Obama’s Fat Cat Donors

From Zero Hedge:

Before tomorrow’s 2012 pre-election speech in which President Obama’s vocal elocution will be earnest, and results – to put it mildly – tepid, about about how he could create jobs dammit, if only the Republicans would behave, it’s interesting to note who’s supporting Obama keep his job. A cursory look at the early stages of his campaign fundraising reveals that the same group of people that benefitted from policies (bi-partisan) that lavished them with cheap money, secret loans, debt guarantees and other forms of perks not available to the average citizen, are backing him for President… To date, Obama’s Presidential bid dosh comes largely from – wait for it – the financial sector. Yes, the same sector that screwed the country over, and that, despite some unpleasant lawsuits they will likely settle,  remains as powerful, unrepentant, unaccountable, selfish and Main-Street-destabilizing as before Obama took office…

You can read it and weep over at Open Secrets.  Now, to be fair, a lot of rich people will also be shelling out for the eventual GOP nominee – and we should find a way to discourage that…at all events, we won’t out-raise Obama in 2012 and, anyways, money won’t determine the winner – but Obama and his Democrats claim to be for the little guy.  Remember, one of the memes for Obama is how we nasty, mean, cruel GOPers are trying to destroy the middle class…on purpose, because we’re just such bastards.  We want everyone to die as long as millionaires and billionaires can get their private jet tax breaks…so go Democrat talking points.  But I ask you, do the 44 “bundlers” from the Securities and Investment industry who have ponied up $7.2 million for Obama represent the middle class?

The bankers are deathly afraid of one thing – a government which won’t bail them out.  So far, Obama has proven ever willing to screw everyone to bail out the banks.  In fairness to Obama, I doubt he fully understands what he’s been doing…completely insulated from day-to-day American living and never having had to struggle to make ends meet, Obama may not know how a bail out eventually causes higher food and energy prices for average Americans.  But whether Obama understands it or not, the fact is that he has been the bankers best friend since January 20th, 2009; and the amount of money the bankers are lavishing on Obama indicates they believe he’ll continue to be their friend if re-elected.

The middle class really has only one bulwark these days – the TEA Party.  Sure, a lot of TEA Partiers are Republicans, but even the GOP – from olden times the party of the middle class – has not fully grasped just how bad things are getting out there.  Only the TEA Party – being made up mostly of middle class Americans – understands.  The battle of 2012 is a battle of the Ruling Class against the Middle Class…with Obama and his bankers defending the Ruling Class while the TEA Party defends the Middle Class.

We’ll see how it comes out – we’ll find out, once and for all, who runs this nation.

 

GOP Debate

Stanley Kurtz over at NRO’s The Corner gives it to Perry:

This was a very successful debate debut for Rick Perry. It confirms his position as the leader of the field. As of now, this race is a Perry-Romney duel, but Perry’s the one to beat. Romney and Perry were well matched tonight, but Perry’s appeal to the base means he’s got a leg up over Romney just by fighting to a draw, which he did at least, if not better…

It seems to be the consensus that Perry did well – which means a Perry win because it was his first time out and he didn’t blow it.  As for me, I do believe that Perry’s entry in to the race immediately ensured that Romney would not be the nominee…even if Perry doesn’t end up making it, he’s sure to take a good portion of Romney’s support, thus causing Romney to come up short when the votes start to be counted. The big question is whether or not the second tier candidates can take advantage of the Romney/Perry dogfight…while the two big boys battle it out a clever Bachmann or Cain stealing their clothes and heading off to early primary wins?  We shall see.

 

Obama Connection to Solyndra?

Just what are the full details of that “green jobs” loan to Solyndra?  Inquiring minds want to know – and fortunately Bruce Krasting over at Zero Hedge has been digging around:

I wrote about the solar panel manufacturer Solyndra last week; “Government Investment Disaster in the Works” I highlighted all of the negatives that the company was facing.

It was pretty clear to me that that company was facing trouble. But I had no idea that they would file Chapter 11 the very next day. (Sometimes you just get lucky)

I also made note of some scuttlebutt that George Kaiser (Oklahoma oil billionaire) was involved with Solyndra. I have been looking for a confirmation of this. Kaiser is an important link in this story. He is also a very big fund-raiser for Obama. He is often referred to as a “Bundler”. In this case that means he encouraged/pushed others to put up money for the big O’s campaign…

Checking on that and Kaiser is, indeed, a bundler (per Open Secrets).  Don’t know how much he’s done for Obama lately, but for the ’08 cycle he raked in 33,600.00 for Obama – not as much as some of the big boys, but a tidy sum, none the less.  So, we have a big Obama donor who is heavily invested in a firm that Obama cares greatly about (remember, he used the firm as a backdrop for his efforts to convince the people that he’s doing good work as President) – that firm received a hefty loan from the government and has now gone bankrupt.  All that is bad enough…but the Zero Hedge article goes on to claim that in February of this year, Solyndra’s debts were reorganized in such a way that the taxpayer loan went to the back of the bus as far as repayment in bankruptcy goes, while firms like Kaiser’s went to the front of the line.  Convenient, huh?  Imagine that – just six months before it goes belly up, the debt structure is changed to the unusual situation where debtors like Kaiser are at the head of the line.  That is either stupendously good timing, or someone worked an inside deal…in this case, maybe a phone call to Barry or one of his minions from Kaiser?

We don’t know. Could be just the most amazing run of luck imaginable.  But it is something we need to know…after all, quite a lot of money was passed out via stimulus and we should get answers to the following:

1.  How many have failed?

2.  How many are currently in danger of failing?

3.  How many have investors people who were large donors to President Obama?

4.  In all the failed and possibly failed firms, did any of them have their debts reworked to put taxpayers last and banksters first?

I suggest a House hearing in order to clear this up.  Tens of billions of taxpayer dollars were doled out after the stimlus passed, and we need to ensure that it was all used properly…that no one used political connections to get the money nor used them to cover their losses for those firms which have failed.

Boehner: No Response to Obama Speech

From Fox News:

Republicans have decided they’re not going to give a rebuttal to President Obama’s jobs speech later this week, a decision House Democratic Leader Nancy Pelosi took as a high affront to the White House.

At least three GOP lawmakers also have announced they’re not going to show up for the presidential address. House Speaker John Boehner’s office then confirmed Tuesday evening that nobody from the party would deliver an official televised response…

Nancy thinks we’re being mean…actually, we’re just being indifferent.  Unless Obama pulls out something really surprising – ie, a complete shift to GOP ideas on the economy – there is just not much to say about his speech.  From what we can tell, the speech will be some hundreds of billions in stimulus – more spending of money we don’t have in service of a policy which has already failed.  Maybe this is all just a strategic smokescreen and Obama will wow us and the whole world with a big policy change…but I’m not counting on it…and I’ll be able to read the speech afterwards if necessary.

As it stands right now, President Obama is a leader who has lost the respect of the American people…even the left is getting testy with him.  Obama has no one but himself to blame for this state of affairs…and if he hadn’t spent the last two and a half years routinely insulting us, things would be different.  Now it is up to Obama to show us different…and if he can’t do it, there is no need for us to try and burnish his image by pretending he’s doing anything worthwhile with this jobs speech.

Obamunism! Worst Recovery, Ever

From Investors Business Daily:

…By consensus, the most recent recession ended in June 2009, less than six months after Obama took office.

According to the NBER, in the 60 years prior to Obama’s tenure, we had 10 recessions.  In the two years following those respective recessions, average real (inflation-adjusted) quarterly GDP growth was 5%, according to federal government figures. In the two years of Obama’s “recovery,” average real quarterly GDP growth has been just 2.4%, less than half of the historical norm coming out of a recession…

And, honestly, if you take out the bogus effects of money-printing, we’ve probably had little or no real growth.  Obama’s economic policies didn’t get us out of the recession (his policies could not have taken effect quickly enough) but they have ensured that the recovery, such as it was, failed to deliver the necessary growth to restore American prosperity.

And now Obama is proposing more of the same – the news has it that Obama will propose a $300 billion jobs plan, most of which amounts to extending various tax credit already enacted…while, of course, tacking on a few more “shovel ready” jobs (watch the speech – Obama will not say the word “stimulus” nor the phrase “shovel ready”; they have been banned from Democrat talking points…because they failed and Democrats don’t want to admit it).  The GOP will have to respond in some manner so that we’re not tagged as “anti-job”, but whatever it is Obama wants will have to be offset by spending reductions elsewhere.  For the most part, though, I don’t think that the people will care what Obama says…especially as he’ll say nothing new.

2012 can’t get here fast enough…

Leaving the Cult?

As we all discussed in the Labor Day Open Thread, Mike Lofgren over at Truth Out has written an article explaining why he left the increasingly lunatic GOP “cult” – but as I read it, the views Lofgren express indicate that even if he once upon a time had a GOP voter registration, his views are actually (and rather lock-step) in line with the leftwing extreme of American politics.  For example:

…Some liberal writers have opined that the different socio-economic perspectives separating the “business” wing of the GOP and the religious right make it an unstable coalition that could crack. I am not so sure. There is no fundamental disagreement on which direction the two factions want to take the country, merely how far in that direction they want to take it. The plutocrats would drag us back to the Gilded Age, the theocrats to the Salem witch trials. In any case, those consummate plutocrats, the Koch brothers, are pumping large sums of money into Michele Bachman’s presidential campaign, so one ought not make too much of a potential plutocrat-theocrat split…

The condemnation of liberals as weak-kneed combined with the accusation that the GOP wants to grind the poor and burn witches is classic leftist dogma…the sort of thing we’ve seen out of the left since Lenin asserted that only Bolsheviks have a right to be heard.  As I said, I can’t determine whether Lofgren is a former GOPer who switched – but his views as written are not those of someone dismayed at the direction of the GOP, but of someone who despises the entire GOP.  This is not like, say, Arlen Specter switching from Republican to Democrat and still holding 99% of the views he held as a Republican…this is a night and day difference.  Like Specter switching from the GOP to the Communist Party.  Lofgren isn’t so much leaving the GOP “cult” as proclaiming his adherence to the kook left cult.

And as a kook leftist, Lofgren gets it all wrong.  Even when he correctly identifies a problem (rapacious Big Corporation, eg) his proposed solution (more Big Government) fails to recognize that Big Corporation and Big Government are two sides of the same coin.  It staggers the mind to read Lofgren condemn GOPers as ignorant when he can’t even see that the whole system is corrupt – and only a break up of the system (Big Government and Big Corporation) will allow the people to recover their freedom and with it their prosperity.

The system we have today is the result of a century of giving people power over others.  We started out, as a nation, with a federal government which could barely interfere in the lives of Americans.  Over the last century we have continually increased the power of government and corporations until the initiative of the American people has been stifled.  Do you really think there was a popular demand to stop drilling for oil, mining for metal and growing food?  No – that took major, sustained action by government and corporations to accomplish.  Our ability to create wealth has been stifled because those in charge of government and the largest corporations prefer us to be dependent…bribed to peace with welfare and distracted by trivial  gadgets and disgusting popular culture.  It allows the Ruling Class to continue undisturbed.  We do need massive change…but it won’t and can’t come from the left…because all a leftist like Lofgren would do is strengthen the fetters on the people.

In the end, the people who will save this nation are those Lofgren most despises…those TEA Partiers and their notions of constitutional governance, and their adherence to what Lofgren clearly considers to be a worn-out Judeo-Christian morality.  It will be the bitter-clingers who will restore American greatness…while leftists of the Lofgren stripe ill be consigned, deservedly, to the ash heap of history.

As Greek 1 Year Bonds Rise to 88%…

…the Eurozone dimwits prescribe “more of the same”.  From the New York Times:

…As Europe struggles to contain its government debt crisis, the greatest fear is that one of the Continent’s major banks may fail, setting off a financial panic like the one sparked by Lehman’s bankruptcy in September 2008.

European policy makers, determined to avoid such a catastrophe, are prepared to use hundreds of billions of euros of bailout money to prevent any major bank from failing…

It is getting rocky for Europe’s banks, to be sure – it is getting harder and harder to secure those short term loans banks need to keep operating.  If any one of the major European banks fails to obtain the necessary operating capital, then that will be the end of the global financial system.  Given this, you can understand why the bureaucrats and banksters want to do something…the problem is that they are planning on doing what has already been done, and failed.   Most people were suckered by the bailout of the “too big to fail” banks in 2008 and 2009 – we bought the story that if we just did this, all would be made well.  Turns out it didn’t work…so now we’re back to square one in 2011 but with much higher debt and greatly devalued currencies.  To try it a second time is asinine…but not trying it means default, and that scares the Ruling Class.

And it mostly scares them not because of the loss of wealth (someone who is worth millions or billions and loses 50% of his wealth is still pretty darn rich, after all) but because it could spark political revolutions all across the world…it won’t be a matter of a financial shark like Soros or Buffett taking a hit on the balance sheet, but of the whole political-economic structure being overturned…and thus our financial sharks will lose their power to influence government.  That is what scares them – that is what is making them attempt what they know will fail, but which just may keep the global economy out of recession until late 2012 or 2013…by which time they hope that something else will come up to preserve them in power.

Personally, I don’t think they’ll be able to pull it off – a round of printing money (which is the only way they can keep the insolvent banks afloat) would so increase inflation that it would kill off whatever economic activity we currently have.  People would be forced to spend an ever increasing part of their income on necessities, thus leaving ever less for the frills…more money on food, less money on electronic gadgets.  Gadget makers feel the pinch and start laying people off (mostly because that is the corporate drill..profits down?  Lay people off…never even think about using them more efficiently; that would take effort and some basic, human decency).  It spirals down from there.  Whatever “puff” they can put in to the economy by another round of bail outs will be so damaging that the net result would be worse than if they let things just crash…including “worse” in the Ruling Class sense, as people are on to the scam and another round of it leading to even worse times will just make the revolution burn hotter.

And, “burn, baby, burn”, is all I have to say…I’m heartily sick of things as they are and a little revolution, now and then, is a good thing.

 

 

Can America Tolerate Sharia?

Eliyahu Stern in a New York Times Op-Ed argues that Americans have nothing to fear from the importation of Sharia law in to the United States – he likens laws banning Sharia to past attempts at excluding Jews from full civil rights:

…The suggestion that Shariah threatens American security is disturbingly reminiscent of the accusation, in 19th-century Europe, that Jewish religious law was seditious. In 1807, Napoleon convened an assembly of rabbinic authorities to address the question of whether Jewish law prevented Jews from being loyal citizens of the republic. (They said that it did not.)

Fear that Jewish law bred disloyalty was not limited to political elites; leading European philosophers also entertained the idea. Kant argued that the particularistic nature of “Jewish legislation” made Jews “hostile to all other peoples.” And Hegel contended that Jewish dietary rules and other Mosaic laws barred Jews from identifying with their fellow Prussians and called into question their ability to be civil servants…

This argument does strike a chord – not just in someone familiar with the history of anti-Semitic persecution in the Christian West, but even for those – like myself – who are Catholics and know how our ancestors were considered unsuited for American citizenship as we allegedly owed loyalty to a foreign prince, the Pope.  Of course it was always nonsense to hold that Jews and Catholics couldn’t be good citizens of the United States – such views were just a hold-over of Protestant bigotries from centuries prior.   And, of course, once Jews and Catholics became numerous in the United States and demonstrated their loyalty again and again, it became absurd for anyone to hold to those old bigotries.  Is it the same for people of the Muslim faith?  Are we just rushing to judgment before we’ve given Islamic Americans a chance to prove themselves?

Perhaps – but here is the difference:  anti-Semitism and anti-Catholicism pre-date the founding of the United States of America.  Indeed, the Puritans who founded Massachusetts and set the stage for the growth of American liberty were, to a man and woman, ferociously opposed to any manifestation of Catholicism.  When those Puritans came from Europe to America, the war between Protestantism and Catholicism was still raging in Europe (when the Puritans landed at Plymouth Rock Europe was in the second year of what would become the Thirty Years War which was just a horrific war made even worse by sectarian animosities being used as a cloak for greed and cruelty).  We, as it were, inherited a bigotry…but Islam never felt such animosity in America until people of the Muslim faith started to massacre Americans for no justifiable reason whatsoever.

Remember that – it is key:  there is not and has not been an iota of justification for Muslims to feel hostility towards the United States.  Indeed, the proper feeling among Muslims should be gratitude…gratitude that American influence was set against the European colonial powers; gratitude that when Muslim States started to steal Western assets via nationalization the United States refused to coerce Islam in to restoring the stolen property; gratitude that the United States has restrained Israel from occupying Cairo and Damascus; gratitude that we pressured Israel to give up the Sinai and the West Bank even though Israel had no cause to do so; gratitude that we have helped to topple tyrants ruling over Muslim States; gratitude that time and time again the United States has rushed aid to Muslim States stricken by disaster.  The hatred felt by Muslims towards the United States is unreasonable…and the murder of Americans by people claiming to act in the name of Islam is a blot upon Muslim honor.  This blot is compounded by the fact that Americans have yet to see a vigorous, Muslim campaign to stamp out the people who murder Americans.

The words “bigotry” and “mistrust” are not synonymous.  We would be nothing more than bigots if we asserted that all Muslims are bad – but if we express mistrust of Muslims, the question must be asked – why?  Because Muslims have unjustifiably attacked Americans.  Because we have many examples of Sharia-advocates using it as a tool for persecution.  Because some of the most fervent advocates for Sharia have connections to the most vile, anti-American groups.  Certainly no American will object to a Muslim going to an Islamic court to clarify matters of faith and morals – no more than any American, of whatever belief, objects to a Catholic getting a ruling on the validity of a marriage.  But there is enough evidence in the actions of some Muslims who advocate for Sharia to convince Americans that Sharia is not compatible with American ideals.

It doesn’t have to remain this way – in fact, in just a few, short years American attitudes can be vastly altered.  All Americans will need to see is action on the part of Muslims to go after those who attack the United States and/or use Sharia as an excuse to brutalize their fellow human beings.  It won’t do the least bit of good for 10,000 people to swear that 99.9% of Muslims would never dream of attacking Americans or using Sharia as a means to oppress…words are meaningless unless matched to action.  It shouldn’t take American special forces and drone attacks to kill radical Islamists – Muslims should be doing it.  The sort of people who carry out terrorist attacks and use Sharia for oppression are not fit for decent company…no rational, well-meaning people would tolerate such in their midst.  But just as long as Islam at least appears to tolerate those sort, so will American mistrust of Islam remain, and likely grow.

You can’t excuse yourself from the act of building civilization by simply accusing others of being bigots.  We, as non-Muslims, have our duties to perform…to be tolerant of differences, to show love towards our fellow men and women, to fight for what is right.  Muslims have these same duties.  And I say to all Muslims who wish to have a world in which mistrust of Islam is a thing of the past – get busy:  you’ve a lot of work to do.  Once you’ve done it, you won’t have to ask for tolerance of Sharia…it will be automatic; in fact, you’ll find Christians and Jews to be willing collaborators in helping Muslim observance of Sharia…provided it is, as some claim, just a matter of adjudicating Muslim religious practices.

IDF General: War Clouds Gathering

From Y Net:

Recent revolutions in the Arab world and the deteriorating ties with Turkey are raising the likelihood of a regional war in the Middle East, IDF Home Front Command Chief, Major General Eyal Eisenberg warned Monday.

“It looks like the Arab Spring, but it can also be a radical Islamic winter,” he said in a speech at the Institute for National Security Studies in Tel Aviv…

The “Islamic Winter” is pretty much what I expect.  We are about to reap an ill harvest…sown since 9/11 by our political inability to carry on the fight with sufficient determination.  As it turns out, our campaigns in Afghanistan and Iraq have proven strategic dead-ends – because we did not follow up with the next, logical steps.

Not being privy to strategy sessions of the Bush White House  – and none of us will be for at least 50 years – I don’t know if there was a plan for follow-up to Iraq…but I perceive that there was, at least, a desire to leverage the fall of Baghdad in to a general offensive against all the Islamists of  the middle east.  Syria likely the best post-Iraq target, but it could have been Iran, as well…but we didn’t do it.  There was that moment in the summer of 2003 when Islamism was tottering and ready to fall…but we allowed ourselves to get hamstrung in Iraq, giving the Islamists a breather where they could regain their confidence and bog us down in a  counter-insurgency campaign…a campaign which never would have been possible for the enemy to conduct in Baghdad if we were threatening Damascus and Tehran.

What hamstrung us immediately was not the Islamists, themselves, but the American left…fearful that a continuing series of American victories would cement American supremacy and worse (for the left) relegate the left to political irrelevancy, the left decided that procuring American defeat in the war was necessary…so they began to fire up the anti-war movement, nit-pick every military error and slander the men and women who were fighting the battle.  The rest, as they say, is history…President Bush, whatever his desires might have been, was capable in the end of only holding on…refusing to fold as Johnson did in Vietnam, but being unable to resume the offensive and bring the war to a victorious end.

And now the Islamists are on the march – certain that in President Obama we have a leader who will not strike at the heart of the problem, the Islamists have stepped up their terrorism and their subversion.  Countering our efforts in Iraq and Afghanistan, the Islamists are poised to gain control of Egypt; Turkey is slipping in to the Islamist camp, Libya’s Islamists are making a bid for power…and Iran continues to build towards a nuclear force.  As this virulent form of Islam strides from victory to victory, the number and confidence of the adherents grows…they are feeling their oats and thinking they only need keep fighting a bit longer and harder for total victory to be theirs.  This, I think, is where General Eisenberg’s fear comes from…these nuts might start to think they can beat Israel and/or the United States in a stand-up fight.

They misjudge – Israel is still immensely powerful and even President Obama, if forced by circumstances, will fight.  But it must be remembered that aggressive powers routinely miscalculate the balance of forces.  Time and time again they discount the reserves of strength in their opponents…especially if they are tyrants and their opponents are free people.  Always keep in mind that it was sheer impertinence for Imperial Japan to attack the United States…the total balance of forces between the two nations was such that for Japan it worked out to national suicide…as anyone thinking clearly in Japan would have figured out in an instant…but no one thought about it; they counted on our weakness and their supposed spiritual superiority to carry the day.  Our Islamist enemies are thinking like that…give them control of a couple more nations, and they might think that it is time for war…full scale, conventional war.

We might be heading or a bloody mess in the middle east – literal  millions of lives are at stake.  It is to be hoped that things will work out differently.  But their working out differently is mostly dependent upon people of the Moslem world deciding against Islamism…a cool, rational understanding that war cannot achieve Islamist ends, and so should not be tried.  I doubt there is that sort of sense building in the Moslem world.

Let this be yet another lesson for us – and one I pray we finally learn:  if we’re going to go to war, at all, go all the way to war.  Identify all the enemies and destroy all of them as swiftly as possible.  Leave no sanctuary…no place where the enemy can retreat to regain strength and strike us again.  American war can only be war to the knife…to the utter destruction and unconditional surrender of the enemy.  If we aren’t willing to do that, we’d better not fight, at all.  If another war comes, let it be the last war we have to fight against Islam…just as the war against Japan was fought to the point where it was clearly the last war we’d ever have to fight with that nation.

Maxine Waters: Tax Banks Out of Business

Sort of the liberal gift that keeps on giving – from ABC:

…Waters also wants to help by putting more pressure on the big banks to help with mortgages.

“If they don’t come up with loan modifications and keep people in their homes that they’ve worked so hard for, we’re going to tax them out of business,” Waters said…

And suppose you do tax them out of business – who does the banking, then?  I guess that Waters would just set up some sort of government-funded entity and put her family members in charge…in keeping with her past actions.

There is an extra spice of weirdness growing on the left – as things get worse and Obama’s failures become manifest, the left is retreating in to a socialist cocoon where all that is required is the application of more liberalism.  Long time readers know I have no love for our banks – in fact,  I hold them in contempt…but to talk of taxing them out of business if they essentially don’t just give away the houses they hold mortgages on is stupid…counter productive; it would make the housing market even worse.

Things can be done to help those who are upside down on their mortgages (in fact, I started advocating them in 2008…but also feel that by now it might just be too late).  Lots of things can be done to reform banks.  But we need banks and we need to have mutual accountability between lenders and borrowers…Waters and the left only wants accountability from the banks, or she’ll tax them out of existence.  Boiled down, as liberalism fails the left is insisting that we destroy everything rather than admit to the failure.

But the failure is unmistakable…and while Waters and others will be calling for the end of the banks, I think that the voters in 2012 will call for an end to the left.

HAT TIPTax Prof Blog