From Peggy Noonan in the Wall Street Journal:
From Bloomberg News this week: "The U.S. government and the Federal Reserve have spent or lent or committed $12.8 trillion" in new pledges. This they note is almost the value of everything the United States produced last year. The price tag comes to $42,105 for every man, woman and child in the U.S.
I happened to be rereading the economics section of Mr. Obama's second book, "The Audacity of Hope," when I read the Bloomberg story. Mr. Obama scores President Bush for contributing to a national debt that amounted to a $30,000 bill for each American. Those were the days!
The tagging was done, definitively, by an increasingly impressive (because unusually serious and sincere) member of the U.S. Senate, who happens also to be Mr. Obama's friend. Tom Coburn, an Oklahoma Republican, has been close with the Illinois Democrat since their Senate orientation in 2004; he's the man the president hugged after his big joint sessions speech last month. Thursday, in a column on RealClearPolitics.com, Mr. Coburn wrote, "I believe President Obama has proposed the most significant shift toward collectivism and away from capitalism in the history of our republic. I believe his budget aspires to not merely promote economic recovery but to lay the groundwork for sweeping expansions of government authority in areas like health care, energy and even daily commerce. If handled poorly, I'm concerned this budget could turn our government into the world's largest health care provider, mortgage bank or car dealership, among other things."
To be defined in this way is not just a negative for Mr. Obama in terms of its criticism, it amounts to being robbed, by a friend, of the vagueness that was part of his power. Mr. Coburn was all the more deadly for being fair-minded: he was tough on both parties as operating in a crisis from "scripts," with Democrats saying everything is Bush's fault and Republicans decrying high spending and taxing while failing to abjure earmarks and admit what must be cut.
Tampilkan postingan dengan label capitalism. Tampilkan semua postingan
Tampilkan postingan dengan label capitalism. Tampilkan semua postingan
Jumat, 03 April 2009
Kamis, 02 April 2009
This thing soaks up everything in sight. It'll soak up all your money and turn it into tax dollars! You need one right now. It'll clean you out - soak up what's yours and give it to those who need it more than you do. This is the miracle formula that'll make everything right. Trust me, folks!
Photo: Lucianne.com
Rabu, 01 April 2009
Selasa, 31 Maret 2009
Meet Your New Boss
An editorial from Investor's Business Daily:
A president of the United States orders the chief executive officer of General Motors to resign. The same president is further ordering Chrysler to merge with Fiat, the Italian firm specializing in flimsy cardboard boxes on wheels.
This new reality should send a chill down the spines of all Americans. The federal government has begun to run U.S. companies.
President Obama said Monday, "my team will be working closely with GM to produce a better business plan."
To that confident assertion he added these stern sentiments:
"They must ask themselves: Have they consolidated enough unprofitable brands? Have they cleaned up their balance sheets, or are they still saddled with so much debt that they can't make future investments? Above all, have they created a credible model for how not only to survive, but to succeed in this competitive global market?"
Who is in a better position to know the answers to these questions? Rick Wagoner, the GM CEO for nine years and former GM chief financial officer who has been with the automaker since the late 1970s, even running one of its foreign affiliates in Brazil, and who holds a Harvard Business School MBA?
Or President Obama, a former community activist from the south side of Chicago with a great rhetorical gift?
The president answered that question this week by ordering Wagoner's firing.
Imagine if it were not GM, but your own small business employing a handful of people.
How would you like the country's highest-ranking elected officeholder telling you that he and "my team" know better than you about cleaning up your balance sheets and competing against your rivals? How would you like being ordered by the government to fire the person you hired as manager of your company?
Does an entity that is itself $11 trillion (and climbing) in debt have any right to criticize a private business for owing tens of billions, let alone to claim it can do better running that business?
The same arrogance was heard regarding Chrysler. The president announced that, "we've determined, after careful review, that Chrysler needs a partner to remain viable." Why was Fiat picked? Because the Italian firm "after working closely with my team, has committed to building new fuel-efficient cars and engines right here in the United States."
In other words, its politics are right.
The merger will operate under a deadline with Washington holding a gun to Chrysler's head: "We'll give Chrysler and Fiat 30 days to . . . reach a final agreement," the president said. "But if they and their stakeholders are unable to reach such an agreement, and in the absence of any other viable partnership, we will not be able to justify investing additional tax dollars to keep Chrysler in business."
It should now be clear: Federal bailout funds are a corporate narcotic. Once a company starts taking them, a chemicallike dependence develops. The addict does whatever will bring in more of the drug. Ultimately, like heroin, the short-term euphoria gives way to decreased function for the recipient, even destruction.
More importantly for the American people, letting Uncle Sam become a corporate drug dealer — with taxpayer money the addictive poison being peddled — also places Washington in a position of dictatorial control over the private sector.
A president of the United States orders the chief executive officer of General Motors to resign. The same president is further ordering Chrysler to merge with Fiat, the Italian firm specializing in flimsy cardboard boxes on wheels.
This new reality should send a chill down the spines of all Americans. The federal government has begun to run U.S. companies.
President Obama said Monday, "my team will be working closely with GM to produce a better business plan."
To that confident assertion he added these stern sentiments:
"They must ask themselves: Have they consolidated enough unprofitable brands? Have they cleaned up their balance sheets, or are they still saddled with so much debt that they can't make future investments? Above all, have they created a credible model for how not only to survive, but to succeed in this competitive global market?"
Who is in a better position to know the answers to these questions? Rick Wagoner, the GM CEO for nine years and former GM chief financial officer who has been with the automaker since the late 1970s, even running one of its foreign affiliates in Brazil, and who holds a Harvard Business School MBA?
Or President Obama, a former community activist from the south side of Chicago with a great rhetorical gift?
The president answered that question this week by ordering Wagoner's firing.
Imagine if it were not GM, but your own small business employing a handful of people.
How would you like the country's highest-ranking elected officeholder telling you that he and "my team" know better than you about cleaning up your balance sheets and competing against your rivals? How would you like being ordered by the government to fire the person you hired as manager of your company?
Does an entity that is itself $11 trillion (and climbing) in debt have any right to criticize a private business for owing tens of billions, let alone to claim it can do better running that business?
The same arrogance was heard regarding Chrysler. The president announced that, "we've determined, after careful review, that Chrysler needs a partner to remain viable." Why was Fiat picked? Because the Italian firm "after working closely with my team, has committed to building new fuel-efficient cars and engines right here in the United States."
In other words, its politics are right.
The merger will operate under a deadline with Washington holding a gun to Chrysler's head: "We'll give Chrysler and Fiat 30 days to . . . reach a final agreement," the president said. "But if they and their stakeholders are unable to reach such an agreement, and in the absence of any other viable partnership, we will not be able to justify investing additional tax dollars to keep Chrysler in business."
It should now be clear: Federal bailout funds are a corporate narcotic. Once a company starts taking them, a chemicallike dependence develops. The addict does whatever will bring in more of the drug. Ultimately, like heroin, the short-term euphoria gives way to decreased function for the recipient, even destruction.
More importantly for the American people, letting Uncle Sam become a corporate drug dealer — with taxpayer money the addictive poison being peddled — also places Washington in a position of dictatorial control over the private sector.
Rabu, 18 Maret 2009
Jumat, 13 Maret 2009
Obama: It Ain't So Bad
From the Associated Press [with my translations added].
Confronting misgivings, even in his own party, President Barack Obama mounted a stout defense of his blueprint to overhaul the economy Thursday, declaring the national crisis is "not as bad as we think" and his plans will speed recovery.
Challenged to provide encouragement as the nation's "confidence builder in chief," Obama said Americans shouldn't be whipsawed by bursts of either bad or good news and he was "highly optimistic" about the long term.
[Translation: Obama & Co, define "the long run" as 2010 or 2012, whichever comes first.]
The president's proposals for major health care, energy and education changes in the midst of economic hard times faced skepticism from both Democrats and Republicans on Capitol Hill, as senators questioned his budget outlook and the deficits it envisions in the middle of the next decade.
But Obama, speaking to top executives of the Business Roundtable, expressed an optimistic vision and called for patience.
Richard Parsons, chairman of beleaguered Citigroup Inc., asked if Obama could offer some help in a national battle "between confidence and fear."
"A smidgen of good news and suddenly everything is doing great. A little bit of bad news and ooohh , we're down on the dumps," Obama said. "And I am obviously an object of this constantly varying assessment. I am the object in chief of this varying assessment."
[Translation: "I know there isn't even a 'smidgen' of good news but we like to pretend there is.]
"I don't think things are ever as good as they say, or ever as bad as they say," Obama added.
[Translation: "Don't ask me how good or bad things are until I take a poll on it."]
"Things two years ago were not as good as we thought because there were a lot of underlying weaknesses in the economy. They're not as bad as we think they are now."
[Translation: "Of course, two years ago I told you things were a lot worse than they really were and right now I'm telling you they are a lot better than they probably are."]
"And my long-term projections are highly optimistic, if we take care of some of these long-term structural problems."
[Translation: "But of course it all depends on how you define 'highly optimistic.'"]
Confronting misgivings, even in his own party, President Barack Obama mounted a stout defense of his blueprint to overhaul the economy Thursday, declaring the national crisis is "not as bad as we think" and his plans will speed recovery.
Challenged to provide encouragement as the nation's "confidence builder in chief," Obama said Americans shouldn't be whipsawed by bursts of either bad or good news and he was "highly optimistic" about the long term.
[Translation: Obama & Co, define "the long run" as 2010 or 2012, whichever comes first.]
The president's proposals for major health care, energy and education changes in the midst of economic hard times faced skepticism from both Democrats and Republicans on Capitol Hill, as senators questioned his budget outlook and the deficits it envisions in the middle of the next decade.
But Obama, speaking to top executives of the Business Roundtable, expressed an optimistic vision and called for patience.
Richard Parsons, chairman of beleaguered Citigroup Inc., asked if Obama could offer some help in a national battle "between confidence and fear."
"A smidgen of good news and suddenly everything is doing great. A little bit of bad news and ooohh , we're down on the dumps," Obama said. "And I am obviously an object of this constantly varying assessment. I am the object in chief of this varying assessment."
[Translation: "I know there isn't even a 'smidgen' of good news but we like to pretend there is.]
"I don't think things are ever as good as they say, or ever as bad as they say," Obama added.
[Translation: "Don't ask me how good or bad things are until I take a poll on it."]
"Things two years ago were not as good as we thought because there were a lot of underlying weaknesses in the economy. They're not as bad as we think they are now."
[Translation: "Of course, two years ago I told you things were a lot worse than they really were and right now I'm telling you they are a lot better than they probably are."]
"And my long-term projections are highly optimistic, if we take care of some of these long-term structural problems."
[Translation: "But of course it all depends on how you define 'highly optimistic.'"]
Selasa, 03 Maret 2009
Joe: Obama Discourages Work
From Terrence P. Jeffrey at CNS News:
Joe Wurzelbacher, who became a phenomenon in last year’s presidential campaign when he engaged then-candidate Barack Obama in an impromptu debate about free enterprise on a sidewalk in his Ohio neighborhood, told CNSNews.com in a video interview that he believes President Obama’s vision of big government “encourages people to stay home and sit on their butt.” Wurzelbacher has just published a book, “Joe the Plumber: Fighting for the American Dream,” co-authored by Thomas Tabback. . . .
Wurzelbacher’s grandfather, who ran a small business molding concrete, managed to independently support his family during the Depression. When asked about the lessons he had learned from his grandfather’s experience, Wurzelbacher said: “Patience and hard work. That’s what will see you through.”
“He worked throughout the Depression,” Wurzebacher said of his grandfather. “He was able to feed his family because of the reputation that he put out in the community that he was a man to get a job done. And he did it right. And he took care of their house like it was his own. So, he didn’t leave messes. He didn’t just half do the job. He did it all the way. And because of his ethics, he was able to actually put food on the table throughout the Depression.” . . .
“Do you think that this is what Barack Obama and his vision of big government and government dependency puts at risk? The ethic that your grandfather taught you?” Wurzelbacher was asked. “Oh, absolutely,” said Wurzlebacher. “It encourages people to stay home and sit on their butt. You know: Don’t worry about it. We’ll take care of you. Now, that’s what your mom and dad tell you when you’re a child, that’s not what the government tells when you’re a man or woman.” “[T]he government again is encouraging irresponsible behavior,” said Wurzelbacher.
Joe Wurzelbacher, who became a phenomenon in last year’s presidential campaign when he engaged then-candidate Barack Obama in an impromptu debate about free enterprise on a sidewalk in his Ohio neighborhood, told CNSNews.com in a video interview that he believes President Obama’s vision of big government “encourages people to stay home and sit on their butt.” Wurzelbacher has just published a book, “Joe the Plumber: Fighting for the American Dream,” co-authored by Thomas Tabback. . . .
Wurzelbacher’s grandfather, who ran a small business molding concrete, managed to independently support his family during the Depression. When asked about the lessons he had learned from his grandfather’s experience, Wurzelbacher said: “Patience and hard work. That’s what will see you through.”
“He worked throughout the Depression,” Wurzebacher said of his grandfather. “He was able to feed his family because of the reputation that he put out in the community that he was a man to get a job done. And he did it right. And he took care of their house like it was his own. So, he didn’t leave messes. He didn’t just half do the job. He did it all the way. And because of his ethics, he was able to actually put food on the table throughout the Depression.” . . .
“Do you think that this is what Barack Obama and his vision of big government and government dependency puts at risk? The ethic that your grandfather taught you?” Wurzelbacher was asked. “Oh, absolutely,” said Wurzlebacher. “It encourages people to stay home and sit on their butt. You know: Don’t worry about it. We’ll take care of you. Now, that’s what your mom and dad tell you when you’re a child, that’s not what the government tells when you’re a man or woman.” “[T]he government again is encouraging irresponsible behavior,” said Wurzelbacher.
'O' Chills As Capitalism Burns
Have you noticed?
We seem to be drifting further and further back in time.
With each new Obamian plunge in the stock market the years peel off the calendar.
2008, 2007, 2006, 2005 . . . they're all gone.
And you can forget agout '04, '03, '02 and 01, also.
All of the gains made in those years are gone.
In fact, we've drifted all the way back to 1997 - the Clinton Era. Our money is so devalued and our nest eggs so depleted that we've lost 14 years of savings and growth in a wink - 14 years of progress.
At the rate we're going, it seems inevitable that we will drift back into the Carter Era (forget the Regan era, you can skip that as it seems destined never to return!).
Many people (including Dick Morris) predicted that we would suffer such a decline once Obama was elected.
It's been four long months since Obama's election now and it's been all downhill. We've dropped years and years in four months - and the pace of decline seems to be quickening!
Still, Obama seems unfazed. When it somes to any ideas other than his own, his legendary "cool" has turned to a frigid detachment characterized by disinterest in anything that does not advance his plan for redistribution of the wealth. He appears to have turned as cold and seemingly calculating as the frigid weather here in the east.
And meanwhile, we sink lower and lower into the economic depths.
Where will it end?
Where will it end?
We seem to be drifting further and further back in time.
With each new Obamian plunge in the stock market the years peel off the calendar.
2008, 2007, 2006, 2005 . . . they're all gone.
And you can forget agout '04, '03, '02 and 01, also.
All of the gains made in those years are gone.
In fact, we've drifted all the way back to 1997 - the Clinton Era. Our money is so devalued and our nest eggs so depleted that we've lost 14 years of savings and growth in a wink - 14 years of progress.
At the rate we're going, it seems inevitable that we will drift back into the Carter Era (forget the Regan era, you can skip that as it seems destined never to return!).
Many people (including Dick Morris) predicted that we would suffer such a decline once Obama was elected.
It's been four long months since Obama's election now and it's been all downhill. We've dropped years and years in four months - and the pace of decline seems to be quickening!
Still, Obama seems unfazed. When it somes to any ideas other than his own, his legendary "cool" has turned to a frigid detachment characterized by disinterest in anything that does not advance his plan for redistribution of the wealth. He appears to have turned as cold and seemingly calculating as the frigid weather here in the east.
And meanwhile, we sink lower and lower into the economic depths.
Where will it end?
Where will it end?
Selasa, 24 Februari 2009
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