The best argument against democracy is a five minute talk with the average voter.
Winston Churchill
Poor, Poor Pitiful Me....
Bribes aren't like they used to be, huh, Jim? For your audacity in suggesting that "hard-working" Congressmen deserve a raise, you join this year's nominees for Jackass of the Year.
A Couple of Comments on Financial Newsletter Discussions
- GM Is In Trouble. A well-known investment newsletter writer, whose satire on GM I've republished in the past, points out the same pattern of nonsense that took place during the housing bubble is coming into play in the auto loan market. GM's resurrection is largely due to easy auto credit. "In 2010, roughly 70% of GM's loans was around $8.6B. Today almost all of GM's outstanding loans are subprime and the total outstanding amount is more than $22B." In short, just as sub-prime mortgage owners bought too much house for their means, today's car buyers are buying too much car. This will not end well. Another notable statistic: "In total, Americans are paying interest on astounding $61T worth of debt."
- Canadian vs. US Banks. Banks are a favorite target of demagogues. I am hardly a pro-banking shill, but I'm so sick and tired of populist nonsense; I keep pointing out banking has hardly been laissez faire. I've pointed out dysfunctional policies like unit (vs. branch) banking, which among other things did not let banks adequately diversify their customer base, especially an issue in more agricultural areas. But perhaps some statistics make the point by themselves: "Since 1840, only 14 Canadian banks have failed." To put this in perspective, nearly 6000 US banks failed in the 1920's, and another 5600 or so during the Depression. Even as recently as 1989 more than 530 banks failed. One wonders how the "progressives" who love Canada's socialized healthcare don't seem to be in the slightly bit interested in why banking in Canada has been much more stable--is it because the bankers or regulators are so much smarter--or does it reflect bad American regulatory policies?
Facebook Corner
(Independent Institute). Senior Fellow Benjamin Powell: "In a free market, consumers would ultimately pass judgment on which methods are best through buying and abstaining from buying. The real lesson is that government should neither arbitrarily penalize nor subsidize either 'green' or traditional auto companies."
There are two issues here: the crony Big Auto Dealer cartel which is blocking competition and Big Green tax subsidies, loans/guarantees or other government gimmicks. The former is morally indefensible, and the latter is an inexcusable violation of free market principles.
(Reason). Jeb Bush is Right: Illegal Immigration - Like Legal Immigration - is an "Act of Love"
We have a broken immigration system which deprives hard-working people from a valid worker visa, maintains an absurd quota system, makes it difficult for us to attract professional and entreprenurial talent whom can make a difference from day 1, makes it difficult to retain many of the best students from our colleges and universities.
Jeb Bush and Rand Paul are on the right path. We need to stop judging hard-working people, most of them God-fearing people, whom look to work around cumbersome, anti-growth immigration policies where playing by the rules leaves your chances all but impossible. Immigration is a win-win proposition, and we need vastly liberalized immigration policies. If the GOP sees themselves as a family values party, it won't abide by policies tearing families apart, rip children from the only homes they've ever known.
If the United States cannot protect and defend its own boundaries, what makes you think it can or wants to protect and defend your property's boundaries?
You mean, like the Kelo decision?
(IPI). Take 2 minutes to stop Illinois' next tax hike. Send an email to your representative today and ask them to take a stand against the progressive tax hike. Click here to contact your representative: http://illin.is/PGuXZn
It would accomplish economic prosperity the same way it did from the early 1940s, until the 1980s when Reagan cut the taxes on the rich and tripled our national debt,which every republican president in my life time has only added too.bring back those tax rated, fix our tax policy,things would be slot better.Clinton is the only president in my lifetime not to add to our debt...he balanced the budget and raised taxes on the rich.
Historical fallacy. Clinton ran a deficit during each of his first 4 years.The four years we had a surplus were under a GOP Congress, literally the first time in decades (all while the Dems controlled the House). It had ZERO to do with Clinton's tax-and-spend policies, which the GOP blocked since his first 2 years in office.
Another delusional economics-illiterate "progressive" troll ignorant of history. The 1983-1990 expansion was one of the largest in American history, even bigger than the 1991-1999 expansion that the troll wants to credit to Clinton, but was based on the policies of his two GOP predecessors. Jobs expanded by almost 20 million under Reagan-Bush (not including Bush's part of the second expansion), and contrary to the troll's state of denial, federal revenues grew both despite of and because of Reagan's tax rate cuts. The problem? The spendthrift Dems were in control of the House and/or Senate. They managed to spend more than Reagan brought in.
It's amazing how ignorant one troll can be. He's probably one of the clueless people whom have been brainwashed to believe FDR brought us out of (vs. exacerbated) the Depression. In fact, the GOP briefly recaptured Congress after WWII and enacted modest tax reform, Despite a huge drop in federal spending, the economy boomed. But few seem to remember that it was JFK and LBJ whom passed the biggest tax reform since Harding and Coolidge. But as strong as revenues grew, Dems managed to spend it all and then some. The troll needs a refund from his incompetent high school history teacher.
(Tom Woods). Explains he and his family will take a vacation in Boston around the start of June.
My impersonation of Tom Woods in Boston:
Tour Guide: "Here is where the Boston Tea Party took place when King George raised the price of tea."
Tom: "Actually, the Tea Act of 1773 lowered the tax on tea in order to...."
*family rolls eyes*
Probably not what 5 little girls think of when they hear a tea party in Boston...On a more serious note, I remember how a tourist guide in 1995 debunked the Boston Massacre... The Crown would have been so proud.
(IPI). Illinois businesses, especially the smallest ones, should not be treated like piñatas. Illinois is already the fifth-worst state for small businesses, according to the second annual Small Business Friendliness Survey. The progressive tax would put even more strain on entrepreneurs by raising taxes on 75% of Illinois' small businesses.
Yeah [discussant] union sure do suck huh. The things theyve done are terrible like weekends, 8hr workdays, 40hr work wks, overtime pay, berheavment, defined senority, child labor laws, living wages, holiday pay, vacation pay, etc. ALL brought to you by the UNION labor movement. Quit watching faux news.
A union know-nothing troll spouting propaganda! Economic growth enables employers ON THEIR OWN without corrupt legally-protected union monopolists to offer higher pay or benefits without bought-and-sold corrupt Dem politicians or social policies. Higher growth drives investment, productivity and the demand and competition for labor,
Political Cartoon
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| Courtesy of Glenn McCoy via Townhall |
Meatloaf, "I'd Do Anything For Love"
