From Rasmussen:
When asked to choose among some of the GOP’s top names for their choice for the party’s 2012 presidential nominee, 64% say Palin. The next closest contenders are two former governors and unsuccessful challengers for the presidential nomination this year -- Mike Huckabee of Arkansas with 12% support and Mitt Romney of Massachusetts with 11%.
Sunday, November 16, 2008
Lieberman Should Go!
I agree with David Lindorff - the Democrats should show some backbone and kick Lieberman out of their caucus. As Lindorff writes,
The other reason to shun Lieberman, and to cast him into the legislative purgatory he so richly deserves, is that it would be an object lesson to other potential Iagos in the party’s legislative ranks that such treachery will not be tolerated. What, after all, is the point of having a party at all, if its members can be as back-stabbing as Lieberman and get away with it?
The other reason to shun Lieberman, and to cast him into the legislative purgatory he so richly deserves, is that it would be an object lesson to other potential Iagos in the party’s legislative ranks that such treachery will not be tolerated. What, after all, is the point of having a party at all, if its members can be as back-stabbing as Lieberman and get away with it?
It would be a good lesson to the Democrats of the state of Connecticut, too, who voted in a Democratic primary two years ago to oust Lieberman as their candidate for re-election, but who then turned around and joined Republicans in re-electing him when he ran as an independent against a Republican challenger and against Ned Lamont, the Democrat who had bested him in the primary. This was treachery by a class of Democrats in the state of Connecticut that should also not go unpunished. Connecticut voters should no longer have the benefit of a powerful senator with seniority when that senator has so betrayed his party.
However, I will not hold my breath, as Democrats are notoriously lame.Scary Article About the US Economy
Scary news all around! Scary graph:
The notion that consumer prices have to fall because of a recession is pure nonsense. This argument is rooted in fantasy and demonstrates a total lack of understanding of how money works. The more money that is made available, the higher nominal prices will go – regardless of economic growth. We have already gotten one stimulus so far in 2008. It is a good bet another will be in place for the critical holiday shopping season. A shopping hiatus during this holiday season will be catastrophic. If you think the number of Chapter 11 filings is high now, wait until after 1/1/2009. In a $13 Trillion economy, 70% of which is consumer spending a mere 10% cutback in consumer spending (we’re more than a quarter of the way there just in October) will amount to nearly a Trillion dollars yanked from the US economy or a 7% contraction in GDP. And that is just the result of a 10% cutback by consumers. These are the unintended consequences of building an economy on consumption. We’ve already got the recession. When the fresh fiat created to fatten bank balance sheets and lubricate credit markets works its way to Main Street, we’ll have rising consumer prices as well.
The upshot?
How does all this play into the Dollar? Quite simply, in the absence of tangible backing, a currency is backed by economic activity or perhaps implicitly by natural resources as in the case of Canada, Australia, and Russia. US economic growth is fading fast, and as for the full faith and credit of the US Government? Enough said. While there is no official measure of the full faith and credit aspect, the willingness of foreigners to buy debt is a pretty good proxy. And during the past two months, foreigners have been less than inspired to take on more US Government debt. In short, there is no fundamental reason whatsoever for the Dollar to gain value. The current situation is an opportunity to get real. Get real assets and buckle your seatbelts because the currencies of the world are about to play a good old-fashioned game of meet me at the bottom. Lucky for us Gold won’t be participating in the game.
The notion that consumer prices have to fall because of a recession is pure nonsense. This argument is rooted in fantasy and demonstrates a total lack of understanding of how money works. The more money that is made available, the higher nominal prices will go – regardless of economic growth. We have already gotten one stimulus so far in 2008. It is a good bet another will be in place for the critical holiday shopping season. A shopping hiatus during this holiday season will be catastrophic. If you think the number of Chapter 11 filings is high now, wait until after 1/1/2009. In a $13 Trillion economy, 70% of which is consumer spending a mere 10% cutback in consumer spending (we’re more than a quarter of the way there just in October) will amount to nearly a Trillion dollars yanked from the US economy or a 7% contraction in GDP. And that is just the result of a 10% cutback by consumers. These are the unintended consequences of building an economy on consumption. We’ve already got the recession. When the fresh fiat created to fatten bank balance sheets and lubricate credit markets works its way to Main Street, we’ll have rising consumer prices as well.
The upshot?
How does all this play into the Dollar? Quite simply, in the absence of tangible backing, a currency is backed by economic activity or perhaps implicitly by natural resources as in the case of Canada, Australia, and Russia. US economic growth is fading fast, and as for the full faith and credit of the US Government? Enough said. While there is no official measure of the full faith and credit aspect, the willingness of foreigners to buy debt is a pretty good proxy. And during the past two months, foreigners have been less than inspired to take on more US Government debt. In short, there is no fundamental reason whatsoever for the Dollar to gain value. The current situation is an opportunity to get real. Get real assets and buckle your seatbelts because the currencies of the world are about to play a good old-fashioned game of meet me at the bottom. Lucky for us Gold won’t be participating in the game.
Saturday, November 15, 2008
Bail Out Detroit?
Good overview of the pros and cons in The New Republic. Estimates are that 3M people would lose their jobs if the Big 3 go under, what with all of their subcontractors going under as well. The social cost of doing nothing would be much larger than the $25B the automakers are after, but would $25B really be enough?
Friday, November 14, 2008
Obama Will Break Your Heart
Sad but true post by Tom Engelhardt. Some interesting graphs:
Finally, President-elect Obama accepted the overall framework of a "Global War on Terror" during his presidential campaign. This "war" lies at the heart of the Bush administration's fantasy world of war that has set all-too-real expanses of the planet aflame. Its dangers were further highlighted this week by the New York Times, which revealed that secret orders in the spring of 2004 gave the U.S. military "new authority to attack the Qaeda terrorist network anywhere in the world, and a more sweeping mandate to conduct operations in countries not at war with the United States."
[snip]
...As head of the New America Foundation Steve Clemons has been writing recently, the economic team looks suspiciously as if it were preparing for a "Clinton 3.0" moment.
Finally, President-elect Obama accepted the overall framework of a "Global War on Terror" during his presidential campaign. This "war" lies at the heart of the Bush administration's fantasy world of war that has set all-too-real expanses of the planet aflame. Its dangers were further highlighted this week by the New York Times, which revealed that secret orders in the spring of 2004 gave the U.S. military "new authority to attack the Qaeda terrorist network anywhere in the world, and a more sweeping mandate to conduct operations in countries not at war with the United States."
[snip]
...As head of the New America Foundation Steve Clemons has been writing recently, the economic team looks suspiciously as if it were preparing for a "Clinton 3.0" moment.
You could scan that gathering and not see a genuine rogue thinker in sight; no off-the-reservation figures who might represent a breath of fresh air and fresh thinking (other than, being hopeful, the president-elect himself). Clemons offers an interesting list of just some obvious names left off stage: "Paul Krugman, Joseph Stiglitz, Jeffrey Sachs, James Galbraith, Leo Hindery, Clyde Prestowitz, Charlene Barshefsky, C. Fred Bergsten, Adam Posen, Robert Kuttner, Robert Samuelson, Alan Murray, William Bonvillian, Doug & Heidi Rediker, Bernard Schwartz, Tom Gallagher, Sheila Bair, Sherle Schwenninger, and Kevin Phillips."
Mobilizing a largely Clintonista brain trust may look reassuring to some -- an in-gathering of all the Washington wisdom available before Hurricane Bush/Cheney hit town, but unfortunately, we don't happen to be entering a Clinton 3.0 moment. What's globalizing now is American disaster, which threatens to level a vulnerable world.
Obama Won't be Able to do Much...
From a Der Spiegel interview with British Historian Niall Ferguson. Upshot:
SPIEGEL: So what can Obama do?
SPIEGEL: So what can Obama do?
Ferguson: He can give a great inauguration speech.
SPIEGEL: And what else?
Ferguson: Give more great speeches.
SPIEGEL: He can't do more?
Ferguson: No, because he will have the least latitude of all presidents we can remember. Obama wants to assemble a nonpartisan government, and we will experience a more cautious first 100 days than we did under Bill Clinton. He will be cautious to the point of being boring. This will be precisely his great strength.
SPIEGEL: Where does the problem lie?
Ferguson: With Hank Paulson.
SPIEGEL: What does the current treasury secretary have to do with Obama?
Ferguson: Because of his big bailout plan, Paulson has already spent the money for Obama's healthcare reform and for his tax cuts. The money is gone.
SPIEGEL: Mr. Ferguson, we thank you for this interview.
Wednesday, November 5, 2008
Monday, November 3, 2008
Sunday, November 2, 2008
Sunday Night Psycho Train Blogging
"Psycho" by the post-grunge "Don't Ever Call us a Nirvana Cover Band" Band Puddle of Mudd, sung by a bunch of trains.
Former 49ers' Steve Young's Wife Active Against Prop 8
Interesting story here. Turns out former 49ers QB Steve Young is a Mormon, but not just any Mormon. He is the great-great-great grandson of Brigham Young. And his wife has donated $30,000 to the No on 8 campaign!
Subscribe to:
Posts (Atom)