Monday Mashup (7/9/12)

July 10, 2012
  • All class, Tucker – not sure what else I can add to an atrocity like this.
  • Next, I give you the latest propaganda from Investor’s Business Daily (here)…

    Political leaders continue to peddle the snake oil that we can spend our way back to prosperity.

    Many Americans believe President Franklin D. Roosevelt’s Keynesian conversion beat back the Great Depression. It’s pure myth. In the 1930s, the United States doubled government outlays relative to GDP. The unemployment rate didn’t fall; instead, it jumped from 3.2% in 1929 to 25.2% in 1933 — an outcome contrary to Keynes’ doctrine.

    I think it’s utterly hilarious that IBD only considers four years of FDR’s entire term of office in its “analysis.” (if you want to read about historical U.S. unemployment rates from 1920 until the present day, click here).

    In response, I give you the following from Professor Krugman (here)…

    …there were big moves in years when nothing much was happening to military spending, notably the slump from 1929 to 1933 and the recovery from 1933 to 1936. But every year in which there was a big spending increase was also a year of strong growth, and the reduction in military spending after World War II was a year of sharp output decline.

    Yes, the unemployment numbers got worse later in the 1930s. However, that was due to a cut in government spending, not an increase (here).

    And if you don’t want to believe me, then believe that noted “Keynesian” Willard Mitt Romney himself, who said here that spending cuts would lead to “recession or depression.”

    If you want to know the real story on the drag on job growth, though, click here (and yes, I know all of this is a recording, but as long as the other side keeps lying through its metaphorical teeth…).

  • Further, Mark Krikorian of Irrational Spew Online takes a shot here at Denise Rich, former wife of fugitive financier (and Bill Clinton and Repug BFF) Marc Rich, for doing the “expat” thing and renouncing her U.S. citizenship (which, apparently, about 1,700 former citizens do a year – color me shocked)…

    I have no quarrel with people who want to emigrate. But to do so for tax reasons (which may or may not be the motivation in this instance) is, as David French put it in an exchange about Eduardo Saverin, “pathetic. Not punishable, but pathetic.”

    Why not punishable? Hey, why do the “half wingnut” when you can go “full on” with the crazy, you know?

    Well, given Krikorian’s staking out of the “America, Love It Or Leave It” ground, you would think that one of his conservative simpatico pals would be all too happy to mete out something that they approximate to justice on this score, wouldn’t you?

    Then please explain the following to me from here

    Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

    In September 2011, Saverin relinquished his U.S. citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.

    At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

    So two Democrats are the ones going after Facebook’s Eduardo Saverin, not, say, “Diaper Dave” Vitter and Sen. Mr. Elaine Chao.

    Well, that must be why Krikorian’s fellow traveler Jeff Jacoby considers Schumer and Casey to be demagogues here, even though Krikorian is the one trying to wax poetic about those leaving the U.S. trying to sever “the mystic chords of memory” (and from the strange political bedfellows department, I give you this).

    (By the way, my thoroughly unscientific and not-grounded-in-economic-facts-and-figures analysis says that we should just leave Saverin alone, people – let’s try fixing real problems instead, such as closing the corporate tax loopholes we currently tolerate, OK?)

  • Finally, I checked in with Pastor Gerson of the WaPo today, and found that he’s still doing a predictable job of opining about matters of almost no consequence (he’s in favor of circumcision because it’s proclaimed in the Old Testament – hey, whatever).

    And I really wouldn’t care if it weren’t for the second paragraph from here

    Along with the Cologne judge (in Germany, who ruled that ritual circumcision is a “crime”), most critics of circumcision also regard it as a violation of individual self-determination, which raises religious-liberty issues larger than a single snip.

    A strain of modern liberalism contends that only individuals and their rights are real in the legal sense — and there is no other acceptable sense. It is the role of the state to defend individual self-determination against oppressive institutions, including religious institutions. Since circumcision is coerced, it is unjust. The same claim might be made — and has been made — of early religious indoctrination of any kind. Liberalism thus leads to an aggressive form of assimilation to the values of the liberal order.

    Really? Then I guess every Jewish person here is just a damn stinkin’, Mumia-lovin’, Kenyan-Muslim-Socialist-supporting tree hugger, huh?

    Basically, I don’t care that much one way or the other – I think it should be left up to the family (though this is certainly important to consider). There are sanitary reasons in favor of it (full disclosure: I had it way back when), but just because a family opts out of it doesn’t mean that they’ve fallen prey to “an aggressive form of (liberal) assimilation.”

    You gotta hand it to Gerson, though, coming up with a new and different way to completely distract us from the issues that truly matter (economy, jobs, environment, civil liberties, Afghanistan, etc.).

    Yep, the guy is sure a cut-up (sorry…couldn’t resist).


  • Monday Mashup Part One (5/3/10)

    May 3, 2010

  • 1) Are you as under-whelmed by the entry of billionaire speculator Jeff Greene into the Florida Senate race as I am?

    As the Murdoch Street Journal tells us here, Greene made a fortune on credit default swaps against the collapsing Florida housing market; also, somewhat astutely I think, Greene had previously donated to the campaign of real Democratic candidate Kendrick Meek (here).

    Oh, and I got a kick out of the Journal highlighting the fact that Meek is supposedly a “high roller” because he has $3.8 million in campaign funds; gee, wouldn’t it have been “fair and balanced,” as it were, if they pointed out that presumptive Repug nominee Marco Rubio raised very nearly that amount in the first quarter alone (here)?

    Also, the fact that Greene has brought on board DLC Dems Joe Trippi and especially Doug Schoen tells you all you need to know about Greene’s allegiances (didn’t Terry McAuliffe try this in Virginia, ultimately helping to elect Repug Bob McDonnell as governor?).

  • 2) Also, I’m glad some news organization somewhere on this planet is calling out Laura Bush for that claim that she was supposedly poisoned in Germany in 2007 (here)…

    We see absolutely no evidence to support (these allegations) at all,” said Christian Ploeger, a spokesman for the Fundus Group that owns the Grand Hotel Heiligendamm in northern Germany where the Bushes stayed for a G8 summit.

    “The food was checked by security staff,” he said.

    “I suspect that this may be just to try and sell more copies of the book.”

    Word to that, yo (and how disgusting is it for her to make a charge like that when, for example, the enemies of our ol’ buddy Vlad Putin routinely seemed to be ingesting exotic chemicals that ultimately killed them – I mean, when they weren’t falling out of buildings to their deaths, that is?).

    Oh, and speaking of the former first couple, just when you thought that only David Broder was concocting the dreaded “Bush bounce” stories, I give you this.

  • 3) Finally, I’m scratching my head over this bit of Old Gray Lady wankery from John Harwood (here)…

    Bush administration officials had multiple arguments for war with Iraq. But to anchor their public case, Paul D. Wolfowitz, the former deputy secretary of defense, once explained, “We settled on the one issue that everyone could agree on, which was weapons of mass destruction.”

    For similar reasons, Republicans accused Mr. Obama and fellow Democrats of perpetuating bank bailouts through their proposal for shutting down failing Wall Street institutions. Though the plan explicitly aimed to prevent bailouts, Republicans seized on potential loopholes in hopes of capitalizing on public resentment.

    Senator Bob Corker questioned fellow Republicans’ arguments, helping shift debate toward issues like Senator Blanche Lincoln’s derivatives spinoff plan.

    But Mr. Obama called that argument “cynical and deceptive,” and Senator Bob Corker, Republican of Tennessee, publicly questioned its credibility. Senate Republican leaders could not hold rank-and-file members against beginning floor debate, especially as Democrats signaled willingness to compromise on disputed provisions.

    OK, the last paragraph is pretty much rooted in the real world, so I think that’s OK. However, the line about “Democrats…perpetuating bank bailouts through their proposal for shutting down Wall Street institutions” is factually wrong.

    As noted here…

    STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: Republicans oppose this idea of a bail-out fund, saying it will institutionalize “too big to fail.”

    FRANK: Well, there is no bail-out fund. Your use of the phrase, frankly, ought to make Mitch McConnell happy, because there is no bail-out fund. A bail-out fund suggests that there is money that is going to help an institution.

    DHUE: So we should call it a “dissolution fund”?

    FRANK: Yes, it is — actually, it is a “funeral expenses fund.” And it’s a dissolution fund, which is, in fact, what we do call it.

    A bail-out fund suggests that you take money from the tax-payers and give it to institutions that have screwed up to keep them alive. None of that applies to our fund. In the first place, what it is is money that is raised from financial institutions, not from the tax-payers. Secondly, it can only be spent to help put the institution to death. What we do in this bill, first of all, is to say that unlike the current law, the regulators don’t have to pay — they don’t have to choose between paying all of the debts and none of the debts. They can pay only those debts of an ongoing — of an institution that are necessary to avoid a collapse.

    But there is no bail-out. There is no public money. And more importantly, the institution is dead. Not a penny can be spent until the shareholders lose everything, the CEO is fired, the board of directors is fired, the company is basically dissolved.

    Of course, since Senate Democrats lack the spine of House Democrats, the fund was dropped, as noted here; also, for reasons that utterly escape me, President Obama bought into the wingnut talking point that the fund would be used for bailouts, when, as Barney Frank already pointed out, no such thing would have occurred.

    It should also be noted that the whole “bailout fund” talking point has been echoed everywhere by our corporate media, including former Bushco flak Dana Perino here, who defended the GOP’s actions on financial reform, saying the party was “leading” (as noted here, though, this is one of many topics about which she is not an expert – claims from the prior post include misinformation about Fannie Mae and Freddie Mac and the entire question of whether or not our economy was even in a recession as far as she knew while her boss’s term in office mercifully concluded).

    And just to make sure that Perino’s misinformation is current on financial matters, I give you this also.

    Oh, and one more thing, Harwood – Iraq’s WMD were never found (apparently it is necessary for me to remind you of that).


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