Santelli Gets To Obama
White House Press Secretary Robert Gibbs lashed out in an ad hominem attack at Rick Santelli. He’s the CNBC correspondent who spoke passionately about the injustice inherent in the Obama mortgage bailout plan. My, what thin skins these Obamians have. I’m sure we’ll soon learn all about Mr. Santelli, and how he once took three slices of a pizza, when he only paid his buddies | Read More »
While We’ve Been Distracted, Europe Careens Toward Financial Catastrophe
While we’ve been distracted with the domestic financial difficulties, a more horrid story has been unfolding in Europe. This is going to have stunning financial and political implications. But before we try to sort through those complexities, just ponder the following numbers. In the fourth quarter of 2008, our GDP contracted by 3.8% – a rare and abysmal result. During the same period, Germany’s GDP | Read More »
What’s the Matter with Kansas?
Faced with a shortage of funds this year and unwilling to cut the bloated state budget, Kansas Governor Kathleen Sebelius is planning to welsh on the state’s debt to taxpayers who overpaid in 2008 and to put a hold on paychecks owed to state employees until the Republican-controlled state legislature allows her to break state law by borrowing hundreds of millions of dollars from already | Read More »
Money is the Root of All Evil: An Excerpt
Rearden heard Bertram Scudder, outside the group, say to a girl who made some sound of indignation, “Don’t let him disturb you. You know, money is the root of all evil – and he’s the typical product of money.” “So you think money is the root of all evil?” said Francisco. “Have you ever asked what is the root of money? Money is a tool | Read More »
Milton Friedman on the Impending American Collectivism Experiment
Living in a free, capitalist society requires every person to argue for the good of people not the bad. Otherwise tyranny and misery will be the natural successor to freedom. I present for you all the knowledge one would ever need to view a government as proposed by Obama & Co® to be the most evil, tyrannical growth ever attempted upon free peoples of the | Read More »
The House Retreats
With the senate debating a massive trillion dollar bill to squander taxpayer money and expand government control of the private sector, and whatever is left of the free market, our representatives in congress are going on retreats to luxurious resorts. Last week the republicans went to the Homestead Resort in Hot Springs, Virginia, this week, the democrats are going to Kingsmill Resort in Williamsburg, Va. | Read More »
The verdict is out on the stimulus package, and many economist are not buying it.
Skeptics to the Obama/Democrat stimulus package whether they be professional, political or otherwise, have been considered opposition forces and simply labeled as naysayers by the supporters of the bill. The truth of the matter is that there are many qualified professionals who have studied economics and the American economy for decades who came to different conclusions on the merits of the stimulus package. The debate has brought | Read More »
Let’s Talk About Laffer
I recently cross-posted one of my blogs here on Facebook, and inevitably the one person I knew would comment did. “M,” as I’ll call him, used the following to deride my view that taxes are a dis-incentive to work: My question is whether any proposed tax cut on businesses would constitute a large enough amount of money to permit the hiring of new workers. Surely, | Read More »
Why Government Stimulus Doesn’t Work
The incoming Presidential Administration and the new Congress appear set to spend hundreds of billions of dollars on new government programs, physical infrastructure and “relief” for those affected by the recent economic downturn. They plan to do this through deficit spending, requiring them to sell bonds and, perhaps eventually, raise taxes. The underlying concept is the Keyensian-based idea that if government spends enough money it | Read More »
Does Obama Favor Big Corporations?
Many counted Barack Obama’s support from the leaders of major corporations as a thread of confidence that his policies would help spur economic growth; that business leaders had confidence in Obama’s “spend for prosperity” approach. The Obama campaign officially barred corporate donors (though Federal law prohibits corporations from contributing to campaigns), but many corporate leaders donated directly and bundled contributions from others in an effort to pump millions of dollars into the Obama coffers.
Donors included individuals and bundlers from Goldman Sachs, Google, Microsoft, Citigroup, IBM and JP Morgan Chase. It seems that many at these corporations believed on election day that Obama’s policies were best for them.
Indeed, I am certain that Obama’s policies are preferable to major corporations. Let’s take a look at his policies, found on his election website, the AFL-CIO and from Factcheck.org:
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The Only Solution?
During the campaign season, President-elect Obama made clear his intentions for the United States of America. He spoke with clarity of the need for a bigger, more influential government, one unfettered by the “restraints of the constitution.” He spoke of a National Civilian Task Force, stronger than the United States military. He spoke of group sacrifice in many forms, including what kind of cars we | Read More »
Rush Limbaugh: “We’re screwed!”
Anyone who has listened to the conservative icon for any length of time knows that he prides himself on delivering a message that is positive, uplifting and optimistic. And from the beginning he has evinced a confidence in the American people that he maintains the left does not have (they believe the American public is dumb and needs a liberal elite to make decisions for | Read More »
A reminder of the economic philosophy of our governing majority (and open thread)
[W]e’ve been guided by a Republican administration who believes in the simplistic notion that people who have wealth are entitled to keep it, and they have an antipathy towards the means of redistributing wealth. –Rep. Jim Moran (D-VA) Couple that with Barack Obama’s statement yesterday that “Only government can break the vicious cycles that are crippling our economy,” and you get a pretty clear picture | Read More »
A Righteous Smackdown For Keynesian Fiscal Stimulus
Courtesy of Arnold Kling. And see Nick Gillespie as well. Anyone else think that we are rushing headlong into a policy thicket we don’t quite understand? The “bigger is better” spirit is alive and well when it comes to planning out fiscal stimulus, but as Kling points out, no one can quite tell us why bigger is better except that . . . well . | Read More »
Dear Christina Romer
Please speak truth to power: . . . President-elect Obama’s candidate for chairman of the Council of Economic Advisers, Christina Romer, herself a Keynesian, has done research that undercuts the Keynesian view of good fiscal policy. Some of this research is in a March 2007 paper, “The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks,” co-authored with her husband, | Read More »