Monthly Archives: February 2009
Time for a Chicago Tea Party (or Tea Parties Nationwide)
Rick Santelli deserves a vote for “Man of the Year.” Any member of the Mainstream Media who has the guts to stand up to Obama and his flawed economic policies wins my support. As I was listening to Mark Levin tonight on the drive home, Levin said that the President’s incompetence and inexperience proves that the country is headed to Hell. It’s time for a tea party!
We're Doomed!
Once Barack Obama signed his Economic Recovery plan into law, the markets began sending him a sign that his plan was going to fail massively. According to the International Herald Tribune, the Dow almost hit one of the lowest levels within a decade yesterday by closing at 7,552.60 points, which was almost 300 points down. This economic downturn has spawned around the world, not just here in the United States. There are other pressing issues as well, where we need to look.
Another negative effect from the Stimulus that we need to be aware of has been occurring prior to the bill being signed into law. The fact that banks and financial institutions have been receiving aid from the government. It might not sound like a surprise, but some of these banks are household names, like Bank of America, Wells Fargo, Citibank, etc. These institutions should have a survival instinct of sorts and should not be bailed out by the Federal government, as these banks made the unwise decision to lend to those who could not afford to take the loans. [Source]
The negative impact of the financial institution bailout is now calling for some in Congress to call for nationalizing the banks. This would no doubt create even more of an economic downturn. With the Federal government nationalizing the financial institutions would open the door to more scrutiny and regulations on lending practices, thus effectively harming the free market economy. The fact that some Republicans (er…RINOs) are calling for this to occur, and the effect is not healthy for our system. Look at what this did in Japan, effectively destroying their economy.
According to the Financial Times, leaders like Lindsay Graham (RINO-SC) and John McCain (RINO-AZ) have been calling for this after learning that Bank of America and others have been receiving some of their share of the bailout.
Mr Graham says that people across the US accept his argument that it is untenable to keep throwing good money after bad into institutions such as Citigroup and Bank of America, which now have a lower net value than the amount of public funds they have received.
“You should not get caught up on a word [nationalisation],” he told the Financial Times in an interview. “I would argue that we cannot be ideologically a little bit pregnant. It doesn’t matter what you call it, but we can’t keep on funding these zombie banks [without gaining public control]. That’s what the Japanese did.”
Barack Obama, the president, who has tried to avoid panicking lawmakers and markets by entertaining the idea, has moved more towards what he calls the “Swedish model” – an approach backed strongly by Mr Graham. In the early 1990s Sweden nationalised its banking sector then auctioned banks having cleaned up balance sheets. “In limited circumstances the Swedish model makes sense for the US,” says Mr Graham.
Mr Obama last weekend made clear he was leaning more towards the Swedish model than to the piecemeal approach taken in Japan, which many would argue is the direction US public policy appears to be heading.
“They [the Japanese] sort of papered things over,” Mr Obama said. “They never really bit the bullet?.?.?.?and so you never got credit flowing the way it should have, and the bad assets in their system just corroded the economy for a long period of time.”
Right now, the free market economy is about to be murdered by the Keynesian nut jobs serving us in the Federal government. If these nationalized measures (sounds like someone has been hitting the Alexander Hamilton poison…more on this later) are enacted, the economy will collapse even further. I hate to be the naysayer, but we are effectively doomed!
Transparency in Fairfax County
Right now, as the General Assembly debates transparency for the state, there is also a push for transparency in Fairfax County. Springfield Supervisor Pat Herrity, who ran a hard fought race for Chairman of the Board of Supervisors, is leading the fight for transparency at the local level. Herrity ran his campaign on the issue and realizes the true importance of having a searchable database, where people can see how much the County is spending on services and how much is allocated within the budget.
Transparency is a hot ticket issue, especially in large, suburban counties like Fairfax, where it seems like every year comes with a new property tax increase. This is the first step towards fiscal accountability. If a taxpayer searches the database and notices that the company is spending $X with this contractor, then they are able to question this at an open county hearing with their Supervisor. In this budget crisis, we need fiscally sound principles more now than ever.
Thoughts on the A-Rod Scandal
Today, I had the opportunity to watch Alex Rodriguez’s news conference on CNN, as he was admitting his prior use of anabolic steroids. I have remained silent on this issue until now. As a die-hard New York Yankees fan and baseball lover, I do not feel that there is justification in attacking a man for his usage of a drug, as this is a private matter that should be dealt with the team and Major League Baseball. Instead of airing the dirty laundry to the public, this should have been dealt internally.
Truthfully, I have given great thought about the recent investigations into drug usage in professional sports. When Congress decided to open an investigation into the drug usage of Major League Baseball, I thought it was frankly a waste of time for their intervention, as they are supposed to draft legislation that would benefit the American people. Major League Baseball (and this would also apply to the NFL, NHL, NBA, and MLS) should crack down on their players, as well as the team owners, to address this issue. Congress has no right intervening in a private matter or entity that could enact their own disciplinary and rehabilitation procedures. These disciplinary procedures include: suspending a player and docking player pay. Also, it is the League’s responsibility to provide counseling for drug abuse, as it is standard with most jobs to have Employee Assistance Programs that would assist the player.
This does not mean that I am condoning drug usage or being too easy on the players involved with this scandal. In fact, I believe in holding each player responsible for their own actions. If the League and each individual team enforced the “no excuses” policy with each player, this would create an environment where a player would be held accountable for their behavior. If a player chooses to abuse drugs or use steroids, then this player should leave the League with no questions asked.
As for A-Rod, I am disappointed in his actions. Many of our youth look up to him as a role model, and his actions no doubt lost him some fanfare. Right now, the New York Yankees and A-Rod should handle his admittance and move on with any disciplinary action. I respect A-Rod for coming clean, as it was the right thing to do.
Keynesian Economics is Wrong!
Since when has Keynesian economic theory ever solved our woes, the answer is simple…never. Even though, the Stimulus Bill, which will become law later today looks glamorous. It is merely like an Extreme Makeover gone awry with countless job losses and more major industries collapsing. The best long-term solution was to allow the markets to restore and revive themselves. It would have happened with a degree of patience.
Green Jobs Initiatives: Are they really necessary?
Lately, there appears to be a green jobs movement across the country. After all, Barack Obama’s stimulus plan included a provision that was specifically geared to creating more green collar jobs. However, this raises a huge question: are green jobs really needed?
In an economy where there are massive spikes in unemployment, this has caused many to re-evaluate their career paths in new fields, like environmental firms, etc. These positions do not require college, but several years of training, as well as the offers of advancement and competitive salary. Green jobs are great, but the problem is that many of these positions might not have longevity in the future. As more technology continues to evolve, these positions might have a shorter shelf life.
However, these jobs are not the solution to the current unemployment crisis, as it takes a long time to establish these openings and due to the constantly changing environment at large. The fact that the Commonwealth of Virginia is also trying to place a premium focus on creating green jobs, as they believe it will provide more employment options. Right now, the Virginia State Senate is considering Governor Kaine’s plan. This plan would create the following:
- Creating a fund that would extend grants to manufacturers of wind and nuclear power equipment
- Provide an income tax credit for homeowners to install solar power
- Exempting the sales tax for those who buy green energy home systems
- Providing incentives to power companies
- Making sure that all state buildings are built for green energy
I am all for protecting the environment, but we can do this in an economically sensible way. This plan is not allowing options for those who decide not to follow this plan. As for home improvements, making the switch to green energy can cause more green to fall out of your pockets. Many of these green products are quite costly and not proven as effective as the regular energy products.
The green jobs are not created overnight. Meanwhile, many of those unemployed are left wondering where the next pay check will come from and trying to locate jobs in their fields of expertise. Virginia would be wise not to place such a focus on this program, especially since we are in a budget crisis. The Commonwealth can not afford to waste money on this program.
House of Delegates Pass The Budget, while Senate Delays Vote
The Virginia General Assembly session has been marred by the budget crisis that the Commonwealth has been facing for a while, and yesterday was the first step towards setting the budget for this fiscal year. The House of Delegates passed the budget without raising the cigarette tax, eliminating the “dealer discount” which allowed retailers to collect sales taxes, in addition to, striking Planned Parenthood funding and embryonic stem cell research.
Meanwhile, the Senate delayed the vote on the budget to see exactly how much funding would be granted through the Stimulus package and the sales tax reports.
Hopefully, there will not be any tax increases or any shady business coming from Richmond. Let’s solve this in a fiscally responsible way.
Source: “House passes budget; Senate chooses to wait,” Richmond Times-Dispatch
What Would You Do…For a Stimulus?
Well, Governor Tim Kaine has decided to show his love for Porkulus Stimulus by putting up a state website soliciting suggestions from Virginians about how the money should be spending the money. You can leave your suggestion here.
Maybe, Kaine can return the money back to the government. It’s a long stretch, but it seems like the only ethical thing to do. Taking this money is stealing from the taxpayers and partaking in government waste. Since Kaine will accept the money, he should use this to address the budget crisis to avert tax hikes, etc.
For what its worth, it would be best for Congress to recognize taxpayers and be more respectful of our money (not squandering it on Pork…who says I don’t care about Pork, Chuck Schumer!). Leave your suggestion on the Stimulus.Virginia.gov site, but Kaine is more likely to spend it on a pet project instead.
Could it be? A State Senator was looking to Switch Parties.
Yesterday, there was quite a rumble in the Senate chambers in Richmond with rumors spreading about a Democrat switching parties. I guess this Senator was getting tired of the tax-and-spend behavior of his party. Whatever the reason, the switch did not occur today. Perhaps, The Governor known as the DNC Chair made a surprise visit to avert the drama. If this occurred, the Senate would have been evenly split with the Lieutenant Governor serving as the tiebreaker.
Jim Geraghty of National Review reports:
Key Party Switch in Virginia? (UPDATE: Report: Switch Averted)
A well-connected source in Virginia tells me that at least one Democratic state senator is leaving the party’s caucus . . . “Not sure yet if he’s going Republican or Independent.” This is significant because the Democrats currently have a 21 to 19 majority; a switch could give Republicans control of the chamber, because the lieutenant governor, who presides and breaks ties, is Republican William Bolling.
And yes, this source used the pronoun “he.”
UPDATE: Jeff Frederick, chairman of the Republican Party of Virginia and member of the House of Delegates, via Twitter: “Apparently one dem is either switching or leaving the dem caucus. Negotiations for power sharing underway.”
I have called the lawmaker in question and am hoping to hear back shortly.
ANOTHER UPDATE: A Tweet from the Republican State Leadership Committee: “Reports from the VA House floor sort of confirm something big happening in the Senate.”
YET ANOTHER UPDATE: After intense reports of an imminent switch out of Richmond, the sources go silent. Perhaps the switcher got cold feet . . .
. . . which is what Virginia VirtuCon is reporting: “Dem. Maj. Leader Dick Saslaw recessed, Senate Dems proceeded to pile on Northam and he caved.”
AN ‘UH-OH’ UPDATE: From a Richmond source: “We’re hearing that it was the premature release of this info from Chairman Frederick via Twitter that scuttled the deal.”
A PERFECT SUMMARY: A reader suggests the headline, “Loose Twits Sink Shifts.”
Is Schumer really a Moron?
Honestly, who does Chuck Schumer think he is? He might be the Senior Senator from New York, but he forgets the people who voted him into office when he makes such a stupid comment, “The American People really don’t care.”
Senator Schumer, do you honestly think we don’t care about pork barrel spending? Do you honestly think we don’t want this kind of stimulus to pass? We, the people, do care about how our government spends our taxpayer dollars! I don’t want to pay or have my children pay for the current debt we are accruing, thanks to the pork barrel spending. The people of New York should wise up and send this guy back to Brooklyn.
Chuck Schumer wins the CCC Idiot of the Month award!
