Here's a total economic fallacy from the WSJ: Cheap goods from Iran stifle Iraqi economy. That's a crock. Cheap goods from Iran mean Iraqis have more wealth powering their economy. Are you better off paying $1 per brick or 75 cents per brick? Obviously you have more wealth when you pay the lower price. And that wealth circulates through the economy to the benefit of everybody except Iraqi brick makers. Only by focusing on the brick makers instead of the greater economy can you come up with the fallacy that cheap imports harm the economy. The brick makers need to find jobs in more profitable segments of the economy. Same with bus makers. Rice farmers need to find a more profitable crop. When that happens, all Iraqis will be wealthier still.
Czechs withdraw from missile defense treaty.
Ohio Democrat introduces bill to tax at 100 percent over $100,000 any bonuses from companies receiving bailout funds. I'm sure this is emotionally satisfying - I can just hear the righteous comments now - but this is a sure way to make these companies fail. The whole point of bailing them out was to prop them up. Now that taxpayer money has been dumped into them, Congress is going to kill them. Because aristocrats have no incentives to do good work and therefore Congress never does good work, Congress can't understand that in the real world, profit incentivizes people to do good work. Killing bonuses drives the best and brightest into other jobs, leaving the worst to go down the a ship laden with taxpayer dollars.
It just struck me. You can't tax something after the fact. That's ex pose facto. Boortz printed the ex post facto sections of the Constitution online today, and being half asleep when I read it, I didn't know why. I'm a little slow after a long St. Patrick's Day. Congress has no power to go after these bonuses.
Check out just how incompetent our government is... Chris Dodd claims he didn't write the language allowing previously contracted bonuses in his own amendment. Obviously he didn't read it either. Obviously nobody did. I can't believe any American would vote for any of these aristocrats.
Chris Dodd just made another statement changing his story. Now he says he changed the language at the request of the Treasury Dept.
AIG executives resigning. Who can blame them? You know these guys regret ever selling their souls to government. Congress is determined to crush AIG and continue to prop up the zombie with more tax dollars. I suppose our government could be worse, but it's hard to imagine how. This should be an object lesson in why government should never be allowed to interfere in our economy at all.
This issue is spinning away from Democrats as the press starts focusing on Democrats' support for the bonuses when the Dodd amendment was passed with Obama's stimulus boondoggle last month. Either Democrats have to admit they had no idea what was in the bill they passed or they have to take responsibility for supporting the bonuses. Either way, they're exposed for the frauds they are once again. Wake up America. Stop returning these aristocrats to Washington. Interesting that, because Democrats passed that boondoggle with only 3 Republican votes, Republicans can continue their phony outrage.
Reason was all over this issue, exposing the phony outrage of our government aristocrats.
Here's an idea: If you stop nationalizing banks, there will be no need to engage in phony-baloney indignation over bonus payments anymore.
This phony outrage has led to AIG executives getting death threats. If we had never bailed out AIG, those bonuses wouldn't have happened, and those AIG executives would have gotten what they deserved - nothing. This is an object lesson in how government interference in our economy always makes things worse and leads to more and more oppressive government interference.
This is the classic Obama we've come to know and loath: Obama takes blame for AIG bonuses while at the same time making it clear he's not to blame. Call him two-faced. Call him a double-talker. Call it doublethink. It's all accurate.
President Obama ends program allowing pilots to carry firearms on planes, instead hiring more bureaucrats to harass pilots. I guess Obama doesn't like those pilots protecting passengers by clinging to guns. Remember when Obama said he supports the 2nd Amendment? What a joke.
One Big Ass Mistake America. Funny.
Obama still considering taking VA benefits from veterans.
US companies starting to stand up to Obama. It's about time.
Obama's health care plan will actually cost $1.5 trillion over the next 10 years, more than twice Obama's estimate of $634 billion. That's pocket change to Obama and his Democrat minions. They won't blink an eye over spending that.
Reason examines historical stimulus packages and shows they never work. Logic tells us they can't work. Because administration costs money, stimulus programs always take more money out of the economy than they put back in. If administration cost no money, the perfect stimulus program would put exactly as much money back in the economy as it took out, and it would put it back in at the locations Americans would have put it in themselves, meaning the economy wouldn't change anyway. Like every government intervention in our economy, all stimulus programs can do is harm.
Despite Obama's magic stimulus plan, Caterpillar is laying off more workers. Most people won't notice this. All they'll remember is Obama grandstanding at Caterpillar claiming his stimulus plan saved jobs.
Nobody is buying hybrids, but government is forcing automakers to produce hybrids.
Though car buyers are losing interest, politicians are pushing them as key to reducing U.S. dependence on foreign oil and limiting the global-warming gases that cars emit into the atmosphere.
How do you think that's going to work out for us?
If Spector votes for card check, Republicans should kick him out of the party. Unfortunately, since Democrats control 59 Senate seats, that won't happen. Even Democrat senators know card check is destructive. Spector has Republicans over a barrel.
Socialized medicine has transformed Britain's health care system in a third world system.
Dehydrated patients were forced to drink out of flower vases, while others were left in soiled linen on filthy wards.
...
It found Government waiting time targets and a bid to win foundation status were pursued at the expense of patient safety over a three-year period at Mid-Staffordshire NHS Trust.
And this is what Democrats want to force on Americans, but they'll make it work with their magic hope unlike every other socialized medicine system in the world. Right.
Liberal bloggers, mainstream media reporters, academics and policy makers have an off-the-record online meeting place, but the couple out of 3 dozen who didn't decline an interview says this is not evidence of a left-wing conspiracy in the mainstream media. Right.
In an e-mail, Klein said he understands that the JList’s off-the-record rule “makes it seems secretive.” But he insisted that JList discussions have to be off the record in order to “ensure that folks feel safe giving off-the-cuff analysis and instant reactions.”
But liberals don't believe that applied to President Bush and his advisors. What a joke. You can be sure that some hacker will publish all the posts from this site in the future, probably soon.
Mises scholar advises short selling US Treasuries. This essay paints a scary picture of Obama and the Fed taking us into uncharted waters we should never enter. His analysis also shows us we're already on the verge of realizing the looming debt crisis because in the past, the federal government borrowed from the Social Security trust fund to pay off much of its deficit, but because baby boomers have reached the point in the pipeline where they are receiving social security, the amount in the trust fund available to borrow is on the decline. And foreign investors may be unable to continue funding our debt. Ouch. I said before the election that we ran a risk that Obama would accelerate us into the looming debt crisis before we climbed out of this recession. Today, that looks more likely than ever.
Obama is bringing ACORN on board to "help" with the 2010 census. This criminal organization is best known for signing up imaginary and dead people to vote. They'll do the exact same thing for the census. ACORN should be the subject of an organized crime investigation, not working with our government.
In an essay that compares the inaccurate histories written by the victors in war to the inaccurate histories written by central banks, Cato knocks down Greenspan's claim that the Fed didn't cause this financial crisis and supports the Austrians. The author also takes a well deserved shot at Tim Geithner and Larry Summers. Cato may be finding its spine after appearing to be wishy-washy and overly deferential to Obama.
Obama was trying to use political tactics to pass his radical leftist agenda around a filibuster by burying it in his budget, tells Congress to quit using political tactics to resist his budget. Obama has already taken hypocrisy in Washington to a new level.
Democrats plan to push their assault weapon ban ostensibly to fight violence in Mexico. Let's get this straight. The war on drugs has power such extreme violence in Mexico that it's spilling over into the US, and the Democrats' answer is to take away the very weapons Americans most need to defend themselves from Mexico's drug cartels. I have a better idea. End the war on drugs.
Cato defends tax havens. I didn't know the US tax code specifically treats foreign companies better than domestic companies.
In fact, the U.S. does not tax most of the dividend, interest and capital gains' earnings of foreign investors in the U.S. — which means, ironically, that the U.S. is the world's largest "tax haven" for non-U.S. citizens, and that we benefit from hundreds of billions of dollars of needed capital invested here. If the U.S. did not treat foreign investors better than its own citizens (who are double-taxed on most capital income), most of the "tax avoidance" problems critics complain about would disappear.
But this debate should not even be taking place. The US should adopt the FairTax because then it would become the greatest tax haven the world for companies foreign and domestic.
The Supreme Court upholds a case in which a person who used a drug improperly although the warning was proper won damages. This is just wrong. This is another example of the attack on personal responsibility in America. This drug maker did everything right, and is still punished. Suing the assistant and facility responsible makes sense to me, but not suing the drug company. We're making it impossible for a businesses to do business in America. One thing this points out is that the FDA introduces moral hazard in product safety. It's ambiguous who is responsible for safety and labeling - the FDA or the manufacturer.
Author makes a great case that Obama is using inflation and union card check to destroy capitalism. We know Obama is a closet Marxist, we know Obama worked with ACORN which is a Marxist revolutionary organization, and we know Obama does not have the best interests of Americans at heart, instead proscribing to Black Liberation Theology. This scenario sounds frighteningly plausible.
It looks like the Republican strategy of just letting Democrats implode is working. Republicans have pulled ahead of Democrats in the generic poll. I think Obama set a new record. In 2 months he's taken his party from significant domination and put them behind. The problem with this is Republicans won't change a thing now. Why should they? As badly as Republicans governed under Bush, Democrats are far worse, Republicans are going to get back in power, and we're going to get stuck with another crappy Republic president like Bush in 4 more years, then another crappy Democrat and so on until the country collapses, if we make it that far.
Tucker Carlson says Jon Stewart is no longer funny because he's on a ideological mission. I said I thought Stewart would be in trouble with Bush gone, and he clearly is. It's a shame he isn't a equal opportunity comedian. We could use some biting humor about Obama to relieve some of the tension of his destruction of America as we know it.
If government can't keep pot out of prisons, how can we expect to keep it out of America?
Running gun battle between vehicles kills 2 and shuts down I-75 in Cincinnati.
Jury acquits cop of brutality despite testimony from 3 fellow officers who claimed he jumped up and down on the victim's back while the victim was handcuffed.
Obama considers expanding covert attacks on Taliban in Pakistan. This has all the bad aspects of the Vietnam War and none of the good ones. We are not going to be able to build a successful state in Afghanistan. Better to reduce our forces and leave a contingent to destroy any terrorist training facilities for the sake of US security.
The recession is powering rise in neo-Nazism in Germany. Yikes.
After trashing our interest rates to zero, which had no positive effect on the credit market, the Fed is going on a buying spree, essentially printing money out of thin air to inflate, I mean increase, the money supply. This falls under Einstein's definition of insanity. Bernanke has been trying the same solution for 2 years, increasing the money supply, and the economy keeps getting worse. He won't learn from history. He won't learn from his mistakes. He keeps repeating the same behavior and expecting a different result. This is typical of socialists. It's a mental defect. Whenever socialism fails, the socialists say they didn't go far enough. Just like liberals. Unless we stop them, the end result is inevitably communism.
Get ready for the inflation. You're going to need a lot more dollars to buy the same groceries this time next year. Saving money is stupid in this environment because the Fed is lighting a significant portion of your savings on fire. Unfortunately, savings is what we need most to climb out of this recession. Ben Bernanke and Barack Obama are burning our country to the ground. They are turning the US into Zimbabwe. Nationalizing the farms will be next.
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