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Archive for July, 2008

Deep-rooted narcissism

Posted by Richard on July 31, 2008

Bob Bidinotto:

When it gets so bad that late-night comics like David Letterman and Jon Stewart are making sport of him, you'd think that Obama's handlers would be trying to do something about it.

But the problem with deep-rooted narcissism is that it can't be disguised or controlled; arrogance is so much part of the narcissist's psychological makeup that he simply cannot help but find new, almost daily, forms and forums in which to express it. Here is Obama's latest gaffe, which has already become the target of MSM, talk-radio, and blogger mockery:

Stumping in an economically challenged battleground state, Obama argued Wednesday that President Bush and McCain will resort to scare tactics to maintain their hold on the White House because they have little else to offer voters.

"Nobody thinks that Bush and McCain have a real answer to the challenges we face. So what they're going to try to do is make you scared of me," Obama said. "You know, he's not patriotic enough, he's got a funny name, you know, he doesn't look like all those other presidents on the dollar bills."

"…all those other presidents on the dollar bills"? Did we miss something? Have we already had that election?…

No wonder that the David Letterman audience exploded with laughter the other night when, in a list of "Top Ten Reasons Why Barack Obama May be Over-Confident About the Election," reason number six was: "Getting his head measured for Mt. Rushmore."

… Hubris has dashed the lofty dreams of more than one Democratic candidate, despite weak Republican opponents — and given the latest polls, it appears that it is setting off alarm bells with the electorate this year, too.

The problem for Obama is that megalomania is so much a part of him that there's probably not a damned thing he can do to hide it. So, I'm sure the gaffes will continue, every time he speaks without the discipline of a text prepared for him by others

Obama thinks some people are "scared" of him because of how he looks. But a lot of us are turned off (not "scared") because of how he sounds — like a slightly less stiff, more pigmented version of John Kerry.

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Celebrate Friedman’s birthday

Posted by Richard on July 30, 2008

Speaking of economics (as I was in my last post), this Thursday, July 31, is the late Milton Friedman's 96th birthday. The Independence Institute is celebrating, and if you're in the Denver area, you might want to join them:

Join the Independence Institute in honoring Nobel Laureate economist Dr. Milton Friedman as part of the national Friedman Legacy for Freedom campaign on July 31, which would have been Friedman’s 96th birthday.

Come celebrate Friedman's contribution to free-market theories with a viewing of an episode of "Free to Choose" focusing on the impact unions have on the free-market. Unionization remains a topic of great significance, especially as we feel the encroachment of unions here in Colorado.

Date: Thursday, July 31, 2008
Reception: 6:00 p.m.
Movie: 6:30-7:30 p.m. Place: Denver News Agency
101 W. Colfax Avenue
The event is free of charge

RSVP below or by calling Amanda at 303-279-6536

RSVP for this Event

BTW, there's another big event this week: On Friday, August 1, the Rush Limbaugh Show celebrates its 20th anniversary. Human Events is celebrating all week. They have commentary for the occasion from sources as diverse as Dick Morris and Ted Nugent — and a plethora of people in between. Check it out! 

And don't miss WorldNetDaily's tribute to Rush, with comments from the likes of Jackie Mason, Chuck Norris, and Pat Boone! 

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How the field of economics has changed

Posted by Richard on July 30, 2008

When I was working on my Econ degree in the 70s, the field was full of contending schools, and the dominant ones seemed to be the Keynesians and the socialists. Occasionally, I encountered a neo-classical professor who conceded that monetarism (the Chicago School) deserved to be taken seriously.

A grad student friend told me about a faculty member who spoke approvingly of Hayek, but she moved on before I could take one of her classes. The professors I had mostly sneered at Friedman and Hayek. When I cited von Mises' argument for why socialism cannot calculate, I was informed that he was theoretically discredited in the 20s, and the Soviet Union's decades of great economic growth proved empirically how wrong he was. When I brought up the Austrian School to another professor, his rejoinder was, "That's not a school, it's a cult."

The field has changed a lot, according to Guy Sorman, writing in the Summer 2008 City Journal:

When the Soviet Union crumbled, the socialist model that it embodied imploded, too—or, more precisely, the Soviet Union fell because the socialist economic system proved unworkable. Now only one economic system exists: market capitalism. Virtually everywhere, the public sector has given ground to privatization; currency has escaped state control, to be governed by independent central banks; competition has taken wing, thanks to the deregulation of markets and the opening of borders; taxation has become less progressive, so as to encourage entrepreneurs and create jobs.

The results have been breathtaking. Opening economies and promoting trade have helped reconstruct Eastern Europe after 1990 and lifted 800 million people, many of them in China, Brazil, and a now-license-free India, out of poverty. Even in Africa and the Arab Middle East, nations that have embraced capitalism have begun to escape from the terrible underdevelopment that has long plagued them.

Behind all this unprecedented growth is not only the collapse of state socialism but also a scientific revolution in economics, as yet dimly understood by the public but increasingly embraced by policymakers around the globe. The revolution began during the sixties and has finally brought economists to a broad, well-founded consensus about what constitutes good policy. …

If economics is finally a science, what, exactly, does it teach? With the help of Columbia University economist Pierre-André Chiappori, I have synthesized its findings into ten propositions. Almost all top economists—those who are recognized as such by their peers and who publish in the leading scientific journals—would endorse them (the exceptions are those like Joseph Stiglitz and Jeffrey Sachs, whose public pronouncements are more political than scientific). The more the public understands and embraces these propositions, the more prosperous the world will become.

The overwhelming majority of the academic economists I encountered during my long tenure as a professional student would have rejected more than half of Sorman's ten propositions. It is, as he says, a very good thing that that has changed.

If you're at all interested in or curious about economics, read the whole thing. If you're of the Austrian persuasion, don't let the reference to algorithms and mathematical models at the start turn you off. No, we Austrians haven't won the day, and there is plenty to quibble with in Sorman's propositions. But the state of the profession has certainly changed for the better.  

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DNC promotes another carbon credit scam

Posted by Richard on July 29, 2008

If you could generate electricity from political correctness and self-righteousness, the Democratic National Convention would be powering a small city even before it starts. For months now, we've heard stories about how green this convention will be. Everything's going to be recycled. No fried foods are allowed (isn't that discriminating against certain ethnic cultures?). Caterers have to use mostly organic and locally-grown food. 

The DNC has contracted with a company to provide "carbon offsets" for the unavoidable fossil fuel consumption associated with the convention. Delegates are being urged (cajoled? nagged?) to buy these carbon credits to offset the environmental sin of their travel. But Face The State has discovered that one of the carbon credit recipients isn't doing much carbon offsetting:

WRAY – The eastern Colorado wind turbine tapped for the Democratic National Convention's carbon-offset program has one problem: It doesn't generate any electricity. Convention organizers are now being questioned for their eagerness to market those credits to delegates.

The DNC has contracted with Vermont-based NativeEnergy to offer delegates "Green challenge" carbon offsets to soften the environmental impact of convention travel. That money is then invested in carbon-free "green" energy sources around the country, including a wind turbine installed this year by the Wray School District RD-2. But a Face The State investigation reveals the district's turbine has never produced marketable energy due to massive equipment malfunctions.

It took a blog to expose this boondoggle. Newspaper reporters these days seem to think their job is to recycle press releases and take what politicians and bureaucrats tell them at face value:

In a feature story in Saturday's Rocky Mountain News, reporter Jerd Smith claimed that 20 percent of Wray's power is generated by what it calls "a windmill that toils day and night producing clean electricity." Smith's report professed that the Wray project is "at the heart" of the DNC's carbon-credit program.

The Rocky report also described the school wind turbine as "a project that generates thousands of dollars for the region's cash-strapped schools," but provided no financial data regarding any energy sales to date.

The Rocky story may be right about the windmill generating cash, but it's not from generating energy. It's from hawking worthless "carbon offsets" to the gullible Gaia-worshipping Democratic delegates, who will tell themselves how caring and conscientious they are as they jet across the country to Denver for what amounts to an extended infomercial.

UPDATE (7/30): See comment #3 for some good counter-arguments by an anonymous citizen of Wray. See comment #4 for my response to those.   

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LEAP billboard up in Omaha

Posted by Richard on July 28, 2008

Thanks to a generous donor, Law Enforcement Against Prohibition (LEAP) has its first billboard up. Check it out — it looks pretty good. Here's the scoop from Tony Ryan of LEAP:

That’s right – LEAP’s first ever billboard – now showing at 108th and I street in Omaha, Nebraska. It is up high, where many can see it, and it shows a new website for us which we can use to measure response and effectiveness.

It will be there three months and then will move around the city to other locations for additional three month periods for at least a year – all thanks to LEAP supporter and donor Melanie Marshall.

I was in Omaha to assist with the unveiling of the billboard via an on-air interview with talk-show host Scott Vorhees of Omaha’s superstation KFAB (1110 AM).

While in Omaha July 17 and 18, I also spoke at three Kiwanis Club meetings, wrote an Op-Ed on the War on Drugs which was published Friday, July 18 in Omaha’s World-Herald, did an interview with the Bellevue Leader weekly and, along with Melanie and her husband, spoke with Omaha’s US Congressman Lee Terry about the Drug War.

Tony is a retired Denver cop and one of the really good guys. If you ever get the chance to hear him speak, do it. Meanwhile, how about donating a few bucks to LEAP?

(HT: Chicago Boyz)

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Watch this!

Posted by Richard on July 27, 2008

David Aitken has finally ended his long hiatus from posting (and hopefully he'll be posting more regularly again; he has a knack for finding good stuff).

I guess David thought this was just too good not to share. And he's right! 

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Happy birthday, Mick!

Posted by Richard on July 26, 2008

Time waits for no one
And blue turns to grey
Soul survivor Mick Jagger
Turned 65 today

Wow. According to The Sun, Mick is now entitled to a free bus pass, free dental care and vision tests, free prescriptions, and a variety of other benefits, subsidies, and tax credits. Oh, and a state pension of £90 a week. It's nice that the British take such good care of their aging rockers in their twilight years.

Time may not be on his side, but Mick's in great shape and not ready to retire:

More than 40 years ago Mick was asked if he could picture himself at the age of 60 doing what he was doing in his 20s.

He replied: "Yeah, easily. Yeah." The question now must surely be whether he can carry the party on into his 70s.

Mick was quoted last October by the BBC explaining his determination to carry on.

He said: "I'm sure the Rolling Stones will do more things and more records and more tours. We've got no plans to stop any of that, really."

I have been lucky enough to see the Stones in action more than once.

Mick's energy, enthusiasm and agility make most of this generation of rockers – who are young enough to be his grandchildren – look lethargic in comparison.

He also has enough lead in his pencil to keep a model 20 years his junior smiling. 

(Yeah, that opening poetic masterpiece bit of doggerel is my very own creation. So if you want to use it, give me credit and a link.) 

 

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Oil in abundance

Posted by Richard on July 26, 2008

On Wednesday, the U.S. Geological Survey released a petroleum resource appraisal for the Arctic region that estimated it contains 90 billion barrels of recoverable oil, 1.6 trillion cubic feet of natural gas, and 44 billion barrels of natural gas liquids (PDF factsheet). At least a third of the oil is under U.S. territory (Arctic Alaska).

Investor's Business Daily put this study into perspective by noting that:

the U.S. "official" estimate for total oil reserves is 21 billion barrels. So by putting our Arctic resources into play, we would more than double our reserves overnight.

What's more, there could be more oil up there — much more — according to Donald Gautier, who wrote the report.

"Most of the Arctic, especially offshore, is essentially unexplored with respect to petroleum," Gautier said. "The extensive Arctic continental shelves may constitute the geographically largest unexplored prospective area for petroleum remaining on Earth."

That phrase stuck in our mind — "essentially unexplored." How much of the rest of the U.S., including the oil we have offshore, is likewise "essentially unexplored"? And this study only counted oil that could be retrieved using current technologies. So Arctic reserves may ultimately prove to be much larger.

IIRC, at Prudhoe Bay we've already pumped several times as much oil as the original estimate. 

Let's put this in perspective. That 90 billion barrels of Arctic crude is enough to run the entire world economy for three years. And it could fuel the U.S. alone for 12 years.

Using a conservative estimate, let's say we pump 3 million barrels a day after developing these Arctic resources. That would boost total U.S. crude output of 8 million barrels a day by 38%. It would shrink the trade deficit, saving us roughly $137 billion a year in money we now send to Mideast and South American oil potentates, some of whom use the money to train and equip terrorists.

This latest report, by the way, means there are now about 938 billion barrels of oil available for us to take from the Outer Continental Shelf, Alaska and shale-rock formations in the West, based on current technologies and prices of less than $100 a barrel.

That's a century's worth of oil. But the Democrats won't let us drill. And Al Gore wants to leave it in the ground forever, destroying our economy in order to abandon fossil fuels in a decade (an utter pipe dream). 

In a rare instance of unanimity and cojones, on Friday Senate Republicans (sans Olympia Snow and Susan Collins, who understandably have no cojones) blocked Harry Reid's attempt to push through an "energy bill" that does nothing to increase energy supplies. Now the question is: will Congress take meaningful action before their August vacation?

Keep the pressure on — sign those petitions and send those faxes (I chose the $50 fax option, so I'm not asking you to do anything I haven't done).

Drill here, drill now. Let us drill, dammit! 

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McCain makes difference on Iraq clear

Posted by Richard on July 26, 2008

Sen. John McCain was in Denver today, addressing a national convention of Hispanic veterans before heading to Aspen to meet with the Dalai Lama. He outlined the history of the surge and subsequent success in Iraq, contrasting his own statements with those of Sen. Obama. I planned to post excerpts of his remarks, along with some comments of mine. But the big chunk (with a couple of ellipses) posted at Power Line is such a great read (and needs no commentary) that I'm reproducing the whole thing here.

I'm not a fan of this man, and about every three or four days, he says or does something that exasperates, annoys, or disgusts me. But this is outstanding — just outstanding (emphasis added):

Senator Obama and I also faced a decision, which amounted to a real-time test for a future commander-in-chief. America passed that test. I believe my judgment passed that test. And I believe Senator Obama's failed.

We both knew the politically safe choice was to support some form of retreat. All the polls said the "surge" was unpopular. Many pundits, experts and policymakers opposed it and advocated withdrawing our troops and accepting the consequences. I chose to support the new counterinsurgency strategy backed by additional troops — which I had advocated since 2003, after my first trip to Iraq. Many observers said my position would end my hopes of becoming president. I said I would rather lose a campaign than see America lose a war. My choice was not smart politics. It didn't test well in focus groups. It ignored all the polls. It also didn't matter. The country I love had one final chance to succeed in Iraq. The new strategy was it. So I supported it. Today, the effects of the new strategy are obvious. The surge has succeeded, and we are, at long last, finally winning this war.

Senator Obama made a different choice. He not only opposed the new strategy, but actually tried to prevent us from implementing it. He didn't just advocate defeat, he tried to legislate it. When his efforts failed, he continued to predict the failure of our troops. As our soldiers and Marines prepared to move into Baghdad neighborhoods and Anbari villages, Senator Obama predicted that their efforts would make the sectarian violence in Iraq worse, not better.

And as our troops took the fight to the enemy, Senator Obama tried to cut off funding for them. He was one of only 14 senators to vote against the emergency funding in May 2007 that supported our troops in Iraq and Afghanistan. …

Three weeks after Senator Obama voted to deny funding for our troops in the field, General Ray Odierno launched the first major combat operations of the surge. Senator Obama declared defeat one month later: "My assessment is that the surge has not worked and we will not see a different report eight weeks from now." His assessment was popular at the time. But it couldn't have been more wrong.

By November 2007, the success of the surge was becoming apparent. Attacks on Coalition forces had dropped almost 60 percent from pre-surge levels. American casualties had fallen by more than half. Iraqi civilian deaths had fallen by more than two-thirds. But Senator Obama ignored the new and encouraging reality. "Not only have we not seen improvements," he said, "but we're actually worsening, potentially, a situation there."

If Senator Obama had prevailed, American forces would have had to retreat under fire. The Iraqi Army would have collapsed. Civilian casualties would have increased dramatically. Al Qaeda would have killed the Sunni sheikhs who had begun to cooperate with us, and the "Sunni Awakening" would have been strangled at birth. Al Qaeda fighters would have safe havens, from where they could train Iraqis and foreigners, and turn Iraq into a base for launching attacks on Americans elsewhere. Civil war, genocide and wider conflict would have been likely.

Above all, America would have been humiliated and weakened. Our military, strained by years of sacrifice, would have suffered a demoralizing defeat. Our enemies around the globe would have been emboldened. …

Senator Obama told the American people what he thought you wanted to hear. I told you the truth.

Fortunately, Senator Obama failed, not our military. We rejected the audacity of hopelessness, and we were right. Violence in Iraq fell to such low levels for such a long time that Senator Obama, detecting the success he never believed possible, falsely claimed that he had always predicted it. … In Iraq, we are no longer on the doorstep of defeat, but on the road to victory.

Senator Obama said this week that even knowing what he knows today that he still would have opposed the surge. In retrospect, given the opportunity to choose between failure and success, he chooses failure. I cannot conceive of a Commander in Chief making that choice.

"I would rather lose a campaign than see America lose a war" is a line I hope to see repeated thousands of times in the next three months. Despite all his many — many! — flaws, this is something McCain gets right, and the contrast with Obama couldn't be starker. Bravo!

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The anointed one’s pilgrimage

Posted by Richard on July 25, 2008

If you're reading this at work, be forewarned before you click the link: today's Gerard Baker column at the UK Times Online is laugh-out-loud funny. Here's the opening:

And it came to pass, in the eighth year of the reign of the evil Bush the Younger (The Ignorant), when the whole land from the Arabian desert to the shores of the Great Lakes had been laid barren, that a Child appeared in the wilderness.

The Child was blessed in looks and intellect. Scion of a simple family, offspring of a miraculous union, grandson of a typical white person and an African peasant. And yea, as he grew, the Child walked in the path of righteousness, with only the occasional detour into the odd weed and a little blow.

Read the whole thing. Baker came up with some hilarious names. I especially liked "King Bill the Priapic." 

 

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Dems feeling heat over energy bill

Posted by Richard on July 24, 2008

Judging by Harry Reid's hissy fit today, Democrats are beginning to buckle under the pressure to do something useful about oil and gas prices — like let us drill here and drill now. Have you helped apply that pressure by signing the petitions I posted about last week, or by contacting your senators and representative directly?

Here's another step you can take: for $15, Grassfire.org will fax your personal message to Harry Reid, key House and Senate leaders, and your senators and representative. For larger donations, they'll send your fax to additional senators who need to feel the heat.

Tell them you're not impressed by Democratic efforts to shift the blame to "speculators" when those "speculators" have just spent the last week bidding down the price of oil. Tell them you're not impressed by grandstanding about the two or three days' worth of oil in the strategic reserve, you want long-term solutions. 

Tell them to stop locking up our vast domestic oil supplies at the behest of environmental extremists. Tell them to pass the Gas Price Reduction Act (S.3202).

Tell them that you're mad about the Democratic convention committee getting cheap, tax-free gas for the last four months, and the least they can do is enact McCain's gas tax moratorium so that you get a bit of a price break, too.

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Obama bombs in Israel

Posted by Richard on July 23, 2008

Dems in Israel for McCainThe MSM are ignoring or downplaying it, of course, but Barack Obama is not well-liked in Israel and is having a difficult time there. Hecklers challenged his stand/straddle/waffle on Jerusalem during his Wailing Wall visit. Democrats for McCain seemed to outnumber Obama supporters.

During a visit to the Yad Vashem Memorial, Obama was asked twice for assurances that there would be no second holocaust on his watch, and he wouldn't answer.

He was also caught lying saying something inartful about his role in the Senate:

"Just this past week, we passed out of the U.S. Senate Banking Committee, which is my committee, a bill to call for divestment from Iran, as a way of ratcheting up the pressure to ensure that they don't obtain a nuclear weapon."

Not only is it not his committee, but he's not even a member. And he had nothing to do with the bill. 

UPDATE (7/24): It gets even better. According to Power Line (via Gateway Pundit), last fall Obama opposed a similar amendment to impose sanctions on Iran (emphasis added):

During the run-up to the primaries, Senator Obama did not appear in the Senate to vote on the Kyl-Lieberman Amendment calling on the government to designate the Iranian Revolutionary Guard Corps a terrorist entity and thus suffer the imposition of sanctions. On the day of the vote on the amendment, however, Obama issued a statement announcing that he would have voted against it. In the statement, the closest he came to addressing the merits of the amendment was his assertion that "he does not think that now is the time for saber-rattling towards Iran." The amendment passed the Senate 76-22 on September 26, 2007, with many Democrats including Hillary Clinton, Harry Reid, Richard Durbin, and Chuck Schumer voting in its favor.

I guess he could argue that September wasn't the time for "saber-rattling," but July (when he's visiting Israel) is. 

Gateway Pundit has all this and more. There must be almost ten posts just about Obama in Israel, with scores of older posts about previous stops. Don't worry about the links to specific posts above, just go to the main page and keep reading — it's your one-stop source for all the Obama trip info that doesn't make it to the evening news. 

Ehud Olmert seemed to get along well with Obama. But then, he's the corrupt, cowardly leader who engineered the release of Samir Kuntar, a brutal and savage child killer and proud Islamofascist, in exchange for the mutilated bodies of two Israelis, hoping it would further the "peace process" and give "closure" to the families of the dead Israelis. Thus teaching these barbarians that they can torture and kill their captives and still use their remains as bargaining chips.

That's Kuntar below, getting a hero's welcome from his Hezbollah buddies in Lebanon. Disgusting beyond belief.

Sami Kuntar

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How much should we tax the rich?

Posted by Richard on July 23, 2008

Barack Obama and, if the political ads in Denver are any indication, just about all the Democrats running for office want to undo the Bush tax cuts and make "the rich" pay their "fair share." Considering the latest (1996 2006) IRS tax data released by the House Joint Economic Committee (via Carpe Diem), it seems appropriate to ask just what they think is unfair about the current share paid by "the rich":

Tax shares by income

"The latest IRS data show that the share of the income tax burden borne by the top half of tax filers continues to rise and now stands at 97.01%," Congressman Jim Saxton said. "The tax shares of the top 1, 5, and 10 percent of taxpayers ranked by income are the highest in many years. The share of the bottom half of tax filers has fallen to a level of 2.99%.

The top 10% of tax filers are paying over 70% of all personal income taxes. If you think "the rich" need to pay more, please tell us how much you think is their "fair share." 75%? 80%? 90%?

The bottom half is paying less than 3% (is that their "fair share"?). They can vote themselves more subsidies and handouts, more government programs, more government spending, more, more, more… And it costs them virtually nothing, so why not? 

This is a recipe for fiscal, social, and economic disaster, and it may prove to be the undoing of democracy. Someone needs to start a new movement for economic justice: Tax cuts for the rich! The wealthy should only have to pay their fair share!

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Pi Approximation Day

Posted by Richard on July 22, 2008

To all you Europeans and others who favor the date format dd/mm, Happy Pi Approximation Day! Or Casual Pi Day!

You see, July 22 can be expressed as 22/7 — which is a good approximation of pi (3.1415926…).

It's too late for this year, but bookmark this site so you can order your Casual Pi posters, mugs, and T-shirts for next year.

And next year, don't forget to celebrate Pi Day like a real American — on Einstein's birthday, 3/14, at 1:59:26.

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Is failure no longer an option?

Posted by Richard on July 22, 2008

Last week, Larry Kudlow went on a great rant against bailouts:

Why does it seem to me that all Washington ever seems to talk about these days is bailouts? Bailout Freddie Mac. Bailout Fannie Mae. Bailout Wall Street. Bailout homeowners. Is it possible in America today that no one is allowed to fail?

You know, Phil Gramm was right. We are a nation of whiners. No one wants to believe that failure is an option anymore. Whatever happened to personal responsibility? Or learning from your mistakes? Or going through transformative difficulties that just might change your life and your behavior? But it seems like failure is off the board nowadays and that it’s government’s job to rescue everybody.

Read the whole thing.

But Larry shouldn't be surprised. Ever since the 60s radicals grew up (if you can call it that), they've been trying to eliminate grades, scorekeeping in sports, valedictorians, … They strive to eliminate all risk, embrace the "precautionary principle," and keep an army of litigation lawyers employed trying to make sure someone pays for every unfortunate event in the universe.

They argue that those who succeed in our economy are just "winners of life's lottery." So clearly, those who fail are just "losers in life's lottery." And they see government's primary purpose as eliminating (or at least ameliorating) the difference between the "winners" and the "losers."

They either are ignorant of or reject Joseph Schumpeter's argument that "Creative Destruction is the essential fact about capitalism" and the critical factor in its success. Most of them, even if persuaded that Schumpeter was right, would gladly give up the additional wealth and far higher standard of living for everyone that creative destruction makes possible, righteously preferring that we all be poorer, but more equal.

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