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With a straight face, the National Bureau of Economic Research (NBER) announced that the Great Recession ended last June. June of 2009, that is. This made the current recession the longest one since the Great Depression.
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In an early straw poll, Rep. Mike Pence (R-Ind.) was the choice for presidential nominee in 2012 over such conservative luminaries as Sarah Palin, Mike Huckabee, and Mitt Romney. Capturing 24 percent of those voting at the Family Research Council’s Values Voter Summit this past weekend in Washington, DC, Pence relegated even Senator Jim DeMint to a barely visible 5 percent.
Last Tuesday, September 7, when Senate Majority Leader Harry Reid (D-Nev.) said he intended to focus the current lame duck session on “mopping up” leftovers from the previous session, these included a national renewable energy policy, a small business jobs bill, and another stimulus bill. Reid said, “We are still going to be in Congress, working, after the election…There are things that we have to do. There is a lot of mopping up to do.” Reid failed to mention one small item that his lame duck session is determined to ignore altogether: the Bush “tax cuts” which are set to expire without Congressional action by the end of the year.
The impeachment of Judge G. Thomas Porteous of the U.S. District Court for the Eastern District of Louisiana appeared initially to be an “open and shut” case of bad behavior, with the House of Representatives voting unanimously on four articles of impeachment.
Rep. Adam Schiff (D-Calif.), Chairman of the House Judiciary Committee Task Force on Judicial Impeachment, seemed to think so: “Our investigation found that Judge Porteous participated in a pattern of corrupt conduct for years. Litigants have the right to expect a judge hearing their case will be fair and impartial, and avoid even the appearance of impropriety. Regrettably, no one can have that expectation in Judge Porteous’ courtroom.”
Few were surprised when President Obama replaced Christina Romer, chair of his Council of Economic Advisers, with another statist economist, Austan Goolsbee. Goolsbee is the architect of Obama’s failed economic policies and programs, having served as the executive director of the President’s Economic Recovery Advisory Board from the beginning.
A bright student at Yale where he enjoyed membership in the exclusive and elitist Skull and Bones secret society, Goolsbee went on to get his PhD from MIT, and then immediately became a professor at the University of Chicago. With stints at the American Bar Association and the National Bureau of Economic Research, he was named to Obama’s Council of Economic Advisers in March, 2009.
When the 82,566 fans of the New York Giants cheer their team at the home opener of the season this Sunday at the New Meadowlands Stadium, they will likely enjoy the game more than the taxpayers of New Jersey who still owe $266 million on the old Giants Stadium which was demolished to make way for the new one. Those taxpayers may also be dismayed to learn that the revenue stream from the old stadium has now all but disappeared, putting them on the hook for $35 million in principal and interest payments each year to service the bonds that built the old stadium as part of the Meadowlands Sports Complex back in 1976.
When Kevin Hassett, director of economic-policy studies at the American Enterprise Institute, wrote in Bloomberg.com that “the biggest problem with the labor market right now is that wages are too high,” it was the first positive sign of intelligent life in the mainstream media in some time.
Many have written about the damaging effects of minimum wage laws, federal and state unemployment insurance, and other interventions in the labor market that have kept workers out of jobs, including William Hoar, Gary North, Jacob Hornberger, and Walter Williams.
But few have offered free-market solutions to the problem of unemployment in the Great Recession. Until now.
The bank run at Afghanistan’s largest bank, Kabul Bank, was precipitated by the takeover of the bank by Da Afghanistan Bank, the country’s central bank, last week. By Friday nearly all of its currency reserves and most of its capital had been withdrawn by nervous customers, with no end in sight.
Afghanistan President Hamid Karzai blamed the run on the bad press the bank had been getting in the United States ever since a major article about corruption at the bank appeared in the Washington Post in February. Last Thursday, the second day of the run on the bank, Karzai said, “The Western press is…printing out our decision [to take over the bank] in a negative way and in a provocative way. It’s sad to hear that. It’s unfortunate.”
When former Labor Secretary Robert Reich offered his solutions for ending the Great Recession in the New York Times, he repeated the same errors expressed in a CNBC debate the week before.
Reich appears to have all the credentials for knowing what he is talking about: degrees from Dartmouth College, Yale Law School, and a Rhodes Scholarship to Oxford University. Having served as a law clerk to the chief judge of the U.S. First Circuit Court of Appeals and then assistant to the U.S. Solicitor General, followed by an appointment by President Jimmy Carter as Director of Policy Planning at the FTC, most would accept his opinions and suggestions for ending the recession as useful and relevant.
The Obama administration is “taking the first steps to confiscate retirement dollars,” according to Dr. Jerome Corsi who predicts that the end result will be retirees with 401(k) plans holding near-worthless government debt “that will be paid off in a devalued currency worth…pennies on the dollar.”
The move to confiscate those retirement dollars for government purposes was best illustrated by Christina Kirchner, President of Argentina, in 2008 when she announced plans to seize her citizens’ private pension funds.
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