Thursday, June 14, 2012

Cruising the Web

Contrary to what Obama is out on the campaign trail arguing, we're not now in a continuation of the recession we experienced from 2007-2009. That recession ended in 2009 and we started to recover. Now we're in a new stage of economic slowdown. Edward P. Lazear offers a better metaphor than Obama's comparison of his presidency of having to pay for the dinner that the Bush people ordered.
Picture this scenario in baseball: Pitcher Smith replaces a starting pitcher in the fourth inning, when his team is down by three runs. The team scores two runs in the next inning, almost tying the score. But in the sixth inning, Smith gives up five runs, putting his team hopelessly behind. After the loss, Smith tells reporters that he did not pitch well in the sixth inning because the team was behind before he entered the game in the fourth.

Claiming that the U.S. economy has slowed during the past couple of years because it was in poor shape when a new president took office in January 2009 makes no more sense than Smith's explanation of his disastrous sixth inning. Just as poor pitching by Smith doomed the home team, ineffective and counterproductive policies of the past three years have put us back on the brink of recession.

Apparently Ann Romney is sending a message with her clothing choices. And she's sending that message without using a stylist. Imagine that.

I think we need a reset of the reset button. Right now, Hillary is getting run over by the Russians.

Here's a question for Obama - if he loses this election, what will Barack Obama leave to his successor? We hear a lot of complaints about what Bush left to Obama. Will the country be any better off in January 2013?

Now is your opportunity to buy a Winston Churchill painting.

Why did the Department of Justice appoint two prosecutors for the leak investigation? What is the scope of their investigation? Which stories will they be investigating? Will they be working together or separately? All good questions.

Mickey Kaus worries that, if Obama loses, the Democrats won't have a productive period of recrimination that leads to corrections of where they went wrong as they did after 1984 and 1988.

Basically the money that the taxpayers lost in the auto bailout went to the UAW.
President Obama touts the bailout of General Motors and Chrysler as one of the signature successes of his administration. He argues that the estimated $23 billion the taxpayers lost was worth paying to avoid massive job losses. However, our research finds that the president could have both kept the auto makers running and avoided losing money.

The preferential treatment given to the United Auto Workers accounts for the American taxpayers' entire losses from the bailout. Had the UAW received normal treatment in standard bankruptcy proceedings, the Treasury would have recouped its entire investment. Three irregularities in the bankruptcy case resulted in a windfall to the UAW.

Obama will be delivering his speech today at a location in Ohio where Clinton gave a speech in 2010 where he said,
"The Democrats are saying something like this: 'We found a big hole that we did not dig. We didn't get it filled in 21 months, but at least we quit digging,'" Clinton said at the time. "'Give us two more years. If it doesn't work, vote us out.'"
I guess it's time to listen to what Clinton said two years ago.