Remember how the stock market went up on Tuesday? Never mind. Stock futures are lower this morning, indicating another see-saw day. My own rule of thumb when markets are freaking out like this? Stay calm. It's only a loss if you sell. Never sell into a panic.

AllahPundit over at HotAir noticed this little factoid: two of the top ten point-drops in Dow history have come in the last week. Now that's volatility, my homies.

Tom Friedman dreams of a world where everyone thinks like Tom Friedman. Notably absent: any discussion of entitlement reform. Which is strange, given that entitlement spending is the main driver of our debt. Also: Tom Friedman insists upon himself.

Teh Bernank has thrown in the towel. If you don't know what to do next, sometimes the best course of action is to do nothing.

Economic reality trumps economic theory every time.

The stimulus passed in February of 2009 didnÂ’t go to shovel ready projects. Instead it propped up state and local governments that were broke. What didnÂ’t go to governments was spent on projects without any regard for their return on investment. For example, green light bulb research might be a neat concept, but the short term return on investment is 0. You might even believe that green light bulb research will have positive economic effects in the future-but stimulus is designed to help us today so itÂ’s still a stupid way to spend government dollars. Even if you think stimulus can work, it doesnÂ’t because of politics. This phenomena occurs no matter which party is in charge.

California? Oh yeah, they're still boned.

Forget gold! Buy dirt.

Holy crap, did Stiglitz just admit that Keynesianism is a failure?!? He must have taken a severe blow to the head; someone call 911!

You know, the first Civil War was just so much fun that maybe we should have another one. Or, you know, we can go the Dr. Phil route: scream at each other, apologize, and then have great make-up sex.

"They are essentially wild beasts."

Bonds: real vs nominal yields.

Las Vegas casino comes up snake-eyes.

Via Insty, Susannah Breslin on why she's unemployable. There's some good advice in this column, but beware: in general, "follow your dreams" is really shitty career advice. Most people aren't all that good at doing what they love, or can't make a living wage at it. My advice? Find a job that you can do, that you can stand, and that pays enough to support you and your family. If you hate the job, hang onto it until you find something better. (My mom used to tell me this: If it was fun, they wouldn't call it "work".)

Since "The Great Depression" was already taken, we decided to call our financial disaster "The Great Stagnation". This is one of those "read it all" articles.

Are Islam and capitalism compatible? Much of the economic stagnation that afflicts the Muslim world is caused by other factors than religion: tribalism, superstition, pervasive corruption, a lack of education, and the oppression of women. Arabs in particular suffer from a lack of transparency and rule of law, which is death to free markets: force of law is necessary to protect property rights, enforce contracts, and regulate exchanges. And the law must be applied fairly, without regard to political or social standing. Basically, a sound economy depends upon a sound civil/secular society.

UPDATE 1: Via Insty -- Jobless claims come in at 395K, which is the first time in awhile that they've come in under 400K. Wait for the inevitable revision upwards, though.

UPDATE 2: What does "debt forgiveness" mean? Remember, somebody ends up paying -- the debt doesn't just disappear into thin air.
more...

Posted by: Monty at 04:57 AM | Comments (123)
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They just don't even know what to do about Rick Perry. Last month, Salon.com "reporter" Justin Elliot photoshopped Perry onto a Confederate battle flag and fruitlessly implied he was a neoConfederate. This month the same "reporter" is still grasping at straws and, ">as noted by Legal Insurrection, is utterly incoherent about it.

Now Elliott is trying to paint Perry as, get this, both anti-Muslim and pro-Sharia, Rick Perry: The Pro-Sharia Candidate?.

For the supposed anti-Muslim part Elliott relies on the guilt by association, arguing that Perry has been “palling around with some radical evangelical Christian figures who are openly hostile to Islam.” For the supposed pro-Sharia part Elliot argues that Perry’s relationship with the Aga Khan...

The piece was accompanied by a now-typical feature of Salon.com "reporting": a photoshop. This time a great big crescent of Islam was superimposed on Perry.

Elliott wrote me on twitter, apparently irritated that I called his Perry articles "hacktastic." He said he was just pointing out how "striking" it is that Perry is friendly with some Muslims and that Perry had praised some Muslim scholars. He clammed up real quick, though, when I noted that this was a dodge as he would never write an article "Is Obama pro-Sharia?" just because Obama knows Muslims and has said nice things about them. Thus: hack.

Posted by: Gabriel Malor at 03:34 AM | Comments (239)
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Posted by: Gabriel Malor at 03:12 AM | Comments (83)
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Obama Is Boring

Despite being lauded by the MFM as a wondrous speaker who fills the air with soaring, inspirational oratory, the truth is that when it comes to speeches Obama is just a plain bore.

After almost three years as President it's clear that he really only can give one speech well - the standard campaign-style talk full of gauzy vagueness and platitudes built on stock straw-men arguments and false choices. Now he does execute this speech very well with a nice melodious voice, but that single speech is pretty much all he's got.

I have for some time pointed out just what a bore Barack Obama is to listen to. His speeches are come from an observer, not a leader. His mother, after all, was an anthropologist and whether he will ever admit it, he is his motherÂ’s son.

His speeches lack heart.

Maybe it is the writers. Maybe he is too cautious. In 2002, he said, “I don’t oppose all wars. What I am opposed to is a dumb war. What I am opposed to is a rash war.”

I challenge readers to — off the top of their heads — come up with one quote from a speech that Obama has given since taking office.

How boring and predictable are Obama's speeches?

Well so much so that a female fan of his has been able to create a keyboard-based Obama speech speech synthesizer that does a good rendition of pretty much any Obama appearance. Now that is the ultimate in boringness.

Actually at this point his speeches are worse than boring - every minute he talks makes things worse and things actually get better when he cancels a speech. more...

Posted by: Maetenloch at 05:38 PM | Comments (735)
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Iowahawk does it again.

Except all he did was link it on Twitter.

The headline's real. A rag called the Montreal Gazette actually published that headline.

A lot of people are asking if Britain should get their gun rights back.

Some of them even are British.

“Britain’s gun laws are among the most draconian in the world, yet the nation has some of the highest levels of violent crime and burglary in the West, and there is no shortage of gun crime in major cities such as London and Manchester. While criminal gangs are often able to acquire firearms on the black market, ordinary law-abiding British citizens are barred from owning guns for self-defence.

The riots in London, the West Midlands and the North West should prompt a renewed debate in Britain over the right to bear arms by private citizens. The shocking scenes of looting across the country are a reminder that the police cannot always be relied upon to protect homes and businesses during a period of widespread social disorder. The defence of life and property can never be entrusted solely to the state, not least when there is a complete breakdown in law and order. As we have seen this week in Britain, when individuals are barred from defending their own property from mobs of vicious thugs, sheer anarchy and terror reigns.

BTW, the cops claim there was no order given to sit on their hands and do nothing.

I think they're lying, possibly covering for the mayor or something, or their own do-nothing leadership, and it will take a serious investigation to shake them off that lie.

Instapundit has more on the debacle, contrasting Korean shopowners in the 90s LA riots to the disarmed Brits.

UPDATE [DiT]: Looter photoshops, also via Iowahawk. more...

Posted by: Ace at 03:43 PM | Comments (364)
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Here's some quotes from Ace today.

PPP: Democrats Have 7 Point Advantage In Generic Congressional Ballot; Blogger Opines They'd Win House If Elections Were Held Today

Unbelievable.

I suppose I do believe it, but it's unbelievable. The public claims they understand we cannot rack up more trillions in unpayable debt, but resists any effort to cut spending.

I think they're right. And while this is a Democrat versus Republican issue, it's mostly an ignorance versus information issue.

The public is largely ignorant and prefers to remain so. They are confronted with two unpalatable, but necessary, choices -- A. high, stagnating, wealth-diminishing European socialist tax rates, or B. reductions in the welfare state, especially to middle class and higher income earners (and yes, many oldsters are quite rich), and they insist they want C., which is a continuation of ruinous levels of spending, but no taxes that touch their own wallets, oh, and also, they want the debt reduced.

That is my problem. That as a nation, a large number of us seem to be not only disconnected, and not only unserious, but addicted to indulgence in fantasy.

21% say it's on the right track.

Who the hell are these people?

But every time you think the public gets it...

Americans held mixed views on the best way to stimulate economic growth. Cutting spending, 49 percent, and taxing the wealthy, 46 percent, came highest, followed by investment in infrastructure, 34 percent.

But the public will continue caterwauling about foreign aid, waste and abuse, and "taxing the rich."

Feb 19th 2009 (Santelli's Rant) to Nov 2010 Elections = Day One.

Some people notice, get pissed, effect some change.

Lame Duck Session of 2010 to Debt Ceiling Deal = Day Two.

Some stuff blocked, not much accomplished. That group from the previous day begin to realize just how much work needs to be done. "We're gonna need a bigger boat". (Bigger Boat = more voters.)

I'm guessing that prior to Obama's inauguration most Americans have given very little thought to stuff like Hayek, Keynes and Macroeconomic Theory. Since things have been working out more-or-less for the better from 1776 to 2008 they've gone along with the elected leaders who've said, "We know what we're doing. Here's your entitlement check".

An economic crisis AND a severe recession brought new leadership to the White House in 2009. He said, "I know what I'm doing. Here's your stimulus check". Now, in the Summer of Obama, more people are beginning to notice - "Hey, this stuff isn't working out" They're not sure why. The vast majority of them have never even heard of Hayek, Road to Serfdom, Keynes, the Multiplier. They do hear the media saying those extreme Tea Party types want to burn everything down. It's not surprising that a good number don't know what to think and, conservatively, suspect the new thing (tea party) is to blame.

Your job is to correct that. Instead of saying "Obama Sucks" you should be familiar with how the Rule of Law was discarded during the Chrysler bankruptcy when the senior bondholders were screwed over in favor of the unions. And how things like that cause uncertainty for businessmen resulting in them holding on to that 2 trillion dollar cash stockpile. Or how the Grand Bargain Reagan struck during the 1980s that would deliver 3 dollars in spending cuts for each dollar of new taxes vanished like a mirage - which explains why current congressional Republicans are so adamant in their opposition to tax hikes. Explain why govt. is inherently inefficient* and limiting it allows it to do less damage. Know just how much money is actually spent on Foreign Aid. Have the numbers to show that if you not only taxed the rich but took all their money it still wouldn't solve the problem.

*(guys spending other people's money on things that don't concern them. for example)

If the number of economically aware voters stays like it is now all we'll be able to do - at best! - is fight a delaying action. I want to save America, not stretch out the decline!

It's ok to complain that the media is biased and rarely informs the public about economic reality. But I don't know how to change the media. But I can talk to One Person.

We don't need to convince every American. Not only is that hopeless there are a substantial number that want current policies continued. We need to reach enough people who never used to give a damn about economics that it matters and that current leadership Is Doing It Wrong.

It's Day Three. Up and at 'em!

Posted by: Open Blogger at 02:13 PM | Comments (230)
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Jim Geraghty wonders if there's more to this than money.

Sure, the money.

But given that Obama no longer has the adoring crowds, is he doing so many fundraisers because he knows that if he charges people $38,500 to be in the room with him, he's guaranteed some of that old hero worship and ass-kissing?

And even though Obama just instructed Congress that they must set themselves to their duties with a renewed sense of "urgency," for Obama, it's vacation time again.

No one would begrudge...

Press secretary Jay Carney said he doubts the American people would begrudge the president some time off with his family, even in the midst of an economic downturn -- and besides, it is likely to be in part a working vacation.

"There's no such thing as a presidential vacation," Carney said. "The presidency travels with you."

I remember Bush saying that, and the media insisting he was a damned liar.
He's going to liberal Nirvana, aka Martha's Vinyard, again. Speaking of finding a friendly crowd for ego-replenishment.

...

Like his predecessors -- and as with his Martha's Vineyard vacations of the past two Augusts -- Obama will continue to hold meetings and be in communication with aides on both domestic and foreign issues.

That is particularly true of things like jobs.

"The president is focused every day on the economy," Carney said.

Jobs, and his backswing.

Posted by: Ace at 01:37 PM | Comments (160)
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From bad to worse.

The markets are considered a forward indicator of what the economy should look like down the road, right? Anyone know how far ahead they are conventionally believed to forecast? 3 months? 6?

A whopping 73% believe the country is on the wrong track.

21% say it's on the right track.

Who the hell are these people?

The survey found that 47 percent believe "the worst is yet to come" in the U.S. economy, an increase of 13 percentage points from a year ago when this question was last raised.

This is the highest measure since March 2009, when concern peaked at 57 percent, at the height of the recession.

But every time you think the public gets it...

Americans held mixed views on the best way to stimulate economic growth. Cutting spending, 49 percent, and taxing the wealthy, 46 percent, came highest, followed by investment in infrastructure, 34 percent.

This poll, by the way, is of adults, though they go on to say that over 80% of the adults are also registered voters.

Here's Obama's job approval state by state; he remains competitive in most swing states (at about 46% or so approval).

He has a meager 32% approval in three states and 27% in one state. (Guess which.) But those a GOP gimmes.

This poll might point the way forward for a GOP candidate.

Barely one in four Americans has confidence that the federal government has the ability to fix economic problems, and most share Standard & PoorÂ’s indictment of the countryÂ’s policy-making process, according to a new Washington Post poll.

If only 26% have confidence in the government's ability to fix problems... well, never let a good crisis go to waste. Capitalize on that, and make the theme of 2012 a government that does much less, but much better, and much more cheaply.

Why pay Cadillac-level taxes for Yugo-level performance?

Of course, there's again some cluelessness from voters...

The spreading lack of confidence is matched by an upsurge in dissatisfaction with the country’s political system and a widespread sense that S&P’s characterization of U.S. policy-making as increasingly “less stable, less effective and less predictable” is a fair one.

Which is the public's fault. Politicians lie to the public in stupid, obvious ways, but it is the public's fault that such lies are credible to them, and it is their fault politicians can profit from stupid lies.

We have a political problem, yes, and that problem begins with the polity itself, which remains ignorant (as a whole) about the depth of our problems and, more importantly, the cause of these problems and ergo the actual solutions.

But the public will continue caterwauling about foreign aid, waste and abuse, and "taxing the rich."

Posted by: Ace at 12:47 PM | Comments (285)
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Story at Big Government.

They attempted to harass a local restaurant where the Tea Party was meeting:

, “I just found out that you’re hosting/supporting a Tea Party, right wing, anti-Obama event tonight at the Green Mill! That will be the end of my patronage of the Green Mill.”

Well, they weren't even meeting at the Green Mill; they were just meeting outside it.

As a matter of law a non-profit like a university cannot use its resources for partisan purposes (like this) or else it loses its tax status.

Par for the course? Yes, of course, but check out what's also very expected.

What's your psychological profiling on two of the ringleaders?

Don't know anything about them? Okay, well here's what you know about them, then:

Kind of tells the whole story right there, doesn't it?

This is such an easy, cheap stereotype -- homely women ♥ revenge-of-the-losers socialism -- but damn, it's just so true.

You want to ask "Why are you so angry and resentful?" but the answer is plain on their faces the plain is the answer on their faces.

Please stop. At the end of the day you cannot tax beauty nor subsidize ugly. You really need to work these issues out in private and in consultation with a clergyman or psychologist rather than in a no-one-reads-it university social justice review.

Posted by: Ace at 11:46 AM | Comments (485)
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It's odd but just as the race is beginning it's sort of near the end.

Will Tim Pawlenty do well enough in Iowa to attract more support? Can he accomplish that with a second place finish? Or a third? (Count on Ron Paul to finish near the top, of course.)

“The problem Tim Pawlenty has is he’s doing everything right,” said Iowa strategist Steve Grubbs, a former Iowa GOP chairman and state legislator. “He has the right team in place. He’s spending the money. He’s got a good grass-roots strategy, and they’re investing the time in the state. So it’s going to be difficult to say they didn’t make a strong effort.”

...

Pawlenty and his supporters have worked hard to keep expectations low for the event, with the candidate clinging to the role of underdog despite all the evidence that he has a clear shot at victory...

Conant said predictions that Pawlenty needs a first- or second-place finish were off the mark: “If the people ahead of us are not viewed as likely or credible nominees, that’s less of a hurdle. I think these things are very hard to predict.”

Iowa caucus veterans say the calculus for Pawlenty is both simpler and harsher: Anything short of a flat-out win will make it exceedingly difficult for him to claim momentum in the rapidly accelerating 2012 primary race.

As some might know I was a Pawlenty supporter, but not enough people joined me. The party seems to be on a No Experience Required kick.

On the other hand, Bachmann is admirably forthright:

When Bachmann gives a brief speech to the approximately 100 employees assembled, she talks about what she wants for them, and for all employees in America: higher wages and better benefits. She paints a picture of how promoting free-trade agreements, axing regulations, and cutting the corporate tax rate could help bring those goals about....

Asked about entitlement reform, Bachmann says we must be “crystal clear” that no plan will impact current retireees’ Social Security and Medicare...

“But what I think we all recognize is the current system is flat broke,” Bachmann continued. Then, without ever using the word “voucher,” she started to talk about how great it would be if senior citizens could choose their health-care plan, and not be forced to join Medicare. “I want to let every American choose,” Bachmann says.

Well, that is definitely forward-leaning on a politically tough subject.

Posted by: Ace at 11:34 AM | Comments (111)
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