We're in this mess in the first place because we have an over-Senatized party, starting with the presidential candidate, whose fortunes went south not when he picked his running mate but when the subprime hit the fan and he reacted senatorially - by heading back to Washington and "reaching across the aisle". Whether the bailout bill was good or bad, it was always going to be ugly - and it was something a shrewd national candidate would have stood aside from, as Obama did, coolly detached as the Capitol pygmies scurried hither and yon. [...]
If McCain loses and he's back in the Senate with Arlen and the Maine ladies and the rest of the gang, it will be a club of bipartisan accommodationists and capricious eccentrics. The idea that these guys will be any kind of "engine of our renewal" strikes me as far more ludicrous than the possibility of Mister Maverick getting to 270 next Tuesday. The best way to help Senator Sununu & Co is not to write off the top of the ticket but to drive up turnout for it.
Monday, October 27, 2008
Senate salvage [Mark Steyn]
The L.A. Times Suppresses Obama’s Khalidi Bash Tape
Why is the Los Angeles Timessitting on a videotape of the 2003 farewell bash in Chicago at which Barack Obama lavished praise on the guest of honor, Rashid Khalidi — former mouthpiece for master terrorist Yasser Arafat?
At the time Khalidi, a PLO adviser turned University of Chicago professor, was headed east to Columbia. There he would take over the University's Middle East-studies program (which he has since maintained as a bubbling cauldron of anti-Semitism) and assume the professorship endowed in honor of Edward Sayyid, another notorious terror apologist.
The party featured encomiums by many of Khalidi's allies, colleagues, and friends, including Barack Obama, then an Illinois state senator, and Bill Ayers, the terrorist turned education professor. It was sponsored by the Arab American Action Network (AAAN), which had been founded by Khalidi and his wife, Mona, formerly a top English translator for Arafat's press agency.
Is there just a teeny-weenie chance that this was an evening of Israel-bashing Obama would find very difficult to explain? Could it be that the Times, a pillar of the Obamedia, is covering for its guy?
Gateway Pundit reports that the Times has the videotape but is suppressing it.
Smells Like Socialist Spirit
> Seven years ago, Obama told Chicago Public Radio that the Warren
> Court was too conservative and missed its opportunity to
> redistribute wealth on a much grander scale. In fact, Obama wanted
> them to break the Constitution and reorder American society far
> outside of what the founders intended.
[Highlighted Obama quotes:]
>> But, the Supreme Court never ventured into the issues of
>> redistribution of wealth, and of more basic issues such as
>> political and economic justice in society. ...
>>
>> It didn't break free from the essential constraints that were
>> placed by the founding fathers in the Constitution ...
>>
>> I'm not optimistic about bringing about major redistributive change
>> through the courts. You know, the institution just isn't structured
>> that way.
>>
The implication is that capturing the presidency and both houses of
congress might be a better path towards "major redistributive change".
Friday, October 24, 2008
Obama’s Fundraising Fraud
It turns out that half of Obama's haul in 2008 has come in contributions of $200 dollars or less. These small donations do not require public disclosure under FEC guidelines, and the Obama campaign refuses to make public its list of contributors. Obama earlier announced he'd accept public financing if the GOP nominee did the same (and then, of course, broke his pledge in June after realizing he'd far surpass previous fundraising records). So there's a pattern. By keeping his donor list secret now, the Illinois senator has heightened speculation of financial impropriety. Not only can Obama's inside operatives organize massive bundling operations outside the law, there are no safeguards against the new "fat cat" contributors who bundle their own cash. Hillary Clinton's Norman Hsu scandal from late-2007 points to the kind of abuses possible under the current regime. A more serious breach of faith may be taking place right now in the Obama camp.
As Scott Mirengoff at Powerline reported on Thursday, the Obama campaign refuses to screen credit card contributions for potential fraudulent transactions, and thus any individual could make unlimited contributions using infinite aliases.
It turns out, for example, that credit card companies deploy a variety of security measures to guarantee the processing of electronic transactions. For campaign giving, the key safeguards are vendor address verification, country of residence, and proof of citizenship. We now know that Obama operatives at the campaign's website have disabled the security settings on vendor identity to expedite online donations, gifts that then speed through to fund election activities that would be flagged as illegal under normal FEC reporting standards.
Barney Frank, Meet Robert Heinlein [Andy McCarthy]
This morning's WSJ editorial on "Obamanomics" starts with this quote from Barney Frank (and as you read it, note how confident the Left is: One of the main culprits of the credit crisis, saying this sort of stuff already, just before we vote and before they are even fully in power):I think at this point there needs to be a focus on an immediate increase in spending and I think this is a time when deficit fear has to take a second seat . . . I believe later on there should be tax increases. Speaking personally, I think there are a lot of very rich people out there whom we can tax at a point down the road and recover some of the money.It reminded me of this passage a reader sent me a few days ago, from the late, great science fiction writer Robert A. Heinlein's To Sail Beyond the Sunset (1987):
The America of my time line is a laboratory example of what can happen to democracies, what has eventually happened to all perfect democracies throughout all histories. A perfect democracy, a "warm body" democracy in which every adult may vote and all votes count equally, has no internal feedback for self-correction.... [O]nce a state extends the franchise to every warm body, be he producer or parasite, that day marks the beginning of the end of the state. For when the plebs discover that they can vote themselves bread and circuses without limit and that the productive members of the body politic cannot stop them, they will do so, until the state bleeds to death, or in its weakened condition the state succumbs to an invader — the barbarians enter Rome.
Wednesday, October 22, 2008
Would the Last Honest Reporter Please Turn On the Lights?
Your job, as journalists, is to tell the truth. That's what you claim you do, when you accept people's money to buy or subscribe to your paper.
But right now, you are consenting to or actively promoting a big fat lie — that the housing crisis should somehow be blamed on Bush, McCain, and the Republicans. You have trained the American people to blame everything bad — even bad weather — on Bush, and they are responding as you have taught them to.
If you had any personal honor, each reporter and editor would be insisting on telling the truth — even if it hurts the election chances of your favorite candidate.
The Media vs. Joe the Plumber by Jonah Goldberg
In short, Obama's explanation to Joe the Plumber that we need to "spread the wealth around" is a sincere and significant expression of his worldview, with roots stretching back to his church and his days as a community organizer.
Tuesday, October 21, 2008
The comprehensive argument against Barack Obama
My immediate response: "But have you seen the other guy?" Seriously, I'm not so concerned about the amount of time spent in Washington as an important qualification for a president. I'd take Palin if could vote for her, but I'm left with McCain as the only other contender and I simply won't vote for him. Bob Barr (Libertarian) is my man. If I'm going to lose, I'm going to lose with my principles intact.Democrats want America to support at once the most radical and least qualified candidate for President in at least a century. They have tried to conceal this with the complicity of a pom-pom-waving national media that has shown much more interest in the political background of a plumber from Ohio than in a major-party candidate for President.
America deserves better than that. Voters deserve the truth from the press, not vague cheers of "hope" and "change" while willfully ignoring or air-brushing Obama's record. We hope to set that record straight with our essay.
Obama’s New Tax Welfare by Peter Ferrara on National Review Online
Barack Obama says he plans to cut taxes for 95 percent of American workers. That sounds terrific, but there are three problems. One, it is meant to draw attention from the real core of the Obama tax plan: proposed increases in every major federal tax. Two, the structure of the cuts will create perverse incentives. And three, many of the people receiving "tax cuts" don't pay taxes to begin with, meaning they'll be in effect getting welfare. [...]
Finally, Obama's "tax cut," if he follows through with it, will often be a simple giveaway. As it stands right now, roughly one-third of income earners pay no federal income taxes. Many actually receive payments from the income-tax system — these payments total 3.8 percent of all federal taxes paid. Simple arithmetic holds that if one-third of earners don't pay income tax, it's impossible to cut taxes for 95 percent of earners.
Entitlements are forever
Some conservative activists, despairing (prematurely) about the chances for victory on November 4th, argue that an Obama win could be a blessing in disguise. According to this logic, The One would occupy the White House for only One term and whatever big government, liberal programs he managed to enact could be swiftly repealed by some future "true conservative" champion. [...]
But conservatives need to face the fact that Barack Obama has promised profound systemic changes that will be irreversible—absolutely permanent alterations of our economy and government where there is no chance at all that Republican office-holders of the future could in any way repair the damage.
For instance, consider two sweeping new entitlements that Obama plans to offer for all Americans – universal (but, he insists, "voluntary") federally-funded pre-school for all children starting at age three, and a low-cost, heavily subsidized federal health insurance plan for every low or middle income American who wants it. [...]
The chances of ever taking away such goodies are nil --- Presidents may come and go, but entitlements are forever. New government give-aways may accomplish nothing constructive but they're all but impossible to eliminate once they're up and running.
Monday, October 20, 2008
Justice Clarence Thomas: How to Read the Constitution
Let me put it this way; there are really only two ways to interpret the Constitution -- try to discern as best we can what the framers intended or make it up. No matter how ingenious, imaginative or artfully put, unless interpretive methodologies are tied to the original intent of the framers, they have no more basis in the Constitution than the latest football scores. To be sure, even the most conscientious effort to adhere to the original intent of the framers of our Constitution is flawed, as all methodologies and human institutions are; but at least originalism has the advantage of being legitimate and, I might add, impartial.
The Fed is getting it wrong again
Most people now living have never seen a credit crunch like the one we are currently enduring. Ms. Schwartz, 92 years old, is one of the exceptions. She's not only old enough to remember the period from 1929 to 1933, she may know more about monetary history and banking than anyone alive. She co-authored, with Milton Friedman, "A Monetary History of the United States" (1963). It's the definitive account of how misguided monetary policy turned the stock-market crash of 1929 into the Great Depression.
Ms. Schwartz thinks that our central bankers and our Treasury Department are getting it wrong again.
To understand why, one first has to understand the nature of the current "credit market disturbance," as Ms. Schwartz delicately calls it. We now hear almost every day that banks will not lend to each other, or will do so only at punitive interest rates. Credit spreads -- the difference between what it costs the government to borrow and what private-sector borrowers must pay -- are at historic highs.
This is not due to a lack of money available to lend, Ms. Schwartz says, but to a lack of faith in the ability of borrowers to repay their debts. "The Fed," she argues, "has gone about as if the problem is a shortage of liquidity. That is not the basic problem. The basic problem for the markets is that [uncertainty] that the balance sheets of financial firms are credible."
So even though the Fed has flooded the credit markets with cash, spreads haven't budged because banks don't know who is still solvent and who is not. This uncertainty, says Ms. Schwartz, is "the basic problem in the credit market. Lending freezes up when lenders are uncertain that would-be borrowers have the resources to repay them. So to assume that the whole problem is inadequate liquidity bypasses the real issue."
In the 1930s, as Ms. Schwartz and Mr. Friedman argued in "A Monetary History," the country and the Federal Reserve were faced with a liquidity crisis in the banking sector. As banks failed, depositors became alarmed that they'd lose their money if their bank, too, failed. So bank runs began, and these became self-reinforcing: "If the borrowers hadn't withdrawn cash, they [the banks] would have been in good shape. But the Fed just sat by and did nothing, so bank after bank failed. And that only motivated depositors to withdraw funds from banks that were not in distress," deepening the crisis and causing still more failures.
But "that's not what's going on in the market now," Ms. Schwartz says. Today, the banks have a problem on the asset side of their ledgers -- "all these exotic securities that the market does not know how to value."
"Why are they 'toxic'?" Ms. Schwartz asks. "They're toxic because you cannot sell them, you don't know what they're worth, your balance sheet is not credible and the whole market freezes up. We don't know whom to lend to because we don't know who is sound. So if you could get rid of them, that would be an improvement." The only way to "get rid of them" is to sell them, which is why Ms. Schwartz thought that Treasury Secretary Hank Paulson's original proposal to buy these assets from the banks was "a step in the right direction."
The problem with that idea was, and is, how to price "toxic" assets that nobody wants. And lurking beneath that problem is another, stickier problem: If they are priced at current market levels, selling them would be a recipe for instant insolvency at many institutions. The fears that are locking up the credit markets would be realized, and a number of banks would probably fail.
Friday, October 17, 2008
What Would Milton Friedman Say?
Would Milton have seen the crisis as a setback for capitalism?
Only in the short term.
"If this election goes the way it looks as though it's going to go," says Tom, "then the political system is about to get a major overcorrection to the left. And that means the American people are about to get an extreme illustration of just how badly government intervention screws stuff up."
"If Milton were here," Tom says, "he'd tell us to remember what happened during the Clinton administration. After just two years, the Republicans ended up in control of both houses of Congress."
A Liberal Supermajority - WSJ.com
Though we doubt most Americans realize it, this would be one of the most profound political and ideological shifts in U.S. history. Liberals would dominate the entire government in a way they haven't since 1965, or 1933. In other words, the election would mark the restoration of the activist government that fell out of public favor in the 1970s. If the U.S. really is entering a period of unchecked left-wing ascendancy, Americans at least ought to understand what they will be getting, especially with the media cheering it all on.
http://www.eyeblast.tv/public/image.aspx?v=e4SUaGqGkU
John McCain may have committed the most helpful gaffe in presidential debate history last night when he called Barack Obama "Senator Government." It's already available in t-shirt form.
Obama, Joe the plumber, and the gospel of envy
Senator Obama, in a rare moment of candor, all but told "Joe the plumber" that his wealth should be seized in the name of equity. Their personal encounter this past Sunday played out one of the old themes of democratic politics: the appeal to the many to take from the few. It's traditionally an easy sell in democratic regimes.
Despite Obama's implication to the contrary, however, it doesn't represent much in the way of change.
The personal income tax, the federal government's main source of revenue, is collected overwhelmingly from a relative handful of Americans. Indeed, the most recent IRS data shows that the top 1 percent of filers paid nearly 40 percent of all income taxes. That means the top 1 percent paid about the same as the bottom 95 percent, according to the Tax Foundation, a nonpartisan research group. The bottom 50 percent paid just 3 percent.
Given that poorer citizens always outnumber the rich, political philosophers have long worried that government based on majority rule could lead to organized theft from the wealthy by the democratic masses. "If the majority distributes among itself the things of a minority, it is evident that it will destroy the city," Aristotle warned.
Thursday, October 16, 2008
Obama to Joe: Plumbing is a Constitutional Right
Read the whole thing. Once again ScrappleFace cuts to the heart of the matter with humor. The scary part is that it's hard to see how a Democrat could argue with his logic.After a presidential debate which focused on the needs of one man, a plumber named Joe Wurzelbacher of Holland, Ohio, Sen. Barack Obama this morning announced that "plumbing, like health care, is a Constitutional right, and therefore a federal government responsibility."
"Millions of Americans go to bed every night listening to the incessant drip of a leaky faucet, fearing a flooded basement or a backed up toilet," said Sen. Obama. "In my travels around the country, I've learned that single mothers, children and seniors are hardest hit. Often it comes down to a decision between buying groceries, or getting the garbage disposal fixed."
Wednesday, October 15, 2008
Change [Cliff May]
One reason Republicans lost the 2004 congressional elections: Corruption, e.g. Duke Cunningham (financial) and Mark Foley (sexual).
Four years later there are allegations of corruption on the Democratic side, e.g. Charlie Rangel (financial) and Tim Mahoney (sexual).
And this appears not to be harming Democrats at the polls not one little bit. Discuss among yourselves.
AP: Congressman Had Second Affair; Tim Mahoney doubles down
Hours after a married congressman addressed a report that he had an affair with a former member of his campaign staff and paid her to keep quiet about, details of a purported extramarital relationship with a second woman surfaced.Later Tuesday, a person close to his campaign told The Associated Press that Mahoney also was having an affair with a second woman around the same time.Mahoney spoke briefly to the media at PGA National Resort & Spa, reading from a prepared statement with his wife at his side. Mahoney responded to the allegations that he agreed to a $121,000 payoff to Patricia Allen and promised her a $50,000-per-year job at the company that handled his campaign advertising, as ABC News first reported Monday.The affair between Mahoney, 52, and Allen, 50, allegedly began in 2006 when he was campaigning against disgraced former Rep. Mark Foley, according to current and former staff members. Mahoney was eventually elected to replace Foley, who resigned following a sex scandal involving teenage congressional pages.A person close to the Mahoney campaign said Mahoney also was having a relationship with a high-ranking official in Martin County. The person said Mahoney was having a relationship with a 49-year-old divorcé in the engineering department and that the affair took place in 2007 while Mahoney also was lobbying the Federal Emergency Management Agency for a $3.4 million reimbursement for Martin County for damage caused by hurricanes in 2004. FEMA approved the money late last year.
Obama – ‘Spread the Wealth Around’ Reveals Socialist Plan for America
"Of course not," said Obama. "But what's happened is that we end up – we've cut taxes a lot for folks like me who make a lot more than 250. We haven't given a break to folks who make less, and as a consequence, the average wage and income for ordinary folks, the vast majority of Americans, has actually gone down over the last eight years. So all I want to do is – I've got a tax cut. The only thing that changes, is I'm gonna cut taxes a little bit more for the folks who are most in need and for the 5% of the folks who are doing very well - even though they've been working hard and I appreciate that – I just want to make sure they're paying a little bit more in order to pay for those other tax cuts. Now, I respect the disagreement. I just want you to be clear – it's not that I want to punish your success – I just want to make sure that everybody who is behind you – that they've got a chance at success too." [...]
Obama said, "My attitude is that if the economy's good for folks from the bottom up, it's gonna be good for everybody. If you've got a plumbing business, you're gonna be better off if you're gonna be better off if you've got a whole bunch of customers who can afford to hire you, and right now everybody's so pinched that business is bad for everybody and I think when you spread the wealth around, it's good for everybody."
An interview with the plumber, Joe Wurzelbacher:
You start giving people stuff, and then they start expecting it – and that scares me. A lot of people expect it now. They get upset when their check's late, they get upset when they don't get as many benefits as they used to, or when different government agencies are cut or spending is cut here and there for whatever reason – people get upset at that. And that's because they're used to getting it and they want more. I mean, everyone's always gonna want more. People work the system left and right to get more out of welfare, to get more out of state assistance, federal assistance. And if government's there for them, they're gonna keep on trying to manipulate it to get more out of it. You got people that come along and say, "Hey, I wanna help you people," I mean, they're all ears! They're like, "Hey, you can help me more, I don't have to work as hard, I don't have to do as much, and you're gonna give me this? Man, that's great, you're a good guy."So yeah, it goes down the socialist – His healthcare plan scares me. You know, I don't like people going without healthcare, but it's not my job to pay for everyone else's healthcare. It's hard enough paying for my own. I like the idea of deregulation as far as – nationally, you know, you only get insurance companies that can work in this state – if you deregulate that then you have more people competing and then the prices would go lower. It seems pretty simple to me. It probably isn't that simple – but you flood the market with more products, usually they go down cheaper.
