Saturday, 07 March 2009
A DOSE OF ECONOMIC REALITY FOR BARACK OBAMA
Paul Mirengoff of www.powerlineblog.com found this quote
by George Gilder. It explains what is wrong with the Obama/Democratic
economic plan. Gilder says it so well that I have nothing to add,
other than putting what I consider the key passages in bold print:
George Gilder, writing in the Claremont Review of Books:
The experts. . .now completely in
control of Washington [are] attempting to spend their way to political
dominance, while taking well over half the voters off the federal tax rolls
and giving actual taxpayers a greater incentive to hide and shuffle existing
wealth than to earn or create new wealth. . . .But globalization
means that entrepreneurial creativity -- in which the United States is
increasing its lead -- can survive by adopting foreign locales and resources.
Countries such as Israel (a global cernter of innovation) and Ireland (a low
tax haven), China (a manufacturing dervish), and India (ascendant in software)
are taking the lead and will help capitalism survive the Lilliputians
currently trying to ruin it in the U.S.
What will matter, after all, is not
whether President Obama approves of markets but whether markets approve of
President Obama, who may think he has protected his future by buying
off he middle class with tax rebates but will soon discover that his future
will be decided by global markets for currencies and
THE MADOFF PLEA DEAL
It appears that bernard madoff, the most prolific thief in United States
history (outside of politicians, that is) has reached some kind of a plea deal.
Here, via an excerpt from the
article posted at www.abcnrews.com,
are the particulars:
Calling All Victims: Madoff Expected
to Plead Guilty
Criminal Case of the $50 Billion Fraudster
By RICHARD ESPOSITO and BRIAN
March 6, 2009
In the government's clearest statement yet that a
deal in the criminal case of Bernard Madoff is close to being made, a victims'
rights motion was filed Friday evening by the U.S. attorney in the case that
indicates Madoff will appear next Thursday in a plea proceeding.
U.S. District Court Judge Denny Chin signed an
order granting a request that the thousands of victims of the alleged Ponzi
scheme will receive online notification of the court proceedings. They will have
to periodically check a special web site set up for the
criminal case proceedings.
Any victim who wishes to be heard in Thursday's
proceeding will need to notify the government by Wednesday March 11th at 10:00
a.m. The internet address for victims to contact is: email@example.com.
The prosecution sought the court's permission to
notify the victims this way because of the thousands of alleged victims already
identified and the prospect of there being thousands more still unidentified.
Under federal law, crime victims' rights include
timely notification of court proceedings.
Madoff Plea Deal
It was reveleaed Friday that federal prosecutors
have apparently reached a plea deal with the accused con man, in which he will
admit to his role in the biggest financial crime in American history.
The deal does not specify how much time Madoff
would spend in prison, nor does it exclude the prosecution of Madoff's family or
former associates, lawyers familiar with case said.
One former federal prosecutor says he doubts the
deal will go easy on Madoff and that the disgraced financier will be spending a
long time behind bars.
"I doubt very seriously whether there would be any
concession by the government as to jail time or diminished jail time for Mr.
Madoff," said Sean O'Shea. "Given the sentencing guidelines in a fraud of this
type, I think you're looking at a man who is 70 years old, I think you're
looking at the rest of his natural life."
Madoff says he acted alone and that once he
confessed to his sons, they turned him in to the FBI. Investigators in the case
believe Madoff set up the sequence of the events to give his sons deniability.
Prosecutors could use the charges in the
information to again challenge the terms of Madoff's bail, which currently
allows him to be under house arrest in his $7 million luxury penthouse on
Manhattan's Upper East Side. Madoff wears an electronic ankle bracelet and his
wife pays for a team of private security guards
In a filing in federal court Friday, prosecutors
said once Madoff waives the right to a grand jury indictment, a legal formality, the
government would file an "information" against him. An information is a formal
document containing the allegations and criminal charges filed against the
Madoff's lawyer, Dan Horwitz, told ABCNews.com he
has not yet received the waiver for his client to sign.
"The significance of this is that the case will
proceed without a grand jury hearing the evidence," said Horwitz.
Horwitz said he could not comment on any deal with
prosecutors. "By filing an information, it doesn't always mean someone pleads
guilty to it," said Horwitz.
I don't know how to say this any other way: If the so-called
"plea deal" does anything less than get this scumbag hell out of that penthouse apartment and into jail, or
if it lets any member of his family off the hook in
any way, or if it lets any one of them hide any of their assets anywhere in
the world, it is complete BS.
I'll wait to see. But, truthfully, I don't have a
good feeling about this.
PARTY HEARTY, BARACK
After the horrible loss of life, the worst repercussion of 9/11 was what it
did to our economy. We were literally in chaos.
(Fortunately, President Bush took action that stopped the free-fall and
reversed it. His detractors conveniently forget the years of
economic growth and low unemployment which followed, but that doesn't change the
fact that they occurred.)
But let's go back to the post-9/11 months, when our economy was in a
shambles. What if, during that time, President and Ms. Bush decided that
the White House was a great place to have lavish, expensive parties? What
if he decided to run those parties one after another while the rest of the
country was suffering? What do you suppose the media would have said about
While you're mulling that over, please read the following excerpt from an
article by Bob Unruh for www.worldnetdaily.com. It might
help your throught process. The bold print is mine:
White House nightlife
'This party atmosphere
sends the wrong message'
Posted: March 07, 2009
By Bob Unruh
An organization that serves as a watchdog on the
U.S. government for American taxpayers has launched a campaign to uncover
exactly how much tax money is being spent on parties at the Obama White House.
The president has shown a penchant for lavish
galas, such as the huge assembly orchestrated in Denver when he accepted his
party's nomination for president an outdoor gathering for some 75,000
featuring a stage with Greek columns. He also held a multimillion-dollar victory
celebration in Chicago, and his fancy inauguration cost an estimated $170
million, according to ABC News.
Now, Larry Klayman, founder of Freedom
Watch, told WND today he's seeking
information about the partying in the White House since the Obamas moved in.
As WND reported this week, Freedom Watch is seeking information from the federal government on who
had input into bailout legislation and whether they got anything in return.
Klayman said the reports of the partying at the
White House, "with the likes of Steve Wonder and other high priced entertainment
stars," will be the focus of document requests being submitted to the General Services Administration. The requests will seek to determine how much taxpayer
money is being used.
"Barack and Michelle Obama have been throwing
taxpayer funded parties nearly every night with their 'friends' and supporters,
with Michelle Obama even exhorting them not to 'break' White House property,"
Klayman's announcement said.
"This party atmosphere sends the wrong message to
the American people. As the Obama-Clinton crowd party on, the American people
are suffering greatly," Klayman said.
"It was right to criticize corporate execs
for using taxpayer bailout money on bonuses and corporate junkets. In the face
of this criticism, it is an outrage for Barack and Michelle Obama to party on,
as Rome burns. It's like throwing a party at a funeral," he said.
According to a report by the news and commentary
website Politico, many of the parties have been just that
parties, not political and government meetings.
"Using one of the worlds most famous private
residences as bait, President Barack Obama and first lady Michelle Obama are
unleashing a bipartisan charm offensive and exploiting every square inch of
their new home to make friends and influence rivals. The social calendar
suggests a return to the days of Camelot," the report said.
"Since moving into their new digs, the first
couple has hosted a half-dozen gatherings from bipartisan cocktail receptions
to a public open house to the more intimate Super Bowl party ... ending many of
their days past midnight," the report said.
"Most recently the Obamas opened the White House
doors to House caucus leaders from the moderate Blue Dog Democrats and the
Congressional Black Caucus. White House aides say the couple hopes to make the
Wednesday cocktail parties a tradition."
The report quoted White House Social Secretary
Desiree Rogers saying the Obamas want to "replicate the same kind of environment
they had in Chicago."
"If there was a party or an event [in Chicago],
they were there," the report quoted "a friend" saying.
But is anything of government value accomplished?
"You would have felt like a fool talking about
politics at this party," said Eleanor Holmes Norton, D-D.C., said after one
major event. "I was surprised how much of a social event it was and how little
of a political occasion it was."
Insiders said in the report that the Obama
social schedule is busier than any other previous occupants of the White House.
"We haven't seen this kind of entertaining
in a really long time," Dee Dee Myers, former White House press secretary to
Bill Clinton, said in the report.
According to an ABC report, many of the parties
have been on Wednesdays, and the report confirmed one featured a Stevie Wonder
"This is a pretty big house, so we get
lonely," the report said Obama announced. "It's hard for me to move around out
there some times so I got to bring the world to me." Published reports
said the Jonas Brothers were on hand in the White House for a special event for
the Obama daughters, Sasha and Malia, on inauguration night.
The economy is down the crapper. People are hurting terribly. The
so-called stimulus package that was supposed to lift us out of it was instead
greeted with an 18% drop in the already-gutted stock market.
But party on, Barack. You're a Saint, aren't you? In the eyes of
most mainstream media, you still can do no wrong. And, hey, it's not
like you're paying for it out of your own pocket. It's coming
from what's left of our tax money. So who cares?
Gee, I hope we stocked up on that $100 a pound steak.......you never know
when one of the networks might unmesmerize and start talking about this.
And then we'll get stuck with that $20 a pound poor-people's stuff
WHAT IF SEC. OF STATE CLINTON WERE A REPUBLICAN?
From Ed Morrissey of www.hotair.com:
Two gift-gaffe days in a row for Obama
posted at 5:40 pm on March 6, 2009 by Ed
Yesterday, we talked about the incredibly
thoughtless snub from the Obamas to British Prime Minister Gordon Brown in the
traditional gift exchange in Browns first visit to the Obama White House.
Today, Hillary makes it a gaffetastic week by proving to the Russians that the
State Department cant translate worth a damn:
Secretary of State Hillary Clinton opened her
first extended talks with Russian Foreign Minister Sergei Lavrov by giving him
a present meant to symbolize the Obama administrations vow to press the
reset button on U.S.-Russia relations.
She handed a palm-sized box wrapped with a bow.
Lavrov opened it and pulled out the gift: a red button on a black base with a
Russian word peregruzka printed on top.
We worked hard to get the right Russian word.
Do you think we got it? Clinton asked.
You got it wrong, Lavrov said.
Instead of reset, Lavrov said the word on the
box meant overcharge.
Clinton and Lavrov
Yeah, Im sure Lavrov laughed. Later, he
probably told his deputy, Tell the crypto guys they can take it
Some will say, Come on, its just a light
moment, but lets think about what Hillary was doing here. She was
making fun of the previous administrations diplomacy with her reset button, a
rather nasty piece of work. Ill bet the Bush administration and Condi
Rice would have gotten the translation correct before making that joke and Id
bet even more money they wouldnt have thought to make fun of Hillarys husband
in that fashion in the first place.
Can we get a reset button?
If this were a Republican White House and that were a Republican Secretary of
State, it would have been lead story material across the media.
The New York Times, LA Times and other big city dailies would be
gasping for air at the Sec. of State's inability to perform at even minimal
Time and Newsweek would talk about a week in which the Secretary told Europe
-including Greece - that the USA has a far longer history of Democracy than they
do, followed by mispronouncing name after name, followed by this imbecilic
fiasco. They would demand that she be replaced immediately.
Chris Moutthews would do a panel discussion with members of both parties
questionning how she could possibly be allowed to continue in office.
keith olbermann would do a "my head is exploding" special commentary and call
the Sec. of State a pompous imbecile and the President even worse for appointing
Well, Hillary Clinton is not a Republican. Ms. Clinton is a
So grow old waiting for any of this to happen. If it is mentioned at at
all, it will be given one-day-and-out treatment by these same media.
Doubt me? Did you see any of this on the news or read it in a major
But listen to them squeal like stuck pigs if you call them
TAKING RESPONSIBILITY FOR THE STOCK MARKET PLUNGE
The stock market has fallen through a trap door, and Barack Obama does not
want to be blamed. It's all President Bush's fault, you see.
Is this truly so? Is it truly the fault of Bush and Bush alone? Well
where did the market go after the President signed his stimulus package - the
one that no Republican had a thing to do with because they were completely shut
out of writing it?
Down 18% in less than a month, that's where. And let's remember that
this was a market which already had dropped from 9,500 the day Mr. Obama was
elected, to that 7,900 figure. Even a bad market will correct here and
there. But this market took one look at what Mr. Obama and his fellow
Democrats did, and kept going south even faster.
So who is responsible for this? Not Mr. Obama's and not
Democrats? Yeah, right.
Jennifer Rubin, writing for www.commentarymagazine.com debunks
this BS beautifully. Watch her do it:
- 03.06.2009 - 12:03 PM
Bloomberg isnt buying the Obama
administrations not our fault take on the stock-market crash. So Robert Gibbs
will now have to add that entire news service, along with the
Economist, the Wall Street Journal, Rick Santelli, and Jim Cramer
to his list of supposed know-nothings who are too dense to appreciate the
brilliance of Tim Geithner and the efficacy of a spending orgy, tax hikes,
nationalization of healthcare and major industries, and cap and trade. Bloomberg
Its the Obama bear market, said Dan Veru, who
helps oversee $2.8 billion at Palisade Capital Management in Fort Lee, New
Jersey. We dont know what the rules are in so many different areas the
government is touching.
[ . .
Obama should be listening to the stock market
more than talking to it, said Kenneth Fisher, the billionaire chairman of
Woodside, California-based Fisher Investments Inc., which oversees $22
billion. He hasnt gotten out of the gate well.
Like the old joke: if people tell you that youre
drunk, perhaps its time to sit down.
And ABCs the Note gets into the act with a jab at the PR-obsessed president
who might not get the big picture on a day when unemployment hits
From the White House, on the presidents trip
Friday: The President will deliver remarks at the Columbus Police Graduation
Exercises. The 25 Columbus police recruits graduating Friday learned in
January that instead of being sworn-in as officers, they would be let go.
However, Mayor Michael Coleman announced last week that he would use money
from the American Recovery and Reinvestment Act to pay the recruits salaries
so they could keep their jobs.
Yes, 25 jobs. Just wait until that new Arbys
opens out on Route 50. . . .
Yowser. And then on a more serious and entirely
cogent note, Rick Klein asks:
On a policy level, how long before the Wall
Street tumble and other awful economic news will force a major re-thinking of
the Obama economic strategy? (Can you say, Stimulus: The Sequel?)
On a political level, how long can the president
muster the public support for his prescriptions, without tangible evidence
that theyre working? (Can he get there without buy-in from economic
commentators?) (And if he cant stock his Cabinet, can he fix an
Now, imagine an alternative Obama program:
Following the atrocious announcement of 8.1% unemployment, he hits the reset
button. He announces there will be a two-year moratorium on corporate taxes. He
cuts the payroll taxes. He declares he will veto the omnibus spending bill and
that he intends to keep governments share of GDP below 20% so as not to
duplicate the pattern of other hobbled economies with enormous welfare-state
obligations. He announces a recovery first program in which cap and trade,
healthcare, and card check will be declared long-term goals but not
the focus of his time or attention so long as we are in a recession. And then he
replaces Tim Geithner with Martin Feldstein. Would the bear market end? Would
401K values and confidence rise? Would business executives rally to his
If you want to be in the business of
economic recovery you need to do things to encourage that. If you want to be in
the business of conducting a grand social experiment, you ignore the advice
and pleas of just about everyone with a stake or expertise in the economy.
And then you watch the markets continue to dive.
The last paragraph is in bold print because it nails the problem
Barack Obama, and the hard-leftists working with him, are not trying to
resolve the economic downturn per se. They are trying to transform the
government into a European type quasi-socialist state. Maybe not even
quasi, maybe the real thing altogether.
This is what their actions will result in, this is what their actions
And I hope we voters like it. Because we created the conditions for it