Did Ayn Rand cause the GFC?

It's a strange day when I excerpt a column by eccentric Leftist Matt Taibbi but I am running the excerpt below because he is nearly right. That Ayn Rand is responsible for trust in markets is of course just attention-getting nonsense. That trust goes back to Adam Smith, centuries ago, and even Left-leaning economics textbooks spell out the advantages of market systems.

But Smith also warned of a tendency of businessmen to collude in undermining markets -- thus disadvantaging the consumer. So Taibbi is doing little more than updating Smith with modern examples below.

What Taibbi fails to mention is the way big business has the Democratic party in its pocket -- thus ensuring that government also often favours big business at the expense of the consumer. The ties between Goldman and the Obama administration are of course now well known. Without government interventions of various sorts, there would be a lot more transactions governed purely by market forces -- to the great advantage of ordinary folk

SO GOLDMAN Sachs, the world's greatest and smuggest investment bank, has been sued for fraud by the American Securities and Exchange Commission. Legally, the case hangs on a technicality.

Morally, however, the case may turn into a final referendum on the greed-is-good ethos that conquered America in the '80s - and in the years since has aped other horrifying American trends in spreading across the Western world like a venereal disease.

When the globe was engulfed in the flood of defaults and derivative losses that emerged from the collapse of the US housing bubble two years ago, few understood that the crash had its roots in the lunatic greed-centred objectivist religion, fostered in the '50s and '60s by ponderous emigre novelist Ayn Rand....

Last year I wrote a brutally negative article about Goldman Sachs for Rolling Stone (I called the bank a "great vampire squid wrapped around the face of humanity") that sparked a heated debate. On one side were people who believed that Goldman is little better than a criminal enterprise that bilks the market, the government, and even its own clients in a bewildering variety of complex financial scams.

On the other were those who argued Goldman wasn't guilty of anything except being "too smart" and really good at making money. This was based almost entirely on the Randian belief system, under which the leaders of Goldman Sachs appear not as the cheap swindlers they look like to me, but idealised heroes, the saviours of society.

Rand's fingerprints are all over the Goldman story. The case involves a hedge fund financier, John Paulson, who went to Goldman with the idea of a synthetic derivative package pegged to risky US mortgages, for use in betting against the mortgage market. Paulson would short the package and Goldman would then sell the deal to suckers. The SEC's contention is that Goldman committed a crime when they failed to tell the suckers about the vulture betting against them on the other side of the deal.

The instruments in question - collateralised debt obligations and credit default swaps - fall into the category of derivatives, which are virtually unregulated in the US thanks in large part to the effort of former Federal Reserve chairman Alan Greenspan, a staunch Randian. In the late '90s, Greenspan lobbied hard for a law that deregulated the sort of interest-rate swaps Goldman used in its now-infamous dealings with Greece.

Confronted with public outrage, the leaders of Goldman will often appear genuinely confused. It's not an act. There have been a lot of greedy financiers and banks in history, but what makes Goldman stand out is its truly bizarre cultist/religious belief in the rightness of what it does. This Randian mindset is now ingrained in the American character.

This debate is going to be crystallised in the Goldman case. Much of America is going to reflexively insist that Goldman's only crime was being better at making money than IKB and ABN-Amro, and that the meddling government (in the American narrative, always the bad guy) should get off Goldman's Armani-clad back. Another side is going to argue that Goldman winning this case would be a rebuke to the whole idea of civilisation - which, after all, is really just a collective decision by all of us not to screw each other over even when we can.

More HERE

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Medicare Report: Obamacare Bad for Seniors

The Obama administration’s Centers for Medicare & Medicaid Services (CMS) has issued a new report with dire news for America’s seniors. Obamacare’s smoke and mirrors budgeting gimmickry has real world consequences that will cause more than seven million seniors to lose their current Medicare coverage and could force as many as 15% of hospitals, skilled nursing facilities, and home health agencies out of participation in the Medicare system altogether.

On page 9 of the report, Richard Foster, CMS Chief Actuary, warns that the payment rates for Medicare Part A providers such as hospitals, skilled nursing homes and home health agencies, are linked to increased, “unrealistic” economy-wide productivity standards that will be difficult if not impossible to achieve -- likely reducing payments below overhead costs.

From the report:

It is important to note that the estimated savings shown in this memorandum for one category of Medicare provisions may be unrealistic. The PPACA introduced permanent annual productivity adjustments to price updates for most providers (such as hospitals, skilled nursing facilities, and home health agencies), using a 10-year moving average of economy-wide, non-farm productivity gains. While such payment update reductions will create a strong incentive for providers to maximize efficiency, it is doubtful that many will be able to improve their own productivity to the degree achieved by the economy at large.

Over time, a sustained reduction in payment updates, based on productivity expectations that are difficult to attain, would cause Medicare payment rates to grow more slowly than, and in a way that was unrelated to, the providers' costs of furnishing services to beneficiaries. Thus, providers for whom Medicare constitutes a substantive portion of their business could find it difficult to remain profitable and, absent legislative intervention, might end their participation in the program (possibly jeopardizing access to care for beneficiaries). Simulations by the Office of the Actuary suggest that roughly 15 percent of the Part A providers would become unprofitable within the 10-year projection period as a result of the productivity adjustments.

Page 9 of the report also reveals that funds from the new 3.8% Medicare tax (“unearned income Medicare contribution”) are not paid into the Medicare trust funds:

The Reconciliation Act amendments introduced a new 3.8 percent "unearned income Medicare contribution" on income from interest, dividends, annuities, and other non-earnings sources for individual taxpayers with incomes above $200,000 and couples filing joint returns with incomes above $250,000. Despite the title of this tax, this provision is unrelated to Medicare; in particular, the revenues generated by the tax on unearned income are not allocated to the Medicare trust funds.

The Democrats’ primary stated purpose for the passage of Obamacare was to reduce costs. The report also estimates a $311 billion rise in health care costs over the next 10 years.

“This Obama Administration report confirms that Washington Democrats’ government takeover of health care fails to deliver the one thing the American people wanted out of reform: lower costs,” House Republican Leader John Boehner (R-Ohio) said of the new CMS report. “According to his own administration’s analysis, the health care law the President signed one month ago today would violate his pledge to ‘bend the cost curve’ and force millions of seniors off their current Medicare coverage.”

“This is in addition to what we already know about how this new law is squeezing employers with job-killing tax hikes and leaving middle-class families to brace for higher premiums,” Boehner added. “Washington Democrats refused to wait for this critical analysis to be completed before forcing their job-killing health care bill through Congress, and now we know why.”

Republican Study Committee Chairman Tom Price, M.D. (R-Ga.) points out that Obamacare’s $311 billion increase in national health care expenditures will be much higher in the likely event that Congress would intervene on the Medicare cuts -- and Medicaid patients will suffer more limited access to medical care.

“The real increase in spending is almost certain to be even higher than the reported balance of $311 billion because the new health care law relies on unlikely future cuts to Medicare,” Price stated. “The news on Medicaid is no better. The administration chose to put more than half of all newly insured individuals under their plan into Medicaid. Unfortunately, this report confirms that the influx of new Medicaid enrollees will have serious trouble gaining access to care because the program does not cover the costs associated with its patients.”

“The only way to make quality health care both more affordable and more accessible is to put patients in charge,” Price said. “When Washington controls things that should rightly be handled by patients and their families, you get bureaucratic decisions that ignore cost signals and the individual needs of individual patients. One size does not fit all in health care. This report is yet another indication that ObamaCare must be repealed and replaced with true patient-centered health care reforms.”

Rep. Dave Camp (R-Mich.), top Republican on the House Ways and Means Committee, also weighed in on the gravity of this new report.

“This report confirms Americans' worst fears about the health care law: it will increase health spending, increase federal control over our health care system, cut benefits for millions of seniors and jeopardize access to care for seniors and the disabled,” Camp said. “This is a bad law and, according to this analysis, seniors have the most to be concerned about when it comes to the future of their health care. I don’t think the Democrats’ health care bill would have passed if Congress and the American people had this analysis before the vote.”

SOURCE

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ELSEWHERE

As usual, government regulation as political payoff: "The old adage about those that live in glass houses and stone throwing immediately came to mind. But, the president really believes that the financial crisis we still find ourselves in despite trillions of dollars in Keynesian spending is somebody else’s fault. In fact, he indicated that, ‘the system as it stands is what led to a series of massive, costly, taxpayer bailouts.’ And I thought it was Mr. Obama and his big government colleagues in the Congress who voted unconstitutionally to give away our money to the greedy, misbehaving banks. Now, the president’s bizarre remarks are one thing, but the financial regulation bill before the Senate is even more bizarre. Crafted by Connecticut Senator Chris Dodd, the bill will do nothing to fix the real causes of the financial crisis. In actuality, the bill amounts to nothing more than a political payoff for Dodd’s benefactors on Wall Street. And this should come as no surprise since Dodd’s donor list reads like a who’s who of the financial services sector.”

Big business depends heavily on privilege: "Notice that the subtitle of Stossel’s article suggests that ‘capitalism’ is synonymous with ‘American business.’ Genuinely freed markets are not mostly cruel and unfair. But I think it’s a stretch to assume that the same is true of big businesses that operate with all sorts of privileges from the state and that benefit from a long history of injustice and dispossession. Big business in America does not enjoy its power and privilege in virtue of a freed market, and there is no reason to think business leaders desire a freed market. The cruelty and unfairness of big business — at home and abroad — may have little to do with free(d) markets, but they’re systemic features of ‘capitalism’ — if by that term is meant ‘rule by capitalists’ or ‘the economic system we have now.’”

It wasn’t capitalism, stupid: "As Lowenstein put it, ‘government support of the mortgage twins was among the original sins of the financial crisis. It stemmed from the country’s affection for homeownership — a legacy of a frontier nation that subsidized homesteading for pioneers and encouraged later generations to homestead in the suburbs via the mortgage-interest deduction ….’ Now whatever one may think of the sentiments that drove all this, one matter should be crystal clear: laissez-faire capitalism is entirely incompatible with such public policy.”

More forced unionization: "A group of personal care providers who work in homes in Illinois filed a class-action lawsuit this week against Governor Pat Quinn and the Service Employees International Union (SEIU). They’re suing because some of the 20,000 of the home-based workers have, against their will, been made dues-paying ‘public employees’ of the state. The National Right to Work Foundation represents some of the thousands of care providers who have turned down union membership, but may still have to fend off union bosses. … I’ve reported on the forced unionization racket in Michigan, where home-based day-care providers, some of whom own their businesses and do not wish to belong to a union, are nevertheless forced to pay union dues. The state deducts the dues from their paychecks when they care for children receiving welfare. The Mackinac Center sued Michigan on behalf of the day-care owners; that case is now before the Michigan Supreme Court.”

Second Navy SEAL found not guilty in Iraq: "A military judge Friday found Petty Officer Jonathan Keefe, one of three Navy SEALs accused in the alleged beating an Iraqi detainee, not guilty, a military spokesman said. Keefe was accused of dereliction of duty for not preventing abuse of a prisoner. The verdict comes a day after another of the other accused sailors, U.S. Navy Petty Officer 1st Class Julio Huertas, was found not guilty of dereliction of duty. Huertas was also charged with impeding an investigation by attempting to influence the testimony of another sailor.”

NC: Is Asheville Obama’s vision for America?: "Okay, maybe the Obamas’ Asheville, N.C., trip is just a romantic getaway and a chance to grab some 12 Bones BBQ, as the White House suggests. But you know something is going on when even the local ‘tea party’ affiliate welcomes Obama to their ‘mountain paradise.’ … [C]ould Asheville itself be a clue to what the President is thinking when he talks about ‘transforming’ America? Founded as a health resort, the little city of ‘hillbilly-hippies,’ entrepreneurs, musicians, retirees and community drum circles is, indeed, a progressive’s vision of America. … But it also represents conservative fears about what President’s intentions might wreak: A dearth of high-paying jobs, relatively high taxes, large numbers of homeless and other wards of the state, a high crime rate, and a progressive ruling class perhaps more interested in maintaining quaintness than thickening residents’ wallets.”

Capitalism vs. capitalists: "If by ‘capitalist’ you mean someone who cares more about his own profit than yours; if you mean someone who cares more about providing for his family than providing for yours; if you mean someone who trusts that he is a better caretaker of his own interests and desires than a bureaucrat he’s never met, often in a city he’s never been to: then we are all capitalists. Because, by that standard, capitalism isn’t some far-off theory about the allocation of capital; it is a commonsense description of what motivates pretty much all human beings everywhere.”

How democracy can go bad: "Democracy is not all bad, don’t misunderstand me. It is only bad when it becomes the central political principle. In a free society some democracy is necessary because it amounts to everyone having a say in political matters, which is their right. The real issue about democracy is, what is the scope of politics. If the scope of democracy in politics is minimal, as it should be in a free country, there is no problem. … But once democracy expands its reach beyond minimal politics, it leads to all kinds of corruption and facilitating of larceny and oppression. If the many can vote themselves the belongings of the few, this is corruption. If the many can impose their lifestyle, religion, priorities and other matters on the rest, that is corruption by democracy.”

My Twitter.com identity: jonjayray. My Facebook page is also accessible as jonjayray (In full: http://www.facebook.com/jonjayray). For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, SOCIALIZED MEDICINE, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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The Big Lie of the late 20th century was that Nazism was Rightist. It was in fact typical of the Leftism of its day. It was only to the Right of Stalin's Communism. The very word "Nazi" is a German abbreviation for "National Socialist" (Nationalsozialist) and the full name of Hitler's political party (translated) was "The National Socialist German Workers' Party" (In German: Nationalsozialistische Deutsche Arbeiterpartei)

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ANZAC DAY



Today is the most solemn day of the year in Australia. It is the day we remember our war dead. Australians have died in many wars and there can be few families not affected to some degree by the deaths resulting. I had a much loved uncle die in WWII.

Wherever British or American forces were fighting, there have generally been Australians fighting alongside them -- in two world wars and many smaller wars both before and after that. I have a family member deployed in Afghanistan at the moment and had news of him today. He is OK but finds it no picnic to be wearing body armour in high Afghan daytime temperatures at the moment.

Our flag above

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The Most Enduring Legacy Of Nazi Hate

On February 1, 1944, two unlikely allies in the United States Senate—Robert Wagner (D-New York) and Robert Taft (R-Ohio)—introduced a resolution that caused shockwaves around the globe. Their initiative advocated American support for “free and unlimited entry of Jews into Palestine for the creation of a Jewish commonwealth.” This was a bold move and one that put the Roosevelt administration on the spot.

Nearly five years earlier, the British government had released a White Paper on the issue of Palestine—one that largely abandoned the Jewish people in that region. Since the 1917 Balfour Declaration and during the period of the British Mandate they had been largely supportive of Jewish migration to Palestine and the idea of a Jewish state there. In essence, the White Paper changed all of that. It advocated severe limitations on Jewish immigration to Palestine—this at a time when European anti-Semitism was reaching critical mass.

The gang in Berlin was pleased.

Interestingly, at the time of that 1939 White Paper, two men who would later strongly support the creation of the modern state of Israel saw things differently. Winston Churchill spoke to the House of Commons on May 22, 1939 “as one intimately and responsibly concerned in the earlier states of our Palestine policy,” and insisted that he would not “stand by and see the solemn engagements into which Britain has entered before the world set aside.”

And here at home, Senator Harry S. Truman from Missouri—who had no clue at the time that he’d be a major player on the world stage in a few years--also issued a forthright condemnation that was inserted into the Congressional Record:

“Mr. President, the British Government has used its diplomatic umbrella again,” (this being an unmistakable dig at Neville Chamberlain) “…this time on Palestine. It has made a scrap of paper out of Lord Balfour’s promise to the Jews. It has just added another to the long list of surrenders to the Axis powers.”

But instead of embracing the ideas put forth by Taft and Wagner in 1944, the White House, State Department and other powerful entities in the government pulled out all the stops to make sure that the idea of proposing a homeland in Palestine for Jews went away. They did this even though they knew very well about the ongoing mass extermination of European Jews at the hands of the Nazis.

The standard answer to the obvious question as to why the Holocaust evoked little official response from our government until near the end of the war has been to cite “isolationism,” or “economic Depression,” or “xenophobia” in our nation. Presumably, the idea of doing anything overtly “pro-Jewish” was politically untenable—so goes the argument.

But a closer look reveals something else going on at the time—and ever since.

The most lasting legacy of the toxins that created an epochal global conflict is the fact that elements of Nazism in many ways survive to this day in Islamism. The short-sightedness of FDR’s cronies was corrected in part by his successor, a man of courage who chose to recognize the new State of Israel eleven minutes after its birth in May of 1948. But the question remains: Why did FDR and company not get on the bandwagon, even while millions of Jews were being slaughtered?

Sadly, the real reason has a lot to do with U.S. surrender to Nazi propaganda—its power and content.

Largely overlooked or dismissed in the years since is the fact that the Nazi propaganda machine, the distortion factory that shaped attitudes in Germany throughout the duration of the infamous Third Reich, had its most lasting impact far away from the boroughs and beer halls of Deutschland. In fact, Hitler’s nightmarish vision of ridding Europe of Jews was only the beginning of what he wanted to do—he wanted to extend The Final Solution to Palestine.

And he had been preparing the hearts and minds of the Muslim world for many years.

Jeffrey Herf, a professor of history at the University of Maryland, has written an eye-opening book about the effectiveness of Nazi ideas in the Middle East during the Second World War called, “Nazi Propaganda for the Arab World.” In it, he describes the Nazi campaign for the minds and hearts of the Arab world in great detail—particularly the Axis radio programs that ran in Arabic around the clock from late 1939 until March of 1945.

These broadcasts spewed venomous anti-Semitism and pushed every demagogic button imaginable. They were also highly effective. In fact, long after the last vestige of Nazi rhetoric faded from consciousness in Europe, the poisonous seeds planted back then are still bearing deadly fruit.

The mind-set that gave way to the Third Reich is very much alive and well in the Muslim world of the Middle East.

When those two senatorial strange-bedfellows offered their visionary resolution in 1944 about a Jewish homeland in Palestine, the “Axis Broadcasts in Arabic” were way ahead of the story. Mr. Herf has accessed a significant cache of transcripts and leaflets produced by the Nazis during the war—materials that have not been adequately examined—until now.

So back in 1944, any hopes a couple of well-intentioned voices in Washington might have had to garner widespread national support for a Jewish homeland in Palestine were dashed by forces largely influenced by the hate-speak of Nazi propagandists. Berlin, broadcasting in Arabic, referred to Taft and Wagner as “criminal American senators,” while announcing, “a great tragedy is about to be unfolded, a great massacre, another turbulent war is about to start in the Arab countries.”

And in phraseology that sounds eerily familiar to what we still regularly hear from Islamists, the Nazis described the stakes as kill or be killed:

“Arabs and Moslems, sons of the East, this menace threatens your very lives, endangers your beliefs and aims at your wealth. No trace of you will remain. Your doom is sealed. It were better if the earth opened and engulfed everybody; it were better if the skies fell upon us, bringing havoc and destruction; all this, rather than the sun of Islam should set and the Koran perish...Stir up wars and revolutions, stand fast against the aggressors, let your hearts, afire with faith, burst asunder! Advance your armies and drive out the menace.”

Bear in mind that this is a Nazi broadcast to the Arab/Muslims in Palestine. Of course, the relationship between Hitler and Haj Amin al-Husseini, the Grand Mufti in Jerusalem, is well known and documented (see my article: “Hitler’s Favorite Jihadist”), but the broadcasts from Berlin to Palestine are just now beginning to be examined. And what is being found is further evidence that to refer to Islamists as Nazi or Fascist-like is no smear—or stretch.

The rhetoric broadcasted to the Middle East 70 years ago is still being noised about—and even more pervasively and effectively. Back then, the attitudes it reinforced, complete with distortion, hate and prejudice, caused U.S. officials, from FDR on down, to “go wobbly”—as Margaret Thatcher would say.

It is sadly clear that the most lasting impact of the Nazi propaganda machine is that murderous ideas espoused back then are alive and well in our day and age and still being used to threaten and kill Jews—while nouveau wobblers turn away.

SOURCE

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General Boykin and Major Hasan

This is the double-standard from Hell

The Obama administration recently issued a report from the Defense Department on the Fort Hood shootings of last November. The report has sparked controversy in Washington. On Capitol Hill, Sens. Joe Lieberman (I-Conn.) and Sue Collins (R-Maine) are demanding more documents from the Pentagon.

Lieberman chairs the Senate’s Homeland Security Committee where Collins is the ranking member. Both senators sharply criticized the administration for its failure to turn over documents on the handling of Major Nidal Hasan. Lieberman and Collins are now issuing subpoenas to enforce their call for the documents.

The Pentagon report on the Fort Hood shootings was a whitewash. It never mentioned radical Islam or noted the religious motivation of the Army psychiatrist who killed fourteen people at Fort Hood in Texas in a shooting rampage last November.

We now know that Major Hasan had a history of radical jihadist statements and that he was allowed to get away with marginal or even unsatisfactory performance for years. Political correctness, in this case, allowed a Muslim zealot to preach jihad and to threaten “infidels” with retribution.

Sen. Lieberman has called for an “independent, bi-partisan congressional investigation” of the shootings. We need one, since it’s obvious that the Pentagon is not going to investigate itself over this appalling terrorist attack on the homeland.

Gen. William G. “Jerry” Boykin knows something about political correctness in the military. Gen. Boykin, a highly-decorated combat veteran was dragged through the mill by the liberal media back in 2003 for expressing his Christian beliefs in Christian churches. They charged the general was calling for a Christian crusade against the Muslims.

“I hope he’s not long for this world,” said NPR’s Nina Totenberg on WUSA’s Inside Washington TV talk show. When fellow panelists, mostly liberals, protested, asking whether Totenberg rally wanted to issue a fatwa on the offending general, she quickly backtracked. She said: “in his job, in his job, please, please, in his job.” Well, that’s reassuring. Totenberg only wanted the heroic general fired. She wanted him removed from any role in directing the war on terror. She didn’t want him beheaded.

Major TV networks denounced Gen. Boykin as a “Holy Warrior.” They ridiculed his Evangelical Christian faith on prime-time television.

Compare that treatment with what we see in the treatment of Nidal Hasan. This man yelled “Allahu Akbar” (Arabic for “God is great!”) even as he squeezed the trigger in the worst case of terrorism here since September 11th. Yet, the media is very hesitant to demand accountability of the military brass. Army Chief of Staff General Casey made the rounds of TV talk shows the first Sunday after Hasan’s shootings. He said it would be “a tragedy” if the Army’s diversity was a casualty of the Fort Hood murders.

How could Hasan be allowed to spew anti-American and anti-Christian comments for years? Where was the enforcement of the oath—taken by all members of our all-volunteer military—to defend the Constitution against “all enemies, foreign and domestic.”

We now know that Hasan’s emails to radical American-born Muslim cleric Anwar al Awlaki were intercepted by U.S. intelligence. But for some as yet unexplained reason, Hasan’s contacts with this known terrorist leader did not result in Hasan’s arrest, or at the very least, a serious investigation into his activities. Fourteen dead Americans are victims of this failure to take timely, effective action.

Awlaki has taken to taunting President Obama: “His administration tried to portray the operation of brother Nidal Hasan as an individual act of violence by an individual. The administration practiced the control on the leak of information concerning the operation in order to cushion the reaction of the American public.”

We cannot wait for the media to probe this case. We need a full congressional investigation to get to the bottom of this story—before some jihadist in a “sleeper cell” is activated and we see a repeat of this horror on our own shores. It is literally a matter of life and death.

It appears in this instance that Major Hasan was allowed to get away with disloyal statements and treasonous conduct for years because he fit into someone’s erroneous idea of diversity. All Americans, and especially all members of our all-volunteer military, have a right to expect that treason and terror will be dealt with quickly and strictly. Political correctness in this case, was fatal.

SOURCE

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Another Obama shuffle

Grassley: GM Didn't Really Pay U.S. Back

A Republican senator is questioning General Motors’ claim that it has repaid its taxpayer-funded loans in full.

Sen. Chuck Grassley is asking Treasury Secretary Tim Geithner to justify those claims. According to the Iowa Republican, GM has repaid its TARP (taxpayer-funded bailout) loans using other TARP funds.

The automaker – which is 61 percent owned by the U.S. and 12 percent owned by Canada -- announced on Wednesday that it has fully repaid the $6.7-billion in loans it received from the U.S. and Canadian governments.

“GM is able to repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying vehicles like the Chevrolet Malibu and Buick LaCrosse we build here in Fairfax,” said GM Chairman Ed Whitacre during a visit to an auto plant in Fairfax, Kansas on Wednesday.

But as the Associated Press reported, GM received a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as part of its bankruptcy reorganization. The U.S. considered $6.7 billion of the $52 billion as a loan.

In fact, GM still owes $45.3 billion to the U.S. and $8.1 billion to Canada, money it received in exchange for shares in the company. GM said it hopes to repay those amounts with an eventual public stock offering, the AP reported.

“It looks like [GM’s] announcement is really just an elaborate TARP money shuffle,” Grassley said in an April 22 letter to Treasury Secretary Geithner. “The repayment dollars haven’t come from GM selling cars but, instead, from a TARP account at the Treasury Department.”

Grassley pointed to the most recent quarterly report from Neil Barofsky, the special inspector general for TARP.

Barofsky testified before the Senate Finance Committee this week that the funds GM used to repay its TARP debt are not coming from GM earnings.

SOURCE

My Twitter.com identity: jonjayray. My Facebook page is also accessible as jonjayray (In full: http://www.facebook.com/jonjayray). For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, SOCIALIZED MEDICINE, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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The Big Lie of the late 20th century was that Nazism was Rightist. It was in fact typical of the Leftism of its day. It was only to the Right of Stalin's Communism. The very word "Nazi" is a German abbreviation for "National Socialist" (Nationalsozialist) and the full name of Hitler's political party (translated) was "The National Socialist German Workers' Party" (In German: Nationalsozialistische Deutsche Arbeiterpartei)

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Muslims get only 6 months for hate crime against homosexuals in S.F.

"Three Hayward cousins have pleaded guilty to shooting a man in the face with a BB gun because they thought he was gay, and were sentenced to six months in jail.

Mohammad Habibzada, 24, Shafiq Hashemi, 21, and Sayed Bassam, 21, also will be on probation for three years and must complete as much as 400 hours of community service, including 40 hours of hate-crime sensitivity training, according to the San Francisco District Attorney's Office.

Police said the men went to San Francisco on Feb. 26 armed with an air rifle and video camera, targeting people who they thought were gay, including a man who was standing outside a Mission District bar smoking a cigarette. They shot the man in the cheek and were caught soon after when the victim — while giving a report to police — spotted their car still in the area."

More HERE

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President Obama’s Budget Is Killing Jobs

The Obama Administration, the Democratic Congress, and their friends in organized labor are quick to blame unemployment on the trade deficit. Facts don’t support that assessment. The historical record shows a *positive* correlation between aggregate trade deficits and job creation – a trade deficit signifies *more* jobs. That’s because trade deficits go up when prosperity is increasing and job growth is rapid. The dollars Americans spend for foreign goods and services are then recycled into the American economy in the form of foreign investment. When that investment goes into the private sector, it creates even more jobs.

The huge federal deficits threaten to derail this positive feedback loop. Why? Because the deficits are soaking up increasing amounts of foreign investment. If the capital inflows that are always and necessarily associated with the trade deficit are merely paying off the government’s obligations, there is nothing left over to create jobs.

If you want more jobs, stop Washington from gobbling up all the money and let the surplus of incoming capital do its work.

SOURCE

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The Left’s Most Wanted: Michelle Malkin

She’s the subject of racist rants from left-wingers; She has been assaulted by some of America’s nastiest political activists; She had her home address published by progressive crazies; She and her family moved from the D.C. area to get away from the threats; She’s been spat on, screamed at and cursed by ever-so-tolerant liberals.

So she must be doing something right.

Its Michelle’s spirit, courage and feistiness that makes us proud to announce that May issue of Townhall features an exclusive profile and interview with this conservative warrior, written by Hot Air’s Ed Morrissey.



Michelle Malkin has been making a killing doing what she does best: exposing the corruption and lunacy of America’s liberals. And the Left can’t stop her.

Most people know her as a conservative firebrand who has written best-selling books, including “Culture of Corruption,” which dealt with the shady characters that have populated the Obama administration, and “Unhinged,” which exposed the lunacy of the Left. She has been a regular analyst and contributor on Fox News for years. Week in and week out, her columns are always among the most read on Townhall.com. And her eponymous blog reaches millions of readers.

Michelle is where she is because she’s smart, brave, intelligent and right. But she didn’t get there overnight or without sacrifice.

She knowingly puts herself in the line of fire from the far-Left day after day; gets up at 4am to make a drive to Denver just to do a morning news hit on Fox News; invested countless hours and lots of money to create one of the most popular conservative websites in the world: HotAir.com; supports American troops and paid for a trip for her and a Hot Air producer to report from Forward Operating Base Justice in Baghdad; and invests hours of research and writing (and re-writing) for her top-selling books

Oh, and she’s a mom and wife who has kept her priorities in tact.

Here’s a taste of Michelle and Ed’s conversation that you can read in the May issue:

She would hardly seem like the type who gets vulgar hate mail on a constant basis. What causes the kind of rage and calumny Michelle regularly receives, both in her in-box and in person? Her 2005 book “Unhinged” described some of the disgusting insults she regularly received during the years preceding its publication. Did her success as a pioneer in New Media soften some of the personal attacks? Not really, Michelle tells me in an exclusive interview for Townhall.

“Death threats, racial epithets and sexually explicit taunts are par for the course,” Michelle explains. “I still post an occasional ‘Hate Mail of the Day’ on my blog, but always more out of amusement than anger.”

Her impassioned opposition to Barack Obama has certainly stoked more outrage on the Left, although Michelle found herself more amused by the increased indignation of the “entitlement liberals” who demanded that she stay on the minority reservation. “If not for pioneers like Barack Obama, you wouldn’t be where you are today,” she hears from people who clearly don’t realize that Michelle has been a national figure far longer than President Obama.

“I never cease to be amazed at the claim of entitlement liberals hold over minorities, women and minority women.” She calls these eruptions of outrage “ululations of the aggrieved.”

Not all of the threats come from the Left. Michelle covered the 2008 Democratic Convention in Denver and expected to get challenged, but the most disturbing experience involved an altercation with conspiracy-theory extremist radio host Alex Jones. While attending a demonstration of “anarchist loons trying to levitate the Denver Mint,” Jones charged out of the crowd toward Michelle.

“This bug-eyed hulk came stalking up and screaming at me about how I was a threat to his First Amendment rights,” Michelle recalls. “He was spoiling for a fight with a 5-foot-2-inch, 100-pound mom; his clenched fists, bulging neck veins and spittle-flecked face were, I must say, rather disturbing.”

That and other incidents have been lessons learned for Michelle, who now carefully considers safety when conducting business. “Conservative speakers have long known they are potential targets and magnets for fame-seeking trolls,” Michelle notes. “But I won’t be covering another DNC gathering without a bodyguard, that’s for sure.”

People like Michelle Malkin need to be more than just thanked and admired by those of us on the right--they need to be held up and supported.

Order Townhall magazine today to ensure you don’t miss this exclusive opportunity to see another side of one of the conservative movement’s heroes.

SOURCE

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Obamacare: Change Mexico Can Believe In

We've heard stories about Canadians crossing over the U.S. border to get quality health care in the past. But with Obamacare the new law of the land and the demand for quality health care dramatically increasing with millions of new patients entering the already over-taxed market, the result is the possibility of Americans crossing over the border for Mexican health care.

Sad, but true:

Rising medical needs in the United States are creating new opportunities for Mexico’s health care industry to serve a broad range of U.S. patients, from baby boomers to Southern California’s large Latino work force.

But participants in a daylong conference Wednesday at the Institute of the Americas on the UC San Diego campus said that a range of legislative and regulatory changes are needed. The event drew health care experts, tourism officials, nonprofit groups, real estate promoters and others who see the potential for growth in cross-border care...

U.S. health care reform is expected to expand the pool of workers with medical insurance, with 100,000 to 300,000 additional enrollees expected in San Diego and Imperial counties by 2014, said Frank Carrillo, chief executive of SIMNSA Health Plan, which sells group insurance plans to U.S. employers whose workers receive medical care in Mexico.

“The system cannot handle it here, so they need to look at Mexico as a safety net,” Carrillo said, adding that many of the newly insured will be legal immigrants from Mexico who are comfortable with Mexican physicians.

Sigh. The gradual decline of America is not an easy thing to watch. It looks like Obama's Science Czar John Holdren's prediction was true: America' can't be #1 forever. But it's not because we lack the talent or know-how. Instead, our own government--preoccupied with bringing us down to everyone else's level--seems intent on driving us into the ground.

SOURCE

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Public-sector unions bankrupting America

Usually it takes a national government to spend itself into a debt measured in the trillions. Yet it comes as little surprise that the same profligacy that pervades the corridors of federal power infects this country's 87,000 state, county and municipal governments and school districts. By 2013, the amount of retirement money promised to employees of these public entities will exceed cash on hand by more than a trillion dollars.

That's according to the Center for Retirement Research at Boston College, which earlier this month released a troubling analysis of 126 state and local pension plans. The center's researchers found in the wake of the stock market collapse that measures of pension program solvency hit a 15-year low with no signs of improvement on the horizon. This means taxpayers will be left picking up the tab.

The reason pension plans are headed toward financial disaster is simple. Ever-expanding public-sector unions have flexed their political muscle and larded up with lavish benefits to be be paid out decades from now. In a properly run,private-sector business, future retirement benefits are paid for using present-day contributions. This is not the case when lawmakers have the power to boost public-employee benefit packages while using accounting gimmicks to conceal and pass on the debt to future generations.

California's public-employee retirement system stands in the most perilous condition, facing a half-trillion in unfunded liabilities. That's not surprising when you consider a California highway patrol officer can retire at age 50 and collect up to 90 percent of his salary for the rest of his life. According to the agency's website, a typical officer's pay will reach $109,147 after just five years on duty - an amount that can rise significantly with overtime benefits. That means a fit and healthy 50-year-old "retiree" who began work at age 20 would receive $98,232 a year from taxpayers for the rest of his life, and nothing prevents him from taking another government job to collect two paychecks. This form of double-dipping is rampant.

While most private-sector firms have trimmed their work force during the recession to achieve more efficient and profitable operations, public agencies have expanded. State and local governments employ about 15 million individuals, a figure that has jumped up 40 percent from 1992. By 2016, the number of state and local bureaucrats is projected to reach 20 million. Too many of these people are being promised far too much money, leaving state and local systems as bankrupt as Social Security, Medicare and other multitrillion-dollar federal entitlements.

To his credit, California Gov. Arnold Schwarzenegger considers addressing his state's "pension bubble" to be one of his top priorities. On Wednesday, he introduced legislation that would raise the full retirement age for new police hires to 57 and reduce the benefit paid in our example to $88,409. It also would reclassify billboard and milk inspectors as "miscellaneous" employees, instead of "safety" workers entitled to bigger handouts.

Despite the modest nature of the proposed changes, it's unclear whether California lawmakers have the backbone needed to pass the measure over the objection of the all-powerful union voting bloc. The rest of voters across the nation, the ones who will be paying for this mess, need to wake up and encourage legislators to reform public pensions before it's too late.

SOURCE

My Twitter.com identity: jonjayray. My Facebook page is also accessible as jonjayray (In full: http://www.facebook.com/jonjayray). For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, SOCIALIZED MEDICINE, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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St George's Day



It is late Friday night as I am writing this in Australia, which means that it is sometime around Friday morning in America and around lunchtime in Britain.

And Friday 23rd is of course St. George's day -- England's national day. So as I am mainly of English descent, I thought it appropriate to mark the day -- which I did. I have had the St George cross flying from my flagpole all day and we had a leisurely commemorative dinner for just four family members.

We started the evening by standing and singing "God save the Queen" (the English national anthem) followed by a toast to the Queen and a toast to "St. George and merrie England". Then we sat down to a meal of England's favourite food: curry.

We washed the curry down with some good Australian "champagne" and a very pleasant evening was had by all. The chat over dinner was very wide-ranging and at one stage I even read a couple of choice excerpts from the 39 "Articles of Religion" from the 1662 "Book of Common Prayer" of the Church of England. None of us are religious but we still enjoyed the power of those historic words.

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Gangster Government Becomes a Long-Running Series

Almost a year ago, in a Washington Examiner column on the Chrysler bailout, I reflected on the Obama administration's decision to force bondholders to accept 33 cents on the dollar on secured debts while giving United Auto Worker retirees 50 cents on the dollar on unsecured debts.

This was a clear violation of the ordinary bankruptcy rule that secured creditors are fully paid off before unsecured creditors get anything. The politically connected UAW folk got preference over politically unconnected bondholders. "We have just seen an episode of Gangster Government," I wrote. "It is likely to be a continuing series."

Fast forward to last Friday, when the Securities and Exchange Commission filed a complaint against Goldman Sachs, alleging that the firm violated the law when it sold a collateralized debt obligation based on mortgage-backed securities without disclosing that the CDO was assembled with the help of hedge fund investor John Paulson.

On its face, the complaint seems flimsy. Paulson has since become famous because his firm made billions by betting against mortgage-backed securities. But he wasn't a big name then, and the sophisticated firm buying the CDO must have assumed the seller believed its value would go down.

That's not the only fishy thing about the complaint. Yesterday came the news, undisclosed by the SEC Friday, that the commissioners approved the complaint by a 3-2 party-line vote. Ordinarily, the SEC issues such complaints only when the commissioners unanimously approve.

Fishy thing No. 3: Democrats immediately used the complaint to jam Sen. Christopher Dodd's financial regulation through the Senate.

You may want to believe the denials that the Democratic commissioners timed the action in coordination with the administration or congressional leaders. But then you may want to believe there was no political favoritism in the Chrysler deal, too. The SEC complaint looks a lot like Gangster Government to me.

The Dodd bill, however, has it trumped. Its provisions promise to give us one episode of Gangster Government after another.

At the top of the list is the $50 billion fund that the Federal Deposit Insurance Corp could use to pay off creditors of firms identified as systemically risky -- i.e., "too big to fail."

"The Dodd bill," writes Democratic Rep. Brad Sherman, "has unlimited executive bailout authority. That's something Wall Street desperately wants but doesn't dare ask for."

Politically connected creditors would have every reason to assume they'd get favorable treatment. The Dodd bill specifically authorizes the FDIC to treat "creditors similarly situated" differently.

Second, as former Bush administration economist Larry Lindsey points out, the Dodd bill gives the Treasury and the FDIC authority to grant an unlimited number of loan guarantees to "too big to fail" firms. CEOs might want to have receipts for their contributions to Sen. Charles Schumer and the Obama campaign in hand when they apply.

Lindsey ticks off other special favors. "Labor gets 'proxy access' to bring its agenda items before shareholders as well as annual 'say on pay' for executives. Consumer activists get a brand new agency funded directly out of the seniorage the Fed earns. No oversight by the Federal Reserve Board or by Congress on how the money is spent."

Then there are carve-out provisions provided for particular interests. "Obtaining a carve-out isn't rocket science," one Republican K Street lobbyist told the Huffington Post. "Just give Chairman Dodd and Chuck Schumer a s---load of money."

The Obama Democrats portray the Dodd bill as a brave attempt to clamp tougher regulation on Wall Street. They know that polls show voters strongly reject just about all their programs to expand the size and scope of government, with the conspicuous exception of financial regulation.

Republicans have been accurately attacking the Dodd bill for authorizing bailouts of big Wall Street firms and giving them unfair advantages over small competitors. They might want to add that it authorizes Gangster Government -- the channeling of vast sums from the politically unprotected to the politically connected.

That can boomerang even against the latter. Goldman Sachs employees gave nearly $1 million to the Obama campaign and $4.5 million to Democrats in 2008. That didn't prevent Goldman from being shoved under the SEC bus.

Gangster Government may look good to those currently in favor, but as some of Al Capone's confederates found out, that status is not permanent, and there is always more room under the bus.

SOURCE

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John Stossel and the Media's "Statist Syndrome"

When he first began his career as a crusading consumer journalist in the 1970s, John Stossel believed fervently that higher taxes and greater government involvement in the marketplace were integral checks against corporate greed and malfeasance. With an irreverent, intelligent and skeptical tone that riled corporations – but resonated with viewers – Stossel’s career flourished, leading him to the pinnacle of his profession at ABC News.

But then Stossel experienced a metamorphosis in his thinking. After observing the chronic, costly failure of so many of the numerous big government solutions that he and his media colleagues repeatedly prescribed for society’s ills, Stossel reexamined his fundamental beliefs.

“I started out by viewing the marketplace as a cruel place, where you need intervention by government and lawyers to protect people,” Stossel explained shortly after undergoing his transformation. “But after watching the regulators work, I have come to believe that markets are magical and the best protectors of the consumer.”

In fact, Stossel realized that in most cases regulators and bureaucrats only made matters worse, spending billions of tax dollars on so-called “solutions” that invariably wound up creating larger problems. Needless to say, Stossel’s conversion to free market, libertarian principles – which he trumpeted every bit as loudly as he had previously trumpeted government interventionism – was not warmly received by his colleagues.

“Once I started applying the same skepticism to government, I stopped winning awards,” the 19-time Emmy Award-winner said.

Today, Stossel is at the center of another media debate – only this time he’s not just telling the story, he’s a big part of the story.

In October of 2009 Stossel – who has also published two best-selling books – announced that he was leaving ABC News after 28 years to take a position with FOX News, which is widely regarded as the most “pro-free market” of America’s major TV news networks. Ordinarily a reporter moving from one network to another isn’t considered big news, but in Stossel’s case it’s significant.

While both Stossel and ABC describe their break-up in the most amicable of terms, the fact remains that ABC has been among the most vocal cheerleaders of the Obama administration and, in particular, his recently-passed socialized medicine plan. Stossel, meanwhile, watched as his reports on the perils of “Obamacare” struggled to find airtime. And while /20/20/ (to its credit) permitted Stossel’s voice to be heard, his perspective was increasingly drowned out by a steady barrage of pro-Obama news coverage as well as a glorified “Prescription for America” infomercial from the White House.

In fact, during the first six months of 2009, an analysis by the Business and Media Institute found that ABC’s health care stories featured Obama or supporters of his policies 55 times compared to just 18 times for critics of the administration’s plan – a 3-to-1 advantage.

Speaking of 3-to-1 margins, though, the public clearly isn’t overlooking this ongoing media bias.

In fact, in each year from 2001 through 2009, Gallup polling revealed that three times as many Americans viewed the media as being too liberal compared to those who believed it had a pro-conservative bias.

And more of those Americans than ever before now vote with their television remotes, as network ratings from the first quarter of 2010 were a bloodbath for CNN and MSNBC, arguably the nation’s top two “pro-government” networks. Larry King’s show – CNN’s top-rated program – saw its numbers among the coveted 25-54 year-old demographic decline by 43 percent from last year, while Anderson Cooper’s show experienced a 42 percent decline. At MSNBC, the network’s top two primetime programs, “Countdown with Keith Olbermann” and “The Rachel Maddow Show,” saw their ratings plunge by 43 percent and 38 percent.

Meanwhile, viewers continued flocking to Stossel’s new home at FOX, which saw its top three shows expand their audiences by anywhere from 25-50 percent over the previous year – giving FOX more viewers than CNN, MSNBC and CNBC combined and extending its streak as the nation’s number one network to 100 months. Also, Stossel’s new TV show thrives on FOX Business Network.

Clearly, the free market is still alive and well in America – if only in our marketplace of ideas.

SOURCE

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Tea Party is a ‘bowel movement,’ says ACORN boss Bertha Lewis



It is she who looks like the sh*t-headed one to me. Going by her utterances below, she's certainly got sh*t for brains

ACORN chief organizer Bertha Lewis praised socialism and said the Tea Party was a “bowel movement” filled with racists in a speech to a left-wing youth group, a new video shows.

The edited two-minute video surfaced on the Verum Serum blog Wednesday as a federal appeals court reversed a lower court ruling and temporarily upheld a congressional ban on funding the faltering community activist group.

The comments by Lewis came during a March 25 speech to the winter conference of the Young Democratic Socialists, which is the youth arm of the radical Democratic Socialists of America (DSA). DSA is closely tied to the Congressional Progressive Caucus, an 80-plus member group of left-wing Democratic lawmakers.

President Obama worked for ACORN’s Project Vote affiliate, trained ACORN organizers and represented ACORN as a lawyer.

Although ACORN leaders typically refuse to be labeled as socialists because they realize the term carries with it a negative connotation in American culture, Lewis openly embraced socialism.

“First of all let me just say any group that says, ‘I’m young, I’m democratic, and I’m a socialist,’ is alright with me,” Lewis said.

Lewis then seemed to predict that America would soon enter a period of possibly violent upheaval. “Right now we are living in a time which is going to dwarf the McCarthy era,” she said. “It is going to dwarf the internments during World War II. We are right now in a time that is going to dwarf the era of Jim Crow and segregation.”

Lewis told the audience unnamed forces are “coming after you.” They are “going to be brutal and repressive. They’ve already shown it to you,” she said. “Organize. Get out into the street. You really have got to circle the wagons. This is not rhetoric or hyperbole. This is real.”

Lewis said to applause that the Tea Party movement, a grassroots movement against big government, was a “bowel movement in my estimation” that is associated with “racism.”

Meanwhile, ACORN lost a round in court after the Second Circuit of the U.S. Court of Appeals temporarily reinstated a congressional ban on federal funding of the advocacy group.

A three-judge panel slapped a stay on a ruling by federal judge Nina Gershon of the Eastern District of New York who ruled the funding ban was an unconstitutional bill of attainder that punished ACORN without a trial. The Department of Justice filed the appeal that led to the ruling.

Rep. Darrell Issa, California Republican and ranking member on the House Oversight and Government Reform Committee said the ruling reversed Gershon’s “attempt to legislate from the bench.” Congress has “the constitutional right to deny an organization the benefit of taxpayer dollars,” he said.

The appeals panel gave the parties to the lawsuit until May 24 to file briefs on the case. Oral arguments are expected soon after.

Outside the appellate court hearing, Lewis told reporters ACORN was barely alive. “We’re still alive. We’re limping along. We’re on life support,” she said. Although ACORN previously said it planned to dissolve its national structure on April 1, the group continues to operate. As recently as last week, ACORN sent out an e-mail soliciting funds from its supporters.

The ACORN empire of activism remains in flux. At least a dozen state chapters have disaffiliated themselves and incorporated under new names. The largest of the state chapters, California, has morphed into a new entity called Alliance of Californians for Community Empowerment.

SOURCE

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ELSEWHERE

US Navy Seal cleared over beating of Iraqi terrorist suspect: "A US Navy Seal was cleared on Thursday of collusion in an assault on an Iraqi prisoner suspected of masterminding a 2004 attack that killed four American security contractors. Petty Officer 1st Class Julio Huertas, 28, was found not guilty by a six-man military jury of dereliction of duty by failing to stop a colleague from punching the prisoner, Ahmed Hashim Abed. He was also acquitted on charges of trying to cover up the assault by influencing the testimony of another service member. The verdict will be welcomed by veterans groups and other supporters in the United States, where the case has brought calls from congressmen for the department of defence to step in and stop the trial."

US military launches X-37B reusable spaceship: "An unmanned Atlas rocket carrying a miniature space shuttle blasted off from Cape Canaveral Air Force Station on Thursday on a technology test flight that could last as long as nine months. The 20-story rocket, built by United Launch Alliance — a joint venture of Lockheed Martin and Boeing — lifted off at 7:52 p.m. ET and soared over the Atlantic Ocean, heading toward orbit.”

Police find Tea Parties more peaceful than anti-war protests: "On Monday, the Christian Science Monitor bucked its mainstream peers by reporting something truthful about the TEA party movement: police officials have begun to relax security requirements at conservative rallies because of the remarkable absence of violence. Yes, you read that right: despite nonstop media warnings about hateful protests, violence from TEA party attendants is so nonexistent that police feel safe allowing them to bring large items and sometimes even guns. … No matter how much prominent liberals talk about rampant violence, the facts on the ground tell a different story, and reporters end up leaving with rather dull footage — no police clashes, no tear gas, no images of people being carted away.”

My Twitter.com identity: jonjayray. My Facebook page is also accessible as jonjayray (In full: http://www.facebook.com/jonjayray). For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, SOCIALIZED MEDICINE, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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Thanks For What?

Rather than protesting the greatest expansion of government in U.S. history, Tea Party attendees should be thanking Big Government for all it's done. At least, that's what President Obama thinks.

As the Associated Press reported Thursday, the president said he was "amused" by the Tea Party faithful gathering in cities across America to protest soaring government spending, ballooning debt and the explosion in taxes that will be needed to pay for it all. "You would think they'd be saying thank you," he said.

And why should they be thankful? As the president himself said on his weekly radio address a week ago, "one thing we have not done is raise income taxes on families making less than $250,000; that's another promise we kept."

In fact, that wasn't his promise at all. Here's what candidate Obama really said in September of 2008: "Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."

Got that? "Not any of your taxes." The claim of no tax hikes on those below $250,000 as a result of the current administration's policies is completely and utterly false.

A report from the House Ways & Means Committee's GOP members notes that, since January 2009, Congress and the president have enacted $670 billion in tax increases. That's $2,100 for each person in America. At least 14 of those tax hikes, the report says, break Obama's pledge not to raise taxes on those earning less than $250,000. Roughly $316 billion of the tax hikes — 14 increases in all — hit middle-class families, the report says.

This comes in addition to recent data from the nonpartisan Congressional Budget Office showing U.S. spending and indebtedness growing at an alarming rate. Government spending now totals 25% of GDP, a quarter above its long-term average. By 2035, it will hit 34% of GDP at current trends — a 70% increase in the real size of government in just 25 years.

More spending means more debt. In 2008, total federal publicly held debt was about $8.5 trillion — an amount Uncle Sam took 220 years to accumulate. By 2020, that will soar to $20.3 trillion, a 139% jump. No surprise the Government Accountability Office last week said the U.S. is on "an unsustainable long-term fiscal path."

SOURCE

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Obama's Goldman hypocrisy

While President Obama assails the culture of greed and recklessness practiced by the men of Goldman Sachs, his administration is infested with them. The White House can no more disown Government Sachs than Obama can disown Chicago politics.

Obama is headed to Wall Street tomorrow to demand "financial regulatory reform" -- just as the US Securities and Exchange Commission has filed civil suit against Goldman Sachs for mortgage-related fraud.

Question the timing? Darn tootin'.

As the New York Post reported Tuesday, the Democratic National Committee immediately bought sponsored Internet ads on Google that direct Web surfers who type in "Goldman Sachs SEC" to Obama's fund-raising site.

"It's time to hold the big banks accountable," the DNC message bellows.

Democrats are silent on the $994,795 in Goldman Sachs campaign cash that Obama bagged in the 2008 presidential race. The class-warfare Dems are also mum on all the president's Goldman men sitting in the catbird's seat:

* Goldman Sachs partner Gary Gensler is Obama's Commodity Futures Trading Commission head. He was confirmed despite heated congressional grilling over his role, as Reuters described it, "as a high-level Treasury official in a 2000 law that exempted the $58 trillion credit default swap market from oversight. The financial instruments have been blamed for amplifying global financial turmoil."

Gensler said he was sorry -- hey, it worked for tax cheat Treasury Secretary Tim Geithner -- and was quickly installed to guard the henhouse.

* Goldman kept White House Chief of Staff Rahm Emanuel on a $3,000 monthly retainer while he worked as presidential candidate Bill Clinton's chief fund-raiser, as first reported by Washington Examiner columnist Tim Carney. The financial titans threw in another $50,000 to become the Clinton primary campaign's top funder.

Emanuel received nearly $80,000 in campaign contributions from Goldman during his four terms in Congress -- investments that have reaped untold rewards, as Emanuel assumed a leading role championing the trillion-dollar TARP banking bailout law.

* Former Goldman lobbyist Mark Patterson serves under Geithner as his top deputy and overseer of TARP bailout -- $10 billion of which went to Goldman Sachs.

Paul Blumenthal of the Sunlight Foundation, a Washington-based think tank devoted to transparency in government, noted that, while Patterson agreed to recuse himself on any Goldman Sachs-related issues or related policy concerns, it "still creates a serious conflict for Geithner, as Treasury is being partly managed by a former Goldman lobbyist. Geithner is also placed in a tough position considering that his chief of staff is limited in the areas in which he can work (supposedly)."

* National Economic Council head Larry Summers reaped nearly $2.8 million in speaking fees from many of the major financial institutions and government bailout recipients he now polices, including JP Morgan Chase, Citigroup, Lehman Bros. and Goldman. A single speech to Goldman in April 2008 brought in $135,000.

Summers has prior experience negotiating government-sponsored bailouts that benefit private concerns. In 1995, he spearheaded a $40 billion Mexican peso bailout that bypassed Congress.

Summers personally leaned on the International Monetary Fund to provide nearly $18 billion for the package. Summers' boss, then Secretary of the Treasury Robert Rubin, was former co-chairman of Goldman -- the Mexican government's investment banking firm of choice.

Rubin continues to mentor another of his former employees with regular visits and chats -- Treasury Secretary Geithner, who was head of the New York Federal Reserve in 2008 when it ordered bailed-out AIG not to disclose its sweetheart payments to big banks including, you guessed it, Goldman Sachs.

As Obama harangues Wall Street to clean up its house, all the president's Goldman Sachs men have their feet on the coffee table at his.

SOURCE

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Tea Partyers, Bill Ayers, Bernardine Dohrn and Bill Clinton

by Emmett Tyrrell

Not so long ago, there arose on the American political scene something called the Angry Left. It was an indignant group of ritualistic liberals whose appearance the mainstream media apprised us augured well for Democratic victory in 2008, and so it did. The Angry Left turned out the vote for the Prophet Obama. At the time, do you recall any public figure on the right stepping forward and warning against possible violence from the indignados of the Angry Left? Did, say, the Hon. Newt Gingrich step forward at a conservative forum, say The Heritage Foundation, and remind his fellow Americans of the bombings of government buildings, the burning of university libraries, the robbing of banks by angry leftists in years gone by? I cannot recall any such warnings from any conservative eminence.

It is not as though such lawlessness is unknown in American history. Politically motivated bombings, burnings and bank robberies actually have been committed in America by leftists. Some of those leftists are still with us, for instance, Bill Ayers and his wife, Bernardine Dohrn, who were fugitives from justice for such antics and went on to become friends of the present president of the United States. In fact, lawlessness on the left still is being committed, for instance, at universities, where speakers who offend the left -- the Angry Left or simply the Fastidious Left -- are regularly shouted down or barred from scheduled appearances, as Ann Coulter recently was, at least, in Canada. Yet Newt has remained mum about the danger posed by the Angry Left, and it is not easy for Newt to remain mum.

Now just the other day, ex-President Bill Clinton -- some of us still call him The Groper -- rose up at the Center for American Progress and drew parallels between the tea partyers (call them the Caffeinated Right) and the homicidal maniacs who participated in the Oklahoma City bombing of the Murrah Federal Building, which killed 168 people and injured hundreds more. Clinton's charge was typically duplicitous. "This tea party movement can be a healthy thing if they're making us justify every penny of taxes we've raised and every dollar of public money we've spent," Clinton opined. "But when you get mad, sometimes you wind up producing exactly the reverse result of what you say you are for," said the president famous for, among other things, his temper tantrums. He also said, "Before the (Oklahoma) bombing occurred, there was a sort of fever in America," which I guess depends on the meaning of the word "fever." I recall no fever, but then I was not impeached for lying and obstruction of justice.

A long-standing conceit of American liberals has been to lecture conservatives on how to conduct themselves. They are famous for telling us what we can and cannot say. They tell us we cannot call them socialists even when they take over industries and transform the federal budget into a simulacrum of European social democracy. Yet they can call us racists and enemies of the poor when we advance alternatives to such failed policies as affirmative action or welfare. In fact, much of the liberals' stance toward conservatives in our ongoing dialogue with them is an insult. The most recent politician to dabble in race-baiting was not a conservative, but Bill Clinton in the 2008 Democratic primaries.

What Clinton depicts as a precursor to more bombings modeled on the vile Oklahoma City bombing is nothing more than a civic upheaval inspired by American constitutional liberties. The tea partyers are no cause for alarm. For Clinton to suggest that these generally peaceful and good-natured libertarians are opening the door to domestic terror is Clinton at his reckless worst. In doing so, he has given would-be bombers cover for their evil acts. If more bombings of federal buildings follow, we can thank Clinton for his speech of encouragement. Ironically, federal investigators looking for the perpetrators might begin their investigations with Bill Ayers and Bernardine Dohrn. No tea partyer I know has their record of violence.

SOURCE

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BrookesNews Update

The booms and busts and the economic punditry's terrible grasp of economics : What makes manufacturing an important part of the boom-bust phenomenon is the crucial role that time plays in production. Once an understanding of the relationship of time to production has been grasped the importance of manufacturing as an economic bellwether becomes much clearer
The Australian economy's gloomy outlook : The Australian economy is doing just fine — if you ignore the parlous state of manufacturing. That manufacturing is the key economic indicator is completely lost on our economic commentariat, the sort of people who seriously argue for the existence of a "two-speed economy", which is like an obstetrician telling a women that she is half pregnant
Siemens to use green energy hoax to ripoff taxpayers : Siemens has come up with a wonderful scheme to make billions of dollars. Unfortunately it amounts to conning taxpayers out of their hard earned money by using the government to subsidise the company's renewable energy scam. It the seems the days have gone when Siemens made money by serving the public instead of milking it
Behavioral economics — breakthrough or dead end : Sit is being reported that so-called behavioural economics is playing significant role in shaping President Obama's economic decisions. Unfortunately behavioural economics is a dead end. Moreover, it will actually misdirects and retards economic thinking
The truth about the Bay of Pigs: They Fought Like Tigers : It is 50 years since the Bay of Pigs, Castro stooges are still lying about that tragic event. Humberto Fontova relates what really happened, including the Kennedy administration's treachery and cowardice
Jobs on aisle three: Leftists move to kill Walmart job-creation project : A gang of sensitive, caring and humane leftists have sabotaged a Walmart project that would have created hundreds of jobs in desolated downturn Chicago. These friends of Obama argue that the increased demand for labour would lower real wages! To prevent this outrage they plan to raise wage rates to a job-destroying level
Barack Obama: Enemy within : There's no other way to say it. As goes the war to preserve liberty, national sovereignty, national solvency and American exceptionalism: Intelligence suggests we have an enemy within

My Twitter.com identity: jonjayray. My Facebook page is also accessible as jonjayray (In full: http://www.facebook.com/jonjayray). For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, SOCIALIZED MEDICINE, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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Myths About Capitalism

by John Stossel

I won 19 Emmy Awards by reporting a myth: that business constantly rips us off -- that capitalism is mostly cruel and unfair. I know that's a myth now. So I was glad to see the publication of "The 5 Big Lies About American Business" by Michael Medved. I invite him on tomorrow's Fox Business Network show to talk about that.

"You can only make a profit in this country by giving people a product or a service that they want," he says. "It's the golden rule in action."

Medved used to write about the movies, so he's familiar with the businessman as villain. I'll play a clip from the movie "Syriana," in which an oil tycoon makes this ridiculous speech: "Corruption keeps us safe and warm. Corruption is why you and I are prancing around in here instead of fighting over scraps of meat out in the street."

"What's interesting," Medved commented, "is that in the old days, Hollywood would have businesspeople who were very positive: George Bailey, the Jimmy Stewart character, is a banker in 'It's a Wonderful Life.'"

No longer. Today's movie capitalists are criminals or playboys. Apparently, Hollywood writers think it's plausible that CEOs have lots of time to sip cocktails and chase women.

"In school, we all studied a book called "The Theory of the Leisure Class," which ... indicted the leisure class and these people who were out there exploiting other people and really had nothing to do except sit on their yachts and go to their swimming pools and their vacations."

In real life, that's nonsense. "The higher up on the income scale you go, the less leisure time you have. You make money in this country by working hard."

Medved's second myth is that when the rich get richer, the poor get poorer. This is the old zero-sum fallacy, which ignores that when two people engage in free exchange, both gain -- or they wouldn't have traded. It's what I call the double thank-you phenomenon. I understand why politicians and lawyers believe it: It's true in their world. But it's not true in business.

"If you believe that when the rich get richer, the poor get poorer, then you believe that creating wealth causes poverty, and you're an idiot," said Medved. "One of the things that I hate is this term 'obscene profits.' There are no obscene profits ... . (The current economic downturn shows) "that when the rich get poorer ... everybody gets poorer."

Myth No. 3: Government is more fair and reliable than business. "Remember the last time you went into Starbucks, and then remember the last time you went into the DMV to get your license," Medved said. "Where did you get better treated? And it's not because the barista is some kind of idealist or humanitarian. She wants a tip. She wants you to come back to the Starbucks ... ."

But the left doesn't get it. "This is the suspicion of the profit motive -- the idea that if somebody is selflessly serving me, they're going to treat me better than somebody who wants to make a buck," Medved said. But "(i)f you think about it in your own life, if somebody is benefiting from his interaction with you ... it's a far more reliable kind of interaction than someone who comes and says I'm in this only for you."

Myth No. 4: The current downturn means the death of capitalism. "Capitalism is alive and well," Medved said.

I'm also bugged when people argue that today's problems prove that capitalism "failed." What failed? We had a correction. A bubble popped. But from 1982 to now, the Dow rose from 800 to 11,000. Had it happened without the bubble, we'd say this is one of the great boom periods.

Medved added: "This is one of the biggest lies -- the idea that because of capitalism, we're all suffering. ... Poor people in America today, people who are officially in poverty, have a higher standard of living in terms of medical standards, in terms of the chances of going to college, in terms of the way people live, than middle-class people did 30 years ago. It's an extraordinary achievement of technology and of the profit sector."

SOURCE

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Regulations are made to be evaded

Igor Volsky at WonkRoom has just discovered that when you arbitrarily set restrictions on what sorts of expenses companies can take, they will arbitrarily reclassify those expenses as something else. Specifically, government officials think it would be nicer if insurance companies spent a higher percentage of their revenues on medical care rather than administrative overhead.

Without particularly investigating whether this was sound, or even possible, they enacted a rule dictating that the "medical loss ratio" had to be a fairly high percentage of revenues. Predictably, companies are reclassifying administrative expenses as medical in order to make their numbers.

Now, maybe this is an example of evil companies struggling to hold onto their profits. But you certainly couldn't prove it by Volsky's post. He seems to confuse administrative overhead with profits, and further seems unaware that overhead (apart from profits) is usually higher when dealing with a lot of small clients rather than a few big ones. He refers to the MLR rules as "one of the few ways to prevent insurers from earning outrageous profits before most of reform's provisions kick in", even though the health insurance industry isn't particularly profitable.

It is true, of course, that profits are part of the overhead targeted by the medical loss ratio rules. But it does not therefore follow, as night to day, that if you raise the percentage of money that you spend on treatment, you lower profits. It certainly doesn't follow that you lower profits the way you want to--by taking money from greedy executives and giving it to nice folks seeking treatment--rather than, say, by forcing companies with high overhead out of the market entirely.

He seems blind to the other obvious way to meet your MLR requirements: stop searching for fraud on either the customer or provider end, and let costs balloon. If you stop paying attention to controlling costs, your overhead goes down, especially relatively to your costs. Normally, this is a recipe for bankruptcy, as your competitors undercut you. But when your competitors are all subject to the same rule requiring them to let this happen....

Given how much focus reformers put on controlling health care costs, reclassifying administrative costs as medical expenses is probably a positive development.

I'm generally annoyed by conservatives who claim that Washington is full of pointy-headed wonks who have never held a "real job" . . . but I do think that the most dangerous weakness on the pro-reform side is a broad ignorance of how companies actually work.

There seem to be a lot of assumptions that are intuitively satisfying, but blatantly silly to anyone who has ever managed a company (or spent much time talking to those who do). The assumption that lower overhead is invariably better is one of these, but not the only one. Others include a fairly persistent confusion about how companies make investment decisions, and how capital markets work; the belief that price rationing and government rationing are somehow economically equivalent because they both contain the word "rationing"; and the belief that having more the one product in a market is obviously wasteful "me-too" competition which is bad for consumers.

It's a dangerous weakness because it leads them to an extremely simplistic model of how companies work, and I think it makes them believe that they can mandate a lot more than they really can. The pro-reform side has been at its best in describing market processes that look a lot like what happens in government programs--things like adverse selection, and bargaining with providers. But when you have to add in processes that don't look much like what the government does--things like capital costs and investment decisions*, competition, and price discovery--their mental models often seem suspect.

I suspect that's going to be a big problem as we go forward, particularly when it comes to controlling costs.

*Before you rush to tell me that the government does too make capital investment decisions, let me just say that the government capital investment process simply looks virtually nothing like what happens in a company. Just try to imagine calculating an IRR on a highway.

SOURCE

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Democrats Hate That Tea Parties Are Peaceful

Former President Clinton reminds us, on the 15th anniversary of the bombing in Oklahoma City, to police our discourse so as not to incite the "delirious" and "unhinged." Timothy McVeigh, he notes, "took to the ultimate extreme an idea advocated … by an increasingly vocal minority: the belief that the greatest threat to American freedom is our government … "

This is only the latest and most high profile installment of a long-running campaign by Democrats to malign their opposition. It worked very well for Mr. Clinton in 1995 -- the baseless insinuation that right-wing radio hosts had ignited murderous rage with their intemperate rhetoric -- and he's reaching into that seedy toolbox again.

By citing "the belief that the greatest threat to American freedom is our government" as the chief motive of murderous terrorists, the former president implies that resistance to government overreach and encroachment is illegitimate; the province of extremists.

There are two problems with this. First, it is perfectly true that government can be a threat to liberty. This is so obvious that it hardly bears rebutting. Two examples: Alien and Sedition Acts, internment of Japanese Americans. No one understood government's capacity to constrain freedom better than the Founders, who designed a system so diffuse and balanced that power would be difficult (though not impossible) to abuse.

The second problem with Mr. Clinton's intimation is that his pious concern about a "vocal minority" protesting government threats to freedom was nowhere in evidence during the Bush administration, when many liberal commentators were caterwauling that President Bush was "shredding" the Constitution. A "vocal minority" certainly believed that the government was the greatest threat to American liberty (they thought Bush a far greater threat than Islamic extremism) -- but their saying so didn't trouble Mr. Clinton.

Nor was Clinton moved to speak out when anti-Bush protestors labeled him the world's "worst terrorist" and carried posters of the president wearing a Hitler moustache.

You can delegitimize all political speech you dislike by suggesting that it may inflame the violence-prone. The press attempts this again and again. Rather than openly debate, they smear. The 1994 election, which unseated the Democratic majority, was described by the press, without any evidence, as the eruption of "angry, white, male" voters. One fan out of 8,000 at a McCain/Palin rally was reported to have shouted "Kill him" in reference to Obama. Rafts of stories dwelt upon this revelation of the "ugly" side of Palinmania. A later investigation found no evidence that it had even happened. And of course the tea party movement, a spontaneous, widespread upwelling of grassroots dismay at the direction of government policy, has been falsely and savagely maligned as racist, violent and primitive. (The best poster spotted at a tea party rally: "It doesn't matter what I put on my sign because you will accuse me of racism anyway.")

Actually, Democrats are reduced to warning that certain attitudes can lead to violence because there hasn't been any actual violence at the tea party rallies. All have been remarkably orderly and even friendly. You can almost feel the Democrats' frustration at this.

By contrast, many, many left-wing protests and demonstrations have sparked violence. Just last year, at the G-20 meeting in Pittsburgh, rampaging protestors broke shop windows and scuffled with police, who used batons and tear gas to subdue them. A 1999 meeting of the World Trade Organization in Seattle was so badly disrupted by anti-globalization fanatics, who smashed windows and shut down the center of the city, that the governor had to declare a state of emergency and call out the National Guard. (President Clinton failed to assail those who criticize corporations as inspiring the violence.)

In 2007, several hundred protesters who descended on Washington, D.C., during the International Monetary Fund meeting turned over trash cans, smashed windows, threw bricks, and pushed a police officer off her motorcycle.

In 2008, as John Hinderaker of Powerlineblog recalls, anti-Republican protesters at the convention in St. Paul: "threw bricks through the windows of buses, sending elderly convention delegates to the hospital. They dropped bags of sand off highway overpasses onto vehicles below." The violence was only fleetingly covered in the press and went unmentioned by leading Democrats.

Republicans have been very quick to condemn violent acts or even intemperate words by right-wing individuals or groups. They've even condemned some that didn't happen -- like false account of racial slurs shouted at members of the Congressional Black Caucus. While it's important to police one's ranks, it's also necessary to expose the Democrats' persistent and malignant libels.

SOURCE

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ELSEWHERE

Americans down on federal government: "Already wary of the federal government, Americans have grown even more critical, less trusting and even fearful of Uncle Sam since President Barack Obama took office, according to an exhaustive new study being released Monday. The in-depth poll found Americans not only rejecting the idea of an activist government, but a growing number urging that its power be curtailed. The findings reinforce the anti-big government message of tea party rallies and suggest anew that incumbents, particularly Democrats, face a strong headwind in this fall’s elections for control of Congress."

Value-added tax would be a big disaster: "The idea that the Obama administration wants to make the United States more like France can no longer be considered a black-helicopter conspiracy theory concocted by Tea Partiers and ‘right-wing extremists.’ It is, in fact, a serious possibility. White House adviser Paul Volcker went on the airways recently to resurrect the idea of implementing a value-added tax (VAT). He did this after the president signed a massively expensive health care bill that will soak ‘the rich,’ tax the Jersey Shore’s tans and add other burdensome taxes and regulations.”

Media sensationalism obscures the facts: "It isn’t unusual for a TV reporter to get his facts wrong. It’s rarer for the images that accompany his dispatch to flagrantly contradict what he says. But on January 21, broadcasting in the aftermath of the earthquake that devastated Haiti, CNN correspondent Ivan Watson fretted about ‘chaotic crowds’ as the camera showed people who were calm and patient. When Watson announced that we were watching a ‘chaotic scramble’ onto a rescue ship, this was illustrated by a group of refugees carefully, methodically passing a baby onto the boat. Then, while more men and women peacefully loaded their luggage in the background, the reporter asked the ship’s owner his burning question: ‘Has anybody offered you any help with crowd control of these thousands of desperate people?’ Bizarre as the report was, it was only an especially egregious expression of beliefs that have taken hold in far more places than just CNN.”

Justice and commercial crime: "The very institution of government regulation of people in business is flawed — it involve[s] what in other contexts is considered impermissible prior restraint. Just because a business might do something untoward, it is deemed a valid target of prior punishment or imposition of burdens. In the criminal law this is nearly uniformly resisted and condemned. Just because one might do harm to another–is rumored to be planning such harmful conduct - -it doesn’t mean one may be imposed upon via some kind of criminal sanctions. Due process requires that the suspect be shown to be guilty, not merely feared to be so.”

That terrible “we” again: "Sure many people I know are concerned with their economic situation, especially over the last couple of years. But who wouldn’t be, what with the recent evidence mounting that all the government meddling in the country’s commercial life since the early 1900s has produced little else than irresponsible government plans and, recently, endless purchases of homes, massive deficits and debts, and whatever else can go wrong with a macroeconomic system. None of this is about you and me — any kind of ‘we’ — but about quite specific people, officials in various parts of the federal and state governments, parts where politicians and bureaucrats basically spend other people’s resources and take it upon themselves to rearrange the world guided by their own murky utopian vision.”

My Twitter.com identity: jonjayray. My Facebook page is also accessible as jonjayray (In full: http://www.facebook.com/jonjayray). For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, SOCIALIZED MEDICINE, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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