Southern Half of the Comeback Trail by Jim Geraghty on National Review Online

Southern Half of the Comeback Trail by Jim Geraghty on National Review Online

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I Can't Believe I'm Sitting Next to a Republican: A Survival Guide for Conservatives Marooned Among the Angry, Smug, and Terminally Self-Righteous

Now THIS is cool.
I Can't Believe I'm Sitting Next to a Republican: A Survival Guide for Conservatives Marooned Among the Angry, Smug, and Terminally Self-Righteous.

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The Continuing Relevance of Ayn Rand's Atlas Shrugged

Remind me to get Amity Schlaes book.
From Dr Pete Boettke:"Atlas-shrugged. I am on record as stating that Atlas Shrugged is the most economically informed novel ever written. I teach from Dickens and Steinbeck as well, but the underlying economics in those works is confused at best. Rand's economic message is coherent, consistent, and follows from the classic teachings of the mainline of economic thinking from Smith through Say onward to Mises.

The narrative she spins in Atlas Shrugged captures well the consequences of public policies that stifle entrepreneurship and private enterprise, substitute state planning for market coordination, and justify fiscal irresponsibility and inflationary monetary policy. In short, such policies destroy wealth in the name of redistributing it. Justice is not served by such efforts, instead we get naked injustice.

As politicians of both parties (Team Obama cannot take full credit) pursue similar policies to the one's Rand describes as responsible for destroying the economy in our world today, is it any wonder that Rand's book is flying off the shelves?
Read the rest at:
The Austrian Economists: The Continuing Relevance of Ayn Rand's Atlas Shrugged

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Obama health reform backs public insurer - Washington Times

If the plan doesn't permit people to keep their chosen doctor, I think -- hope! -- it'll crash and burn. If it does, the administration will have to go into a Canadian-like restriction of access to specialists to have any dream of controlling costs.

Satan hisownself is in the details
Obama health reform backs public insurer - Washington Times

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Inequality, racism, and framing. - By William Saletan - Slate Magazine

Inequality, racism, and framing. - By William Saletan - Slate Magazine

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CUMMINGS INTRODUCES MARITIME EDUCATION BILL

Courtesy, MEBA Telex Times:

Congressman Elijah E. Cummings (D-MD.), Chairman of the House Subcommittee on Coast Guard and Maritime Transportation, has introduced a bill that would create a recruitment, training, and student loan program to attract the next generation of workers to jobs in the maritime industry. H.R. 2651, the Maritime Workforce Development Act would authorize $60 million over six years to create a maritime-focused student loan program through which individuals can receive up to $60,000 in loans over the course of their lifetime. Recipients of the loans would be required to maintain satisfactory progress and be required to repay their loans within ten years.
Additionally, the bill would authorize $60 million over six years to enable the Department of Transportation to award grants to maritime training institutions for mariner recruitment, training, and retention.

"Many of the men and women who comprise our maritime industry will soon be entering retirement, and it is important that we have the tools and resources in place to bring in the next generation of mariners," Congressman Cummings said. "The Maritime Workforce Development Act seeks to improve the current system and ensure that individuals seeking to enter or advance in the maritime field are able to afford tuition for training programs."

"The maritime industry is an essential component of our nation's commerce and economy, and we cannot ignore the growing threat of a shortage in qualified maritime labor," Rep. Cummings said. "We cannot allow this problem to continue to grow as a result of individuals being denied access to maritime training due to income levels, and H.R. 2651 takes the first step in ensuring that we don't."

The Maritime Administration has indicated that the average age of a mariner with a Master's license at that time was 51, while the average age of a Chief Engineer was 50. Figures have also shown that nearly 30 percent of those working in the inland towing industry would be eligible to retire in coming years.

Villainous Company: In Praise of Mathematics

Villainous Company: In Praise of Mathematics

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They told me, if I voted for Barr, that everyone would start attacking the unions.

And they were right!

Once, the U.S. merchant marine included hundreds of ships that regularly transported a significant portion of U.S. imports and exports and employed tens of thousands of Americans at sea and on land. Today, only a handful of such liner vessels plying regularly scheduled routes still fly the Stars and Stripes and employ crews of U.S. citizens. But these ships (including the recently pirated Maersk Alabama), though subsidized by the U.S. government, are actually owned by Danish or Singaporean interests, and U.S. taxpayers enjoy little or no benefit from them. Essentially, the U.S.-owned and -operated merchant marine liner fleet no longer exists. And in its demise lies a lesson for the U.S. auto industry.

Limits of counterinsurgency

It's a long post, but really well worth reading; however:

In direct opposition to the ideas that drove American intervention policy two decades ago, Kilcullen suggests ‘the anti-Powell doctrine’ for counter-insurgency campaigns.

* First, planners should select the lightest, most indirect and least intrusive form of intervention that will achieve the necessary effect.
* Second, policy-makers should work by, with, and through partnerships with local government administrators, civil society leaders, and local security forces whenever possible.
* Third, whenever possible, civilian agencies are preferable to military intervention forces, local nationals to international forces, and long-term, low-profile engagement to short-term, high-profile intervention.

An editorial comment on the third point. That will be impractical until someone gets the interagency operations going effectively. The reason the military is preferred is because asking for civilian help that involves planning is an invitation to a bureaucratic catfight.

Samuelson on the financial future

Aw, c'mon, you didn't really think I would quote Paul Samuelson, did you?

Let's see. From 2010 to 2019, Obama projects annual deficits totaling $7.1 trillion; that's atop the $1.8 trillion deficit for 2009. By 2019, the ratio of publicly held federal debt to gross domestic product (GDP, or the economy) would reach 70 percent, up from 41 percent in 2008. That would be the highest since 1950 (80 percent). The Congressional Budget Office, using less optimistic economic forecasts, raises these estimates. The 2010-19 deficits would total $9.3 trillion; the debt-to-GDP ratio in 2019 would be 82 percent.

But wait: Even these totals may be understated. By various estimates, Obama's health plan might cost $1.2 trillion over a decade; Obama has budgeted only $635 billion. Next, the huge deficits occur despite a pronounced squeeze of defense spending. From 2008 to 2019, total federal spending would rise 75 percent, but defense spending would increase only 17 percent. Unless foreign threats recede, military spending and deficits might both grow.

Of note, the CBO is usually closer than administrations -- D and R -- at estimates.

"California is hosed"

http://meganmcardle.theatlantic.com/mt-42/mt-tb.cgi/8726

The towering Megan McArdle calibrates California

Social Security and Medicare finances worsen

From the associated press:

WASHINGTON – The financial health of Social Security and Medicare, the government's two biggest benefit programs, worsened in the past year because of the severe recession.

Trustees of the two programs said Tuesday that Social Security will start paying out more in benefits than it collects in taxes in 2016, one year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner.

The trustees said Medicare was in even worse shape. They said that the trust fund for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017, two years earlier than the date projected in last year's report.

Congressional Budget Office: Potential Impacts of Climate Change in the United States

Here's a link to a summary.
As you might expect, the emphasis is mine

Today CBO released a paper presenting an overview of the current understanding of the impacts of climate change in the United States. CBO cannot independently evaluate the relevant scientific research, so our paper draws from numerous published sources to summarize the current state of climate science and provides a conceptual framework for addressing climate change as an economic concern. The paper was reviewed by several knowledgeable external reviewers and, as with all CBO analysis, makes no recommendations.

The paper discusses potential impacts on the physical environment (temperature, precipitation, severe storms, ocean currents, climate oscillations. sea level, and ocean acidification); biological systems(ecosystems and biological diversity, agriculture, forestry, and fisheries); and the economy and human health (water supply, infrastructure, human health, and economic growth).

The paper emphasizes the wide range of uncertainty about the magnitude and timing of impacts and the implications of that uncertainty for the formulation of effective policy responses. Uncertainty arises from several sources, including limitations in current data, imperfect understanding of physical processes, and the inherent unpredictability of economic activity, technological innovation, and many aspects of the interacting components (land, air, water and ice, and life) that make up the Earth’s climate system. This does not imply that nothing is known about future developments, but rather that projections of future changes in climate and of the resulting impacts should be considered in terms of ranges or probability distributions. For example, some recent research suggests that the median increase in average global temperature during the 21st century will be in the vicinity of 9° Fahrenheit if no actions are taken to reduce the growth of greenhouse-gas emissions. However, warming could be much less or much greater than that median level, depending on the growth of emissions and the response of the climate system to those emissions.

What part of "Congress shall make no law" don't you understand

I think this kind of sh..tuff starts with a classic "Don't just stand there, do something" attitude which we seem to expect from our congresscritters. When combined with the first law of Washington, DC ("It's WAY more important to be seen doing something than it is to do something effective") you end up with this travesty by a gauleiter-wannabe who got her stern frame elected to Congress.

A proposal by Rep. Linda Sanchez, D-Los Angeles, would never pass First Amendment muster, unless the U.S. Constitution was altered without us knowing. So Sanchez, and the 14 other lawmakers who signed on to the proposal, are grandstanding to show the public they care about children and are opposed to cyberbullying.

The measure, H.R. 1966, is labeled the Megan Meier Cyberbullying Prevention Act. It’s designed to target the behavior that led to last year’s suicide of the 13-year-old Meier.

If, btw, you feel called to write to your congresscritter and encourage him/her/it to tell Ms Sanchez too keep her gulag/lager proposal and her "overlarge nose" out of other people's business, here's a link for you!

Harry Reid gaffe-o-matic

Reid said that "I feel comfortable that his choice will be as good as his Cabinet choices."

Really, I'm keeping a straight face as I say, "Secretary Geithner, Secretary-wannabe Daschle, your 2008 taxes are ready."

Quote of the day

As always, McArdle has a good quote:

But the minute [Warren] Buffett was asked about newspapers, everyone in the place was as attentive as a Doberman on high-dose Adderall.

The "place" was the news booth for reporters covering the Berkshire-Hathaway conference.

Bush: time to leave Reagan behind

When the list of Reagan's failures is totted up, I believe his greatest will be allowing the George Bush (43 & 41), Bob Dole, Richard Nixon branch of the GOP into the room.

Jeb Bush, GOP: Time to leave Reagan behind - Washington Times
http://www.washingtontimes.com/news/2009/may/03/gop-listens-in-drive-to-thrive/
The former Florida governor, joined by Mitt Romney and Eric Cantor at a townhall meeting, says it's time for Republicans to give up "nostalgia" and look forward, even if it means stealing the Democrats' winning strategy.

Ye flippin' stars!

Wisdom

What makes all doctrines plain and clear?
About two hundred pounds a year.
And that which was proved true before, Prove false again?
Two hundred more.
Samuel Butler 1650

Modified for Washington, DC 2009:

What makes all doctrines plain and clear?
About two trillion bucks a year.
And that which was proved true before, Prove false again?
Two trillion more.

Quote of the day

Please note, then, for the record: the penalty for unleashing hyperinflation can be horrible; can be tragic:

"The government calmly goes on printing these scraps of paper, because, if it stopped, that would be the end of the government. Because once the printing presses stopped - and that is the prerequisite for the stabilization of the currency - the swindle would at once be brought to light. Believe me, our misery will increase. The scoundrel will get by. The reason: because the State itself has become the biggest swindler and crook. A robbers' state! If the horrified people notice that they can starve on billions, they must arrive at this conclusion: we will no longer submit to a State which is built on the swindling idea of the majority. We want a dictatorship." Adolph Hitler, quoted in Shirer's Rise and Fall of the Third Reich

McArdle on the new Mark to Market FASB rules

So... YOU are a bank. You own some stuff. How much is that stuff worth? What you paid for it? Something else? Or is it worth what you could get if you sold that stuff?

As my sister says, Well.

The third choice passes the smell test, the common sense test, and the intuitive test: something is worth what you can sell it for.

Problem: houses that banks own are often worth a lot less than they were a little bit ago. Therefore, banks have less money. Therefore, they can lend less money. Therefore, the economy slows down and may deflate.

Ach, du lieber!

So, with the encouragement of .... God alone knows who... the financial accounting standards board (FASB) has agreed that banks can value property at what they think they can sell for in the future.

Obviously, this is fraught: "Gee, Joe, maybe some demented kazillionaire will walk down the street and give us the full value for the house. Look, a flying pig!"

Well, as Megan points out, banks are still required to back out the difference in the notes of the prospectus.

As Megan further points out, if you're too damn lazy to read, you're either too damn lazy to invest or your deserve screwing yourself.

And none of this has been covered in the financial press. Which is why you should read Megan!