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  • 6 Ways to Short the Obama Health Plan [View article]
    Obama masterful? Since the teleprompter was invented, no President has relied upon this device more. Presidents always use them for the State of the Union address, but that's it. Obama uses it for 3 minute introductions. I wonder who runs it when he makes pillow talk with his wife? The general media has given the Obama administration free rein to do and/or say anything with no fear of probing questions. Journalists never ask probing questions much less challenging questions. They know if they ask the wrong questions, they'll be denied their invitations to the next press conference. Fox news learned this the hard way. I can't call this being masterful any more than I can call Putin's reign as being masterful.
    Jul 2, 2009. 11:07 AM | 41 Likes Like |Link to Comment
  • President Obama makes an economic case to the middle class for immigration reform, saying the current system creates an underground economy "that exploit(s) a cheap source of labor while depressing wages for everybody else." While his proposed overhaul is initially costly, it could be a net gain to the national coffers as more workers come onto the tax roll.
     [View news story]
    if immigration reform was so important to him, I'd of thought he would have pursued it in 2009 or 2010 while democrats controlled both the house and senate. But no. Clearly, he sees illegal aliens as a campaign issue for election campaigns only.

    "the current system creates an underground economy "that exploit(s) a cheap source of labor while depressing wages for everybody else."

    While there is some truth to that statement, clemency doesn't fix it and in fact makes it much worse. If you offer green cards to illegal aliens you will just have more people added to the unemployment pool who will then compete for higher paying jobs while more illegal aliens flow in to replace the old ones. In the meantime, the new green card holders can qualify for more free services.
    May 10, 2011. 06:23 PM | 31 Likes Like |Link to Comment
  • Where Is BP Headed: $70 or $0? [View article]
    BP has certainly become a big target for this administration. The spill is huge and getting bigger. The incompetence and arrogance of management is startling. But the hypocrisy exhibited by the Obama administration, and the greater ease of media deception is appalling.
    The Interior Department exempted BP's Gulf of Mexico drilling operation from a detailed environmental impact analysis on April 6, 2009 according to the government's own documents. Coincidentally,, this President was the greatest beneficiary of BP's campaign contribution during the last election cycle. BP's arrogance was in overestimating how much their campaign contributions would buy. Obama's subterfuge is just an ongoing attempt to cover up his direct complicity resulting in this oil spill.
    Jun 13, 2010. 10:22 AM | 23 Likes Like |Link to Comment
  • The Five Worst Bailouts [View article]
    I'm a little surprised we have no mention of Fannie or Freddie. While they were clearly bailed out and continue to be bailed out as they write down mortgage balances and offer low interest rates for many homeowners who hadn't enough good sense to buy what they could afford in the first place. Many of these same homeowners are now bailing on their new mortgages as well as unemployment rates skyrocket.
    Sep 6, 2009. 07:41 PM | 22 Likes Like |Link to Comment
  • Traders are wary of reading too much into "demand destruction" replacing geopolitical risk as the driver behind oil prices on a day when the ECB surprised the markets and sparked a dollar rally. But PFG Best's Phil Flynn says evidence mounts (I, II, III) that "high energy prices are beginning to hurt," and asks, "Is the U.S. economy going back into a pre-QE2 malaise?"  [View news story]
    Any mention of QE3 or QE2 part 2 from Bernanke will send the dollar back into a hole and oil beyond $120 a barrel. You really need to connect the dots.
    May 5, 2011. 06:51 PM | 21 Likes Like |Link to Comment
  • The confrontation in Wisconsin is all about busting public employee unions and has nothing to do with fixing a budget crisis in the state, Paul Krugman writes. Unions act as a "counterweight to the political power of big money," so big money wants them out of the way.  [View news story]
    "The process of collective bargaining, as usually understood, cannot be transplanted into the public service. In the private sector, organized employees and the employer meet across the bargaining table as (theoretical) equals. But in the public sector the employer is the whole people, who speak by means of laws enacted by their representatives in Congress."
    Franklin D. Roosevelt, 1937
    Feb 21, 2011. 04:59 PM | 20 Likes Like |Link to Comment
  • GE Is David Hartzell's Highest Conviction Holding - Here's Why [View article]
    How can anyone attempt to analyze GE and skip their financial division entirely? It was their biggest profit center for years, but of course, its now a deep dark hole of despair. Leveraged to the gills and its fate resting with commercial real estate. If unemployment remains in double digit territory for long, properties will fall further underwater as cash flow decreases. Perhaps they can call the Obama administration up for another badkdoor bailout of $160 billion in government guarantees. Imagine if this bank had to go through the ugly cross-examination that TARP participants are going through. Could you see the pay czar cutting Immelt's pay? Might have been a win for shareholders if it led to Jeff leaving the company.
    So back to why has the finance division been ignored? Oh yeah, it doesn't work well when you're really just looking to hype your own holdings.
    Nov 23, 2009. 07:37 AM | 20 Likes Like |Link to Comment
  • What Good Could Come for the U.S. From the Turmoil in Egypt? [View article]
    Developing our own domestic energy sources is a battle over realistic and competitively priced sources versus unrealistic, overpriced, and still uncompetitive priced sources. With new drilling techniques our supply of natural gas has skyrocketed making it both realistic and a competitively priced energy source for a sizable portion of our vehicular energy needs. But while relatively clean, natural gas still has a larger carbon footprint than all-electric vehicles. This administration receives its energy policy directly from the environmentalist movement. Environmentalists want all-electric vehicles regardless of the reality of its current limitations. They have no desire in seeing this country first tap its very large natural gas reserves. The administration has been floating proposals to subsidize the installation of electric hookups nationwide while remaining silent about anything that would enable a better natural gas infrastructure. Why must ideology rein supreme over energy policy?
    Jan 28, 2011. 05:13 PM | 19 Likes Like |Link to Comment
  • First Read of House Health Care Reform Act (H.R. 3200) [View article]
    "The public plan would have to be self sustaining following receipt of seed money from the federal government. The premiums charged would need to be high enough for an honest actuarial accounting of a going concern."
    This is a pipe dream. I don't care what they write into the bill now, it will be edited out later when premiums escalate, or the government will eliminate certain expenses in running the government option from premiums paid by government option participants with the remaining expenses paid by all taxpayers. The goal isn't to compete, its to move all low income and middle income households into government subsidized healthcare. That's when things get real interesting. Can the democratic party continue blocking tort reform as premiums escalate? Will they start down the path of rationing care? Will they deny life saving care to elderly Americans? Considering how rampant fraud is in medicare and how completely inept government has been in stopping it, can we expect they will ever get a handle on it as they expand the government's role? Obese Americans contribute greatly to America's healthcare bill. Will we ever see the government drop ludicrous policies that call obese Americans handicapped and not responsible? Stay tuned as healthcare expenses either reach 30-40% of GDP a decade from now or government starts rationing care.
    Jul 16, 2009. 10:23 AM | 19 Likes Like |Link to Comment
  • Obama's 'New' Healthcare Plan: D.O.A. [View article]
    Oh my, what a waste of a read. If I want to read a liberal diatribe I'll go to moveon dot org or the dailykos. But Shulman's left wing talking points do serve a purpose as an exhibit of how out of touch left wing nuts can be with reality. Republicans haven't failed to attempt to negotiate, they were kicked out by Democrat leadership. This week's healthcare talks are Obama's response to the anger from the general public for not supporting the bipartisanship he promised during the election campaign. It also serves as his response to all his broken promises from the same campaign to broadcast healthcare negotiations on C-Span. However, you are right in that its going to be a waste of time. This is Obama's dog and pony show designed for political points and nothing more. Obama will take control of the talks and will hand over whatever control is left to Democrat leadership. This is liberal bipartisanship.
    Feb 23, 2010. 09:57 AM | 18 Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Obama's jobs plan is seriously flawed. What has cutting the payroll tax done for creating jobs? And now we have an even bigger hole in future social security funding. What has extending unemployment benefits done for creating jobs? Yes, infrastructure spending can bring some temporary work but are we going to put it out for open bidding or again restrict it to political cronies such as union only? Last of all is aiding states and local governments. Surely, this is meant just to retain state and city government workers much as was done with the stimulus program. The problem with this thinking is it frees states and cities of living within their means. If states and cities don't want to cut government jobs, let them raise revenue themselves. States are required to balance their budgets and shouldn't be relieved of that responsibility. The feds are only enabling states to be as irresponsible as the federal government. Enough with this business of writing checks just because there's still more checks left in the register.
    Sep 7, 2011. 07:40 AM | 17 Likes Like |Link to Comment
  • Krugman: We Need Up to $10 Trillion in QE [View article]
    Well sure. If he was to propose something that might actually happen he'd have to account for being wrong. Propose something that won't happen and he can always claim later, 'if only they took my advice, we'd be on easy street.'
    Oct 15, 2010. 03:31 PM | 17 Likes Like |Link to Comment
  • Seems that monetary policy was one of the pet peeves harbored by the nut who killed six people and wounded 14 this weekend in Arizona. Should that discredit those who hope for a return of the gold standard? Surely not, but such a stretch of logic might come naturally to certain economists, James Taranto writes.  [View news story]
    Krugman isn't really an economist. He just plays one in the editorial pages of the nyt.
    Jan 11, 2011. 06:44 PM | 16 Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    If the first 887Billion isn't enough, how will 50Billion get us to the promised land? When we look back at the 887Billion we see a trail of broken promises. Only a small percent actually went to infrastructure projects and coincidentally of the 200Billion not yet spent, most all of it is targeted for just such projects. The slowness is due to planning and approvals which are notoriously slow. Nevertheless, I don't have any expectations that the administration is putting this out there because they think it will either help or that it will get approval from Congress. This is all about the political season. Obama wants to hang this on the necks of the opposition so as to paint a picture of culprit obstructionism. One only need look at the size of the request----$50Billion. $887Billion didn't do the job so why would 5% more do the trick? Why not $3 trillion if you really believe this type of governing will fix the economy? Certainly, Paul Krugman would dedicate a series of columns in praise of the Obama administration. Its not more because Obama realizes the electorate would have a fit if he sought that kind of money. In other words, its not about obstructionism of the Republicans but the American electorate. OOPS!!!
    He'll deny it publicly till he's blue in the face, but politics are politics, and this is the election season.
    Sep 7, 2010. 08:35 AM | 16 Likes Like |Link to Comment
  • Manufacturing Collapse Reminiscent of Great Depression's Beginning [View article]
    I don't anyone that can read Krugman without a grin on their face. Krugman always, always, always has an agenda. He isn't a credible guy. Some of you might point out that he won the nobel peace prize. Unfortunately, those who vote for the nobel peace prize aren't beyond politics. They voted for Krugman at a time when word had come out before hand that pickings for the economics prize were slim this year and the U.S. presidential campaign was in high gear. They actually based the award on work Krugman did 30 years ago. I'm not sure he even supports his prior work privately as he does publicly.
    His recent article is a setup article for a turnaround in the economy. He can then later say, Obama Saved us! The truth is politicians aren't as powerful to change the course of the economy as many believe. They can screw things up, but fixing the economy often just takes time. Don't know what truly qualifies as a 'great depression'. If we need to see 20% unemployment and hold double-digit unemployment for 10 years as was seen in the FDR years, I'm not convinced at all. As long as we don't flip flop to hyper-inflation, I see an economic rebound as soon as late 2009, early 2010. That's hardly a depression and certainly not one that will be diverted by the great Obama as his time in office won't be sufficient to positively affect anything even if he could.
    Jan 5, 2009. 10:57 AM | 16 Likes Like |Link to Comment