t bothered passing a legitimate budget in four years and the House of Representatives no longer has the patience or good will to give them a clean continuing resolution that funds ObamaCare.
Now let’s say you spend an entire city’s budget on union pensions that are based on untennable guaruntees and are underfunded by a steadily deteriorating tax base. If you are Detroit, and voted 82% for Barack Obama, that means you get $320M worth of what the New York Times insists !IS NOT! a bailout.
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Going Bananas As The Fiscal Year Ends
I can imagine Inigo Montoya sipping his rum. He contemplates, then chuckles. He pulls a bit on his mustache as President Obama’s teleprompter bromides blare out of his television. “He uses this phrase banana republic.” Inigo muses. “I do not think he knows what it means.”
You can use the term in a number of ways. As catchy bits of jargon get run through the political mill until shopworn, it’s perhaps quite accurate of Montoya to question whether anyone knows what banana republic means. I tend to think their clothes are overrated. My wife, on the other hand, always appreciates a $100 gift card. All jesting aside, when the American author O. Henry invented Archuria, he had a very specific type of dystopia in mind.
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My Understanding of Ben Bernanke And The Taper
The Federal Reserve gets accused of many things. The Chairman of The Federal Reserve, Ben Bernanke gets accused of many things. Is he E-vil? Nope. Is he a Great American? Probably not. So just what is Bernanke doing? My theory of Ben Bernanke’s mysterious objectives goes as follows.
Ben Bernanke is presiding over what he hopes will be the successful retirement of the largest demographic cohort in contemporary America. The Post WWII Baby Boom is far larger than the generation ahead of it (The Silent Generation) or behind it (Generation X). Boomer columnist and political observer Peggy Noonan once described the Baby Boom Generation as “America’s basketball in the python.” This is not their fault, per se, but it does make them pose a challenge to the rest of us as they drift towards the bottom of the actuarial charts. The current $85Bn per month of QE is the periodic glass of Metamucil-Juice prescribed by Dr. Bernanke to help the python pass the basketball.
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