Small opportunities are often the beginning of great enterprises.
Demosthenes
National Bureau of Economic Research: Recession Ended in June 2009
First of all, let me point out that increases in employment are a lagging indicator of recoveries and can remain low well into a recovery; the end of the recession means that an economy has bottomed out. This recession, which started in December 2007, lasted 18 months, the longest recession by 2 months over the previously longest recessions in the early 1970's and 1980's.
The key point I want to raise in this discussion is Obama's political spin about how he stopped the US from a second depression by what exactly? A multi-year stimulus plan which amounted to a small percentage of a $15T economy? What NBER made clear is that Obama took over 14 months into an 18 month recession. Most economists identify 3 types of lags in terms of policy: recognition of the problem, duration of the policymaking process, and the gap between the enactment of policy to its effect in the economy, which can take several months. The stimulus bill was signed one month after Obama's election, and only a small portion of the $787-860B stimulus bill was disbursed over the last 3 months of the recession.
The BP Macondo Well is History
The BP Deepwater Horizon broken well and massive leak which had become a national obsession over the past 5 months was finally "bottom-killed" over the weekend. This, of course, doesn't mean that cleanup has come to an end; BP has already paid out over $9B and estimates related costs may end up topping $30B. More troubling are the loss of at least a handful of rigs which aren't coming back anytime soon, possible restrictions on new BP drilling efforts, higher costs which may chase smaller operators out of the region, and, more troubling, continued decline of domestic oil and gas production (and, of course, higher energy prices) which I consider a national security issue. The Obama Administration remains ideologically fixated on maintaining its six-month moratorium. Whatever mistakes BP has made during this tragedy, the fact of the matter is that it developed, on the fly, a working solution to an extraordinarily difficult engineering challenge where robots, not humans, were able to make a difference.
More importantly, we need a post-audit of the federal government's abysmal performance; we need to look at things like having oil spill resources readily available to the Gulf area, more focused leadership at the start of a crisis, and streamlining, better integration, and improved responsiveness of state and federal emergency actions.
What the Progressives Think of Christine O'Donnell
I continue to tease Delaware US Senate candidate Christine O'Donnell (see below), but now it's time to mock Bill Maher and other Kool-Aid drinking progressives whom continue to demonize conservatives (including Ms. O'Donnell). Here's a topical blast from the past:
Political Humor
More originals:
- All those Obama Administration members owing back taxes? That's how Barack Obama got his inspiration for taxing the rest of one's body in tanning salons.
- Taking the lead from fellow Senate aspirant Alvin Greene (D-SC), Christine O'Donnell (R-DE) should come out with her own line of talking dolls. Pull a string, and you might hear, "Honey, if you keep doing that, you'll go blind and grow hair on the palm of your hands." or "Double, double toil and trouble. Fire burn, and cauldron bubble."
Bing Crosby, "Moonlight Becomes You"
