Archive for May 14th, 2009
Professor Roubini, of New York University’s Stern business school, believes that while such a major change is some way off, the Chinese government is laying the ground for the yuan’s ascendancy.
Known as “Dr Doom” for his negative stance, Prof Roubini argues that China is better placed than the US to provide a reserve currency for the 21st century because it has a large current account surplus, focused government and few of the economic worries the US faces.
Obama’s Overreaching Economic Policies
By George F. Will
Thursday, May 14, 2009
Anyone, said T.S. Eliot, could carve a goose, were it not for the bones. And anyone could govern as boldly as his whims decreed, were it not for the skeletal structure that keeps civil society civil — the rule of law. The Obama administration is bold. It also is careless regarding constitutional values and is acquiring a tincture of lawlessness.
In February, California’s Democratic-controlled Legislature, faced with a $42 billion budget deficit, trimmed $74 million (1.4 percent) from one of the state’s fastest-growing programs, which provides care for low-income and incapacitated elderly people and which cost the state $5.42 billion last year. The Los Angeles Times reports that “loose oversight and bureaucratic inertia have allowed fraud to fester.”
But the Service Employees International Union collects nearly $5 million a month from 223,000 caregivers who are members. And the Obama administration has told California that unless the $74 million in cuts are rescinded, it will deny the state $6.8 billion in stimulus money.
Such a federal ukase (the word derives from czarist Russia; how appropriate) to a state legislature is a sign of the administration’s dependency agenda — maximizing the number of people and institutions dependent on the federal government. For the first time, neither sales nor property nor income taxes are the largest source of money for state and local governments. The federal government is.
I thought O’reilly, while NOT libertarian had a great piece here.
Especially after watching Obama, ridicule us when he referred to us as “waving tea bags around” and discounting our (libertarian) opinion on staying out of the market. Sounds awfully like ridicule to me.
Today, the mainstream media was jolted with bad news on the economy. Retail sales fell 0.4 percent and helped send the broader market down for the day (DOW -184.22). It looks like the propaganda machine, which for the last few weeks had been touting this as a “turn” in the market, has been proven wrong yet again.
We are in the midst of a serious rec(de)pression, and it’s gonna take a long time to get out of it. Job losses continue at half a million every month. EVEN with the government hiring census workers. The more bullshit progressive, stimulant programs our government throws out there the longer this will take to get out of. How do I know that? Because I don’t listen to those who have gotten it wrong the last 3 years – pretty simple.