Archive | August 2010

“The Best Political Team On Television”?

I think that, for the foreseeable future, CNN needs to retire the slogan above, and not bash any bloggers or Fox News for accuracy, after putting this out on the air:

CNN gets it VERY wrong.

Let us count the errors:

  1. Sarah Palin spells her first name with an “h” on the end.
  2. She was Vice-Presidential candidate, not Presidential.
  3. That is most certainly not Sara(h) Palin in the picture.
  4. In fact, that’s not even a woman in the picture.

And these folks want us to trust them to give us the news?

I don’t think so.


Bloomberg’s Biden-Like Gaffe: There’s Already A Mosque In Ground Zero Neighborhood

A surprising admission by NYC Mayor Michael Bloomberg (emphasis added):

“The question will then become how big should the no-mosque zone around the World Trade Center be,” Bloomberg said. “There is already a mosque four blocks away. Should it, too, be moved?”

With all due respect to hizzhonor, he’s got the wrong question.

The question is, if there is already a mosque four blocks away, why is one needed on the site of a building that was itself struck by part of one of the 9/11 planes? Are there really that many Muslims living in Lower Manhattan, which is primarily a business and government center, that they need a second mosque?

Oh, for the record, no, the existing mosque should not be moved, because it was presumably already there on 9/11 (someone please correct me–with evidence–if I am wrong).

Carter’s Second Term — Stagflation May Be Coming Back

Here comes more comparisons of Obama to Carter. From The Daily Capitalist:

There was a huge internal fight at the Fed between the anti-deflationists and the anti-inflationists, and the anti-deflationists won. The Fed decided they would fight deflation through “quantitative easing” or “QE.”

With QE, another tool the Fed has to increase money supply, the Fed buys Treasury debt (bills, notes, and bonds) from its primary dealers and prints money to pay for it. This puts money directly into the economy.

It’s not as if this is something new. From last year through April of this year, the Fed bought $1.25 trillion of debt issued by Fannie Mae and Freddie Mac. They also bought about $700 billion of Treasury debt. This put $2 trillion of new money into the economy. This apparently wasn’t enough.

The second important thing they announced is that they will replace their Fannie/Freddie paper with Treasury debt. This seems harmless at first because the Fed is not increasing its total debt holdings—yet.

They announced this with a seemingly innocuous statement: that they would keep their current level of debt at about $2 trillion. In Fed-speak this means they are clearly worried about the sinking economy, and that they will print as much fiat money as they think is necessary to increase the money supply to induce inflation.

In economic terms, buying Treasury debt is called “monetizing” debt. In plain English it means that the government prints money to pay for its debts. This policy has been the downfall of many governments who destroy their currency through hyperinflation.

As soon as unemployment starts to go up again, and I believe it will, the politicians will be all over the Fed to “do something.” That something will be massive QE. I am quite sure that the Fed has not figured out how much QE they will need and that they are unsure of its impact on the economy.

I have a pretty good idea of where it will all end up. Since they are not dealing with the underlying problems, this papering over of the problems will lead to inflation and economic stagnation, a phenomenon we saw in the 1970s called “stagflation.”

With the current Administration and Congress talking about higher taxes on small businesses (by letting the Bush tax cuts expire) and greater regulation (Obamacare), it sure doesn’t seem that businesses are going to be eager to hire; therefore, unemployment isn’t looking like it’s gonna get any better in the near future, and may in fact get worse, especially as businesses start to fail at a greater rate. The logic is simple: if businesses go under, their employees become unemployed, thereby increasing unemployment.

In other words, Welcome Back, Carter!

Reid: Build The Mosque Somewhere Else


Sen. Harry Reid of Nevada on Monday became the highest profile Democrat to break with President Barack Obama, who on Friday backed the right for the developers to build a mosque near ground zero.

In a statement, Reid said the first amendment protects freedom of religion and he respects that, but the mosque should be built somewhere else.

Reid is up for reelection in November.

Obama is not.


Ten Reasons For Barack Obama’s Decline

It’s hardly surprising that an article like this comes from a British newspaper. In the first place, they’ve been where Obama seems to want to take us, especially in the area of socialized medicine, and they know it’s not utopia. In the second, most of the American press is so closely allied with Obama’s vision for America that such an article would never get past the editors.

There is a distinctly Titanic-like feel to the Obama presidency and it’s not hard to see why. The most left-wing president in modern American history has tried to force a highly interventionist, government-driven agenda that runs counter to the principles of free enterprise, individual freedom, and limited government that have made the United States the greatest power in the world, and the freest nation on earth.

This, combined with weak leadership both at home and abroad against the backdrop of tremendous economic uncertainty in an increasingly dangerous world, has contributed to a spectacular political collapse for a president once thought to be invincible. America at its core remains a deeply conservative nation, which cherishes its traditions and founding principles. President Obama is increasingly out of step with the American people, by advancing policies that undermine the United States as a global power, while undercutting America’s deep-seated love for freedom.

Enjoy that bed that you made, Democrats.

Your Government At Work–Guaranteeing Mortgages On Luxury Condos

Is this what you want your tax dollars going for?

Whitney Gollinger, marketing chief for a Manhattan condo building with an outdoor movie theater and panoramic city views, is highlighting a different amenity to spur sales: the financial backing of the federal government.

The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments are listed at $820,000 to $3 million.

“It’s a government seal of approval,” said Gollinger, a director at the Developments Group of New York-based brokerage Prudential Douglas Elliman Real Estate. “We need as many sales tools as we can have these days, and it’s one more tool.”

The FHA, created in 1934 to make homeownership attainable for low- to moderate-income Americans, is now providing a lifeline to new Manhattan luxury condominiums after sales stalled. Buildings featuring pet spas, concierges and rooftop lounges are applying for agency backing to unlock bank financing for purchasers. The FHA guarantees that if a homebuyer defaults on his mortgage, the agency will pay it.

One wonders how many of the beneficiaries of these FHA guarantees will be well-connected friends of Obama or other Democratic bigwigs.

Union Fires Employee–For Trying To Form A Union!

Hypocrisy alert!

Jim Callaghan, a veteran writer for the teachers union, told The [New York] Post he was booted from his $100,000-a-year job just two months after he informed UFT President Michael Mulgrew that he was trying to unionize some of his co-workers.

“I was fired for trying to start a union at the UFT,” said a dumbfounded Callaghan, who worked for the union’s newsletter and as a speechwriter for union leaders for the past 13 years.

Callaghan said he personally told Mulgrew on June 9 about his intention to try to organize nonunionized workers at UFT headquarters.

“I told him I want to have the same rights that teachers have,” said Callaghan, 63, of Staten Island. “He told me he didn’t want that, that he wanted to be able to fire whoever he wanted to.”

The UFT has long strenuously resisted city efforts to make it easier for school administrators to fire teachers.

“This is the exact antithesis of what they preach, and Michael Mulgrew is the biggest hypocrite out there,” Callaghan fumed.


Callaghan said that yesterday morning, he was hauled into a meeting with UFT officials, including CFO David Hickey, and told only that he was being fired from his job and had a half-hour to clear out of the office.

“They gave me no reason, no letter, no cause at all,” said Callaghan, who insisted that he has received no reprimands or notices about problems with his work. He noted that he wrote six stories in the most recent newsletter for teachers.

Callaghan said the union-busting bullying continued after he was told he was fired, when UFT leaders called in a detail of six uniformed cops to remove him from his office because he wasn’t leaving fast enough.

Callaghan said he decided to unionize the 12 UFT writers after a colleague was fired last year without cause.

“We have no protections and no disciplinary process,” he said.

When even unions resist employees forming a union, it sure looks like the era of unions is coming to a close.

H/T: The one and only Instapundit.

%d bloggers like this: