EXECUTIVE ORDER WATCH

Wm F Buckley said “A liberal is someone who wants to reach into your shower and adjust the water temperature.” In today’s political environment, timid soul that I am, I’m reluctant to step into the shower totally nude.

Their hand has not touched my faucet yet but I do see it reaching for my wallet. This time it is not to take some money. They are doing that already with taxes. It’s not about controlling on what it may be spent. They are doing that already from light bulbs to automobiles. This time they want to tell you how to invest it.

According to Investment News, Obama signed an Executive Order on Friday creating a council whose advice will decide which financial products are to be supported by the government. The council will consist of approximately 20 members, all appointed by the President. The Council will support “those products and services deemed beneficial to consumers”. Deemed not by you the investor, the one who earned it, the one who saved it, but as deemed by the government to be best for you.

If given a choice, I would prefer they just adjust the water temperature.

Bob B

IRISH BULLS and YOGIISMS

Yogi Berra was famous for such sayings as “People don’t go there any more. It’s too crowded.”  Yogi’s pronouncements were short and sweet. the illogic was  noticeable immediately. There is another form of verbal blunder called an Irish Bull, which is an expression that seems to make sense but after a moment’s reflection is seen to be wildly illogical.

The term Irish Bull harks back to Sir Boyle Roche, a member of the 18th-century Irish parliament who was given to earnest inanities. For example, there was his response to another member’s appeal for some measure because it would benefit posterity. “Why, Mr. Speaker, should we do anything for posterity?” Sir Boyle asked. “What has posterity done for us?” 

Sir Boyle was a dual patriot, deeply attached to both England and Ireland. Indeed, he wanted “the two sisters to embrace like one brother.” But he feared that Irish grievances would never be addressed. Or as he put it: “So long as Ireland is silent on this question, England will be deaf to our entreaties.” 

This master of the Irish bull was moved to tears by Ireland’s troubles. “The country is overflowing with absentee landlords,” he complained, and, what’s more, “The cup of Ireland’s misfortunes has been overflowing for centuries, and is not full yet.” 

Consider this poetic passage from one of Sir Boyle’s orations: “All along the un-trodden path of the future, I can see the footprints of an unseen hand.”

Clarence Manion, a law school dean and minor ideologue in the 1950s earned a place among the immortals with this towering piece Irish Bull bloviation:

“There is every reason to believe that Republican forms of government, every branch of which is constitutionally committed to the protection of unalienable individual rights, could and would permanently solve the political aches and pains of the whole world. But there, as here and everywhere, mere form without substance must collapse of its own weight.”

Irish Bull

“When the chickens that didn’t hatch come home to roost, we will rue the day when, misled by sloppy accounting and rosy scenarios, we gave away the national nest egg.”   Paul Krugman, wailing against the Bush tax cuts. 

Yogiisms

“A zebra cannot change its spots.”  Al Gore, referring to George Bush during the presidential campaign of 2000.

”I hope that he will understand, if he is the nominee, the degree of disillusionment that will happen if he doesn’t become a greater man than he will ever be,”    Sean Penn commenting on Obama at the 2008 Cannes Film Festival.

Bob B

ZINN NO MORE

Howard Zinn noted historian 1922 – 2010.

Credit must be given to this most famous historian for articulating his agenda, an agenda many historians of his persuasion shared but dare not acknowledge. In the nature of a true believer Howard Zinn made clear his belief that the first duty of a historian is to influence the future. He held to the idea that a better world is a higher goal than truth.

Howard would likely deny that, but the sincerity in his denial would be grounded on a different definition of truth. Broadly distributed imbalance, a Zinn hallmark, is deception trading as truth.

“What we choose to emphasize in this complex history will determine our lives.… this gives us the energy to act, and at least the possibility of sending this spinning top of a world in a different direction.”

Consider these quotes. “Dissent is the highest form of patriotism”. “There is no flag large enough to cover the shame of killing innocent people.” There may be truth in those quotations, but truth is sacrificed to agenda by the intended inferences.

Howard Zinn has been highly admired by the Left and little known by the Right. His teachings have shaped the beliefs of students for years. I recommend reading Ron Radosh’s post “America the Awful” at Minding the Campus.

http://www.mindingthecampus.com/originals/2010/01/america_the_awfulhoward_zinns.html

SOTUS SITS

United States Supreme Court justices fail to applaud their being insulted, all of them. If Obama was trying to gain populist favor by his remark it was neither the time nor target for it. Attacking the Court does not elicit populist cheers like attacking banks, insurance companies or lobbyists.

Obama has been very critical even of the liberal Warren court. Why does he do it? He does it because the Constitution was written to protect the American people from those with an agenda like Obama’s and the Supreme Court is the peoples defender of the Constitution. The Constitution was an impediment to Wilson who tried to change its composition. It was an impediment to FDR whose NRA the Court declared unconstitutional. It is an impediment to Obama’s big government agenda for America.

Hooray for the Supreme Court !!

And so it sat.

THEY BROKE IT. I’LL FIX IT

They broke it. I’ll fix it. Such was the gist of Obama’s State of the Union address last night. The title I had in mind for this post before the speech was “The Good. the Bad and the Ugly”. I scrapped that idea because there was not enough of any of those qualities in the speech to justify it. It was a lot of whining and not much more.

Clinton’s first State of the Union address was inspiring and full of encouragement. Reagan’s was uplifting and turned the mood of the nation from one of embarrassment over the Nixon affair to a vision of America as a shining light on a hill. Obama’s speech last night was very much the opposite. It was a downbeat presentation of the President’s view of America as a struggling and suffering nation in need. A loser, if you will allow the vernacular.

He blamed the need on reckless actions by banks, speculators, insurance companies, and failures of prior administrations.

There is a time and place to criticize the Supreme Court if you are so disposed. Obama seemed not to realize this was neither the time nor place. The Supreme Court of the United States of America is without doubt the most respected of the three branches of our government. The President’s broadside was an insult to that august body.

Obama said “The best anti-poverty program around is a first class education”. I liked that. In an effort to appear open to Republican input regarding health care reform he said if others have ideas  “Let me know. Let me know. Let me know.  “I’m eager to see it” (sic). Does he not know Republicans were locked out of a health care deliberation room? Did he forget he his own refusal to allow CNN to televise proceedings despite his promise otherwise? Is he not aware  of the attempts to  limit health care debate in the Senate to 48 hours? And that Republicans were not to be given a copy of the bill in advance of that 48 hours?

Given such history it takes a lot of hubris to claim you are open to other ideas. Then again, it may not be hubris, just humble dishonesty.

AIG LOOK-BACK

Was it corruption that brought down AIG ?
No it was not. AIG was brought down by excessive holdings of derivative securities, primarily those known as Credit Default Swaps. It is an over simplification, but one could say Credit Default Swaps are a form of insurance against loss due to defaulted debt, i.e. mortgage foreclosures. AIG was on the wrong side of a monumental insurance bet.

Was there corruption? Yes, but it was not responsible for the fall. It came after the fall. It came in an effort to save the company. Credit Default Swaps do not trade in a high volume auction market like common stock. There is no widely recognized value for these esoteric instruments. Nevertheless, there was no doubt the real value had plunged to somewhere near zero. Sarbanes -Oxley required such securities be “marked to market”, i.e. reflect the loss on the books. AIG did not do so. AIG may not have been squeaky clean but they certainly were not Enron corrupt.

If it wasn’t corruption that brought them down, what was it?
Bad Risk Management. A mortal sin for an insurance company.

Was taxpayer money required to bail out AIG ?
No, not one red cent. Polls at the time revealed that the public recognized this but our politicians did not. In a properly functioning free market system Darwinism prevails. Governments do not infuse capital into companies that engage in failing practices. That is not free market, it’s’s intervention.

Indeed, taxpayer money was used but it was not required. It was a choice made by elected representatives who, once again, failed to represent our interests.

JOBS SAVED

I am neither statistician nor economist but my profession requires a good working knowledge of both fields. There is no measure of overall “jobs saved”.

If such a claim were to be made by an unbiased source it would be but opinion. When such a claim is made by a politician with much to gain by its assertion, it would be charitable to call it propaganda.

FRANK IS FRANK

Associated Press quotes Barney Frank

“I believe this committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance,”

That’s as frank as Frank can get.

AP continues: “His comments show how much the financial crisis has upended the relationship between lawmakers and the two companies. Frank was long one of the staunchest supporters of Washington-based Fannie Mae and Freddie Mac, based in McLean, Va.

The two companies, which have been run by the government since they almost collapsed in September 2008, have required $111 billion in federal aid to stay afloat. Late last year the Obama administration pledged to cover unlimited losses through 2012 for both companies, lifting an earlier cap of $400 billion.

Regulators announced last month the CEOs of Fannie and Freddie could get paid as much as $6 million for 2009. That has outraged Republican lawmakers on Capitol Hill.”

Got that?  Lost 11 billion so far. Preparing for a loss of over 400 billion. CEOs getting 6 million. Government run.

Barney Boy wants to replace this horror of a government program with a whole new government program.  New vehicle, same drivers. Instead of Fannie and Freddie what will it be Barney? How about Dizzy and Doozy?

Bob B

THE GREAT DIVIDE

When Obama refers to “social justice” he is lamenting the truth that some people are better off than others. There are the very rich and the very poor and that to him is the great injustice. Obama, I think sincerely, seeks to eliminate that inequality,an inequality of status.

Opposing thinkers do not use the term “social justice”. But if they did it would be defined as equal treatment. To create equal status you must take from the haves and give to the have-nots. This is not equal treatment. It requires force or coercion against one individual and charity to another without regard to merit. It is a great injustice.

Equal status vs. equal treatment, that is the Great Divide.

“A society that puts equality- in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom. The use of force to achieve equality will destroy freedom, and the force, introduced for good purposes, will end up in the hands of people who use it to promote their own interests”   Milton Friedman

Bob B

AIR AMERICA, DECEASED

Air America has filed for bankruptcy. They could not find an investor.

Of course they couldn’t. Hate and slime do not sell. If you think my characterization is too strong you must not have heard much of their programming. Randi Rhodes and Al Franken made Keith Olbermann look like Ronald Reagan.

When Minnesota Democrats elected Keith Ellison it was an honorable mistake. But when they nominated Al Franken they lost their honor.

The demise of Air America is a significant step in the fight to reduce air pollution.