Economic News

[prole]

Given the state of the organized left, I'm rather skeptical. I appreciate the sentiment though.

[j_b]

Wall Street's Bailout is a Trillion-Dollar Crime Scene -- Why Aren't the Dems Doing Something About It?

 

By Naomi Klein, The Nation. Posted November 14, 2008.

 

 

 

Washington's handling of the bailout is not merely incompetent. It may well be illegal.

 

The more details emerge, the clearer it becomes that Washington's handling of the Wall Street bailout is not merely incompetent. It is borderline criminal.

 

In a moment of high panic in late September, the U.S. Treasury unilaterally pushed through a radical change in how bank mergers are taxed -- a change long sought by the industry. Despite the fact that this move will deprive the government of as much as $140 billion in tax revenue, lawmakers found out only after the fact. According to the Washington Post, more than a dozen tax attorneys agree that "Treasury had no authority to issue the [tax change] notice."

 

Of equally dubious legality are the equity deals Treasury has negotiated with many of the country's banks. According to Congressman Barney Frank, one of the architects of the legislation that enables the deals, "Any use of these funds for any purpose other than lending -- for bonuses, for severance pay, for dividends, for acquisitions of other institutions, etc. -- is a violation of the act." Yet this is exactly how the funds are being used.

 

Then there is the nearly $2 trillion the Federal Reserve has handed out in emergency loans. Incredibly, the Fed will not reveal which corporations have received these loans or what it has accepted as collateral. Bloomberg News believes that this secrecy violates the law and has filed a federal suit demanding full disclosure.

 

Despite all of this potential lawlessness, the Democrats are either openly defending the administration or refusing to intervene. "There is only one president at a time," we hear from Barack Obama. That's true. But every sweetheart deal the lame-duck Bush administration makes threatens to hobble Obama's ability to make good on his promise of change. To cite just one example, that $140 billion in missing tax revenue is almost the same sum as Obama's renewable energy program. Obama owes it to the people who elected him to call this what it is: an attempt to undermine the electoral process by stealth.

 

follow link for the rest: Trillion-Dollar Crime Scene

 

[billcoe]

The great writer PJ O'Rourke weighs in now.

 

link

 

 

 

 

"We Blew It

A look back in remorse on the conservative opportunity that was squandered.

by P.J. O'Rourke

11/17/2008, Volume 014, Issue 09

 

 

Let us bend over and kiss our ass goodbye. Our 28-year conservative opportunity to fix the moral and practical boundaries of government is gone--gone with the bear market and the Bear Stearns and the bear that's headed off to do you-know-what in the woods on our philosophy.

 

An entire generation has been born, grown up, and had families of its own since Ronald Reagan was elected. And where is the world we promised these children of the Conservative Age? Where is this land of freedom and responsibility, knowledge, opportunity, accomplishment, honor, truth, trust, and one boring hour each week spent in itchy clothes at church, synagogue, or mosque? It lies in ruins at our feet, as well it might, since we ourselves kicked the shining city upon a hill into dust and rubble. The progeny of the Reagan Revolution will live instead in the universe that revolves around Hyde Park.

 

Mind you, they won't live in Hyde Park. Those leafy precincts will be reserved for the micromanagers and macro-apparatchiks of liberalism--for Secretary of the Department of Peace Bill Ayers and Secretary of the Department of Fairness Bernardine Dohrn. The formerly independent citizens of our previously self-governed nation will live, as I said, around Hyde Park. They will make what homes they can in the physical, ethical, and intellectual slums of the South Side of Chicago.

 

The South Side of Chicago is what everyplace in America will be once the Democratic administration and filibuster-resistant Democratic Congress have tackled global warming, sustainability, green alternatives to coal and oil, subprime mortgage foreclosures, consumer protection, business oversight, financial regulation, health care reform, taxes on the "rich," and urban sprawl. The Democrats will have plenty of time to do all this because conservatism, if it is ever reborn, will not come again in the lifetime of anyone old enough to be rounded up by ACORN and shipped to the polling booths.

 

None of this is the fault of the left. After the events of the 20th century--national socialism, international socialism, inter-species socialism from Earth First--anyone who is still on the left is obviously insane and not responsible for his or her actions. No, we on the right did it. The financial crisis that is hoisting us on our own petard is only the latest (if the last) of the petard hoistings that have issued from the hindquarters of our movement. We've had nearly three decades to educate the electorate about freedom, responsibility, and the evils of collectivism, and we responded by creating a big-city-public-school-system of a learning environment.

 

Liberalism had been running wild in the nation since the Great Depression. At the end of the Carter administration we had it cornered in one of its dreadful low-income housing projects or smelly public parks or some such place, and we held the Taser gun in our hand, pointed it at the beast's swollen gut, and didn't pull the trigger. Liberalism wasn't zapped and rolled away on a gurney and confined somewhere until it expired from natural causes such as natural law or natural rights.

 

In our preaching and our practice we neglected to convey the organic and universal nature of freedom. Thus we ensured our loss before we even began our winning streak. Barry Goldwater was an admirable and principled man. He took an admirably principled stand on states' rights. But he was dead wrong. Separate isn't equal. Ask a kid whose parents are divorced.

 

Since then modern conservatism has been plagued by the wrong friends and the wrong foes. The "Southern Strategy" was bequeathed to the Republican party by Richard Nixon--not a bad friend of conservatism but no friend at all. The Southern Strategy wasn't needed. Southern whites were on--begging the pardon of the Scopes trial jury--an evolutionary course toward becoming Republican. There's a joke in Arkansas about a candidate hustling votes in the country. The candidate asks a farmer how many children he has.

 

"I've got six sons," the farmer says.

 

"Are they all good little Democrats?" the candidate asks.

 

"Well," the farmer says, "five of 'em are. But my oldest boy, he got to readin'  .  .  .  "

 

There was no need to piss off the entire black population of America to get Dixie's electoral votes. And despising cracker trash who have a laundry hamper full of bedsheets with eye-holes cut in them does not make a man a liberal.

 

Blacks used to poll Republican. They did so right up until Mrs. Roosevelt made some sympathetic noises in 1932. And her husband didn't even deliver on Eleanor's promises.

 

It's not hard to move a voting bloc. And it should be especially easy to move voters to the right. Sensible adults are conservative in most aspects of their private lives. If this weren't so, imagine driving on I-95: The majority of drivers are drunk, stoned, making out, or watching TV, while the rest are trying to calculate the size of their carbon footprints on the backs of Whole Foods receipts while negotiating lane changes.

 

People are even more conservative if they have children. Nobody with kids is a liberal, except maybe one pothead in Marin County. Everybody wants his or her children to respect freedom, exercise responsibility, be honest, get educated, have opportunities, and own a bunch of guns. (The last is optional and includes, but is not limited to, me, my friends in New Hampshire, and Sarah Palin.)

 

Reagan managed to reach out to blue collar whites. But there his reach stopped, leaving many people on our side, but barely knowing it. There are enough yarmulkes among the neocons to show that Jews are not immune to conservatism. Few practicing Catholics vote Democratic anymore except in Massachusetts where they put something in the communion wafers. When it comes to a full-on, hemp-wearing, kelp-eating, mandala-tatted, fool-coifed liberal with socks in sandals, I have never met a Muslim like that or a Chinese and very few Hispanics. No U.S. immigrants from the Indian subcontinent fill that bill (the odd charlatan yogi excepted), nor do immigrants from Africa, Eastern Europe, or East Asia. And Japanese tourists may go so far as socks in sandals, but their liberal nonsense stops at the ankles.

 

We have all of this going for us, worldwide. And yet we chose to deliver our sermons only to the faithful or the already converted. Of course the trailer park Protestants yell "Amen." If you were handling rattlesnakes and keeping dinosaurs for pets, would you vote for the party that gets money from PETA?

 

In how many ways did we fail conservatism? And who can count that high? Take just one example of our unconserved tendency to poke our noses into other people's business: abortion. Democracy--be it howsoever conservative--is a manifestation of the will of the people. We may argue with the people as a man may argue with his wife, but in the end we must submit to the fact of being married. Get a pro-life friend drunk to the truth-telling stage and ask him what happens if his 14-year-old gets knocked up. What if it's rape? Some people truly have the courage of their convictions. I don't know if I'm one of them. I might kill the baby. I will kill the boy.

 

The real message of the conservative pro-life position is that we're in favor of living. We consider people--with a few obvious exceptions--to be assets. Liberals consider people to be nuisances. People are always needing more government resources to feed, house, and clothe them and to pick up the trash around their FEMA trailers and to make sure their self-esteem is high enough to join community organizers lobbying for more government resources.

 

If the citizenry insists that abortion remain legal--and, in a passive and conflicted way, the citizenry seems to be doing so--then give the issue a rest. Meanwhile we can, with the public's blessing, refuse to spend taxpayers' money on killing, circumscribe the timing and method of taking a human life, make sure parental consent is obtained when underage girls are involved, and tar and feather teenage boys and run them out of town on a rail. The law cannot be made identical with morality. Scan the list of the Ten Commandments and see how many could be enforced even by Rudy Giuliani.

 

Our impeachment of President Clinton was another example of placing the wrong political emphasis on personal matters. We impeached Clinton for lying to the government. To our surprise the electorate gave us cold comfort. Lying to the government: It's called April 15th. And we accused Clinton of lying about sex, which all men spend their lives doing, starting at 15 bragging about things we haven't done yet, then on to fibbing about things we are doing, and winding up with prevarications about things we no longer can do.

 

When the Monica Lewinsky news broke, my wife set me straight about the issue. "Here," she said, "is the most powerful man in the world. And everyone hates his wife. What's the matter with Sharon Stone? Instead, he's hitting on an emotionally disturbed intern barely out of her teens." But our horn rims were so fogged with detestation of Clinton that we couldn't see how really detestable he was. If we had stayed our hand in the House of Representatives and treated the brute with shunning or calls for interventions to make him seek help, we might have chased him out of the White House. (Although this probably would have required a U.S. news media from a parallel universe.)

 

Such things as letting the abortion debate be turned against us and using the gravity of the impeachment process on something that required the fly-swat of pest control were strategic errors. Would that blame could be put on our strategies instead of ourselves. We have lived up to no principle of conservatism.

 

Government is bigger than ever. We have fattened the stalled ox and hatred therewith rather than dined on herbs where love (and the voter) is. Instead of flattening the Department of Education with a wrecking ball we let it stand as a pulpit for Bill Bennett. When--to switch metaphors yet again--such a white elephant is not discarded someone will eventually try to ride in the howdah on its back. One of our supposed own did. No Child Left Behind? What if they deserve to be left behind? What if they deserve a smack on the behind? A nationwide program to test whether kids are what? Stupid? You've got kids. Kids are stupid.

 

We railed at welfare and counted it a great victory when Bill Clinton confused a few poor people by making the rules more complicated. But the "French-bread lines" for the rich, the "terrapin soup kitchens," continue their charity without stint.

 

The sludge and dreck of political muck-funds flowing to prosperous businesses and individuals have gotten deeper and more slippery and stink worse than ever with conservatives minding the sewage works of legislation.

 

Agriculture is a business that has been up to its bib overalls in politics since the first Thanksgiving dinner kickback to the Indians for subsidizing Pilgrim maize production with fish head fertilizer grants. But never, since the Mayflower knocked the rock in Plymouth, has anything as putrid as the Farm, Nutrition and Bioenergy Act of 2008 been spread upon the land. Just the name says it. There are no farms left. Not like the one grampa grew up on.

 

A "farm" today means 100,000 chickens in a space the size of a Motel 6 shower stall. If we cared anything about "nutrition" we would--to judge by the mountainous, jiggling flab of Americans--stop growing all food immediately. And "bioenergy" is a fraud of John Edwards-marital-fidelity proportions. Taxpayer money composted to produce a fuel made of alcohol that is more expensive than oil, more polluting than oil, and almost as bad as oil with vermouth and an olive. But this bill passed with bipartisan majorities in both houses of Congress and was happily signed into law by President Bush. Now it's going to cost us at least $285 billion. That's about five times the gross domestic product of prewar Iraq. For what we will spend on the Farm, Nutrition and Bioenergy Act of 2008 we could have avoided the war in Iraq and simply bought a controlling interest in Saddam Hussein's country.

 

Yes, we got a few tax breaks during the regimes of Reagan and W. But the government is still taking a third of our salary. Is the government doing a third of our job? Is the government doing a third of our dishes? Our laundry? Our vacuuming? When we go to Hooters is the government tending bar making sure that one out of three margaritas is on the house? If our spouse is feeling romantic and we're tired, does the government come over to our house and take care of foreplay? (Actually, during the Clinton administration  .  .  .  )

 

Anyway, a low tax rate is not--never mind the rhetoric of every conservative politician--a bedrock principle of conservatism. The principle is fiscal responsibility.

 

Conservatives should never say to voters, "We can lower your taxes." Conservatives should say to voters, "You can raise spending. You, the electorate, can, if you choose, have an infinite number of elaborate and expensive government programs. But we, the government, will have to pay for those programs. We have three ways to pay.

 

"We can inflate the currency, destroying your ability to plan for the future, wrecking the nation's culture of thrift and common sense, and giving free rein to scallywags to borrow money for worthless scams and pay it back 10 cents on the dollar.

 

"We can raise taxes. If the taxes are levied across the board, money will be taken from everyone's pocket, the economy will stagnate, and the poorest and least advantaged will be harmed the most. If the taxes are levied only on the wealthy, money will be taken from wealthy people's pockets, hampering their capacity to make loans and investments, the economy will stagnate, and the poorest and the least advantaged will be harmed the most.

 

"And we can borrow, building up a massive national debt. This will cause all of the above things to happen plus it will fund Red Chinese nuclear submarines that will be popping up in San Francisco Bay to get some decent Szechwan take-out."

 

Yes, this would make for longer and less pithy stump speeches. But we'd be showing ourselves to be men and women of principle. It might cost us, short-term. We might get knocked down for not whoring after bioenergy votes in the Iowa caucuses. But at least we wouldn't land on our scruples. And we could get up again with dignity intact, dust ourselves off, and take another punch at the liberal bully-boys who want to snatch the citizenry's freedom and tuck that freedom, like a trophy feather, into the hatbands of their greasy political bowlers.

 

But are we men and women of principle? And I don't mean in the matter of tricky and private concerns like gay marriage. Civil marriage is an issue of contract law. A constitutional amendment against gay marriage? I don't get it. How about a constitutional amendment against first marriages? Now we're talking. No, I speak, once again, of the geological foundations of conservatism.

 

Where was the meum and the tuum in our shakedown of Washington lobbyists? It took a Democratic majority in the House of Representatives 40 years--from 1954 to 1994--to get that corrupt and arrogant. And we managed it in just 12. (Who says Republicans don't have much on the ball?)

 

Our attitude toward immigration has been repulsive. Are we not pro-life? Are not immigrants alive? Unfortunately, no, a lot of them aren't after attempting to cross our borders. Conservative immigration policies are as stupid as conservative attitudes are gross. Fence the border and give a huge boost to the Mexican ladder industry. Put the National Guard on the Rio Grande and know that U.S. troops are standing between you and yard care. George W. Bush, at his most beneficent, said if illegal immigrants wanted citizenship they would have to do three things: Pay taxes, learn English, and work in a meaningful job. Bush doesn't meet two out of three of those qualifications. And where would you rather eat? At a Vietnamese restaurant? Or in the Ayn Rand Café? Hey, waiter, are the burgers any good? Atlas shrugged. (We would, however, be able to have a smoke at the latter establishment.)

 

To go from slime to the sublime, there are the lofty issues about which we never bothered to form enough principles to go out and break them. What is the coherent modern conservative foreign policy?

 

We may think of this as a post 9/11 problem, but it's been with us all along. What was Reagan thinking, landing Marines in Lebanon to prop up the government of a country that didn't have one? In 1984, I visited the site where the Marines were murdered. It was a beachfront bivouac overlooked on three sides by hills full of hostile Shiite militia. You'd urge your daughter to date Rosie O'Donnell before you'd put troops ashore in such a place.

 

Since the early 1980s I've been present at the conception (to use the polite term) of many of our foreign policy initiatives. Iran-contra was about as smart as using the U.S. Postal Service to get weapons to anti-Communists. And I notice Danny Ortega is back in power anyway. I had a look into the eyes of the future rulers of Afghanistan at a sura in Peshawar as the Soviets were withdrawing from Kabul. I would rather have had a beer with Leonid Brezhnev.

 

Fall of the Berlin wall? Being there was fun. Nations that flaked off of the Soviet Union in southeastern Europe, Central Asia, and the Caucasus? Being there was not so fun.

 

The aftermath of the Gulf war still makes me sick. Fine to save the fat, greedy Kuwaitis and the arrogant, grasping house of Saud, but to hell with the Shiites and Kurds of Iraq until they get some oil.

 

Then, half a generation later, when we returned with our armies, we expected to be greeted as liberators. And, damn it, we were. I was in Baghdad in April 2003. People were glad to see us, until they noticed that we'd forgotten to bring along any personnel or provisions to feed or doctor the survivors of shock and awe or to get their electricity and water running again. After that they got huffy and began stuffing dynamite down their pants before consulting with the occupying forces.

 

Is there a moral dimension to foreign policy in our political philosophy? Or do we just exist to help the world's rich people make and keep their money? (And a fine job we've been doing of that lately.)

 

If we do have morals, where were they while Bosnians were slaughtered? And where were we while Clinton dithered over the massacres in Kosovo and decided, at last, to send the Serbs a message: Mess with the United States and we'll wait six months, then bomb the country next to you. Of Rwanda, I cannot bear to think, let alone jest.

 

And now, to glue and screw the lid on our coffin, comes this financial crisis. For almost three decades we've been trying to teach average Americans to act like "stakeholders" in their economy. They learned. They're crying and whining for government bailouts just like the billionaire stakeholders in banks and investment houses. Aid, I can assure you, will be forthcoming from President Obama.

 

Then average Americans will learn the wisdom of Ronald Reagan's statement: "The ten most dangerous words in the English language are, 'I'm from the federal government, and I'm here to help.' " Ask a Katrina survivor.

 

The left has no idea what's going on in the financial crisis. And I honor their confusion. Jim Jerk down the road from me, with all the cars up on blocks in his front yard, falls behind in his mortgage payments, and the economy of Iceland implodes. I'm missing a few pieces of this puzzle myself.

 

Under constant political pressure, which went almost unresisted by conservatives, a lot of lousy mortgages that would never be repaid were handed out to Jim Jerk and his drinking buddies and all the ex-wives and single mothers with whom Jim and his pals have littered the nation.

 

Wall Street looked at the worthless paper and thought, "How can we make a buck off this?" The answer was to wrap it in a bow. Take a wide enough variety of lousy mortgages--some from the East, some from the West, some from the cities, some from the suburbs, some from shacks, some from McMansions--bundle them together and put pressure on the bond rating agencies to do fancy risk management math, and you get a "collateralized debt obligation" with a triple-A rating. Good as cash. Until it wasn't.

 

Or, put another way, Wall Street was pulling the "room full of horse s--" trick. Brokerages were saying, "We're going to sell you a room full of horse s--. And with that much horse s--, you just know there's a pony in there somewhere."

 

Anyway, it's no use blaming Wall Street. Blaming Wall Street for being greedy is like scolding defensive linemen for being big and aggressive. The people on Wall Street never claimed to be public servants. They took no oath of office. They're in it for the money. We pay them to be in it for the money. We don't want our retirement accounts to get a 2 percent return. (Although that sounds pretty good at the moment.)

 

What will destroy our country and us is not the financial crisis but the fact that liberals think the free market is some kind of sect or cult, which conservatives have asked Americans to take on faith. That's not what the free market is. The free market is just a measurement, a device to tell us what people are willing to pay for any given thing at any given moment. The free market is a bathroom scale. You may hate what you see when you step on the scale. "Jeeze, 230 pounds!" But you can't pass a law making yourself weigh 185. Liberals think you can. And voters--all the voters, right up to the tippy-top corner office of Goldman Sachs--think so too.

 

We, the conservatives, who do understand the free market, had the responsibility to--as it were--foreclose upon this mess. The market is a measurement, but that measuring does not work to the advantage of a nation or its citizens unless the assessments of volume, circumference, and weight are conducted with transparency and under the rule of law. We've had the rule of law largely in our hands since 1980. Where is the transparency? It's one more job we botched.

 

Although I must say we're doing good work on our final task--attaching the garden hose to our car's exhaust pipe and running it in through a vent window. Barack and Michelle will be by in a moment with some subsidized ethanol to top up our gas tank. And then we can turn the key.

 

P.J. O'Rourke is a contributing editor to THE WEEKLY STANDARD. "

[el jefe]

the great windbag b.j. o'jerk -- who gives a fuck what that demented asswipe has to say about anything...

[prole]

The great writer PJ O'Rourke...

 

 

 

[j_b]

Creed in the free market is religion because there is no evidence that it has ever worked or will ever work. As a matter of fact, whenever free-marketeers have imposed their quackery upon people, fraud and monopolies have ruled the day, and eventually economies failed.

[pc313]

The great writer PJ O'Rourke weighs in now.

 

link

 

 

 

 

"We Blew It

A look back in remorse on the conservative opportunity that was squandered.

by P.J. O'Rourke

11/17/2008, Volume 014, Issue 09

 

 

Let us bend over and kiss our ass goodbye. Our 28-year conservative opportunity to fix the moral and practical boundaries of government is gone--gone with the bear market and the Bear Stearns and the bear that's headed off to do you-know-what in the woods on our philosophy.

 

An entire generation has been born, grown up, and had families of its own since Ronald Reagan was elected. And where is the world we promised these children of the Conservative Age? Where is this land of freedom and responsibility, knowledge, opportunity, accomplishment, honor, truth, trust, and one boring hour each week spent in itchy clothes at church, synagogue, or mosque? It lies in ruins at our feet, as well it might, since we ourselves kicked the shining city upon a hill into dust and rubble. The progeny of the Reagan Revolution will live instead in the universe that revolves around Hyde Park.

 

Mind you, they won't live in Hyde Park. Those leafy precincts will be reserved for the micromanagers and macro-apparatchiks of liberalism--for Secretary of the Department of Peace Bill Ayers and Secretary of the Department of Fairness Bernardine Dohrn. The formerly independent citizens of our previously self-governed nation will live, as I said, around Hyde Park. They will make what homes they can in the physical, ethical, and intellectual slums of the South Side of Chicago.

 

The South Side of Chicago is what everyplace in America will be once the Democratic administration and filibuster-resistant Democratic Congress have tackled global warming, sustainability, green alternatives to coal and oil, subprime mortgage foreclosures, consumer protection, business oversight, financial regulation, health care reform, taxes on the "rich," and urban sprawl. The Democrats will have plenty of time to do all this because conservatism, if it is ever reborn, will not come again in the lifetime of anyone old enough to be rounded up by ACORN and shipped to the polling booths.

 

None of this is the fault of the left. After the events of the 20th century--national socialism, international socialism, inter-species socialism from Earth First--anyone who is still on the left is obviously insane and not responsible for his or her actions. No, we on the right did it. The financial crisis that is hoisting us on our own petard is only the latest (if the last) of the petard hoistings that have issued from the hindquarters of our movement. We've had nearly three decades to educate the electorate about freedom, responsibility, and the evils of collectivism, and we responded by creating a big-city-public-school-system of a learning environment.

 

Liberalism had been running wild in the nation since the Great Depression. At the end of the Carter administration we had it cornered in one of its dreadful low-income housing projects or smelly public parks or some such place, and we held the Taser gun in our hand, pointed it at the beast's swollen gut, and didn't pull the trigger. Liberalism wasn't zapped and rolled away on a gurney and confined somewhere until it expired from natural causes such as natural law or natural rights.

 

In our preaching and our practice we neglected to convey the organic and universal nature of freedom. Thus we ensured our loss before we even began our winning streak. Barry Goldwater was an admirable and principled man. He took an admirably principled stand on states' rights. But he was dead wrong. Separate isn't equal. Ask a kid whose parents are divorced.

 

Since then modern conservatism has been plagued by the wrong friends and the wrong foes. The "Southern Strategy" was bequeathed to the Republican party by Richard Nixon--not a bad friend of conservatism but no friend at all. The Southern Strategy wasn't needed. Southern whites were on--begging the pardon of the Scopes trial jury--an evolutionary course toward becoming Republican. There's a joke in Arkansas about a candidate hustling votes in the country. The candidate asks a farmer how many children he has.

 

"I've got six sons," the farmer says.

 

"Are they all good little Democrats?" the candidate asks.

 

"Well," the farmer says, "five of 'em are. But my oldest boy, he got to readin'  .  .  .  "

 

There was no need to piss off the entire black population of America to get Dixie's electoral votes. And despising cracker trash who have a laundry hamper full of bedsheets with eye-holes cut in them does not make a man a liberal.

 

Blacks used to poll Republican. They did so right up until Mrs. Roosevelt made some sympathetic noises in 1932. And her husband didn't even deliver on Eleanor's promises.

 

It's not hard to move a voting bloc. And it should be especially easy to move voters to the right. Sensible adults are conservative in most aspects of their private lives. If this weren't so, imagine driving on I-95: The majority of drivers are drunk, stoned, making out, or watching TV, while the rest are trying to calculate the size of their carbon footprints on the backs of Whole Foods receipts while negotiating lane changes.

 

People are even more conservative if they have children. Nobody with kids is a liberal, except maybe one pothead in Marin County. Everybody wants his or her children to respect freedom, exercise responsibility, be honest, get educated, have opportunities, and own a bunch of guns. (The last is optional and includes, but is not limited to, me, my friends in New Hampshire, and Sarah Palin.)

 

Reagan managed to reach out to blue collar whites. But there his reach stopped, leaving many people on our side, but barely knowing it. There are enough yarmulkes among the neocons to show that Jews are not immune to conservatism. Few practicing Catholics vote Democratic anymore except in Massachusetts where they put something in the communion wafers. When it comes to a full-on, hemp-wearing, kelp-eating, mandala-tatted, fool-coifed liberal with socks in sandals, I have never met a Muslim like that or a Chinese and very few Hispanics. No U.S. immigrants from the Indian subcontinent fill that bill (the odd charlatan yogi excepted), nor do immigrants from Africa, Eastern Europe, or East Asia. And Japanese tourists may go so far as socks in sandals, but their liberal nonsense stops at the ankles.

 

We have all of this going for us, worldwide. And yet we chose to deliver our sermons only to the faithful or the already converted. Of course the trailer park Protestants yell "Amen." If you were handling rattlesnakes and keeping dinosaurs for pets, would you vote for the party that gets money from PETA?

 

In how many ways did we fail conservatism? And who can count that high? Take just one example of our unconserved tendency to poke our noses into other people's business: abortion. Democracy--be it howsoever conservative--is a manifestation of the will of the people. We may argue with the people as a man may argue with his wife, but in the end we must submit to the fact of being married. Get a pro-life friend drunk to the truth-telling stage and ask him what happens if his 14-year-old gets knocked up. What if it's rape? Some people truly have the courage of their convictions. I don't know if I'm one of them. I might kill the baby. I will kill the boy.

 

The real message of the conservative pro-life position is that we're in favor of living. We consider people--with a few obvious exceptions--to be assets. Liberals consider people to be nuisances. People are always needing more government resources to feed, house, and clothe them and to pick up the trash around their FEMA trailers and to make sure their self-esteem is high enough to join community organizers lobbying for more government resources.

 

If the citizenry insists that abortion remain legal--and, in a passive and conflicted way, the citizenry seems to be doing so--then give the issue a rest. Meanwhile we can, with the public's blessing, refuse to spend taxpayers' money on killing, circumscribe the timing and method of taking a human life, make sure parental consent is obtained when underage girls are involved, and tar and feather teenage boys and run them out of town on a rail. The law cannot be made identical with morality. Scan the list of the Ten Commandments and see how many could be enforced even by Rudy Giuliani.

 

Our impeachment of President Clinton was another example of placing the wrong political emphasis on personal matters. We impeached Clinton for lying to the government. To our surprise the electorate gave us cold comfort. Lying to the government: It's called April 15th. And we accused Clinton of lying about sex, which all men spend their lives doing, starting at 15 bragging about things we haven't done yet, then on to fibbing about things we are doing, and winding up with prevarications about things we no longer can do.

 

When the Monica Lewinsky news broke, my wife set me straight about the issue. "Here," she said, "is the most powerful man in the world. And everyone hates his wife. What's the matter with Sharon Stone? Instead, he's hitting on an emotionally disturbed intern barely out of her teens." But our horn rims were so fogged with detestation of Clinton that we couldn't see how really detestable he was. If we had stayed our hand in the House of Representatives and treated the brute with shunning or calls for interventions to make him seek help, we might have chased him out of the White House. (Although this probably would have required a U.S. news media from a parallel universe.)

 

Such things as letting the abortion debate be turned against us and using the gravity of the impeachment process on something that required the fly-swat of pest control were strategic errors. Would that blame could be put on our strategies instead of ourselves. We have lived up to no principle of conservatism.

 

Government is bigger than ever. We have fattened the stalled ox and hatred therewith rather than dined on herbs where love (and the voter) is. Instead of flattening the Department of Education with a wrecking ball we let it stand as a pulpit for Bill Bennett. When--to switch metaphors yet again--such a white elephant is not discarded someone will eventually try to ride in the howdah on its back. One of our supposed own did. No Child Left Behind? What if they deserve to be left behind? What if they deserve a smack on the behind? A nationwide program to test whether kids are what? Stupid? You've got kids. Kids are stupid.

 

We railed at welfare and counted it a great victory when Bill Clinton confused a few poor people by making the rules more complicated. But the "French-bread lines" for the rich, the "terrapin soup kitchens," continue their charity without stint.

 

The sludge and dreck of political muck-funds flowing to prosperous businesses and individuals have gotten deeper and more slippery and stink worse than ever with conservatives minding the sewage works of legislation.

 

Agriculture is a business that has been up to its bib overalls in politics since the first Thanksgiving dinner kickback to the Indians for subsidizing Pilgrim maize production with fish head fertilizer grants. But never, since the Mayflower knocked the rock in Plymouth, has anything as putrid as the Farm, Nutrition and Bioenergy Act of 2008 been spread upon the land. Just the name says it. There are no farms left. Not like the one grampa grew up on.

 

A "farm" today means 100,000 chickens in a space the size of a Motel 6 shower stall. If we cared anything about "nutrition" we would--to judge by the mountainous, jiggling flab of Americans--stop growing all food immediately. And "bioenergy" is a fraud of John Edwards-marital-fidelity proportions. Taxpayer money composted to produce a fuel made of alcohol that is more expensive than oil, more polluting than oil, and almost as bad as oil with vermouth and an olive. But this bill passed with bipartisan majorities in both houses of Congress and was happily signed into law by President Bush. Now it's going to cost us at least $285 billion. That's about five times the gross domestic product of prewar Iraq. For what we will spend on the Farm, Nutrition and Bioenergy Act of 2008 we could have avoided the war in Iraq and simply bought a controlling interest in Saddam Hussein's country.

 

Yes, we got a few tax breaks during the regimes of Reagan and W. But the government is still taking a third of our salary. Is the government doing a third of our job? Is the government doing a third of our dishes? Our laundry? Our vacuuming? When we go to Hooters is the government tending bar making sure that one out of three margaritas is on the house? If our spouse is feeling romantic and we're tired, does the government come over to our house and take care of foreplay? (Actually, during the Clinton administration  .  .  .  )

 

Anyway, a low tax rate is not--never mind the rhetoric of every conservative politician--a bedrock principle of conservatism. The principle is fiscal responsibility.

 

Conservatives should never say to voters, "We can lower your taxes." Conservatives should say to voters, "You can raise spending. You, the electorate, can, if you choose, have an infinite number of elaborate and expensive government programs. But we, the government, will have to pay for those programs. We have three ways to pay.

 

"We can inflate the currency, destroying your ability to plan for the future, wrecking the nation's culture of thrift and common sense, and giving free rein to scallywags to borrow money for worthless scams and pay it back 10 cents on the dollar.

 

"We can raise taxes. If the taxes are levied across the board, money will be taken from everyone's pocket, the economy will stagnate, and the poorest and least advantaged will be harmed the most. If the taxes are levied only on the wealthy, money will be taken from wealthy people's pockets, hampering their capacity to make loans and investments, the economy will stagnate, and the poorest and the least advantaged will be harmed the most.

 

"And we can borrow, building up a massive national debt. This will cause all of the above things to happen plus it will fund Red Chinese nuclear submarines that will be popping up in San Francisco Bay to get some decent Szechwan take-out."

 

Yes, this would make for longer and less pithy stump speeches. But we'd be showing ourselves to be men and women of principle. It might cost us, short-term. We might get knocked down for not whoring after bioenergy votes in the Iowa caucuses. But at least we wouldn't land on our scruples. And we could get up again with dignity intact, dust ourselves off, and take another punch at the liberal bully-boys who want to snatch the citizenry's freedom and tuck that freedom, like a trophy feather, into the hatbands of their greasy political bowlers.

 

But are we men and women of principle? And I don't mean in the matter of tricky and private concerns like gay marriage. Civil marriage is an issue of contract law. A constitutional amendment against gay marriage? I don't get it. How about a constitutional amendment against first marriages? Now we're talking. No, I speak, once again, of the geological foundations of conservatism.

 

Where was the meum and the tuum in our shakedown of Washington lobbyists? It took a Democratic majority in the House of Representatives 40 years--from 1954 to 1994--to get that corrupt and arrogant. And we managed it in just 12. (Who says Republicans don't have much on the ball?)

 

Our attitude toward immigration has been repulsive. Are we not pro-life? Are not immigrants alive? Unfortunately, no, a lot of them aren't after attempting to cross our borders. Conservative immigration policies are as stupid as conservative attitudes are gross. Fence the border and give a huge boost to the Mexican ladder industry. Put the National Guard on the Rio Grande and know that U.S. troops are standing between you and yard care. George W. Bush, at his most beneficent, said if illegal immigrants wanted citizenship they would have to do three things: Pay taxes, learn English, and work in a meaningful job. Bush doesn't meet two out of three of those qualifications. And where would you rather eat? At a Vietnamese restaurant? Or in the Ayn Rand Café? Hey, waiter, are the burgers any good? Atlas shrugged. (We would, however, be able to have a smoke at the latter establishment.)

 

To go from slime to the sublime, there are the lofty issues about which we never bothered to form enough principles to go out and break them. What is the coherent modern conservative foreign policy?

 

We may think of this as a post 9/11 problem, but it's been with us all along. What was Reagan thinking, landing Marines in Lebanon to prop up the government of a country that didn't have one? In 1984, I visited the site where the Marines were murdered. It was a beachfront bivouac overlooked on three sides by hills full of hostile Shiite militia. You'd urge your daughter to date Rosie O'Donnell before you'd put troops ashore in such a place.

 

Since the early 1980s I've been present at the conception (to use the polite term) of many of our foreign policy initiatives. Iran-contra was about as smart as using the U.S. Postal Service to get weapons to anti-Communists. And I notice Danny Ortega is back in power anyway. I had a look into the eyes of the future rulers of Afghanistan at a sura in Peshawar as the Soviets were withdrawing from Kabul. I would rather have had a beer with Leonid Brezhnev.

 

Fall of the Berlin wall? Being there was fun. Nations that flaked off of the Soviet Union in southeastern Europe, Central Asia, and the Caucasus? Being there was not so fun.

 

The aftermath of the Gulf war still makes me sick. Fine to save the fat, greedy Kuwaitis and the arrogant, grasping house of Saud, but to hell with the Shiites and Kurds of Iraq until they get some oil.

 

Then, half a generation later, when we returned with our armies, we expected to be greeted as liberators. And, damn it, we were. I was in Baghdad in April 2003. People were glad to see us, until they noticed that we'd forgotten to bring along any personnel or provisions to feed or doctor the survivors of shock and awe or to get their electricity and water running again. After that they got huffy and began stuffing dynamite down their pants before consulting with the occupying forces.

 

Is there a moral dimension to foreign policy in our political philosophy? Or do we just exist to help the world's rich people make and keep their money? (And a fine job we've been doing of that lately.)

 

If we do have morals, where were they while Bosnians were slaughtered? And where were we while Clinton dithered over the massacres in Kosovo and decided, at last, to send the Serbs a message: Mess with the United States and we'll wait six months, then bomb the country next to you. Of Rwanda, I cannot bear to think, let alone jest.

 

And now, to glue and screw the lid on our coffin, comes this financial crisis. For almost three decades we've been trying to teach average Americans to act like "stakeholders" in their economy. They learned. They're crying and whining for government bailouts just like the billionaire stakeholders in banks and investment houses. Aid, I can assure you, will be forthcoming from President Obama.

 

Then average Americans will learn the wisdom of Ronald Reagan's statement: "The ten most dangerous words in the English language are, 'I'm from the federal government, and I'm here to help.' " Ask a Katrina survivor.

 

The left has no idea what's going on in the financial crisis. And I honor their confusion. Jim Jerk down the road from me, with all the cars up on blocks in his front yard, falls behind in his mortgage payments, and the economy of Iceland implodes. I'm missing a few pieces of this puzzle myself.

 

Under constant political pressure, which went almost unresisted by conservatives, a lot of lousy mortgages that would never be repaid were handed out to Jim Jerk and his drinking buddies and all the ex-wives and single mothers with whom Jim and his pals have littered the nation.

 

Wall Street looked at the worthless paper and thought, "How can we make a buck off this?" The answer was to wrap it in a bow. Take a wide enough variety of lousy mortgages--some from the East, some from the West, some from the cities, some from the suburbs, some from shacks, some from McMansions--bundle them together and put pressure on the bond rating agencies to do fancy risk management math, and you get a "collateralized debt obligation" with a triple-A rating. Good as cash. Until it wasn't.

 

Or, put another way, Wall Street was pulling the "room full of horse s--" trick. Brokerages were saying, "We're going to sell you a room full of horse s--. And with that much horse s--, you just know there's a pony in there somewhere."

 

Anyway, it's no use blaming Wall Street. Blaming Wall Street for being greedy is like scolding defensive linemen for being big and aggressive. The people on Wall Street never claimed to be public servants. They took no oath of office. They're in it for the money. We pay them to be in it for the money. We don't want our retirement accounts to get a 2 percent return. (Although that sounds pretty good at the moment.)

 

What will destroy our country and us is not the financial crisis but the fact that liberals think the free market is some kind of sect or cult, which conservatives have asked Americans to take on faith. That's not what the free market is. The free market is just a measurement, a device to tell us what people are willing to pay for any given thing at any given moment. The free market is a bathroom scale. You may hate what you see when you step on the scale. "Jeeze, 230 pounds!" But you can't pass a law making yourself weigh 185. Liberals think you can. And voters--all the voters, right up to the tippy-top corner office of Goldman Sachs--think so too.

 

We, the conservatives, who do understand the free market, had the responsibility to--as it were--foreclose upon this mess. The market is a measurement, but that measuring does not work to the advantage of a nation or its citizens unless the assessments of volume, circumference, and weight are conducted with transparency and under the rule of law. We've had the rule of law largely in our hands since 1980. Where is the transparency? It's one more job we botched.

 

Although I must say we're doing good work on our final task--attaching the garden hose to our car's exhaust pipe and running it in through a vent window. Barack and Michelle will be by in a moment with some subsidized ethanol to top up our gas tank. And then we can turn the key.

 

P.J. O'Rourke is a contributing editor to THE WEEKLY STANDARD. "

 

 

I'm thinkin they need to rent a big bus and bring William Kristol and and the whole office along,and if there is extra room invite the Fox News staff to come aboard! And as a back up plan to the hose, chain the doors locked and break out the Jim Jones Koolaid!!! If i never hear Bill Kristfucks conceided voice again it will be fine by me,what a fucking asshat, i LOL when his son endorst Obama and he fired him!!!

Edited November 17, 2008 by pc313

[prole]

Creed in the free market is religion because there is no evidence that it has ever worked or will ever work. As a matter of fact, whenever free-marketeers have imposed their quackery upon people, fraud and monopolies have ruled the day, and eventually economies failed.

 

Dude, you must be in a mental recession. This guy thinks everything's fine.

[billcoe]

Creed in the free market is religion because there is no evidence that it has ever worked or will ever work. As a matter of fact, whenever free-marketeers have imposed their quackery upon people, fraud and monopolies have ruled the day, and eventually economies failed.

 

Yes, we certainly should look to the Stalinist/Mao model for economic success as they disliked the free market as much as you.

[j_b]

Hell no! State capitalism is as much a total failure as laissez-faire capitalism. You ought to expand your horizons and avoid simplistic dichotomies: being against anarcho-capitalism has never made anyone a stalinist or a communist for that matter.

 

Instead of red baiting, you should give what evidence you have that the "free market" isn't a myth.

Edited November 17, 2008 by j_b

[j_b]

More than half the mortgage professionals registered in Florida -- 120,563 -- entered the industry this decade without being licensed by the state, The Miami Herald found.

 

Known as loan originators, they perform the same job as mortgage brokers but aren't bound by the same rules.

 

Time and again, industry leaders asked Florida regulators to bring this group under their watch by imposing mandatory licensing. But regulators refused to press for any changes, claiming that lawmakers would never approve.

 

The state's refusal proved costly during the biggest housing boom in Florida history: Thousands of loan originators entered the industry with criminal histories, state records show.

 

While The Miami Herald found breakdowns in the state's licensing system for mortgage brokers, the lack of controls over originators created even more problems for an industry steeped in the highest fraud rate in the nation.

 

...

 

A review of thousands of pages of court documents, state industry reports, internal e-mails and police reports shows that from 2000 to 2007:

 

• 5,306 people with criminal histories became loan originators -- a rate of nearly two a day. Worse, those include 2,201 who had committed financial crimes, such as fraud, money laundering and grand theft.

 

• Even large lenders hired loan originators with criminal backgrounds. The Miami Herald found that in at least 30 companies with 50 or more employees, more than one in five originators had a criminal record.

 

• Nearly two dozen people stripped of their licenses as mortgage brokers were able to sidestep regulators by becoming loan originators. Nine others who were denied licenses because of prior crimes or regulatory violations were able to do the same.

 

 

http://www.miamiherald.com/multimedia/news/mortgage/originators.html

[j_b]

More fresh news of the "free market":

 

EU levies largest ever cartel fine on glass makers

 

November 12, 2008 06:07 AM EST |

 

 

--------------------------------------------------------------------------------

 

BRUSSELS, Belgium — The European Union has imposed its highest ever cartel fines of more than 1.3 billion euros ($1.66 billion) on four companies for fixing the price of glass used in cars.

 

Antitrust regulators say the four companies control 90 percent of the glass used in European cars, a market worth 2 billion euros in 2003.

 

EU Competition Commissioner Neelie Kroes says the companies fixed prices over a period of five years."

[j_b]

More "free" market news:

 

The Truth About Drug Companies

 

In her new book, The Truth About Drug Companies: How They Deceive Us and What to Do About It, the former editor of the New England Journal of Medicine contends that the industry has become a marketing machine that produces few innovative drugs and is dependent on monopoly rights and public-sponsored research.

 

Angell disputes the industry’s reputation as an “engine of innovation,” arguing that the top U.S. drug makers spend 2.5 times as much on marketing and administration as they do on research. At least a third of the drugs marketed by industry leaders were discovered by universities or small biotech companies, writes Angell, but they’re sold to the public at inflated prices. She cites Taxol, the cancer drug discovered by the National Institutes of Health, but sold by Bristol-Myers Squibb for $20,000 a year, reportedly 20 times the manufacturing cost. The company agreed to pay the NIH only 0.5 percent in royalties for the drug.

 

The majority of the new products the industry puts out, says Angell, are “me-too” drugs, which are almost identical to current treatments but “no better than drugs already on the market to treat the same condition.” Around 75 percent of new drugs approved by the FDA are me-too drugs. They can be less effective than current drugs, but as long as they’re more effective than a placebo, they can get the regulatory green light.

 

Finally, Angell attacks major pharmaceutical industry -- whose top ten companies make more in profits than the rest of the Fortune 500 combined -- for using “free market” rhetoric while opposing competition at all costs.

 

http://www.motherjones.com/news/qa/2004/09/09_401.html

[Peter_Puget]

More "free" market news:

 

The Truth About Drug Companies

 

In her new book, The Truth About Drug Companies: How They Deceive Us and What to Do About It, the former editor of the New England Journal of Medicine contends that the industry has become a marketing machine that produces few innovative drugs and is dependent on monopoly patent rights and public-sponsored research.

 

She's a hack and been severely criticised by those with a modicum of economic knowledge. Did make one correction to the Mother Jones write-up. Eliminate patents and do away with public funding of education!

[billcoe]

More "free" market news:

 

The Truth About Drug Companies

 

In her new book, The Truth About Drug Companies: How They Deceive Us and What to Do About It, the former editor of the New England Journal of Medicine contends that the industry has become a marketing machine that produces few innovative drugs and is dependent on monopoly patent rights and public-sponsored research.

 

She's a hack and been severely criticised by those with a modicum of economic knowledge. Did make one correction to the Mother Jones write-up. Eliminate patents and do away with public funding of education!

 

Links PP?

[j_b]

So the public pays for the R&D of Taxol. The pharma industry patents it and sells it back to the public for 20 times the price? Quite some racket that "free" market of yours!

[Peter_Puget]

Bill - her book is several years old I am sure if you look you shall find. of course she has referential authority only. Would you go to a GI specialist when you have a heart problem?

 

 

Now there you go again J_B. I just advocated for free markets by calling for the elimination of patent rights and public funding of education. And now you call the existing structure "my" free market? Silly.

 

Most of your points in these threads have to do with poor implementation of government interference in markets and yet you call for more! Keep digging you'll be in China soon.

 

Hey how's your man Chavez doing? Turns out he was proven to support those involved in narcotic trafficing.

[j_b]

Yeah right, libertarians (like Greenspan for example) have been in power for decades but you still won't claim responsibility for the present mess of course. You have no credibility whatsoever. This economy and its structure with widespread government interference is yours, pal. Economic power hasn't been this concentrated in more than 50 years and it's the product of your lowsy ideology.

 

As far as your red baiting is concerned you know what to do with it, you goon!

Edited November 18, 2008 by j_b

[olyclimber]

Alan Greenspan gave me a heart transplant

[j_b]

Greenspan attended Ayn Rand's weekly "greed is good" get togethers for decades. The other day he announced he couldn't never have imagined that bankers' greed would trump their duties to shareholders. Personally, I don't see any reason to believe him or PP.

[olyclimber]

yeah, but before Congress he apologized. what else can you ask for?

[olyclimber]

separated at birth?

 

[j_b]

Anybody here believes that PP and most other libertarians defended GW every step of the way for the last 8 years because they wanted less government interference in the economy or any aspect of our lives? What a crock of shit!

[j_b]

So, when PP applauds with both hands GW multi-trillion dollars bloody war of choice in Iraq to control Iraqi oil, it'd be because it means less government interference in markets? Are you really that stupid PP or do you think your readers are stupid?

[billcoe]

When a tree falls in the forest, does it make a sound if no one is listening?

 

Truly what is the sound of one hand clapping or JB's lips flapping if no one is listening to the drivel?

 

 

 

 

 

ps, I'm thinking this post will garner 20 more JB soliloquies if no one intervenes:-) Side bets?

Edited November 18, 2008 by billcoe