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Thursday, October 29, 2009
"All Falling Down": A VDH must read.
If you read nothing else today, read this: http://pajamasmedia.com/victordavishanson/allfallingdown/
3 comments:
Anonymous
said...
Quit reading mr. vdh Feb. 2008 when he came out right on cue with all the other liberal elitist moles, dupes, and shills in 'support' of mr. 'my campaign is in the toilet' McCain.
It isn't McCain the military hero, its McCain the self-admitted collaborator, the morally bankrupt back stabbing traitor who with Kerry, destroyed our hopes of accounting for our POWs and MIAs from vietnam. Up him, and up vdh.
From the Wall Street Journal: http://online.wsj.com/article/SB30001424052748703574604574499430059865524.html
. . . Yet the urgent problem now isn't TBTF (too big to fail), or even banker bonuses. These are distractions. The urgent problem is the giant riverboat gamble that Washington can save the economy by doing what comes naturally—spending money carelessly, creating massive new entitlements without funding them, dishing out cheap credit to politically favored sectors, telling business people where and how to invest.
Mr. Feinberg (pay czar) is an apt symbol indeed, for this gamble is built on the conceit that Washington can hector the recipients, whether auto companies, banks or homeowners, into behaving in ways that are "responsible." So far, however, human nature is proving a disappointment: Take the outbreak of tax fraud related to the government's emergency home-buyer's credit.
Nor is the larger gamble looking so good either. Banks continue to fail at an alarming rate, the dollar is under assault, and Washington is looking at a future of trillion-dollar deficits. One might have guessed it would take a decade of Obamanomics to produce European welfare state levels of youth unemployment, but at 18.5% we're there.
About the only positive sign is the price surge in normally uncorrelated assets—stocks, bonds, commodities, gold—as fund managers use cheap credit to play the carry-trade opportunity.
All this might be defensible if time were being bought to clean up an accumulation of past excesses. Instead, the president is creating a new one. It's no exaggeration to say the Senate health-care bill taking shape is the equivalent of climbing aboard a train about to plunge into a canyon and deciding what it really needs is a bomb on board. . . .
3 comments:
Quit reading mr. vdh Feb. 2008 when he came out right on cue with all the other liberal elitist moles, dupes, and shills in 'support' of mr. 'my campaign is in the toilet' McCain.
It isn't McCain the military hero, its McCain the self-admitted collaborator, the morally bankrupt back stabbing traitor who with Kerry, destroyed our hopes of accounting for our POWs and MIAs from vietnam. Up him, and up vdh.
De Oppresso Liber
bacsi
From the Wall Street Journal:
http://online.wsj.com/article/SB30001424052748703574604574499430059865524.html
. . . Yet the urgent problem now isn't TBTF (too big to fail), or even banker bonuses. These are distractions. The urgent problem is the giant riverboat gamble that Washington can save the economy by doing what comes naturally—spending money carelessly, creating massive new entitlements without funding them, dishing out cheap credit to politically favored sectors, telling business people where and how to invest.
Mr. Feinberg (pay czar) is an apt symbol indeed, for this gamble is built on the conceit that Washington can hector the recipients, whether auto companies, banks or homeowners, into behaving in ways that are "responsible." So far, however, human nature is proving a disappointment: Take the outbreak of tax fraud related to the government's emergency home-buyer's credit.
Nor is the larger gamble looking so good either. Banks continue to fail at an alarming rate, the dollar is under assault, and Washington is looking at a future of trillion-dollar deficits. One might have guessed it would take a decade of Obamanomics to produce European welfare state levels of youth unemployment, but at 18.5% we're there.
About the only positive sign is the price surge in normally uncorrelated assets—stocks, bonds, commodities, gold—as fund managers use cheap credit to play the carry-trade opportunity.
All this might be defensible if time were being bought to clean up an accumulation of past excesses. Instead, the president is creating a new one. It's no exaggeration to say the Senate health-care bill taking shape is the equivalent of climbing aboard a train about to plunge into a canyon and deciding what it really needs is a bomb on board. . . .
My takeaway:
All debt must be paid
Proverbs 22:7
Eric
III
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