Saturday, October 30, 2010

Mass. pol provides unsolicited clinical assessment of America


It's come to this: After being told that the reason for the impending mid-term ass-kicking was because the Democrats did not advertise their "accomplishments" adequately and that we, the electorate, were not sufficiently appreciative, the senior Senator from the Bay State offers up one last gasp: America has gone bat-crap crazy.

“It’s absurd. We’ve lost our minds,” Kerry said. “We’re in a period of know-nothingism in the country, where truth and science and facts don’t weigh in. It’s all short-order, lowest common denominator, cheap-seat politics.”


Well, not completely nothing, Senator.

There are a few things we do know: We know that unemployment is at 9.6% after being promised it would not rise above 8% if we passed $800 billion worth of porkulus. We know that health insurance premiums are going up instead of down with the advent of ObamaCare after being promised that ObamaCare would bend the health care cost curve downward. And we know that the passage of ObamaCare was done in a horrendously partisan, crass, shameful and corrupt manner that was the very antithesis of HopenChange.

We know that Fannie and Freddie are still holding a mountain of toxic assets and that we will continue to pour tens of billions of tax-payer dollars into these black holes with no hope of unwinding the poisons in the greater housing market. Indeed, we know that there are no incentives in place to prevent yet another housing bubble in the near future.

We know that Keynesian economics does not work. After reading about it in books, we saw first-hand how demand-side gimmickry like Cash for Clunkers was merely a $3 billion exercise in bumping the demand curve to the left with the inevitable flattening out of that curve after the program ended resulting in zero net sales.

We also know that the government/General Motors lied about how GM was paying down its TARP loan.

We know that the administration's team of economic advisers are making like rats leaving a sinking ship such was their collective "success" in handling the economy. They will repair to universities to spread their lunacies to impressionable 20 yr. olds or to Wall St. boards to perpetuate our current system of crony capitalism.

We know that the President has alienated our friends abroad and has abased himself and our country in the face of those nations hostile to us.

We know that Congress has demonstrated cowardice by not addressing the budget or the impending expiration of the Bush tax cuts before the mid-terms.

We know we have a corrupt hack that is running the Department of Justice of which there is credible evidence that top-level DoJ political appointees worked to cover-up the malfeasance in the shuttering of a highly visible voter intimidation case.

We know we are piling up record deficits and debt with an administration that shows no inclination to reverse course.

And we know that we have a President and administration that are economic illiterates who are hostile to free-market principles to the degree they have introduced a regulatory regime that has stalled a recovery and has kept private capital on the sidelines as companies wait to see what broadsides they will be forced to absorb next.


For John Kerry, possessing the giant intellect that he does, this may not seem a comprehensive list of grievances confirming that we don't know much, so us simple folk out here in fly-over country will try to send a more complete message next Tuesday.

8 comments:

Road Dawg said...

Don't sugar-coat it baby!

SpearCarrier said...

As a Christian, who believes God's Word is settled forever in heaven, the Book of Ecclesiastes says it quite well (famous for: "There is a time for every purpose under heaven"):

"A wise man's heart directs him toward the right, but a foolish man's heart directs him to the left." (Ecclesiastes 10: 2)

steve said...

"And we know that we have a President and administration that are economic illiterates who are hostile to free-market principles to the degree they have introduced a regulatory regime that has stalled a recovery and has kept private capital on the sidelines as companies wait to see what broadsides they will be forced to absorb next."

Not really.

http://www.calculatedriskblog.com/2010/10/investment-contribution-to-gdp-leading.html

Steve

Dean said...

Steve, don't mind that you link to somewhere else but at least give a few lines of defense/summary to your argument(s) here in the comments section.

Merely providing the link is not a compelling reason to go there. We're nice folks around here - we won't bite.

steve said...

Sorry, thought the charts were self-evident. Businesses are investing in equipment at rates similar to past recoveries. Most of our problem lies with residential and commercial real estate. Until inventory on those is worked off, and consumer debt paid down, the economy will remain stalled. Supply side is pushing on a string.

Steve

Dean said...

Steve, the charts are evident, however, the point was to have you warm us up before inviting us over to the link. Whet our apetite a bit, please.

There are some things different with this recovery as opposed to previous: businesses are setting upon record amounts of cash and not hiring because they don't know what's coming next as far as regulations.

Team O insisted on pushing through health care reform instead of focusing on jobs which has only resulted in premium hikes, thanks much, as opposed to bending the cost curve downward as ObamaCare promised.

Porkulus was a disaster. The President admitted as much when he said there was no such thing as "shovel-ready jobs".

And I don't believe the residential market is anywhere close to unwinding all the toxic assets that are bottled up in entities like Fannie and Freddie because we insist on pouring more and more money into them without facing the inevitable pain of wringing out all those unknown poisons.

I am now repeating the same arguments I made in the post but only to point out that this recession recovery is markedly different than others.

I suppose we'll find out what the future holds but I want jobs and I want significant GDP gains. We're nowhere close to achieving either of those.

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