Friday, March 12, 2010


We tax all the others and pass the revenue on to you

NB:  The pres has donated his NobelBux to several charities.  Congratulations, Mr. President, on your honorable act.

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The Armenian Genocide debate continues.  The Swedish Parliament just passed a resolution recognizing the murder campaign as genocide.  The vote was close, 131-130, but the Swedes go the job done.  Predictably, Turkey humphed, recalled its ambassador and canceled a conference.  Now Congress trails the Swedish Parliament in courage and common sense.  Well, yes, maybe they already did.

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They would be lies anywhere else but here.  Lehman Bros. used "accounting gimmicks" to disguise its impending failure, hiding $50 bil in bad - excuse me, "troubled" - loans while begging for ever more money and paying outrageous bonuses.  Ever the spinners, Lehman calls those lies simply "non-culpable errors of business judgment".  Could I make that up?  Guess you could say the same thing about a lot of felony arrests.

It must be a real challenge, hiding $50 bil of bad loans and hoping prospective lenders and creditors won't notice.  How big do your other problems have to be before you try that trick?  Biggest bankruptcy in American history, that's how big.

Today's alert:  Watch the situation in Greece.  Their government did pretty much the same thing - with Goldman Sachs' help.  If Lehman couldn't figure how to avoid bankruptcy it's hard to see how Greece will manage it.  If Greece fails the EU won't be far behind.  Sell your Greek bonds now.

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Correspondent Paul G. recommends George Will's column "As a progressive, Obama hews to the Wilsonian tradition" (you have to sign in first),  and Charles Krauthammer's column "Onward with Obamacare, regardless".  Will is more the professor type, Krauthammer the mud-wrestler.  Both make  interesting points.

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The failures of the health care industry and the complementary failure of the government to oversee it might seduce you into believing that the government should take over.  I disagree but healthy debate should be the key to major legislation.  There hasn't been any real debate.  Had there been, you'd know more than you do.

Let me ask you a question.  Which key economic or social programs have the government run well and within budget?  If you can't think of at least a few then why would you think that government would do a better job running 1/6th of our national economy?  

Don't forget Krauthammer's column

How do you reconcile opposition to "tax cuts for the rich" that actually increase national revenue with a health program that extends government-paid benefits to the same people while draining the treasury?

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I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents...

James Madison

1 comment:

  1. "You can only be disillusioned if you were once illusioned." Charles Krauthammer (the mud wrestler)