Wednesday, May 30, 2012

Barack Obama: Making People Feel Good About Themselves Is His Main Skill

I ran across a quote today that was too choice to not pass along. From Holman Jenkins writing for the Wall Street Journal (emphasis mine):

Mr. Obama's great political talent has been his knack for granting his admirers permission to think highly of themselves for thinking highly of him. The self-approval of his supporters is the engine of his political rise, albeit married to the kind of hardball that drove his two most formidable rivals out of the 2004 Senate race in divorce-related scandals.

That is such a great line. People like thinking they are smart and sophisticated and hip because they support Obama and are able to completely divorce their support from reality, a reality in which 3 1/2 years of Obamanation has put us deeper in debt, made the government dramatically bigger and more intrusive, engaged in even more military adventures around the world and done nothing to help the employment situation. Among many of the most ardent Obama supporters is a tacit assumption of moral superiority based on their support of Obama.

Luckily (hopefully) there are not enough of these self-important supporters to reelect Mr. Obama.

Friday, May 11, 2012

A private company make a risky investment and loses. Quick, someone call the government!

The big business news of the day is the loss of around $2 billion by J.P. Morgan Chase today. Like Pavlov’s dog, big government liberals are tripping over themselves to push for more regulations of the banking industry. Something happened that most people don’t understand so the government needs to *Do Something* to placate the populace.


Why in the world is it the business of the Federal government to oversee the private transactions of private companies? If a company like J.P. Morgan Chase makes a bad bet like this there is already a system in place to deal with it. They take a huge loss, something that comes with the territory in capitalism. The stock likely gets pummeled, as will happen today. If things are really bad the board of directors will make changes, which will not happen in this case. Worst case scenario a company folds and is replaced by another player. It is messy but it is the way that the private economy thrives.

The alternative, a position favored apparently by people like Carl Levin and the President, would have endlessly increasing “oversight” by the same people who brought us the Fannie Mae/Freddie Mac debacle and $14,000,000,000,000 in unsecured debt. The same organization that is the very model of incompetent leadership, frivolous spending and inefficiency.

Let me lay it out for you. The 2011 budget has a deficit of about $1,500,000,000,000. There are 365 days in a year. So that works out to about $4,000,000,000 in deficit spending every single day or twice what J.P. Morgan Chase lost in six weeks. While the Federal government is $14,000,000,000,000 in debt with no plan to dig us out of the that hole, Chase will still make, IN ONE QUARTER AND EVEN WITH A $2 BILLION LOSS, around $4 billion in profit! Read that again. Even with this enormous loss Chase still makes billions in profit in this quarter at the same time that the Feds for hundreds of billions deeper into debt.

Who do you trust to know what they are doing, the people making billions in profit in spite of a big loss or the people who are going to spend hundreds of billions in deficit spending with no plan and no prospect of paying it back? When it comes to losing money, JP Morgan Chase can't hold a candle to the Federal government.

Wednesday, May 9, 2012

Getting Things Done = $14,000,000,000,000 in debt

Ah the day after. Yesterday Richard Mourdock just hammered Senator Dick Lugar by some 20% in yesterday’s Indiana Republican primary. Afterward it was all sunshine and puppy dog tails as everyone from Mourdock to President Obama thanked Lugar for his service and statesmanship. NPR ran several stories this morning extolling Lugar’s virtues, how he was a guy who would reach across the aisle and was able to “get things done”. Since I am not associated with the Mourdock campaign I am under no obligation to be gracious in victory. I am not obligated to thank Senator Lugar for his service. I am free to say:

Good riddance.

We are supposed to thank Dick Lugar for his service? What service? He has been living a life of luxury and power on the taxpayers dime since I was five. He hasn’t bothered to live among the serfs in Indiana, preferring instead to live amidst the bright lights and ruling class of D.C. He has travelled the world using the taxpayers credit card and for that he gets called a “statesman”. He has long been a part of the establishment in D.C., meaning he is part of the problem. We hear a lot about how he was bi-partisan, how he would reach across the aisle and “get things done”. Well “getting things done” has given us an enormous Federal government that is a perversion of the intent of the Constitution and landed us $14 trillion in debt. That is not the sort of “service” we should celebrate, it is the sort of betrayal that should have landed Lugar and the rest of his Senate buddies out on the street a long time ago. I am supposed to thank Dick Lugar for having a cushy, powerful job handed to him for three and a half decades? I don’t think so, I will simply thank him to vacate the office we the people pay for with our hard work and tax dollars and do so as quickly and quietly as possible. Sorry I am simply not feeling gracious toward people who have bankrupted this country and treated the Indiana Senate seat as their birthright for three decades.

With any luck this is the last we will hear of Dick Lugar.

Monday, May 7, 2012

Lugar In Denial

The primary election is tomorrow and Dick Lugar seems completely oblivious.Recent polls show him trailing Richard Mourdock by ten points but over the weekend he was in town insisting that he was going to win. how exactly is he going to win when the polling momentum is pretty grim?

Despite a recent independent poll giving Mourdock a 10 percentage point lead, Lugar said, “I believe I’m going to win the primary.”

“I believe that a majority of people in Indiana who are registered voters favor my candidacy,” he said. “ … If everybody voted, I would win.”

Senator Lugar seems to be missing something here. This is a primary, not a general election, so by definition only Republicans should be picking the Republican nominee. Lugar is desperately seeking Democrats and independents to come to his aid and that tells you a lot about his "conservative" credentials.

I think Dick Lugar finally realizes what many of us have known for a long time. His tenure in the U.S. Senate is about to come to an end because he lost touch with Indiana a long time ago and is known more for his willingness to compromise on just about anything than he is for being a conservative leader. A man with Lugar's experience, stature and connections should be a stalwart, a leader in the Senate. He is instead a compromiser, a "statesman" that is D.C. code for going along to get along. Republicans like Lugar who exchange favors and pats on the back with liberals are every bit as much to blame for the $14 trillion national debt as Democrats and it is time for him to go.

Thank you for your service Senator Lugar, enjoying your retirement in D.C. as a lobbyist and influence peddler.