American Autumn

http://www.nationalreview.com/articles/279534/american-autumn-mark-steyn

...If you don’t like to think of Jobs as a corporate exec (and a famously demanding one at that), think of him as a guy who went to work, and worked hard. There’s no appetite for that among those “occupying” Zuccotti Park. In the old days, the tribunes of the masses demanded an honest wage for honest work. Today, the tribunes of America’s leisured varsity class demand a world that puts “people before profits.” If the specifics of their “program” are somewhat contradictory, the general vibe is consistent: They wish to enjoy an advanced Western lifestyle without earning an advanced Western living. The pampered, elderly children of a fin de civilisation overdeveloped world, they appear to regard life as an unending vacation whose bill never comes due.

Can we have our $2 trillion back?

http://www.xtranormal.com/watch/12353758/can-we-have-our-2-trillion-back

Felonious Munk Presents: Stop It B! OBAMA PAY YOUR &*%$#% BILLS

Oh, To Be a Teacher in Wisconsin

http://online.wsj.com/article/SB10001424052748703408604576164290717724956.html

The showdown in Wisconsin over fringe benefits for public employees boils down to one number: 74.2. That's how many cents the public pays Milwaukee public-school teachers and other employees for retirement and health benefits for every dollar they receive in salary. The corresponding rate for employees of private firms is 24.3 cents.

Gov. Scott Walker's proposal would bring public-employee benefits closer in line with those of workers in the private sector. And to prevent benefits from reaching sky-high levels in the future, he wants to restrict collective-bargaining rights.

The average Milwaukee public-school teacher salary is $56,500, but with benefits the total package is $100,005, according to the manager of financial planning for Milwaukee public schools. When I showed these figures to a friend, she asked me a simple question: "How can fringe benefits be nearly as much as salary?" The answers can be found by unpacking the numbers in the district's budget for this fiscal year...

[Video]Quantitative Easing Explained

Stop Bashing Business, Mr. President

http://online.wsj.com/article/SB10001424052748704361504575552080488297188.html

Although I was glad that you answered a question of mine at the Sept. 20 town-hall meeting you hosted in Washington, D.C., Mr. President, I must say that the event seemed more like a lecture than a dialogue. For more than two years the country has listened to your sharp rhetoric about how American businesses are short-changing workers, fleecing customers, cheating borrowers, and generally "driving the economy into a ditch," to borrow your oft-repeated phrase.

My question to you was why, during a time when investment and dynamism are so critical to our country, was it necessary to vilify the very people who deliver that growth? Instead of offering a straight answer, you informed me that I was part of a "reckless" group that had made "bad decisions" and now required your guidance, if only I'd stop "resisting" it.

I'm sure that kind of argument draws cheers from the partisan faithful. But to my ears it sounded patronizing. Of course, one of the chief conceits of centralized economic planning is that the planners know better than everybody else.

[Video]NJ Gov tells teacher she doesn't have to teach

Hating the government finally goes mainstream

http://www.washingtonexaminer.com/politics/Hating-the-government-finally-goes-mainstream-90852389.html

Three years ago, the Republican establishment piled scorn on the presidential candidacy of Ron Paul.

Today, he is in a statistical tie with President Obama in 2012 polling. His son, an ophthalmologist who has never run for elective office, is well ahead of not only the GOP's handpicked candidate for Senate in Kentucky but also both Democratic contenders -- all statewide officeholders.

What happened? Did America suddenly develop an insatiable appetite for 74-year-old, cranky congressmen from Texas? Is the gold standard catching on?

Paul will not likely be the next president. And his son still faces the most arduous part of his journey as Democrats spend millions to paint him as soft on defense, lax on drug enforcement and too radical on welfare programs.

But there's no doubt that hating the government and the powerful interests that pull Washington's strings has gone from the radical precincts of the Right and Left to the mainstream.

It turns out that watching Goldman Sachs, the United Auto Workers, public employee unions and a raft of other vampires drain the treasury at America's weakest moment in a generation will make a person pretty hacked off.

"I'm Tired"

Full post (here).

I’m tired of being told that I have to “spread the wealth around” to people who don’t have my work ethic. I’m tired of being told the government will take the money I earned, by force if necessary, and give it to people too lazy or stupid to earn it.

I’m tired of being told that I have to pay more taxes to “keep people in their homes.” Sure, if they lost their jobs or got sick, I’m willing to help. But if they bought McMansions at three times the price of our paid-off, $250,000 condo, on one-third of my salary, then let the leftwing Congresscritters who passed Fannie and Freddie and the Community Reinvestment Act that created the bubble help them—with their own money.

I’m tired of being told how bad America is by leftwing millionaires like Michael Moore, George Soros and Hollywood entertainers who live in luxury because of the opportunities America offers. In thirty years, if they get their way, the United States will have the religious freedom and women’s rights of Saudi Arabia, the economy of Zimbabwe, the freedom of the press of China, the crime and violence of Mexico, the tolerance for Gay people of Iran, and the freedom of speech of Venezuela. Won’t multiculturalism be beautiful?

Are you better off than you were 4 weeks ago?

From a recent anti-"stimulus" protest.

Obama's Rhetoric Is the Real 'Catastrophe'

Full story (here).

This fearmongering may be good politics, but it is bad history and bad economics. It is bad history because our current economic woes don't come close to those of the 1930s. At worst, a comparison to the 1981-82 recession might be appropriate. Consider the job losses that Mr. Obama always cites. In the last year, the U.S. economy shed 3.4 million jobs. That's a grim statistic for sure, but represents just 2.2% of the labor force. From November 1981 to October 1982, 2.4 million jobs were lost -- fewer in number than today, but the labor force was smaller. So 1981-82 job losses totaled 2.2% of the labor force, the same as now.

Job losses in the Great Depression were of an entirely different magnitude. In 1930, the economy shed 4.8% of the labor force. In 1931, 6.5%. And then in 1932, another 7.1%. Jobs were being lost at double or triple the rate of 2008-09 or 1981-82.

This was reflected in unemployment rates. The latest survey pegs U.S. unemployment at 7.6%. That's more than three percentage points below the 1982 peak (10.8%) and not even a third of the peak in 1932 (25.2%). You simply can't equate 7.6% unemployment with the Great Depression.

Other economic statistics also dispel any analogy between today's economic woes and the Great Depression. Real gross domestic product (GDP) rose in 2008, despite a bad fourth quarter. The Congressional Budget Office projects a GDP decline of 2% in 2009. That's comparable to 1982, when GDP contracted by 1.9%. It is nothing like 1930, when GDP fell by 9%, or 1931, when GDP contracted by another 8%, or 1932, when it fell yet another 13%.

Auto production last year declined by roughly 25%. That looks good compared to 1932, when production shriveled by 90%. The failure of a couple of dozen banks in 2008 just doesn't compare to over 10,000 bank failures in 1933, or even the 3,000-plus bank (Savings & Loan) failures in 1987-88. Stockholders can take some solace from the fact that the recent stock market debacle doesn't come close to the 90% devaluation of the early 1930s.

The End Of An Era

Full story (here).

From where I sit, the United States government has embarked on two pieces of social engineering in the last few years. One was to make oil expensive as expensive as possible to drive people to greater use of alternative energy sources - because anything less would be irresponsible and destructive to the environment. The other was to enshrine home ownership (i.e., easy-to-obtain mortgages) as a new American right - because anything less would be unequal and racist.

None of us voted on these decisions - indeed, neither was even spoken about directly, much less debated. But nevertheless, both became national policy… and both have sparked national, now international, crises. Then, once they became crises, both were blamed on ‘greedy capitalism’, instead of what they really were: legislative interference into market forces.

Fine. We’ve been through this before, and no doubt we will see similar, government-induced crises again - inevitably accompanied by Administration officials and our elected representatives pointing at everyone but themselves.

But what makes this particular economic crisis so appalling, at least from this vantage point, is the sheer scumminess, corruption, short-sightedness and general incompetence of everyone involved. At least in the business world, especially in the take-no-prisoners world of high-tech that kind of venality and ineptitude either gets you fired or kills the company; by comparison, in Washington, it puts you in charge of the recovery effort.

[Video] More Regulators?

Why? So we can scold them when they try to enforce regulations?