Nigel regularly appears on shows here in the US wondering why we would want to bring the same kind of ridiculous leftist polices the EU now faces to our own shore. Here, while addressing the EU, he lays out the folly in so many leftist policies–they never work, but they can never admit they don’t work, so the only solution they see is to throw more money at the problem. Here Nigel questions the serial “more money/no solution” pattern in the EU’s current financial crisis:
Archive for the Economy Category
from the WAPO trying to pretend that Whitacre’s leaving was totally voluntary:
Please read it to reference this post or you won’t have the context. This is nothing more than Administration propaganda. No “analyst”–other than a White House “analyst”–would estimate the offering to hit $70 billion. The largest IPO in history thus far was at the height of the economic expansion in 2006 by the Industrial and Commerce Bank of China, and it was only $22 billion. And the bank was, to put it mildly, wildly successful. Anyone who thinks that a car company that has struggled to generate all of $2 billion dollars in profit in the last year and half, almost 80% of which can be attributed to a $16.7 billion tax credit scheme the White House cooked up to try to “cook the books” for those of us they consider their intellectual inferiors; that has not structurally changed anything that drove it into bankruptcy in the first place; and that made sure that real investors were pushed to the back of the line behind unions and other special interests in the first bankruptcy; could in any way generate a $70 billion IPO is living, as this Administration often does where matters of business and common sense are involved, in a fantasy world.
The last “real” estimate I heard for the IPO was $10-12 billion, and as I said–IMO, it won’t happen–unless, I guess, the Administration reprises its Godfather act and threatens Wall Street with more taxes and regulation if it doesn’t eat the crap sandwich.
And the story that it was either this or the long haul is bs, too. No board is going to lay down an ultimatum that its CEO agree to stay on for a protracted length of time or resign if the IPO looks like it has any chance to be successful. I can imagine it now–“Yeah, we like Eisner’s work at Disney and he’s put together an IPO that dwarfs any in history, but hey–he wouldn’t commit to the long term so we thought we’d let him go right before the offering..” If that makes any sense, you need to get out more. It wasn’t voluntary or a business-based decision (see “Obama Administration”). Now, I may be off on the reason, but the timing submarines the IPO and will shake market confidence such that it could be postponed indefinitely. And Whitacre (and the board, if it isn’t made up of leftist hacks) is smart enough to know that–the Administration, not so much. And even if, as reported in Bloomberg, the underwriters needed a succession plan for their “road show” (where the underwriter tries to sign up subscribers to the IPO before it hits the market), it didn’t require that Whitacre resign–only that he present an acceptable replacement candidate to the board.
There would have been nothing untoward about waiting until after the IPO for Whitacre to announce he was leaving. Even if he was required to give any kind of notice, it would have delayed his departure by only days. But if the IPO looked like it wasn’t going to make it at all, his exit would be a convenient excuse instead of announcing there just wasn’t any interest in investing in a company the government already runs like a fiefdom.
The fact is GM has not been reorganized from the mess it was as it nose-dived toward bankruptcy. All it’s done is get $60 billion of taxpayer money, unfettered access to the leftover billions from TARP1, and show a $1.6 billion “profit” that’s mostly due to a special $16.7 billion tax credit scheme. Meanwhile, Ford’s made roughly 3X more ($4.7 billion over the same period) without special credits or taxpayer money and its market cap is only $42 billion. As many predicted, we’ve just temporarily stabilized the situation and given the unions more time to push the inevitable end to this failed experiment into the future–there have been no structural changes. I have no doubt Whitacre knew this was the case. But putting off the announcement a week–especially if the successor was already known and ready to step up–in order to see the company through an IPO should have been automatic for both the board and Whitacre.
Until this Administration can demonstrate that it’s not hostile to the private sector (which, IMO, it’s pathologically incapable of doing), there will be no new hiring.
Ed Whitacre, the now-former CEO of GM, resigned yesterday–a day before the IPO for GM was supposed to hit the market (it was rumored that the latest date would be today, Friday, but it didn’t happen, and my explanation follows after the link). But as for Mr. Whitacre, I see a pattern emerging here–libs, with no idea of how the market works or investors make their decisions, tell someone to implement policies that have absolutely zero chance of working. When the successes they’ve manufactured in their minds don’t materialize, then the individual who was tasked with making their fairytale outcomes come true gets canned:
Tell you what happened–at least in my opinion. Obama’s “brain trust” thought, like some of my liberal friends, that the IPO would bail out the taxpayers, thus making them look like brilliant central planners who really have a nose for business. Forget the fact that the largest IPO in history was $22 billion (Industrial and Commercial Bank of China, 2006) and they were looking for $50-60 billion–a government-run entity is sure to be more valuable to private investors, right? But the expectations have gradually fallen over the months until the last estimate was that it would be $10-$12 billion. But I’ll bet good money that even that wasn’t going to fly (hence, Whitaker gets wacked). The only people who are going to buy any blocks of any size of that stock are the people guaranteed not to get hurt by it–the unions. The rest has to be carried by Mom and Pop investors who do their own investing through discount brokerages (no sane broker would recommend GM). Why? The Administration has demonstrated that real investors put their money in the hands of the WH and their union partners. The proceeds will be “invested” in the union pensions and benefits, not in making GM a better car company. Anybody who’s been paying attention knows this.
The question is–will the central-planning leftist ideologues decide that their grand schemes don’t work? Or do they decide that their grand schemes can’t work in America as it is today and double down on their “change?” My bet’s the latter.
You could call this a brainstorm or stream of consciousness writing–so it’s not well organized. But this came to me one evening and I had to put what I’ve learned during my lifetime to paper. Feel free to comment–I’ve got VERY thick skin. I know not everybody agrees with everything, but hopefully you’ll find some nuggets of wisdom:
Those who scream “Racism!” the loudest are more often than not racists themselves in search of a good excuse.
To a man, Americas founders dwarf any intellect that exists on the elitist left today; that’s why leftists hold their ideas in such contempt.
It is incredible how the Jewish community in the United States has turned its back on Israel. There is no more rabidly anti-Semitic movement in this country than the liberal left. Yet American Jews continue to blindly support their self-destruction in the name of Progressivism.
Regulation by those who write the rules is just another word for corruption.
“Justice” as it used today by the American left is just a slogan to shroud hatred, vengefulness and covetousness.
Those who preach that you do not care about the poor and downtrodden intend to make you the poor and downtrodden.
“Environmentalism” has become no more than a slogan of the socialist left used to destroy capitalism where it can and handicap capitalism where it can’t.
Words that inspire hatred, hopelessness, bitterness, and resentment, are far more debilitating than any whip or chain or shackle–for the body heals much faster and more completely than the soul. That is why what the left has done to the black community in America is so damnable.
Those who tell you that our country isn’t in peril when anti-free market forces are in charge are useful idiots who, in their complacency, become accessories to its destruction.
There are five types of leftist dilettantes in America today—those who inherited their money and know nothing of the effort it took to earn it; career bureaucrats; career politicians; career academicians; and those on the welfare rolls. These dilettantes have never been required to make anything work–their entire existence is based on the hard work of others–and their view of the world is simplistic and ideological. Yet they will tell you they are eminently qualified to run anything and everything.
Anyone who advocates the death of our country or countrymen has no right to call him/herself an American.
Anyone who publishes information that leads to the death(s) of American soldiers or allies, military or civilian, has committed an act of treason or, if foreign, terrorism, and should be treated as such.
True equality does not exist in the liberal’s world. It is a world filled with victims, intolerance, envy, revenge, and superiority–and their version of “equality” only means reassigning those who fall into each category.
When “the press” ceases to report the truth and engages in advocacy for personal, political agendas, it loses the right to be called “the press” and becomes nothing more than paid political blogging.
Those who preach “relative truth” don’t seek truth, but justification for wrong-doing.
“Peer review” is not science–it is politics masquerading as science.
If liberalism is superior to conservatism, why is it that liberals dream of a day when they can squelch all conservative voices while conservatives dream of a day when liberals will engage in an honest debate?
Anyone who says “the science is settled” on any subject doesn’t know the nature of science or the responsibilities of a scientist. A true scientist never declares science “settled.”
As the BP Gulf oil spill demonstrated, an abiding faith in God and His creation will trump even the best predictions of scientists.
In America today, the biggest industries are run tax-free–they are monolithic trusts and foundations that have used race, economic status, and the environment as fronts to justify the fleecing of the American taxpayer.
The government has no business determining who and who cannot be married–that is a religious ceremony consecrating a union in the eyes of God. Government can, and should, however, allow any competent party to enter into an exclusive social contract with another.
When someone promises to provide something for you that you should provide for yourself, you can rest assured they intend to use you.
When Congress passes laws that exempt itself, it makes those it is supposed to serve its servants.
“Fairness” to a liberal is little more than an excuse to commit the sins they pretend to find objectionable.
Those who advocate open borders are just as guilty of the exploitation of illegal immigrants as those who pay them subsistence wages.
The “border controversy” of today is not an anti- pro-immigrant issue–it’s an anti- pro-law enforcement issue. When the people, or Congress, or the Executive don’t like a law, it is their duty to change it–not ignore it.
Any faith deserves as much respect and deference as its adherents afford those outside that faith.
“Diversity,” as practiced by liberals today, is just a euphemism for bigotry.
Liberals find monopolies and oligopolies great things as long as they control them.
The left pretends to abhor violence except when the victim is a conservative.
As long as someone always tries to blame someone else for their failures, they can never hope to achieve adulthood.
“Racist” is nothing more than a leftist slur directed to any Caucasian who happens to disagree with them.
It’s easy to be a liberal–nobody wants to grow up.
The left has done more to damage the rights of homosexuals, minorities, and their other constituencies than any talk show host could ever imagine by politicizing the status of these groups and making advocacy for/opposition to their advancement more about politics than morality.
A Christian can’t judge whether a person is destined for Heaven or Hell—that is blasphemy—but a Christian can know that if or she is a conservative, there are millions of leftists in this country who believe he or she deserve to go to Hell. Such is the religion of the left…
Conservatives believe our rights are God-given—as do liberals. The difference is that liberals think “God” is a euphemism for “government.”
The Federal bureaucracy is far more in need of reform than any private business. Business is constrained by profit–incompetent businesses change or fail and the ownership suffers the same fate. The bureaucracy has no such constraints. The incompetent decisions made in the bureaucracy are indemnified by the American taxpayer who either sends his check or goes to jail.
The American people have the right to know where every penny of their tax money is spent.
No legislative item that cannot stand on its own should be added to a bill full of items that can. It is deceit and a breach of the public trust to do so.
A true free market will generate unimaginable wealth because there is no better system for culling corruption and incompetence. That’s why the left holds the free market in such contempt.
If your bank is too big for you to know that the man running it is not a crook, then maybe you need a smaller bank.
The difference between a liberal and a conservative where life is concerned is stark–a liberal is always looking for ways to end life–a conservative is always looking for ways to preserve it.
Liberals have no use for those who lack the capacity to vote and are more than willing to give those who do dominion over them.
The Federal Government’s responsibility to secure the border not only makes sense, but a strong case could be made that it’s required by the Constitution.
The most dedicated liberals in this country are those who’ve never been told “No”—bureaucrats, politicians, and trust fund babies.
When a politician tells you he’ll advocate for you, be sure to check the small print first.
America is not a racist country–but those who profit from preaching that it is wish it was.
The real “radicals” in American politics are leftists who argue we can continue to tax and spend at the rate we currently are and never expect the bill to come due.
The world of a liberal is a static one in which human behavior does not change, no matter what incentives (or disincentives) are introduced into the equation.
Liberals ask only one simple favor of the poor and uneducated—that they stay that way.
Public sector unions are tools of agitprops and an abomination to democracy—they organize those whose financial interests are diametrically opposed to the financial interests of those they are supposed to serve and offer no system of redress to the people.
“Nothing is free.” “You can’t get something for nothing.” The only free ride is one powered by one’s own self-reliance, initiative and perseverance. All who claim to offer free rides, without exception, are liars and thieves.
Socialism is the best way to strip a man of his identity.
Leftists are the most prolific and thorough projectors of their own behavior on the face of the earth–to know what kind of deceit and mischief they are up to, you only have to listen to the charges they level at their opposition.
Only God can know when life begins. Therefore, supporting abortion at any point of a pregnancy risks supporting murder in His eyes.
To a liberal, a weak national economy is not a problem—it’s a feature.
Social Security and Medicare are abject failures that have been managed based on political considerations. The only way to save them is to manage them based on economic considerations.
Liberals don’t hate America—they’re just embarrassed by the fact that it’s the most wealthy, powerful nation on earth—and they work day and night to change that.
The way to tell a conservative from a liberal when it comes to compassion and support for the poor is that a conservative will reach into his own pocket for situations he knows exist, and the liberal will reach into everyone’s pocket for situations he knows don’t.
There is a mythology to the left that is required to maintain their world view and anyone who puts that mythology to the test is declared a heretic and marked for destruction.
Any member of Congress with the temerity to call fellow Americans “racists” absent iron-clad evidence is not fit for office.
Those who promulgate the fantasy that government is, or can be, the engine of the greatest economy in the world are brigands and thieves in search of booty—nothing more.
There is far more “big business” on the left than on the right. But it comes wrapped in noble-sounding names and rather than produce and create, it survives on the consumption and destruction of what others have built.
The penalties for a legislator abusing the trust of the people should be the most costly in our democracy. Not sanctions or even expulsion–but incarceration, at the minimum, should be the cost, because abusing the trust of the people is nothing less than treason.
The leftist subjugation of the black community in this country can only be explained by a complete brainwashing–using hatred, bitterness, resentment, and entitlement, the left has manipulated the black community in this country to keep it poor, dependent, and waiting for a mythical time when a man can be born a certain color and automatically achieve success.
There are only three things required for America to succeed–an unfettered free market; secured borders and regulated immigration; and a government willing to get out of the way.
A conservative believes that the government exists to serve the people–a liberal believes that the people exist to serve the government.
You can know a person by the enemies he fears most–for leftists, God and the Constitution top the list.
© John Mark Williams, 2010
Why are you a conservative?
We have a President who sought and received the endorsement of socialist parties like the New Party in Illinois and even Communist Party USA
We have a President who was close to and a business partner with an unrepentant, anti-American terrorist
We have a President who joined and attended a “Black Liberation” church that sought not to strengthen the black community in America, but to isolate it and exploit its fears, frustration, and distrust of fellow Americans
The federal deficit was $187billion and declining when the Democrats took Congress in 2006. It has more than quadrupled in the 3 1/2 years since and there’s no end in sight
Unemployment has been over 8% for a year-and-a-half and over 9% for a year
We’ve had a President unilaterally deny due process to bondholders in Chevrolet and Chrysler in favor of unions that contributed to his Presidential campaign heavily
We’ve had the federal government seize control of Chevrolet and Chrysler, guarantee their debt with taxpayer money, and launch a government-sponsored regulatory attack on Toyota
We have an avowed gay activist who was proud to reassure a sixteen year old boy that his sexual encounter with a stranger in a bus station was nothing to be ashamed of as our “Safe Schools Czar”
We had an avowed Marxist who had published works condemning America as our “Green Energy Czar”
We have an Energy and Environmental Czar who worked for Socialist International and destroyed documents subpoenaed by a US court in an investigation of her agency in a previous administration
We’ve ignored most of Western Europe’s history with this country as our most reliable allies, especially Great Britain, while warming to despotic regimes in Cuba and Venezuela
We’ve engaged in negotiations with a terrorist organization, Hamas, while distancing ourselves from our staunchest longtime ally in the Middle East, Israel
We have a US Attorney General who has refused to prosecute militants intimidating voters at the polls and evidence that the Department of Justice has been directed to protect only certain Americans’ rights
We’ve had a plan enacted that will likely result in over 50% of health insurance beneficiaries having to drop their private, employer-based insurance and forced into a government-run health system after months of promises to the contrary
We’ve seen busloads of union and Democratic activists receive police escorts to terrorize fellow Americans in their own homes because of their chosen profession
The US Attorney General has sued a state for codifying federal law into state law in order to do the Federal government’s job protecting its people and their property while ignoring cities that are in open and direct contravention of federal immigration law
We’ve seen the biggest environmental disaster in history go largely ignored for eight weeks by this Administration and absolutist policies by a far-left, radical EPA add billions of dollars in costs to the disaster with unrealistic regulations and bureaucratic wrangling
We’ve seen the President of the United States and his Democratic Congress excoriate a co-equal branch of the government, the Judiciary, for a judicial decision the Administration disagreed with, in front of Congress, the nation, and the world
We’ve seen the war in Iraq ignored to the point of snatching defeat from the jaws of victory
We’ve seen our armed forces’ hands tied in Afghanistan to the point that they are to “avoid the enemy” rather than risk confronting it
We’ve seen the Democratic Party mount a coordinated attack with its friends in the press to demonize and slander 1/3 of Americans as racist or extremists because a Democratic Congress feared their message of smaller government, restrained spending and deficits, and liberty
We’ve seen members of Congress accuse political opponents of hurling racist epithets when hundreds of microphones and cameras and dozens of hostile reporters put the lie to those accusations
We’ve seen the President of the United States call police involved in a case “stupid” with no more evidence than the fact the incident involved an acquaintance of his
We’ve seen the President of the United States vacation instead of visiting Arlington National Cemetery on Veteran’s Day
We’ve seen the President of the United States refuse to take responsibility for the results of his words and deeds and instead point the finger of blame in every direction
We’ve seen the President of the United States publicly pander and coddle every manner of despot while denigrating American achievement and leadership in the world and humiliating our most trusted allies
We’ve seen the Vice President of the United States publicly claim that America is in decline and our best days are behind us
We’ve seen an Administration unwilling, even openly hostile, to any and all questions about its conduct—even from a fawning press
We’ve seen an Administration flaunt laws intended to protect the public by meeting with lobbyists in coffee shops and using personal emails
We’ve seen Republicans in the Senate concerned enough to send a letter of inquiry to the Administration about a reported plan to use an Executive Order to bypass Congress and award citizenship to illegal immigrants by fiat
We’ve seen an Administration project weakness abroad and bully its constituents at home
We’ve seen an Administration run by those who said “the surge” would not work—it did—and the “stimulus” would—it did not—basing their judgment, involving the very lives of America’s best young men and women, solely on political considerations
We’ve seen a shadow government in the form of the EPA emerge, filled with far left radicals, just as the Administration, using their taxpayer-funded agency to further their personal anti-business, anti-growth, and anti-private property agendas that the far left could never hope to achieve politically/democratically
We’ve seen a fawning press give cover to this Administration for every major issue it has mishandled, from the disaster in Nashville to the debacle in the Gulf to the devastation of the Rio Grande
After the Town Hall Revolt took hold and Americans started asking hard questions of their representatives, we’ve seen many contrived Town Hall meetings controlled by union thugs who assaulted those who raised questions and saw those Americans who suffered those assaults denied justice by partisan local officials including two young Republicans beaten and bloodied in New Orleans by radical Democrats with no mention of the story nationally–while the press dutifully reported Democratic talking points that the very existence of the Tea Party might incite violence in law-abiding citizens whose only crime was disagreeing with this administration’s policies
Just about every form of deception, obfuscation, and misdirection, as well as intimidation, disinformation and persecution, have been employed by this Administration and its accomplice, the liberal-controlled press. It is by far the most corrupt, intimidating, and partisan Administration I’ve seen in my lifetime, and the press is complicit in its silence. The Administration and its accomplice, the press, openly attack groups and individuals opposed to the Administration’s policies. The Administration bullies those it can and tries to destroy those it can’t. It cajoles despots while using thumb-screws on our most reliable allies. No one in this Administration has any concept of what it means to be President of the United States or even an American. They’re all petty, partisan, narcissistic leftists–bent on not rebuilding America, but destroying it in order to replace it with something they’ve convinced themselves is better. They hate the power, the wealth, and the influence America has in the world, and are embarrassed by our leadership.
The Founders were brilliant–to a man they were geniuses far more intelligent and gifted than the dilettantes in Washington, DC, today—in fact, in comparison, they were demigods. Yet these socialistic, hubristic dilettantes think they know better than those who created the freest, most prosperous, and most powerful country on the face of the earth. It sickens me–and most Americans.
I am a conservative because I believe the government exists to serve the people–not that the people exist to serve the government.
I believe that America’s government agencies should look to encouraging American initiative and ambition, not trying to stifle them–they are traits that made America the most powerful, wealthy, and influential country in the world a scant 150 years after its founding
I believe that American exceptionalism is real and that America’s founding has inspired the greatest growth of personal freedom and liberty around the globe in history
I believe that the United States government must be held to the highest standard when applying the rule of law and that when it circumvents the law, it weakens not only our laws, but the peoples’ respect for and confidence in the law
I believe that the President of the United States is a servant to the people and it is his job to protect Americans from threats–not threaten them
I believe that regulation is another name for corruption and that all regulation invariably gives government the power to pick and choose who wins and who loses in an industry
I believe that the United States has the most diverse and qualified population in the world and that if a business fails, no matter how big, there will be more efficient and better-run businesses fully capable of filling any vacuum
I believe that protecting the environment is the duty of every American, but that the environment has become a weapon used by the left to dispossess Americans of freedom, liberty, and property
I believe that America has the capacity to produce all the energy she needs, but that innovation must be accompanied by development of current technologies and resources
I believe that private property is inviolate and that a landowner has a right to conduct any business he sees fit on his property as long as his activities do not threaten the real property of others
I believe that public sector unions create a sense of entitlement in civil servants that are often in conflict with their responsibility to serve the people
I believe that those who claim that our system has failed mean only to usurp that “failed” system
I believe that those who speak of sacrifice only seek it from others
I believe that those who claim to speak for “the poor and downtrodden” intend to make those they speak to the “poor and downtrodden”
I believe those who speak of a racist America are racists themselves in search of a good excuse
I believe in equality of opportunity for all Americans–I do not believe in guaranteed outcomes
©John Mark Williams, 2010
I haven’t been around–too much stupidity eminating from Washington, DC, these days. But I had to comment on the car manufacturer bailout.
The real issue is the automakers are a prime example of the kind of “public-private partnership” the Dems want to spread into other major industries.
All of what you see today is the result of the “give and take” of unions, government regulations, and gutless management. And, like in the Fred Thompson vid linked below (though he’s speaking of spending in general), the Dems propose more, not less. One proposal is for a bureaucrat in Washington to dictate what kind and quantities of models the manufacturers make. That won’t work, so they’ll pour more money in, demanding more say-so, and before long, you’ll have a Department of Automobile Manufacturing and all the workers will be government employees (which I guess you could argue this bailout would make them anyway).
What’s moronic is that leftist, central government, five-year plan types scream that if Detroit had only made smaller, more fuel-efficient cars, we wouldn’t be in this mess. What kind of brainless idiot can sit there and look at the sales figures for the American auto makers as well as Toyota, Honda, and Nissan all change their product mix to accommodate American taste for big trucks and suv’s and then claim American companies should have concentrated on a product mix that hasn’t EVER claimed more than a fraction of the car market in America?
The surge of the foreign makers was ALWAYS quality driven, not size/fuel efficiency. Those were nice perks driven by overseas markets where gasoline was 4 and 5 times what it is here, but what Americans really bought was the higher quality manufacturing during the 60’s, 70’s and 80’s–and while that gap has largely been closed, absent any unforeseen collapse of the foreign manufacturer’s quality, there is no room in that category for the Americans to ever establish the kind of dominance the foreign car makers established during those decades. And while it’s certainly diminished, the perception still persists to some extent.
The only way that Ford, Chrysler, and GM can ever regain any semblance of their former glory is to grow a pair (each, instead of sharing), tell Washington to go to hell, and do their thing. Take Ch. 11, reorganize without the legacy costs, bring in new management that isn’t so enamored/intimidated by the dilettantes in Washington D.C., and GO TO WORK. Absent that, you will see the American side of the industry turned into another, even shoddier bureaucratic blunder. Remember how the Russians had 1945 models in the 80’s? That’s where we’re headed if we don’t stop this train. First, they’ll change the whole product mix to suit their nutty agenda. When it doesn’t sell, they’ll regulate the import market with protectionist duties until it doesn’t exist anymore. Then we’ll HAVE to buy their bureaucrap until the American people have finally had enough. The biggest question is how much fear and distrust of the free market and capitalism can the Dems generate in the next 2 years?