RANDOM OBSERVATIONS

Posted on May 18, 2010 | Leave a comment

In “Kagan on Reagan” a certain sagacious blonde quotes Supreme Court nominee Elena Kagan as having written of Ronald Reagan’s election that “the world has gone mad, liberalism is dead and that there is no longer any place for the ideals we held or the beliefs we espoused”. The lady, (Kagan, not the blonde) is no moderate. She is a true believer in the progressive theme.

Bye the way,” progressive”, that’s propagandic for regressive of course.

If I were you, I would take a cue from Mae West and go up and see this blonde sometime. You will see a nice set of articles if you do. The key to her room is http://mobyrebuttal.blogspot.com/ .

Next. I noticed the New Yorker magazine has something to say about Tocqueville in America in the latest issue. In 5 or 6 pages they managed to make Christianity look pretty silly but didn’t find space available to print his rather timely statement that “America will last until the populace discovers it can vote for itself largess out of the public treasury”.

Finally. It seems Obama is dissing America by proxy now. Assistant Secretary of State Michael Posner has been assigned the duty of urging the Chinese to improve their humanitarian policies. He led the discussions by volunteering that Arizona’s new illegal immigration policy is a violation of basic human rights. Somehow I don’t think murdering dissidents is the same thing as enforcing laws on illegal immigration. What is it about this administration that causes them to think negotiations will be more fruitful if you humiliate yourself at the outset?

Bob B

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PAPANDREOU BLAMES AMERICAN BANKS

Posted on May 17, 2010 | Leave a comment

The Greek leader has said he might consider suing American banks as responsible for Greece’s insolvency. This is not as stupid as it sounds. Papandreou knows the lenders are not responsible for his nation’s virtual bankruptcy. He also knows his popularity is plunging and he must focus the anger of the Greek people away from himself if he is to have any hope of continued political power.

There lies throughout Europe an underlying resentment of America and a distrust of banks, Wall Street and capitalism. They serve well as straw men toward which the arrows of public discontent may easily be deflected. The idea of suing the banks may be absurd on its merits but at the same time a wise step for the man who put it forth. This is the mud of which the building blocks of a political house are formed.

This one is for Citibank! And the people cheered.

Nor does it appear the man is fighting a lost cause. Papandreou’s popularity has sunk below 50% but he still leads his closest opponent by 17%. His chances for re-election appear good. In a nation with multiple parties a plurality is all that’s needed.

One should not be too quick to take a politician’s actions at face value. There is an old joke that asks, “How can you tell when a politician is lying?” The answer is “His lips are moving.”

Bob B

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CARTOON by RAMIREZ

Posted on May 16, 2010 | Leave a comment

Oh my, if only it worked this way

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LAST WEEK

Posted on May 15, 2010 | Leave a comment

Week ending May 14, 2010

Monday
Another flag flap.
One student reprimanded for drawing a picture of the American flag while a classmate is praised for drawing one of Barack Obama.

Detroit News reports that workers prefer unemployment over work.
Correction –
Detroit News reports that people prefer unemployment over work.
Extending unemployment benefits has led to an increase in unemployment.
Read about it here.

Tuesday
We learn of proposal for a medal to be awarded soldiers who exercise “courageous restraint”.
British Maj. Gen. Nick Carter, the NATO commander of troops in southern Afghanistan, proposed the idea of awarding a medal to troop who exercise “courageous restraint”. There must be danger for there to be courage. Therefore I presume this medal will be awarded to soldiers who, facing imminent danger to themselves and their comrades, do nothing.

Wednesday
U.S. Treasury announces April deficit was 4 times larger than last year’s deficit.
Federal spending to stimulate people was held partly to blame. IRS action also contributed to the shortfall as they returned some of the peoples’ money to them as tax refunds.

Thursday
Obama administration authorizes killing of a U.S. citizen.
His name is Anwar al-Awlaki, and he is hiding in Yemen. The NY Times reports, “Congress has protected Awlaki’s cellphone calls,” said Vicki Divoll, a former C.I.A. lawyer who now teaches at the United States Naval Academy. “But it has not provided any protections for his life. That makes no sense.”
I agree. I see no reason why we should be protecting terrorists’ phone calls.

Friday
Detroit starts the process of demolishing 10,000 buildings.
There goes the neighborhood. Read about it here.

Bob B

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MARKET MYSTERY SOLVED

Posted on May 14, 2010 | Leave a comment

It was Waddell & Reed, not Fat Finger Freddie

Waddell & Reed is a non-aggressive middle America mutual fund manager. They were hedging, i.e. protecting, the investments they manage by placing an order to sell some derivatives called e-mini contracts. If the market goes down the e-minis go up and vice-verse. It is an easy way to insulate a portfolio from the market temporarily.

The wild impact was due to the confluence of a larger than normal order to sell contracts and an unusually nervous market. Foul play would have been better. You find the culprit, mete out a punishment and increase surveillance for the future. But here there was no culprit. There is nothing to say it will not happen again.

The order in question was for 75,000 contracts into a market that trades 50,000 an hour on average. It is easy to imagine how two or three nervous managers might come in with, say 25,000 each in a short period of time to protect their portfolios as the market starts to tank. I hate to say it, but a rule is needed, not sweeping new regulation but a rule or two so the tail cannot wag the dog.

Bob B

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PHOTOGRAPHY FROM ICELAND

Posted on May 13, 2010 | Leave a comment

Click here “Island-Vulkan-2” to start a short but fascinating Power Point presentation with some extraordinary photography from Iceland. If you get an “Open with…” window just click the OK button.

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PRESIDENTIAL COMMENCEMENT SPEECHES

Posted on May 13, 2010 | 1 comment

There is really but one outline for commencement speeches, – Congratulations. You have worked hard. New challenges are ahead. But the world is your oyster, so go get ‘em tiger! Now and then a speaker ignores the outline, sometimes for better, sometimes otherwise. The two Obama’s gave commencement speeches as Presidents and First Ladies are wont to do. Neither one of them stuck to the outline. Both introduced elements of race.

Ladies first. Michelle chose to speak at The University of Arkansas, Pine Bluff, a historically black school. She extended her congratulations and spoke of the challenges ahead. Then she spoke of Martin Luther King’s fight for equality but did not mention his dream of a color blind nation. She spoke of her husband and how he had to overcome special adversity. She spoke of injustices and of marches and blood that was shed. She spoke of civil rights activist Dr. Dorothy Height, quoting her statement regarding black activism that “This is my life’s work. It is not a job.”

Martin Luther King’s dream was of a color blind America. Michelle’s message did not help to further the realization of that dream.

Barack chose to speak at Hampton University in Virginia, also a historically black school. He too spoke of Dr. Dorothy Height and how she was denied her dignity as a black woman. He noted the disparity in educational achievement between blacks and other racial groups in America, the implied cause being social injustice.

The periods of slavery and segregation should not be forgotten, and they will not be forgotten. That is why we celebrate Martin Luther King Day. However, I am concerned that our first family may be gently stoking the ashes of resentment that Dr. King worked so hard to bury.

Bob B

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GREEK CRISIS, U.S. PARALLELS

Posted on May 12, 2010 | Leave a comment

Regarding the Greek crisis today in the New York Times we read,

“…the basic problem is the same. Both countries have a bigger government than they’re paying for.”
And,

“We have not figured out the kind of government we want. We’re in favor of Medicare, Social Security, good schools, wide highways, a strong military — and low taxes. Dealing with this disconnect will be the central economic issue of the next decade, in Europe, Japan and this country.

Many people, including some who claim to be outraged by the deficit, still haven’t acknowledged the disconnect.”

One begins to wonder if it is really the New York Times one is reading. The paper of record continues, “…politicians, spendthrift as some may be, are not the main source of the problem. We, the people, are.” First mention on the list of those responsible for governmental overspending goes to Tea Party members. All doubts are removed; it is indeed the New York Times.

The article characterizes Obama’s promise of no tax increase for those earning less than 250,000 as unrealistic. That’s kind of them. The Chief Economist at Treasury is quoted, “It’s not a matter of whether we have the resources to solve our problems, it’s a matter of political will.” and the NYT adds their own comment “For now at least, our elected officials are hardly the only ones who lack that will.”

Can’t blame Bush, he’s gone. Can’t blame the current administration, that’s against newspaper policy. Can’t blame politicians while the Democrats are in control. That leaves the public. My fellow American’s, pleased be advised, you and I are the problem, not Washington.

Bob B

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CAMERON. BRITAIN AND OBAMA

Posted on May 12, 2010 | 5 comments

Cameron the Conservative won the British elections. Gordon Brown, the Labour Party leader resigned after a little less than three years in office. The far right and the far left each garnered more votes than his more traditionally left Labour Party. Brown assumed full responsibility for the defeat. A gracious act by the Prime Minister, but it is not that simple.

Britain, like the rest of Europe, has gotten itself into quite a mess in recent years. The Labour Party has been in charge for the last 13 years. The electorate are holding them responsible. and they want change. A move to the right would be change. However, conservatism is unthinkable to a liberal believer so what are they to do? They move further to the left, feelings deepen and debate becomes more strident as the gap between the two basic ideologies widens.

Long, long ago, some wise man said, a camel is a race horse that was designed by a committee. Americans tend to view coalition governments in the same light. Sparks are going to fly.

Obama has been quick to invite Cameron the Conservative to the White House and has applauded the special relationship that has always existed between Great Britain and the United States. What’s up? This is a 180 degree reversal from recent behavior. Let us be thankful but wary as we wait to see what follows.

Bob B

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WHAT ABOUT IDAHO ?

Posted on May 11, 2010 | Leave a comment

Elena Kagan, from Manhattan to the Supreme Court
The President has put forth his nominee to fill the vacancy on the U.S. Supreme Court. She is Elena Kagan and would be the third woman appointed to the Court. That’s okay. But they are all from New York City.

Now, citizens of a city do not see the world in the same manner as rural folk. And citizens of New York City in particular don’t believe there is any intelligent life more than forty or fifty miles from Times Square. In fact Times Square itself is not held in very high regard; it’s mostly tourists from fly-over country and Japan. That is not to say that there is anything wrong with tourists, but one does not want to mingle with them, does one?

The New York Times building is still there and so is the Broadway theatre. Were it not for these redeeming features it would just be another of those places about which Yogi Berra would say, “Nobody goes there any more. It’s too crowded.”

The Supreme Court needs more diversity. What about Idaho, Iowa or Oklahoma? They must have some judges who would like the job. Perhaps Obama could not find one willing to move to Washington. That would be understandable. Or perhaps he just wanted to give someone a chance to be a judge who had never been one. Ms. Elena qualifies on that count.

Bob B

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