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Re: Economic Emetics
Topics: Political News and commentariesAlternative title: News not to wake up to.
Having taken much of the weekend off from blogging and news, I woke up this morning feeling a bit refreshed and looking forward with 'hope' that the economic news would have 'changed' somewhat to the better, despite the fact that our president was on tap this week to give another one of his never-changing 'campaign' speeches about jobs (i.e. more jobs kabuki).
And then the first thing I happen to read today is Ross Kaminsky's piece at American Spectator titled 'Economic Emetics', and, ... as the title implies ...
[...] Yesterday, while we were "celebrating" Labor Day, European stocks crashed, with most major European averages losing more than 4% and Germany losing over 5%. This follows a 2.2% drop in the U.S. on Friday following the disastrous August jobs report showing zero net new jobs created in that month. And U.S. stock index futures on Tuesday morning point to another brutal day in U.S. markets.Take the time to read the whole thing here, but you might want to first take an antiemetic (if you've previously heard any of Barry's job speeches - you likely already have some on hand).Meanwhile, as people fear both the Euro and the U.S. Dollar, on Monday (in international markets) gold traded over $1900 per ounce for the first time ever and the U.S. government's 10-year note looks set to create its lowest closing yield in recent history, aiming for a rate under 2%. (If the Federal Reserve really thinks that some sort of program to push those yields even lower will somehow stimulate economic activity, one has to wonder what they're smoking. But that's a topic for another day.)
Politics is feeding into the international sense of economic despair: In Germany, Chancellor Angela Merkel, who has staked her political future on committing Germany to saving the Euro, is paying a heavy political price with her CDU party losing badly in elections in her own home state of Mecklenburg-Western Pomerania on Sunday; the CDU has now lost seats in state parliaments in six elections in a row. Unfortunately, her center-right party's loss means gains for a more left-leaning party, the Social Democrats, along with gains for the far-left Greens, which in the long run can't be good for Germany or the world. It's no wonder that even on a day of widespread European stock market destruction, Germany got the worst of it.
On this side of the pond, President Obama thumped his chest in front of a union crowd in Detroit, making official his election strategy of campaigning against Congress, hoping that Americans will forget that the real impetus behind the "stimulus" and Obamacare, two of the most economically damaging pieces of legislation in modern American history, came from the face staring at him in the mirror.
Meanwhile Joe "big f-ing deal" Biden used similar rhetoric at an AFL-CIO picnic in Cincinnati (see a theme here?), though he appears to be campaigning against a sitting governor, John Kasich, rather than against Congress. In a threat that can best be described by Republicans as "please don't throw us in that briar patch, Br'er Biden," our loquacious vice president told of his coming campaign involvement: "I am about to be let loose." Is the Obama team really going to let Biden off his leash for more than a couple of hours a month? Republicans and the writers at Saturday Night Live can only hope so.
Hints of the content of Barack Obama's upcoming "jobs speech" -- more infrastructure spending and extension of certain small tax breaks -- are leaking out. While they should surprise no one, the markets are already screaming "double dip recession" with oil down 15% in the past month, the S&P 500 down 10%, and copper, often considered a good leading indicator of economic activity, also down about 10%.
Among other things, Kaminsky goes on to suggest that Barack Obama's prescription for jobs is nothing more than an economic emetic and the employment and market picture won't improve until the nation is no longer force-fed his particularly bitter medicine. Unfortunately, by the time our nation is finally rid of the current regime in Washington that refuses to recognize that our nation is in an unsustainable fiscal path and that without a reduction in spending that includes drastic reforms to entitlement programs (along with greatly reducing bureaucracy, repeal or a serious reform of Obamacare ... and substantially reforming the tax code), there's likely to be not much of an economy left to fix in 2012 and the present ills of the economy could last for 20 to 25 more years. It's very clear that none of the necessary changes, zippo, zilch, nada, are going to happen as long as liberal-progressive Democrats control one or more houses of Congress and the White House (just as bad is having big-spending, ear-marking, Republicans like those of past years).
And did I mention our not-so-little structural problem -- a culture in Washington where people don't work together as well as they did in the past!
Related: Morning Bell: Playing Politics Isn't the Answer, Mr. President
Posted by Hyscience at September 6, 2011 7:36 AM
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Source: http://www.hyscience.com/archives/2011/09/re_economic_eme.php
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