The US Olympic Team is outfitted in uniforms made in China. This has some people upset. Senate Majority Leader Harry Reid, D-Nev., for example:
I think they should take all the uniforms, put them in a big pile and burn them and start all over again.
House Speaker John Boehner, R-Ohio, said, “You’d think they’d [The US Olympic Committee] know better.” It’s John and Harry who should know better.
My first thought was to put all the Senators and Congressman in a big pile. But I couldn’t figure out if Barney Frank would be on the top or on the bottom, and I quickly stopped thinking about it.
But what’s the problem? The president and Congress gave a loan guarantee of $529 million to a foreign competitor of US automobile manufacturers. The president and Congress spent at least a billion and a half taxpayer dollars to create jobs overseas, sending a lot of it to places who don’t do much for us at all. The Chinese, at least, have lent about a trillion dollars to the US. And whose fault is that?
In any case, the US Olympic Committee is privately funded, so it isn’t even taxpayer dollars Harry wants to burn. It’s private funds, like the more than $40,000 Ralph Lauren has donated to Democrats since 2008.
What’s Ralph Lauren got to do with it? He is the guy who outsourced the uniform production. Harry should raise his objections with Ralph about this, give back the money, and then get in the pile.
Update 4:16PM. Similar thoughts at Cafe Hayek and RealClearMarkets.
Update 5:01PM Jul 15. More thoughts at FutureOfCapitalism.
… to the Rule of Law; to the economy; to taxpayers; to shareholders.
This is not Capitalism, it is Fascism. Capitalism actually requires that bad companies be allowed to fail. And their assets, or lack thereof, cannot appear on a government balance sheet.
“It looks like General Motors will be throwing everything in but the kitchen sink to help fluff its second quarter earnings numbers. Taxpayers continue to help with the cause as President Obama campaigns on the “success” of GM following the manipulated bankruptcy process that cost taxpayers $50 billion and another $45 billion of tax credits gifted to GM to help protect powerful UAW interests. We now learn that government purchases of GM vehicles rose a whopping 79% in June.“
And the old channel stuffing trick has been revived to inflate “earnings.”
“Old habits die hard at GM. According to a Bloomberg report, “GM said inventory of its full-size pickups, which will be refreshed next year, climbed to 238,194 at the end of June, a 135 days supply, up from 116 days at the end of May.” 135 days supply is huge, the accepted norm is a 60 day supply. The trick here is that GM records revenue when vehicles go into dealership inventories, not when actually sold to consumers.”
There’s now a shareholders’ class action suit filed because of that.
Who’da thunk there would be political motivation to maintain the illusion that UAW/Federal joint-ownership of a car company was a good idea? In an election year yet… from the most transparent Administration ever to preen before a mirror.
Mitt Romney, along with many others, was right: GM should have gone bankrupt.
“When the entitled elect themselves, the party accelerates, and the brutal hangover is inevitable.”
-Dr. Michael J. Burry at UCLA Economics Commencement 2012
Government Motors has powerful allies: The White House, FBI, FCC, NLRB, EPA, IRS, etc., etc.
Ford pulls its ad on bailouts
This is what happens when government seizes corporations. If it will decide to give money to a corporation going bankrupt, to negate legal contracts… to suspend the rule of law, then government owns the result. In the case of GM, literally and morally.
Criticism of such a deal is automatically politicized, and while political speech may be protected under the First Amendment; what is that to the Corporatist Axis? The Axis will suppress free speech in order to protect its
political agenda reciprocal “investment.”
Ford should keep on, I’ll even buy one I don’t yet need just to get in Corporatism’s face.
Anyone who opposes me… blah, blah… Democrat applause line… blah, blah… is a foolish, anti-American, baby eating Republican… blah, blah… applause line no one could disagree with if they believed he meant it… blah, blah… Democrat applause line… who deserves to be tarred and feathered because he hates teachers, old people and bridges… blah, blah… blah, blah… hundreds of billions… blah, blah… fiscally responsible, will be paid for… bleh, bleh… there’s an election in 14 months… blah, blah.
He does seem to have got his 2008 teleprompters back in service. They did a fine job.
Regarding the potential temporary failure to prevent a tax increase: Tax deal: purists vs. dealmakers
Me, I’m a purist until they can demonstrate they aren’t making corrupt, sleazy deals. Which means never. Isn’t that the point of the recent election?
So. No pork because of The Dems’ Crackup The Democrats don’t want any compromise, so let’s not give it to them.
Taxes? Up or the same? If the GOP doesn’t say “You pick Nancy. On the merits,” then they should be replaced in 2012 along with Obama.
The AP reported yesterday that the deal between the President and the GOP to maintain a taxation status quo is being modified to include load of pork. The pork is designed to bring reluctant Democrats on board.
Why? Let them vote no. Let them raise taxes; Just Stop Them From Spending.
The $5 billion dollar ethanol subsidy, by itself, demands a No vote. Just last week envirostatist, Nobelist, Oscar winner and former Tipper Dipper Al Gore called it a scam and a stupid idea.
The inconvenience of waiting until January to vote to preserve tax rates is well worth the message it sends: We are not going to buy votes for ethanol, windmills, transit subsidies, or any other unrelated items. If you want to preserve the current tax regime, lower payroll taxes and extend unemployment benefits – vote for it. If you don’t, vote against it. We’re done handing out billions of dollars to whiny political district-pimps at the behest of their lobbyist mobs. We don’t need your damn vote.
If you vote no, we’ll propose a bill you’ll like a lot less in January. If the Senate stops it, or the President vetoes it, we’ll bring it up again. And again. Until 2012. Higher taxes for the next 2 years will actually be a small price to pay for 5 decades or so of control of all 3 branches of government.
Every Republican should vote no if the tax-maintenance deal isn’t voted straight up-an-down on the merits. Make ethanol the poster child. If the GOP is going to eschew earmarks, why pander to Democrats’ earmarks?
Joe Biden has a chief economist? There’s an oxymoron in there somewhere, and/or it explains quite a bit.
And how do you get that job, anyway?
Jan-2004. Click to enlarge.
This is just one of many criticisms of George Bush’s wild spending I’ve made.
This is just one answer to
speeches questions like, “Well, (chortle) where were your teabagger (giggle) protests when Boosh was ravaging the economy with his war-mongering spending and lack of (tee-hee) regulation? Huh? Huh? It’s his fault. What’s this have to do with taxes, teabagger (snicker)?”
diatribes questions you can pose only when you insist the words “Hitler” and/or “Chimp” are required to validate criticism of our last President. You also must be willing to believe that if Bush had proposed quintupling his excesses with a carbon tax, nationalization of health care, the banks and the auto industry, that there would have been no objection.
I’ve been principled, which is far more than the vast majority of Obama supporters can say. I criticized Bush’s profligacy, and I criticize Obama’s fiscal insanity.