Category Archives: Politics

Financial Crisis Inquiry Commission Report: Classic Misdirection

Monday, 07 February 2011 05:22

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After nearly two years of investigation, reviewing millions of documents and conducting hundreds of interviews, the Financial Crisis Inquiry Commission (FCIC) released its report, pinning the blame for the Great Recession largely on Wall Street and alleged deregulation of the financial markets in the 1990s.

The report of the panel of 10 (six Democrats and four Republicans) was delayed by a month as the final report became more of a partisan attack on Wall Street and a push for more regulation of the financial markets. The Republicans ultimately decided not to endorse the report, but instead issued their own report on the cause of the financial crisis.

According to the official report issued today by the FCIC, blame for the financial meltdown beginning in 2007 can be placed on:

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Super Bowl Ads: Watch for Chrysler

Saturday, 05 February 2011 08:07

Pentastar Chrysler Dodge

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Tomorrow, millions of Super Bowl fans will most likely ignore the huge investment Chrysler is making in television ads in promoting its new 2011 models. Those ads are part of the vehicle manufacturer’s efforts to revive the company and start making some money.

Despite ending 2010 with a $652 million net loss, Sergio Marchionne, Chrysler’s chief executive officer, was determinedly optimistic, even though the company didn’t meet its net revenue objectives, and had to shut down some of its factories in December, despite providing more than $3,600 in vehicle incentives to move its older models off the showroom floors.

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Federal Deficit Outrage

Monday, 31 January 2011 07:06

A lot of digits

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Back in August of 2010, the Congressional Budget Office estimated the federal deficit for 2011 to be $1 trillion. On Thursday, after revising its assumptions, the CBO announced they missed the mark by $500 billion. The deficit number has been revised upward to $1.5 trillion, and could bring the national debt to $20 trillion by 2021.

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Military Spending: The New Third Rail

Friday, 28 January 2011 07:44

Jet Fighter Escorts

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When the Spending Reduction Act of 2011 was unveiled by House Republicans Scott Garrett (R-N.J.), Jim Jordan (R-Ohio), and Senator Jim DeMint (R-S.C.), U.S. News and World Report called it “eye-popping,” referring to the bill’s attempt to rein in government spending by $2.5 trillion over the next 10 years. Rep. Jordan, who is the Chairman of the Republican Study Committee (RSC), explained the need for such sharp cuts:

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Cutting Government: Where to Start

Thursday, 27 January 2011 07:13

A small United States Postal Service truck see...

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Once Obamacare is repealed by the House, the attention of the 112th Congress will turn to the question of where government spending can be cut for the largest immediate impact. Several observers have weighed in with their thoughts, including Dick Armey and Matt Kibbe of FreedomWorks, who have an article in today’s online Wall Street Journal. After reviewing the fiscal hot water the republic is already in, and discussing attempts to re-set government spending back to “base lines” such as 2009, 2008, or 2007, the authors get down to business.

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Corporation for Public Broadcasting: Trim, or Uproot?

Wednesday, 19 January 2011 07:36

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When Rep. Doug Lamborn (R-Colo.) introduced a bill in the 111th Congress to defund National Public Radio (NPR), two things were working against him: the overwhelming collectivist mindset of that Congress itself, and the fact that NPR hadn’t yet embarrassed itself sufficiently to build public opinion against the agency. In light of NPR’s series of gaffes since then, as well as the more conservative tone of the new 112th Congress, Lamborn has decided to try again.

He observed:

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Paul Volcker: Insights from an Insider

Monday, 17 January 2011 07:52

Paul Volcker, former head of the Federal Reser...

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With the announcement by Reuters that former Federal Reserve Chairman Paul Volcker was going to resign shortly from the Obama administration came the temptation to reminisce about Volcker’s influence during the late ’70s and early ’80s when inflation exceeded 13 percent and interest rates on short-term government Treasury bills hit 21.5 percent.

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Starving ObamaCare

Wednesday, 12 January 2011 07:53

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When the new House Budget Chairman Paul Ryan (left, R-Wis.) announced that his budget committee would produce budgets for the agencies of the Executive Branch “that assume Obamacare has been repealed,” Ryan was using the most effective limitation provided by the Founders to keep the Executive Branch under control: its funding.

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What If the Debt Ceiling Isn’t Raised?

Tuesday, 11 January 2011 07:42

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Following the petulant pronouncement from the Obama administration’s chief economics advisor that any suggestion of not raising the debt ceiling was engaging in a “game of chicken,” two other establishment types noisily concurred.

Timothy Geithner, the U. S. Secretary of the Treasury, said that failure to raise the ceiling “could make it impossible for the U. S. to access global credit markets,” while Bill Gross, the co-CEO of PIMCO, the world’s largest bond fund manager, plainly implied that unless the ceiling were raised promptly, the U.S. could lose its coveted AAA credit rating: “Ultimately, if we continue a trillion-dollar-plus [annual deficit] then, yes, your credit rating will be threatened.”

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The Chicago Merry-Go-Round

Monday, 10 January 2011 07:25

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When President Obama announced the appointment on January 6 of former Clinton administration Commerce Secretary William Daley as his new Chief of Staff, he had nothing but high praises for him, calling him a “patriot” who represented a position of moderation without histrionics. It also smacked of nepotism, continuing the circular flow of Obama insiders from the political machinery of Chicago to Washington and back again. The chorus of approval came from the usual sources, such as the U.S. Chamber of Commerce. Chief Executive Officer Thomas J. Donahue exulted:

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Austan Goolsbee’s Petulance

Friday, 07 January 2011 07:25

Official portrait of CEA member Austan Goolsbee.

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During Sunday’s interview on ABC’s “This Week” with the Obama administration’s chief economics advisor, Austan Goolsbee, he warned opponents not to treat the issue of raising the debt ceiling as a game or a toy.

This is not a game. If we hit the debt ceiling, that’s essentially defaulting on our obligations, which is totally unprecedented in American history.

The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis that anything we saw in 2008. I don’t see why anybody’s talking about playing chicken with the debt ceiling. [If the debt ceiling isn’t lifted], that would be the first default in history caused purely by insanity.

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Congressional Pushback

Thursday, 06 January 2011 07:35

Michele Bachmann - Restoring Honor rally

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Now that the 112th Congress has been sworn in and subjected to the reading of the Constitution and its 27 amendments, the direction of that Congress is beginning to take shape. In response to pressure from Americanists, Tea Partiers, Constitutionalists, and other limited-government supporters, Congress’ first effort at legislation will be to vote today to cut its own budget by 5 percent. That would result in savings of a minuscule $35 million, but loyalists are taking heart that the “first olive out of the bottle is always the hardest” and that much bigger targets and greater success lie ahead. Repealing ObamaCare is next on the agenda with passage almost assured. Rep. Fred Upton, (R-Mich), new chairman of the House Energy and Commerce Committee, predicted not only that such a bill pulling ObamaCare “out by the roots” will pass, but might even be able to muster two-thirds of those voting.

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The 112th Congress: Real Substance, or Just Smoke?

Wednesday, 05 January 2011 09:24

Minority Leader John Boehner

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When the House of Representatives announced new rules for the Congress that convenes on Wednesday, the mainstream media immediately called them “strict” and even “unprecedented.” The first new rule to take effect will be the reading of the Constitution of the United States and its 27 amendments on the floor of the chamber.

Incoming Speaker of the House John Boehner told ABC News: “The American people want a smaller, more accountable government—and that starts with respecting the Constitution. That’s why we will read it on the floor next week. It sends the clear message that starting on January 5th, the House of Representatives will be the American people’s outpost in Washington, D.C.”

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Obama/CEO Summit: Sweetness and Light

Monday, 20 December 2010 09:50

President Barack Obama listens to Safeway Pres...

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Despite being verbally abused and legislatively hamstrung ever since the start of the Obama administration, those CEOs arriving at the Blair House Wednesday for another Summit meeting with the President seemed in good spirits. In a pre-announcement, White House spokeswoman Jen Psaki, was all smiles: “[This] working session is an opportunity for the president to continue building strong partnerships in the business community.”

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Judge Porteous is History

Wednesday, 08 December 2010 11:53

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Federal Judge Thomas Porteous is only the eighth federal judge to be impeached, convicted, and removed from office since the founding of the Republic. And for a while there, the decision appeared to be too close to call.

The four articles of impeachment passed the House unanimously earlier this year before the Senate considered the case. Each article, by itself, appeared to be weak, according to attorney David O. Stewart.

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Smithsonian Exhibit Outrage: Asking the Wrong Questions

Friday, 03 December 2010 09:16

The Smithsonian Castle in Washington, D.C.

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Although the “Hide/Seek” exhibit at the Smithsonian Institution opened on October 30th, it didn’t start generating national outrage until CNS News published a lengthy and detailed review on Monday. In that review, astonishing and outrageous videos, paintings, photographs and montages by gay and lesbian artists were displayed, including “an ant-covered Jesus, male genitals, naked brothers kissing, men in chains, Ellen DeGeneres grabbing her breasts, and a painting the Smithsonian itself describes in the show’s catalog as ‘homoerotic.’ ”

The historian and co-curator of the exhibit David Ward tried to explain away the reasons behind the exhibit:

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Sorry, Charlie, No Reprimand for You

Thursday, 02 December 2010 12:02

U.S. Congressman Charles B. Rangel's Head Shot...

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Embattled Harlem Democrat Charles Rangel wants his sentence for various deeds of misconduct reduced from censure to reprimand, holding that censures are only for corrupt politicians, and he’s not one of them. A reprimand is considered only a “slap-on-the-wrist” that wouldn’t require him even to be present for the House vote, whereas censure would force him to stand in the “Well” of the House and listen to the Speaker read off the list of charges against him in front of his colleagues.

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Bloodbath Coming?

Wednesday, 24 November 2010 10:59

Mel Gibson as William Wallace anachronisticall...

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White House deficit commission co-chairman Alan Simpson spoke at a Christian Science Monitor roundtable on Friday morning saying, “I can’t wait for the blood bath in April. It won’t matter whether two of us [on the commission] have signed this or 14 or 18. When debt limit time comes, they’re going to look around and say, ‘What…do we do now? We’ve got guys [House freshmen] who will not approve the debt limit increase unless we give ’em a piece of meat, real meat, off of this package.’ And boy the blood bath will be extraordinary.”

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The National Debt: Scary Facts, False Conclusions, and Gumption

Tuesday, 23 November 2010 11:19

Cropped version US national debt clock / billb...

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When Anthony Mason, CBS News’ senior business correspondent, visited the Treasury Room, he called it the location of “essentially the American credit card machine.” It’s where traders buy and sell United States’ treasury bills, notes, and bonds in order to finance government operations. Mason’s revelation was profound: “I found that room kind of spooky. If we can’t [sell] those IOUs—which keep the government running on a day-to-day basis—then we can’t run the country anymore. We [won’t] have the money.”

CBS then went on to review the repetitive and increasingly tiresome litany of disasters that await if those IOUs can’t be sold:

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Is Everything “Commerce?”

Wednesday, 17 November 2010 14:23

Chief Justice John Marshall established a broa...

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Law professor Robert Natelson wrote that because Congress has stretched its definition of “commerce” so far beyond that originally intended by the founders, “it is up to the people to recall the federal government to its constitutional limits.” Known as the “Commerce power,” Article I, Section 8 of the Constitution says that “the Congress shall have Power…to regulate Commerce with foreign Nations, and among the several states.”

And up until 1937, that power had been relatively tightly construed to mean what the Founders intended: to regulate trade—the buying and selling across state lines. By using false arguments, however, the Supreme Court during Roosevelt’s New Deal ruled in general that Congress was free to “control manufacturing, wages, agriculture, crime, mining, land use, firearm possession, and a [wide] range of other activities.”

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