Obama took an illegal and unethical step in pursuit of his fake economic bailout plan: he launched consultations with senators before the inauguration. The President-elect plans to inject trillions of dollars into the US economy, condemning it to run a deficit for at least two generations.
Obama’s plan runs alongside the discredited Roosevelt’s policies of massive government spending. Last time they were tried, America entered a decades-long recession. But he has across-the-board support: leftists want more spending and regulation while the corporate world is hungry for cheap government funding.
Obama touts his plan as saving “up to 4.1 million” jobs. The .1 was added to create a sense of scientific approach. Of course, no one can ever say whether the “4.1 million” jobs were saved by the Obama plan or simply stayed the downturn. And there is a much simpler way to “save or create” that number of jobs for Americans: expel the eight to twenty million illegal immigrants who take those and many other jobs.
Nationalization induces banks to conduct the most reckless policies, with the expectation of a worst-case scenario bailout. By greatly changing the market expectations, nationalization tremendously distorts market mechanisms and allocations. Basically, any bank would be inclined to offer its customers the highest rate and make riskier investments instead of normal market activities; nationalization encourages reckless speculation and siphons funds from productive investments. Also, nationalization encourages bank monopoly as small banks, considered non-essential, are allowed to fail, while entities “too big to fail” are assured of government support. Bank nationalization offers the government tremendous control over economy and investment allocations: essentially, the biggest investments come under state authority. As government entities are generally less efficient than privately owned ones, the nationalized banks’ investments would be even more wasteful than before. Nationalization ignores a paramount question of social justice when taxpayers pay for the speculators’ fraudulent policies. Before contemplating nationalization, the state prosecution should reclaim the profits that led to the banks’ collapse.
Partial nationalization is worse than full nationalization, as it offers the owners of failed banks the best of two worlds: government financing and retention of effective control. Often the same people who led the bank to failure – or similar people who led another bank – continue as its top managers, with eight-figure salaries paid by taxpayers. If a bank cannot refinance its bad debt from private source, it fails – and when it fails it fails; no question of retaining private ownership. Instead, taxpayers have only received 6% on Bank of America in return for a full-blown bailout.
Allowing the banks to fail would have a tremendous positive effect on the markets: after seventy years of government-sanctioned negligence, investors and depositors will have to observe due diligence and avoid speculative banks in the future. The refusal to nationalize banks will sanitize the economy: today, speculative and honestly conservative banks compete for customer deposits and investments on equal terms, and conservative banks have to embrace speculative policies in order to attract deposits with promises of high payoffs. Failures of speculative banks, with concomitant losses to depositors would reestablish bank diversification, allowing risk-averse customers to have the option of risk-averse banks.
American insurer AIG plans to request an additional $60 billion from the state after having received $152 billion; the original arrangement was for $85 billion, which we immediately wrote would be insufficient. Now the state has invested too much in AIG to allow it to fail.
Mike Milken, the convicted Jewish swindler who caused AIG’s meltdown, actively seeks to enter Israeli financial markets.
After Iraqi guerrillas planted a roadside bomb that killed two members of First Lt. Michael Behenna’s platoon, his comrades captured a suspect. Naturally enough, Behenna shot him after interrogation. What was the alternative—to hand him over to Iraqi prosecution so that he would be free soon?
When Israeli army was not yet demoralized by judicial witch-hunts and political correctness, Jewish soldiers shot plenty of Egyptian, Syrian, and Palestinian POWs; it’s both just and convenient.
Against the background of hundreds of thousands dead in the Iraq war, a single insurgent POW should be of little concern. Did he stop being an insurgent after arrest? But the American court convicted Behenna of murder.
Heavily criticized for its massive and inept anti-crisis spending, the Obama Administration decided to cover its tracks. The new $750 billion subsidy is structured as an inconspicuous free-market operation by the Treasury. The state will purchase mortgage-backed shares, which are theoretically sound financial instruments, to inject mammoth liquidity into the markets.
In reality, MBSs are worthless because the underlying mortgages cannot be repaid. So it’s just a $750 billion subsidy that will end up in the major investors’ coffers. US markets have no shortage of cash: rather, lenders have been unwilling to provide credit since the economy took a nose dive.
Worse, the state will pay twice: once for the MBSs and then again through Fannie and Freddie, to cover the losses from the underlying defaulting mortgages.
The Anti-Defamation League, the Wiesenthal Center, and scores of other Jewish organizations lashed out against Pat Oliphant’s anti-Israeli caricature. The Pulitzer Prize-winning cartoonist exhibited his bad taste, but…well, he has a right to be offensive: caricatures are meant to exaggerate the facts.
The Jewish organizations found themselves in the unlikely company of Muslims who protest Oliphant’s Arab caricatures.
Coinciding with the Oliphant scandal, the Muslim-dominated UN Human Rights Council (what a joke) passed a resolution calling on all nations to enact laws which would protect religion from criticism. Pakistan, which circulated the resolution, clearly has a particular religion in mind: the Taliban-style Wahhabite Islam.
Obama’s administration is pushing all the world’s nations to restrict their output of HFC gases. Years ago, HFCs were blamed for the ozone hole, but later the hole was found to fluctuate on its own.
As if the cost of the HFC restrictions were not staggering enough, Obama’s proposal includes across-the-board reductions in greenhouse gases.
Poor nations will flout the restrictions, and there is no way to verify combined factory emissions somewhere in rural China. The United States will shoulder the burden of the reductions, which will further worsen its economy.
In the Ungar and other cases, Israelis who are also foreign nationals filed suits against the PLO seeking damages for terrorist attacks on their relatives. Similar cases have been won in Israel.
Though the awarded amounts run into hundreds of millions of dollars, actual collections are minuscule.
The court losses push the PA to proclaim independence, which allows it sovereign immunity. The US courts have disregarded sovereign immunity in a number of cases against terrorist-sponsor states such as Iran, but the burden of proof in such cases is much higher.
After the months of pushing Israel toward a suicidal peace treaty with the Arabs, and a day after delegitimizing Israel by connecting her establishment with the Holocaust rather than with Judaism, Obama visited Buchenwald death camp in Germany—to study the other options, presumably.
After expressing fake sorrow over the victims, Obama flew to Paris for a party with his family.
America’s highest officials, such as the Chief Justice, usually take private trips abroad under assumed names, and pay for their foreign vacations. Obama’s family travel on government aircraft. Olmert faces criminal charges for billing his personal trips to the state.
Speaking in Cairo, Obama likened the Palestinian plight to the Holocaust.
An American citizen, Omhari Sengstacke, was sentenced to a whopping five years in prison for walking near Obama’s Chicago home in September 2008 and asking the guards to let him in to ask Obama for a job.
Omhari’s handgun and bulletproof vest, widely reported as a threat to Obama, lay in his car’s trunk.
The IBD poll shows that Obama’s support among independent voters has dropped from 75% to 45%. Independent voters largely determine the outcome of elections in situations in which both parties rally approximately similar number of voters. With his current rate of support among independents Obama cannot win reelection, and the downward trend will likely continue.
Hillary Clinton asked the Congress to drop legislation that declares the mass murder of Armenians by Turks to be genocide.
Historically, the issue is not clear. In numerous cases, the Turkish government attempted to protect the deported Armenians. Whatever the case, by now everyone believes the story, and the American government’s persistent refusal to recognize the affair as genocide is only meant to placate Turkey. To that end, the US forced Armenia to sign a humiliating accord with Turkey which glossed over the genocide.
The American appeasement of Turkey is worse than pointless. Many years ago, the silence signaled American support for Turkey’s secular regime, but today it shows American complacence toward Turkey’s Islamist policies. If the US keeps quiet on genocide, then certainly it will tolerate anything else Turkey does today.