Miscellany: 12/06/14

Quote of the Day
Behind every great fortune there is a crime.
Honore de Balzac

Chart of the Day

Via Reason

Image of the Day

Via J Kane Searcy on FB

 Political Potpourri

 The GOP swept all 3 Congressional seats, 2 House and 1 Senate, by nearly 2-1 margins (here and here). Estimates were made on incomplete totals and final totals may vary, but all 3 elections have been called. This gives the GOP 54 seats next session, and the GOP has matched its 1946 seat total in the House, with the McSally-Barber AZ  recount in process. McSally, a Republican, leads going into the recount; if she wins it would be the best showing since 1928.

The Garner Homicide and Facebook

I don't do the blog for hits, but the hits since Monday have been down by up to half of recent traffic. I have been particularly vocal about the Garner homicide, but I also find myself increasingly impatient  with corporation-bashing, public-pension apologists, anti-immigrants, libertarians bashing Rand Paul, politically correct trolls, etc. It's hard to say what will set me off at times to the point of  profanity; it may be a dismissive tone or predictable talking point; at times, I feel like I'm repeating myself on the minimum wage for the umpteenth time.

My Facebook time has become a sinkhole of time, and I expect my work schedule and location to change in the near-future--and it will likely affect the nature of posts and schedule. I only reprint a few exchanges--I  don't intend to repeat myself. But like I eventually exited some Yahoo diet groups a decade ago, I may have to leave or streamline my Facebook account. I may create my own Facebook group or an Aquinas-like Q&A format in the blog.

Why have I responded as I have in the Garner case? In part, it's because I  and others have dealt with obesity. It's not just the social stigma of being fat, the physical problems,  the wardrobe expense. Obese people often are out of breath doing things most people take for granted. I once went to a Deloitte interview in the DC suburbs; they had a power outage and I had to climb 5 floors. I was sweating profusely, out of breath, in a suit and tie; the receptionist thought I was having a heart attack and got me a bottle of water. (I didn't get the gig.) When a grown man assaults an obese man by jumping on him and/or obstructing his windpipe like the rogue NYPD cop, he is flirting with the man's  health. If a man is 100 or more pounds overweight, it's like he's already carrying another man. When I hear some idiot say the rogue cop didn't kill Garner, it was his obesity and asthma, there's no doubt a weakened state of health put his survival in danger, but the rogue cop did not have to resort to these tactics. There are too many jerks willing to say if you weren't on the grand jury, you don't have a right to an opinion, and one fascist troll suggested I better shut up or I'll end up  being a target of the police myself.                                              

Facebook Corner

(LFC). "A couple of days ago the White House proposed cameras on cop vests as a solution to this type of violence. I assume that the solution they're proposing, if implemented, would look something like the Eric Garner case."
The coroner called it homicide, it was caught on video, the cop still won't face a jury like any non-cop would, though The Law applies equally. Videotaping exposes the state's crimes, but won't stop them
 The coroner called it homicide, - look up homicide, it doesn't mean what you think it means.
it was caught on video, - which would rule out cameras on cops as a solution to a perceived problem.
the cop still won't face a jury - the prosecutor faced the jury, presented his best case for an indictment, the jury decided there were no grounds for indictment.
like any non-cop would, - this is exactly what a non-cop would ...
though The Law applies equally." - it did
The fascist OP implies that citizens and law enforcement are treated equally in the grand jury system, which is manifestly absurd; by any objective measure there is unusually strong connection between prosecutors and officers. Studies reported by Slate in 2010, federal prosecutors got indictments in all but 11 of 162,000 cases; over a period from 2005 and 2011, only 41 officers were charged with murder or manslaughter while at least 2718 were judged justifiable homicide; SCOTUS moreover has exonerated the use of lethal force when, say, a diabetic with low blood sugar acts strangely. Moreover, the cases against police officers are often presented in a passive-aggressive fashion where the prosecutor doesn't argue for an indictment but presents a mix of conflicting evidence or notes evidence in favor of the police officer.
(separate note)
I think a separate note on the fascist troll's characterization of the Garner case is in order. In fact, the officer's use of an illegal choke hold was judged by the examiner as a cause of death. What the lazy-ass troll is really copy-and-pasting from the Fascist Book of Excuses is that you can't necessarily prove that the officer intended to murder Garner by applying an illegal choke hold, but what is beyond question is that the actions of the officers led to Garner's death, and in fact, Garner's protests that he was having problems breathing went ignored by the officers on the scene. At minimum, there was deliberate negligence and what I regard as a clear-cut violation of due professional care by all the cops on the scene who did not stop the illegal choke hold even after the victim's undeniable protests, even after the victim was on the ground and did not pose a threat. I want to point out Garner had been arrested in the past for selling loose cigarettes without officers resorting to choke holds.

(Judge Andrew Napolitano). "I think it is clearly a case for criminally negligent homicide" i.e., Garner homicide
Judge Napolitano, you realize that the law-and-order fascists are going to spam this thread because they are fundamentally going to look the other way when a cop-murderer applies unauthorized lethal force. I am so sick and tired of retards trying to rationalize blatantly excessive force, in effect becoming judge, jury and executioner over a victimless crime. The fact of the matter was that Garner had been arrested before for selling loose cigarettes without being choked unconscious and killed by a rogue cop, with at least 3 other cops doing NOTHING to stop an illegal choke hold, even when Garner complained he was having problems breathing.

(Cato Institute). Only 21% of Americans realize that crime is falling. Consider the murder and rape rates: http://bit.ly/1tVLNjf
I talk to people all the time who say "crime keeps getting worse and worse". When I point out to them that violent crime in America is down 50% in the last 15 years no one believes me.
The problem is how the media present the facts. For example, it seemed like my local news routinely started off covering some tragedy. Airline crashes get heavy coverage although it is one of the safest modes of transportation.

(continuation from a National Review thread on the Garner death)
This was definetly a little extreme for selling loose cigarettes but why didn't the guy just comply? If you can talk, you can breathe. He was def not being choked.
Just because of a man is being accused of breaking a victimless law does not empower a cop to be the judge, jury, and executioner. It's difficult to consider a more open-and-shut case of excessive force. There is absolutely no justification for the use of deadly force. Garner was unarmed and did not attack the officers. Apparently, Garner had been arrested on prior occasions (including the sale of cigarettes), and somehow prior cops were able to arrest him without killing him with an illegal choke hold.

The last part of the comment is idiotic. There is indisputable visual evidence of a choke hold. The man complained that he was having trouble breathing. The medical examiner's report specifically identified the choke hold as a cause of death. Garner was taller and bigger than the cop-murderer; it may have had an impact as to the nature and quality of choke hold applied. Obviously his airway was not totally obstructed, but that doesn't mean his breathing was unobstructed.

Political Cartoon

Courtesy of Gary Varvel via Townhall

Musical Interlude: Christmas 2014

Silent Night

Miscellany: 9/29/12

Quote of the Day
We know what a person thinks 
not when he tells us what he thinks, 
but by his actions.
Isaac Bashevis Singer

Political Potpourri

I haven't done one of these in a while; I have to admit the results aren't encouraging at the present time with Obama approval ratings at nearly year-to-date highs and the preponderance of the polls showing a narrow edge to Obama in battleground states.. There are a variety of reasons starting with problems both with Romney and his campaign. i have published several critiques (most recently here).

 Romney can't win simply based on his resume (recall GHW Bush also had "the resume", but he famously admitted lacking "that vision thing"). Romney needs to go big, go for  a free markets mandate and also tackle Congressional reform. He also needs a dash of straight talk,pointing out the status quo is unsustainable and everyone, not just upper income will need to sacrifice. the fact Obama has shown zero leadership besides using accounting gimmicks like double-counting, deferred cuts in projected baseline budget increases. or health care provider price cuts (despite years of doc fixes and provider attrition at at 20-30% below market prices). I think Tanner of Cato has estimated current recipients get over $2 in benefits for every dollar paid in via payroll taxes, premiums, etc. That is unsustainable in or out of government.

I honestly believe no rational person in good faith can vote for Barack Obama. I believe the politically correct term is "mentally challenged". Here is a man, for instance, whom promised bipartisanship but engaged in divisive hardball politics,, ran specifically against the Gulf region wars where not only did he fail to improve on Bueh's negotiated withdrawal from Iraq,but he has already grossly exceeded Bush's 2 terms of fatalities in Afghanistan and vastly expanded drone attacks and Middle East meddling during the Arab spring. not only failed to close Gitmo as promised but immigration and civil liberty reforms--despite in firm control of the 111th Congress. Obama's lack of expertise and experience in business and economics has contributed to the worst jobless recovery since the Depression.leaving him with nothing but excuses, given near zero interest rates and nearly $5.5 trillion added to the public debt. over  twice he inherited (the rest was Treasury instruments held by the social security trust fund), and the first debt downgrade in US history. Obama did nothing to resolve over $40T in unfunded senior liabilities. we see nothing beyond class warfare tax hikes, which narrow the tax base; in any event, there aren't enough rich people to cover existing government spending obligations. We already see the future we're heading for under Obama.whom, unlike Romney, won't be accountable to voters if he wins (because of term limits)  in the European PIIGS crises

There are a few other interesting results in  a couple of widely considered safe blue Senate seats--in Maine and Pennsylvania. Former Maine Gov. King, an Independent, expected to caucus with the Dems, is still the favorite,but the momentum is with the Gop candidates. We are seeing some GOP names tiptoeing into the Missouri race backing Akin against McCaskill. The Dems will continue to try to make this a referendum on political  correctness.

Dick Morris and others have suggested the polls are skewed; one relevant new website claiming Romney is really in the lead is here.There are also two websites with video vignettes of mostly  2008 Obama supporters now supporting Romney: why I changed my vote and my buyer's remorse.



Around the World

•  The Mark v the Euro.  I'm not the only one predicting the Germans will split from the euro PIIGS bond purchases  will be at artificially high prices/low yields. Will Germans bail out the PIGGS? I don't think so. I would specify other discussions but they are proprietary sources.
• One week away from  Chavez liberation? I  hope so. One of my references is a DBA manager at an LA area Catholic university, a Venezuelan immigrant: as I recall, not a Chavez fan.   This blog is not a friend to this despot. Is Henrique Capriles the liberator? I would prefer more of a free marketer, but even a yellow dog would be an improvement over Chavez..
• Europeans are trying their hand at economically ruinous class warfare. thumbs DOWN!.  They are just as illiterate in basic economics as American Democrats and Obama supporters: so much for European education! The last thing France needed with flat growth and high unemployment was to institute a 75% tax bracke (as the article notes, the French desperately need to cut spending and reform/loosen labor regulations). Some German malcontents also want to kill the goose laying the golden egg.
• Is the Russian Connection Over? No, not drugs, but the political alliance between Medvedev and Putin where the Prime Minister and President swapped positions  to keep the Presidency wam for Putin, constitutionally limited to two conservative terms in office Putin has already rolled back modest reforms like decriminalization of slander; there are rumors,that Putin holds the PM ultimately responsible for the inauguration eve protests and  may be ready to throw his political partner under he bus. 

Where Has All Your Freedom Gone?

A recent poll shows only 1 in 3 have privacy concerns about police abuse of law enforcement  access to drone utilization. How many times are Americans going to shove our liberty to be left alone under the bus if and when the statists fear-monger? 

Musical Interlude: My Favorite Groups

ZZ Top, "Cheap Sunglasses"

MIscellany: 9/22/12

Quote of the Day   
I used to say, 'Things cost too much.' 
Then my teacher straightened me out on that by saying, 
'The problem isn't that things cost too much. 
The problem is that you can't afford it.' 
That's when I finally understood that the problem wasn't 'it'
the problem was 'me.'
Jim Rohn

Economics Quote of the Day

[Adam] Smith it seemed unlikely that the “artificial direction” given to the economic efforts of society would be better than the direction it would have taken “of its own accord.”  But here as elsewhere in The Wealth of Nations, the question was ultimately not one of theory but of fact.

History showed that governments habitually mismanaged economic affairs, that such mismanagement was difficult to correct (in contrast to the market’s swift correction by bankruptcy), and the the whole bias of government projects was toward things that were big and showy rather than useful.  A government will often create works “of splendour and magnificence” to be seen by those whose applause will flatter its vanity and promote its political interests but will neglect “a great number of little works” which may have “extreme utility” but present no “great appearance” to “excite … the admiration” of passers-by.  Down through the centuries governments have been prone to operate at a deficit, often using tricky fiscal devices to conceal just how much they were in debt. -Thomas Sowell HT Cafe Hayek

This was written in 1979  isn't it amazing how prophetic Sowell was back then, we have  Democrat-controlled Senate  hasn't put up a budget in over 1000 days, a President whose own budget was  rejected even by his Senate partisan colleagues,  Obama has been pushing white elephant boondoggles like high-speed trains, Keynesian spending binges dressed up as "stimulus spending". We have baked-in spending increases for most of the budget and Obama's disingenuous idea of "shared sacrifice" is current class warfare tax hikes with deferred cuts in budget increases late in the decade to follow beyond any second term.          

There is a hot best seller largely and predictably  ignored by the fawning mainstream  coverage of the Empty Suit (by way when Clint Eastwood channeled his inner Bob Newhart with the empty chair bit, I thought it would have been much funnier if he had brought  an empty suit to put on the chair next to him]. I know for a fact that I would be at least 5 times a better President--to start with I wouldn't be a whiny bitch scapegoating my  predecessors; you know, you punk, you ran 2 years for a position you weren't qualified for; you know, man up. be careful of what you wish for; at least I have the stones to own up to my performance. There was a rumor around the time of my dissertation defense  some troublemakers might show up, and I was a cocky young academic saying to my chair, they should "bring it on."  I can think of at least half a dozen failing projects I've personally turned around. Those of us who are legitimate overachievers scoff at the pretentious Barack Obama;granted, he won the Presidency with the thinnest resume in  American history, but a yellow dog could have won in an open election with the incumbent at a record low rating; if you elected me President with a conservative Congress I would change the world.

Going back to Edward Klein's bestseller The Amateur, which  I have not read yet, the following comes from the jacket:

In this stunning exposé, bestselling author Edward Klein—a contributing editor to Vanity Fair, former foreign editor of Newsweek, and former editor-in-chief of the New York Times Magazine—pulls back the curtain on one of the most secretive White Houses in history. He reveals a callow, thin-skinned, arrogant president with messianic dreams of grandeur supported by a cast of true-believers, all of them united by leftist politics and an amateurish understanding of executive leadership.
In The Amateur you’ll discover:

• Why the so-called “centrist” Obama is actually in revolt against the values of the society he was elected to lead
• How Obama has taken more of a personal role in making foreign policy than any president since Richard Nixon—with disastrous results

One should note  that the cited credits are not exactly conservative periodicals;

Can lightning strike twice for this snake oil salesman? Fool American voters once, shame on you, if the American people re vote easily the worst, most incompetent President in American history shame on them

Some brief political notes: Romney is tied with Obama in the more accurate Rasmussen and Gallup polls;  if I was in the Obama campaign, I would be worried. it's not just losing the post-convention bounce (which usually dissipates} but Romney has been on the defensive  the last couple of weeks, and apparently their ubiquitous ads are not connecting. If I were Romney, I would campaign as the anti-Obama: no excuses up to the challenge, give me a GOP Congress, the same thing you gave the Democrats, and we'll put the government on a diet that goes beyond the student lunchroom. I'll let free enterprise heal the economy, while Obama can heal the planet in the private sector. I'll get the government out of the way of our businesses producing insanely great  products and services.

Congressman  Gutierrez is quoted as ensuring Obama will deliver a Latino-friendly immigration reform. This is the same scam Obama pulled in 2008, Not going to happen with a filibuster-vulnerable Senate, There was a deal on the table in 2007 which Obama sabotaged in favor of his union bosses. The idea he's going to deliver reform without revamping a visiting worker program is a pipe dream.And I'm  sympathetic on  immigration reform: trust me: any Latino who believes Obama can deliver on that promise is delusional. he couches his language on regaining an overwhelming Dem majority which won't happen. ironically just as anti-Communist Richard Nixon opened the road to Red China, Romney may be the one candidate whom can deliver comprehensive immigration reform.

Around the World

• IDB editorial, 'You Broke Mideast, Mr. President, Now You Own It", Thumbs UP! I got an email alert over the weekend talking about Obama's surge troops now removed: was the operation worth the large casualty count?. This is mostly a rehash of Obama's amateurish foreign policy including one of appeasement to Muslim dissidents, in  particular Egypt, and critical of Israeli policies.I would have talked about the mixed message of expanding drone attacks and Obama's uneven treatment of Iran's green revolution.  There is also a possible link between the Libya consulate attacks and Obama's military actions.
• The Argentina economy  slumping under  Kirchner the reelected widow whom has slowed growth by about two-thirds with counterproductive loose money, nationalized companies and imports and currency controls, etc, Inflation is skyrocketing  and the IMF is threatening censure.
• ECB Bond Buying? Thumbs DOWN!  I think the bailouts amount to moral hazard. 

Unacceptable Law and Order  

A double amputee (one arm and one leg)  was shot and killed after cornering the police officer's  partner in a corner of the group home with his wheelchair and threatening him with a pen in a swiping motion. two armed officers can't disable a one-armed man without using deadly force. No excuses: unacceptable!

Musical Interlude: My Favorite Groups

The Commodores, "Oh, No". One of my favorite Richie songs, I put him next to Paul McCartney in writing memorable pop melodies; I've all but stopped listening to current music. Very few songs with a memorable hook. This song reminds me of a petite lady, one of the daughters of  a UT engineering professor. She was a math ed graduate student and shared an office down the hall from mine, and I had an unrequited crush on her.  Unfortunately for me, she was already involved with an engineer. I had expected to join the USAF as an officer (a meteorologist trainee), but I got passed over and was living inexpensively off campus trying to find work--this was before Austin, then in a no-growth, quality of life mode, grew to its present size. I used to venture onto campus to scan want ads at the library (the placement center  refused to help because I wasn't a current student); I was trying to get a job teaching at a community college to no avail. I tried to go back to pick up high school teaching credentials, but I needed financial aid; my parents refused to submit paperwork, saying they refused to enable my becoming a "professional student". My little brother was enrolled at UT, and I pointed out my parents' data were already on file, but the college bureaucrat claimed using it would violate my brother's "data privacy" (expletive deleted).

Anyway, my crush saw me crossing me campus one day and called me over. I found myself losing myself in those warm brown eyes once again. She was excited to tell me something. She proudly showed off her sparkling new engagement ring, I tried to be happy for her, but my world was crumbling down inside. There was no romantic past, but she knew I liked her; there's more to the story; she understood and handled it gracefully. We've briefly been in touch via social networking over the recent past; her family is multi-generation orange (UT Longhorn); she's a football fan, and one of my nephews had a prominent role with the marching band, but alas two of his brothers are Aggies.

Her friendship has been one of God's blessings in my life; when you love a woman you have no choice but to wish God's blessings on her each and every day of her life, even a life without you.

Miscellany: 7/14/12

Quote of the Day   
An eye for eye only ends up making the whole world blind.
Mahatma Gandhi

Around the World

Proving that economic illiteracy goes beyond 1600 Pennsylvania Ave.:

• French President François II (Hollande), Master Legal Plunderer, has rejected troubled automakers Peugeot's decision to slash 8,000 jobs and close its Aulnay plant near Paris in 2014. Rumors have been swirling about Peugeot has requested a bailout. No doubt Hollande is looking at Obama's "saving" Government Motors and Chrysler by trying to manipulate the auto market, e.g., throwing taxpayer money at them (e.g., Cash for Clunkers). And a potential government stake in Peugeot? The last thing Peugeot needs is some socialist demagogue pulling puppet Peugeot's strings. No doubt Hollande was watching when Obama fired his first car company CEO. And as soon as he finds out the people responsible for pushing job cuts.... Hollande is already spending money he doesn't have, having rolled back long-overdue pension reform. Bastiat must be rolling over in his grave.
• French President François II engaging in Obama-style token bait-and-switch. Government appointees and administrators are downsizing salaries and perks/expenses (e.g., security details); other cuts are being taken by high-level managers of state-run companies. (I don't have to tell readers I don't think there should be such things as government-owned businesses.) Now, I agree that socialists aren't deserving of original salaries/benefits given their general incompetence about business affairs, but this token, symbolic crap is like Obama's "budget cuts": all hat, no cattle. There aren't enough rich people and token administration cuts to put a serious dent in the French budget deficit.
• European Rant of the Day: Jan Boucek  / Adam Smith Institute "Market Hypocrisy". All you have to do is tweak a few words here and there, and it sounds like a rant I would make. In yesterday's post, I discussed the LIBOR scandal whereby the interbank rate was somewhat artificially lower, because Barclays reported a lower than actual lending rate for "wink-and-a-nod" purposes. So Boucek points all the grandstanding by Labour (British version of progressive Democrat) politicians over the whipping boy flavor of the month (any Barclays' executive vs., say, JP Morgan Chase CEO Dimon), when, in fact, the central bank is engaging in the most egregious form of manipulation with near-zero rate interest rate which is essentially robbing prudent savers and fixed-income beneficiaries, not to mention monetizing government overspending;  politicians have engaged in market-distorting policies, e.g., to subsidize green energy initiatives; and politicians are masking unfunded senior entitlement liabilities...
• Argentine President Cristina Fernandez has decreed that, in addition to state-owned banks, privately-held banks will be required to make loans capped at roughly 16%, well below more reliable private sector estimates of inflation at 25%. No private bank in the world would make a loan under these conditions; what is she going to do--imitate the US Congress in entitlements and do a "bank fix"? If you want even more evidence of dysfunctional Argentinian economics, consider this: "The president of Argentina’s Central Bank (BCRA), Mercedes Marcó del Pont, stressed the importance of the recently approved bank’s charter reform and denied that printing currency leads to the creation of an inflationary state “since inflation is rooted in other causes”  Marcó del Pont ... anticipated some pictures will be coming down from the bank’s hall of fame “beginning with Milton Friedman.”".  Let me guess: maybe there's a third crackpot female leader in Argentina, let's call her Argentinian Court Chief Justice Juanita Roberts, whom will rule mandatory private-sector lending below cost constitutional...
• European Blog Question of the Day: George Soros has written an interesting post hoc analysis of the eurozone crisis which dealt with how regulators allowed banks to collect bonds (including those of the PIGS) without proper valuation of risk; thus, many banks in the post-2008 era were caught holding bonds dropping in value as less-competitive PIGS founds themselves struggling to balance budgets and meet bond obligations. This had the net effect of contracting bank assets, rendering the banks all but insolvent; as Tim Worstall asks the same type question I did about the so-called financial reform bill during the last session of Congress, when the Democrats doubled-down on the responsibilities of the Federal Reserve: "If it was indeed the regulators that caused this then what is the argument behind giving the regulators greater powers?"

Political Potpourri

If I could characterize the Presidential race at the moment, I would say that Obama is in the lead but Romney is just a step back, in good position for a home stretch surge. Obama is leading in enough battleground states to be the favorite at this point, but the big caution is that there is a significant undecided and Obama is not clearing 50% in any state except predictably Democratic states; I expect most undecideds will break for the challenger. Romney still has to close the sale.

Poll Summary Courtesy of NationalPolls.com

Updated 7/10/12	Obama	Romney	Tossup
AVERAGE	251	196.5	90.5
Huffington Post	253	191	94
Washington Post	237	206	95
NY Times	217	206	115
CNN	196	159	183
NPR	237	206	95
Real Clear Politics	221	181	136
Electoral-Vote	326	212	0
NationalPolls.com	321	211	6

Is the woman Ann Romney mentioned on Romney's short list Condoleezza Rice? Matt Drudge is clearly promoting her on his famous portal (DrudgeReport), identifying her as a front runner. Short reaction? I hope not; I could live with the selection, but keep in mind that I've been continually urging Romney in this blog to distance himself from George W. Bush. It would be more difficult to name any one person more closely linked to Bush and his foreign policy than Condi Rice. In a certain sense, Dr. Rice would nicely complement Romney's slim credentials on military/foreign policy, and there's no doubt that Condi Rice, a tenured Stanford University full professor, is no Sarah Palin. There is some grumbling in social conservative circles since Romney has been on the record to nominating a pro-life VP (and Condi is pro-abortion choice), but it is clear that Romney is going to carry the McCain states, which loathe Obama, regardless of whom he puts on the ticket. Romney could also signal this isn't your grandfather's GOP.

But with all due respect, I prefer Kay Bailey Hutchison for the reasons I specified in my original post. Unlike the unmarried Condi Rice, Kay is married with children; she would dovetail nicely with suburban moms, a key voting demographic that Romney needs to address.  Kay would bring geographic balance to the ticket, and I think she's respected on both sides of the aisle, something that will be an asset in dealing with the Senate bottleneck.

I also worry that Mitt's selection of Condi Rice would sent a wrong signal about his priorities (it's the economy, stupid!); for the most part, Obama has blurred the party lines on Middle East policy. I'm no Karl Rove--I'm just an armchair political strategist, but there are few votes to be had by trying to run the "I'm tougher than Obama is on defense" line when Obama is out there playing whack-a-mole with drones all around the Gulf region. If I was Mitt, I would be looking at ways to differentiate myself from Bush and Obama, e.g., on nation building. I would express concerns about Obama's vacillating foreign policy (e.g., Egypt), expansion of involvement in the Middle East, without Congressional approval (e.g., Libya), and certain flip-flops and decision style (e.g., Gitmo, his micromanagement of drone targets, and his dithering on Afghanistan). Mitt Romney already enjoys strong support among veterans, and I don't see where he wins new support to the ticket from choosing Condi: African Americans are going to vote for an American President, not Vice President, and ideological feminists are not going to switch their support. Condi is also too tied with George W. Bush. I think Obama would much rather have an excuse to remind people who shot UBL than his dismal economic record.

Three more things: the Bain record, the Latino support problem, and the SCOTUS decision.

•  Romney needs to avoid sounding defensive on Bain. I think that he needs to compare and contrast his executive experience with Obama's, point out that Obama has had one of the most anti-business administrations on record, how Obama has contributed to uncertainty in the markets, and what he can do to reduce uncertainty as President.
• Romney should endorse Marco Rubio's version of the Dream Act. He should stress respect and support of traditional institutions, including marriage, family and the church. He should identify with social mobility goals and lowering the regulatory burden for hard-working Latino entrepreneurs.
• It's very clear that the Democrats think that they have Romney boxed in on ObamaCare because of similar characteristics to RomneyCare, including the individual mandate. Romney needs to do a better job explaining that the federal burden of health care costs is unsustainable and reform alternatives, the principles behind federalism, lessons learned from Massachusetts, the need for citizens to vest in their health care decisions, the adverse effects of regulation on private sector choices and costs, equal protection for any health care tax benefits, and deregulation of health insurance plans (including self-insurance and multi-state operations).

Dedicated to Susie

My thoughts and prayers with her surviving Mom, Constance, her similarly beautiful sisters Jeannie and Melina, and her son Jason. (Susie is my second cousin: Connie is my mom's cousin and a favorite relative with a heart of gold. I had a great relationship with my late feisty Grand-Aunt Ida.) I knew that Susie had health issues, but I didn't know about her cancer (see a promotional video for the cancer cause below).

Connie's family lived in an apartment just up the street from my maternal grandfather's house while he was still running his grocery store; in addition to numerous visits, we stayed at my grandfather's for a few weeks while I was in fifth and sixth grades (while my Dad secured family housing at his new duty assignments), and we kids were constantly at each other's houses. To this day, Connie teases me about singing along with the theme song of my beloved Hercules cartoons (below). [I was terrible: my grandfather loved this canned boneless chicken (which I absolutely loathed), and one day when I learned that we were going to have that, I got myself invited to dinner at Connie's.] 

Connie's late husband Norm bought a house a few blocks away sometime after we moved to South Carolina. I remember going to Connie and Norm's house for Christmas dinner while my Dad was stationed in Germany with the rest of my family; Susie obsessively kept replaying the late Jim Croce's "Time in a Bottle". When I last saw Susie in 1995, I reminded her of that, and she laughed, saying that Melina was now the Jim Croce fan in the family. As I write this tribute, I've got the song playing on auto-repeat (via Magic Actions for Youtube) in remembrance of Susie. Jim Croce tonight has another angel in his audience tonight; Susie, please put in a request for my favorite, "I Got a Name".







Joss Stone is AMAZING.


Political Humor

Farmers in France have started giving their cows two bottles of wine every day, in order to make better beef. Unfortunately, all the cows wind up doing is texting their ex-milkers. - Jimmy Fallon

[The French will do anything to win the cow tipping contest at the Olympics... The dairy cow union also won retirement at 11 years, every July off, and only real French cheese sold in supermarkets... After a couple of bottles of wine, a cow will let just about anyone milk her for free: what dairy farmer will buy her then?]

Wall Street says they prefer Mitt Romney for president. And by God, who could question Wall Street's judgment? - David Letterman

[You know the economy is bad when even Wall Street can't make money under Obama...]

A new survey indicates that Obama supporters love iPhones. So if you have an iPhone, chances are you are going to be supporting President Obama. In a related story, if you support Governor Chris Christie from New Jersey, chances are you love IHOP. - David Letterman

[You can still find some 2008  iCans. Yes!]

Yesterday, House Republicans held their 33rd vote to repeal Obama’s healthcare law. It was mostly a symbolic vote that accomplished nothing — or as Congress calls that, a vote. - Jimmy Fallon

[After the SCOTUS decision on ObamaCare, Barack Obama gave a speech on the decision. It was mostly a symbolic speech as subsequent Rasmussen polls showed no change in public opinion--or as the Obama campaign calls it, a free political ad.]

Musical Interlude: My Favorite Groups

The Who, "I Can See For Miles"

Miscellany: 6/17/12

Quote of the Day  

The only safe ship in a storm is leadership.
Faye Wattleton

Around the World: My Take

• Greek Election: New Democracy/POSAK Socialists (Pro-Bailout) Narrowly Defeat Radical SYRIZA (Thumbs UP!). Germany had signaled some flexibility on austerity terms for bailout support. I suspect that SYRIZA thinks that the day of reckoning is ever closer, that  it's just inevitable that its demagogic anti-austerity message will resonate. The demagogue notes that this is not heaven and his opponents are not angels; but the long, hard trail to the summit is never crowded. As a free marketer, I think it would have been better for the Greek economy to find a quick bottom like Estonia did rather than drag it out over years. One thing is for certain: the actuarial reality of Greece's lavish pension system and high levels of government employment are unsustainable; these don't become any more sustainable outside the European Union. Greece has a long way to deregulate its economy and make it more competitive in a globally competitive market
• French Election: Socialists win majority control of the French assembly (Thumbs DOWN!). They won at least 308 seats in the 577-seat Assembly to give new French President Hollande a clear mandate. The recent French elections put Germany in a difficult position as Hollande plays good cop to Merkel's bad cop. Merkel is clearly on the defensive, trying to insist on a stronger European parliament able to demand fiscal discipline among member states, which effectively compromises national budget sovereignty, an issue everywhere, particularly in Germany. I strongly oppose the new "growth" initiative, the latest social liberal buzzword; this refers not to "economic growth" (meaning laissez-faire economic policies) but really doublespeak for "government spending". Given a job half-done on fiscal responsibility across Europe, what Europe needs is more a transition to economic liberty, not another round of whiskey for the inebriated. Like Greece, France will find that electing socialists to control their national government will inevitably result in their sinking ever deeper into quicksand; Hollande will lead France into mediocrity and irrelevance in Europe. I would strongly advise Chancellor Merkel against greater centralization in Europe, to oppose further morally hazardous bailouts of other European countries, and to retain the only worthwhile benefit to the European Union, i.e., the free market. 
• Egyptian Presidential Election: Muslim Brotherhood Presidential candidate Mohamed Morsi has narrowly defeated Ahmed Shafik to become Egypt's president (Thumbs DOWN!). Let me be clear: I think that the Egyptian government under Mubarak did a very poor job of enforcing individual rights. As a Christian, I'm well aware of challenges to Christian and other religious minorities in the Middle East and the Gulf Region, including Iraq and Egypt since the overthrow of long-time rulers. Majoritarianism is just another form of tyranny. I suspect that any perceived link of Shafik to the former regime was the kiss of death.
• Romney says no American bailout of European fiscal crisis (Thumbs UP!). Dare I hope that Romney is also referencing reining the Federal Reserve in from further foreign monetary entanglements?

Citizens United vs. FEC: 
Another Commentary

There have been a couple of posts I ran across recently that I wanted to comment on on this issue. Late last month George Will wrote another brilliant opinion regarding how the Montana Supreme Court is thumbing its nose at SCOTUS, arguing that Citizens United doesn't apply to them because corporations in their state have been particularly egregious.

The progressives (including Barack Obama) have been particularly hyperbolic and hypocritical on this issue: all sorts of people and organizations have been entitled to express political speech: however, certain types of businesses (corporations) and/or other organizations have been arbitrarily rejected. This double standard is indefensible on principle. Progressives believe that they are the self-appointed censors of American democracy. I don't care how many activist SCOTUS decisions skirted the double standard issue: SCOTUS finally addressed  the fact that the emperor was wearing no clothes.

There seems to be this muddled logic that somehow more spending will elect a candidate: first of all, the general principle is NOT true; second, the assumption is that voting behavior is determined  by the nature and extent of advertising, and I disagree. Let me point out some obvious cases: Blair Hull was the leading Democratic candidate for the 2004 Illinois US Senate nomination when a scandal broke just weeks before the election; Hull vastly outspent Barack Obama throughout the campaign. We have the case of billionaire Ross Perot whom first ran for President in 1992 and didn't win a single state. Then we also have the 2008 GOP Presidential chase when Romney spent tens of millions of dollars while McCain's campaign was largely broke through the second half of 2007.

The fact of the matter is that people are entitled to their vote, period; personally, I think it's wrong this fall that most people of color will vote for Obama simply because he had an African father. Others may vote for Romney for reasons progressives find unacceptable.

Now as for the impact of corporations, let me point out that I think that it's unlikely that corporations would engage in the kinds of saturation political campaigns that progressives have been obsessing about: as a CEO, I might worry about alienating employees, investors, or customers whom support the other candidate; I probably would want to be on good terms with whomever wins the White House. (The progressives conveniently ignore the truth that that the smart crony capitalist will hedge his bets; the crony capitalist is apolitical: his agenda is simply access to power.)

Will and Senate Minority Leader McConnell point out that of the 8 PAC's in the GOP Presidential nomination race through March, only 1 in 8 dollars came from corporations and less than 1 in 100 dollars from publicly-held corporations (and none of the Fortune 100).

Libertarian economist Don Boudreaux also published one of his classic pithy letters to the editor on the subject (this one the New York Times): the idea that otherwise intelligent voters could be easily manipulated through the political ads, say of corporations, is rather dubious. In a follow-up post, Boudreaux responds to a critic whom assumes that business is all behind one party or candidate (Boudreaux correctly perceives that business is more diffuse: my example is sugar subsidies. Say, for example, domestic sugar producers back Barack Obama; I could easily foresee how domestic sugar consumers (e.g., food companies, bakeries, etc.) could back Romney.) To a broader issue, Boudreaux makes an excellent point, which I'll paraphrase as follows: what businesses should be interested in is government without interference in the private sector, a free market, not crony capitalism. We don't want this unsustainable, convoluted tax system with various credits, exemptions, loopholes, deductions to persist. The Republicans tend to support the free market more consistently: fewer loopholes, regulatory burdens and mandates, etc. For example, some companies may resent paying more of the tax burden because other companies are shifting the tax burden through the use of loopholes, etc. It's not that they are looking for a crony relationship with GOP office seekers but they want less government-related costs and a lower tax burden, a fairer playing field.

Stopping the Spinning Wheel:
We Owe It To Ourselves

"Say they, tho’ we owe at present above 100 millions, we owe it to ourselves, or at least very little of it to foreigners.  It is just the right hand owing the left, and on the whole can be little or no disadvantage.  But it is to be considered that the interest of this 100 millions is paid by industrious people, and given to support idle people who are employed in gathering it.  Thus industry is taxed to support idleness.  If the debt had not been contracted, by prudence and economy the nation would have been much richer than at present.  Their industry would not be hurt by the oppression of these idle people who live upon it.  Instead of the brewer paying taxes which are often improper, the stock might have been lent out to such industrious people as would have made 6 or 7 per cent. by it, and have given better interest than the government does.  This stock would then have been employed for the country’s wellfare.  When there are such heavy taxes to pay, every merchant must carry on less trade than he would otherwise do; he has his taxes to pay before he sell any of his commodities.  This narrows as it were his stock, and hinders his trade from being so extensive as it otherwise would be." - Adam Smith, HT: Don Boudreaux of Cafe Hayek

Nobel Laureate economist neo-Keynesian Paul Krugman (references from Enron available on request) quotes one of the social liberals' favorite stock responses to trillion-dollar deficits as far as the eye can see: in fact, this is the actual title of one of his columns 6 months back: "Debt Is (Mostly) Money We Owe to Ourselves". Adam Smith lived during the times of our Revolutionary War, and now centuries later, Paul Krugman is repeating literally the same old same old argument against fiscal responsibility.

First, let me put you on hold; in the interim we have some pleasant music for your entertainment:



In fact, the "change" that Obama has brought us to on the national level has been a country of revolvers, not transactors. That is, we're transitioning towards a government which in time may eventually barely make enough to cover the minimum payment on the national credit card, never mind actual government operating expenses. (I worked for a privately-held marketing research company in the mid-1990's, which eventually got bought out by Equifax; we did a lot of work with credit card companies. "Transactors" are people whom never carry a balance on their credit cards; credit card issuers still make money off the transaction discount, but obviously they make additional  money off higher interest charges on outstanding balances to "revolvers".)

Granted, experts tell us the real danger occurs when the government interest payment percentage of GDP approaches 12%. But what should trouble us is the fact we are reaching 3%  (see the second chart below), not counting interest payments made by the bankrupt GSE's, at historically low federal interest rates, not nearly the 20% interest rate in the federal funds rate by 1981 (from 11% in 1979). (The 3% of GDP also includes local government interest payments (red) and state government (blue) amounts.)

Since FY2006 (which had a far higher interest rate: see below), we have exceeded $400B in every fiscal year except 2009: last fiscal year we had an all-time high interest payment expense of $454.3B. To provide some context, the entire Department of Defense budget estimate for FY2011 was just over $700B. Total direct federal revenue was just over $2.3T. That is, a fifth of our federal revenues went just to cover interest payments, and it amounted to 41.6% of individual income tax collection.

A key point from Adam Smith is that taxes are a cost of doing business and money is fungible. Taxes on individuals business to cover government paid interest are effectively an unproductive surtax; when you raise the costs of income, you get less of it. Government competes with the private sector for investment dollars; business has to pay higher rates to attract investors. Individuals and companies have higher-yielding investment alternatives in the more effective, efficient private sector, resulting in real economic growth.

As Bastiat would no doubt point out, there are opportunity costs to ineffective, inefficient government spending (i.e., higher economic growth, including related supportive labor resources); government finances by coercion: it is a monopoly, it has captive taxpayers. Government has no natural competitor compelling it to inexorably reduce costs or provide more effective services. Taxpayers must rely on elected representatives to serve as their surrogate; restoring fiscal responsibility requires strong leadership working against the vested special interests guarding the status quo.

Federal Interest Rate from 2006    Courtesy tradingeconomics.com

Barnes v. Zaccari: 
Appeals Court Confirms Barnes Judgment:
Thumbs UP!

Hayden Barnes, a student, protested Valdosta State President Zaccari's decision to spend student fees to build two parking garages on campus. Barnes engaged in a number of peaceful protests; this didn't cause a problem, but when Barnes created a collage on a social network referencing the name of the parking garage as "SAVE Zaccari Memorial Parking Garage", the University President expelled him with no formal due process hearings, despite advice from other university administrators. Zaccari's expulsion was reversed by the state soon after Zaccari, enlisting the Foundation for Individual Rights in Education (FIRE),  initiated a lawsuit against the Board of Regents of the University of Georgia System. In essence, in the latest update, the court system has denied the claim against the University of Georgia System but allowed Barnes to pursue a claim against the former President Zaccari because Zaccari knowingly disregarded Barnes' due process rights as described in university procedures.

I do think that Barnes showed poor judgment in the wording of the collage. But at minimum, Zaccari should have recused himself from the disciplinary process and ensured the student's rights were respected to the letter in published university procedures, precisely because if I was Zaccari, I would have wanted to ensure all my bases were covered:  I wouldn't have wanted my own behavior to come under question (versus the student's) or any decision I made reversed on appeal. If I felt Barnes was threatening me, I would have brought the matter up with university or local community police.

My read of the situation would depend on the nature and extent of any perceived threat to Zaccari. If the collage was an isolated incident in the context of an overall peaceful protest, I probably would have read the collage as sarcasm, not a threat, e.g., "some people have buildings or schools named after them in their memory; what Zaccari will be known for is the guy the parking garage was named after."

Musical Interlude: My Favorite Groups

Tom Petty & the Heartbreakers, "You Got Lucky"