The Toxic Assets We Elected
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The Toxic Assets We Elected
By George F. Will
Tuesday, March 24, 2009
With the braying of 328 yahoos -- members of the House of Representatives who voted for retroactive and punitive use of the tax code to confiscate the legal earnings of a small, unpopular group -- still reverberating, the Obama administration yesterday invited private-sector investors to become business partners with the capricious and increasingly anti-constitutional government. This latest plan to unfreeze the financial system came almost half a year after Congress shoveled $700 billion into the Troubled Assets Relief Program, $325 billion of which has been spent without purchasing any toxic assets.
TARP funds have, however, semi-purchased, among many other things, two automobile companies (and, last week, some of their parts suppliers), which must amaze Sweden. That unlikely tutor of America regarding capitalist common sense has said, through a Cabinet minister, that the ailing Saab automobile company is on its own: "The Swedish state is not prepared to own car factories."
Another embarrassing auditor of American misgovernment is China, whose premier has rightly noted the unsustainable trajectory of America's high-consumption, low-savings economy. He has also decorously but clearly expressed sensible fears that his country's $1 trillion-plus of dollar-denominated assets might be devalued by America choosing, as banana republics have done, to use inflation for partial repudiation of improvidently incurred debts.
From Mexico, America is receiving needed instruction about fundamental rights and the rule of law. A leading Democrat trying to abolish the right of workers to secret ballots in unionization elections is California's Rep. George Miller who, with 15 other Democrats, in 2001 admonished Mexico: "The secret ballot is absolutely necessary in order to ensure that workers are not intimidated into voting for a union they might not otherwise choose." Last year, Mexico's highest court unanimously affirmed for Mexicans the right that Democrats want to strip from Americans.
Congress, with the approval of a president who has waxed censorious about his predecessor's imperious unilateralism in dealing with other nations, has shredded the North American Free Trade Agreement. Congress used the omnibus spending bill to abolish a program that was created as part of a protracted U.S. stall regarding compliance with its obligation to allow Mexican long-haul trucks on U.S. roads. The program, testing the safety of Mexican trucking, became an embarrassment because it found Mexican trucking at least as safe as U.S. trucking. Mexico has resorted to protectionism -- tariffs on many U.S. goods -- in retaliation for Democrats' protection of the Teamsters union.
NAFTA, like all treaties, is the "supreme law of the land." So says the Constitution. It is, however, a cobweb constraint on a Congress that, ignoring the document's unambiguous stipulations that the House shall be composed of members chosen "by the people of the several states," is voting to pretend that the District of Columbia is a state. Hence it supposedly can have a Democratic member of the House and, down the descending road, two Democratic senators. Congress rationalizes this anti-constitutional willfulness by citing the Constitution's language that each house shall be the judge of the "qualifications" of its members and that Congress can "exercise exclusive legislation" over the District. What, then, prevents Congress from giving House and Senate seats to Yellowstone National Park, over which Congress exercises exclusive legislation? Only Congress's capacity for embarrassment. So, not much.
The Federal Reserve, by long practice rather than law, has been insulated from politics in performing its fundamental function of preserving the currency as a store of value -- preventing inflation. Now, however, by undertaking hitherto uncontemplated functions, it has become an appendage of the executive branch. The coming costs, in political manipulation of the money supply, of this forfeiture of independence could be steep.
Jefferson warned that "great innovations should not be forced on slender majorities." But Democrats, who trace their party's pedigree to Jefferson, are contemplating using "reconciliation" -- a legislative maneuver abused by both parties to severely truncate debate and limit the minority's right to resist -- to impose vast and controversial changes on the 17 percent of the economy that is health care. When the Congressional Budget Office announced that the president's budget underestimates by $2.3 trillion the likely deficits over the next decade, his budget director, Peter Orszag, said: All long-range budget forecasts are notoriously unreliable -- so rely on ours.
This is but a partial list of recent lawlessness, situational constitutionalism and institutional derangement. Such political malfeasance is pertinent to the financial meltdown as the administration, desperately seeking confidence, tries to stabilize the economy by vastly enlarging government's role in it.
The Toxic Assets We Elected
By George F. Will
Tuesday, March 24, 2009
With the braying of 328 yahoos -- members of the House of Representatives who voted for retroactive and punitive use of the tax code to confiscate the legal earnings of a small, unpopular group -- still reverberating, the Obama administration yesterday invited private-sector investors to become business partners with the capricious and increasingly anti-constitutional government. This latest plan to unfreeze the financial system came almost half a year after Congress shoveled $700 billion into the Troubled Assets Relief Program, $325 billion of which has been spent without purchasing any toxic assets.
TARP funds have, however, semi-purchased, among many other things, two automobile companies (and, last week, some of their parts suppliers), which must amaze Sweden. That unlikely tutor of America regarding capitalist common sense has said, through a Cabinet minister, that the ailing Saab automobile company is on its own: "The Swedish state is not prepared to own car factories."
Another embarrassing auditor of American misgovernment is China, whose premier has rightly noted the unsustainable trajectory of America's high-consumption, low-savings economy. He has also decorously but clearly expressed sensible fears that his country's $1 trillion-plus of dollar-denominated assets might be devalued by America choosing, as banana republics have done, to use inflation for partial repudiation of improvidently incurred debts.
From Mexico, America is receiving needed instruction about fundamental rights and the rule of law. A leading Democrat trying to abolish the right of workers to secret ballots in unionization elections is California's Rep. George Miller who, with 15 other Democrats, in 2001 admonished Mexico: "The secret ballot is absolutely necessary in order to ensure that workers are not intimidated into voting for a union they might not otherwise choose." Last year, Mexico's highest court unanimously affirmed for Mexicans the right that Democrats want to strip from Americans.
Congress, with the approval of a president who has waxed censorious about his predecessor's imperious unilateralism in dealing with other nations, has shredded the North American Free Trade Agreement. Congress used the omnibus spending bill to abolish a program that was created as part of a protracted U.S. stall regarding compliance with its obligation to allow Mexican long-haul trucks on U.S. roads. The program, testing the safety of Mexican trucking, became an embarrassment because it found Mexican trucking at least as safe as U.S. trucking. Mexico has resorted to protectionism -- tariffs on many U.S. goods -- in retaliation for Democrats' protection of the Teamsters union.
NAFTA, like all treaties, is the "supreme law of the land." So says the Constitution. It is, however, a cobweb constraint on a Congress that, ignoring the document's unambiguous stipulations that the House shall be composed of members chosen "by the people of the several states," is voting to pretend that the District of Columbia is a state. Hence it supposedly can have a Democratic member of the House and, down the descending road, two Democratic senators. Congress rationalizes this anti-constitutional willfulness by citing the Constitution's language that each house shall be the judge of the "qualifications" of its members and that Congress can "exercise exclusive legislation" over the District. What, then, prevents Congress from giving House and Senate seats to Yellowstone National Park, over which Congress exercises exclusive legislation? Only Congress's capacity for embarrassment. So, not much.
The Federal Reserve, by long practice rather than law, has been insulated from politics in performing its fundamental function of preserving the currency as a store of value -- preventing inflation. Now, however, by undertaking hitherto uncontemplated functions, it has become an appendage of the executive branch. The coming costs, in political manipulation of the money supply, of this forfeiture of independence could be steep.
Jefferson warned that "great innovations should not be forced on slender majorities." But Democrats, who trace their party's pedigree to Jefferson, are contemplating using "reconciliation" -- a legislative maneuver abused by both parties to severely truncate debate and limit the minority's right to resist -- to impose vast and controversial changes on the 17 percent of the economy that is health care. When the Congressional Budget Office announced that the president's budget underestimates by $2.3 trillion the likely deficits over the next decade, his budget director, Peter Orszag, said: All long-range budget forecasts are notoriously unreliable -- so rely on ours.
This is but a partial list of recent lawlessness, situational constitutionalism and institutional derangement. Such political malfeasance is pertinent to the financial meltdown as the administration, desperately seeking confidence, tries to stabilize the economy by vastly enlarging government's role in it.
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Yes, T. And Obama is proving himself to be the biggest Toxic ASSet that was elected.
He wants to give newspapers "non-profit" status. When that happens, well, they can't
pick a candidate for PRes they prefer anymore. Hmmm.
And we all know the attempt to indimidate and legislate conservative talk radio and TV out
of business. Hmmm.
And now, that Obama promised middle tax cut? LOL. Is carefully being explained away soon
as what America can't afford. eh?
And, all the talk of taking guns away from private American citizens? With the UN's approval? huh...?
And, Obama STILL playing the race card and the marxist class envy card? (puke)
Do you know that Obama refused to take any questions without knowing them in advance?
Really. He even called on one guy, who wasn't even there... he ... had... a list of pre-approved
questioners. crap, you say? Me too.
But even now, the Dems in Congress have left the door open to one of Obama's favorite things:
A carbon tax imposed on the American people for the energy they use. Oh, yes. Coming to your
door step. Buy your wood burning furnaces now. (outlaw them and we'll put them underground in secret.)
I know some folks who voted for Obama, who are now very upset they made a mistake, it's looking like that
to them.
Meanwhile, we are being deliberately bankrupted it seems, to put us on the UN control course.
"World peace, world fight against global warming". ..... 'blurk"
Seems like my America that has been for all these years.... is under assault by those who want
our America to come to a screeching halt.
Watch for the end of free pres elections by some manner or another. You heard it here first. Well, maybe first.
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Ahhhh
Good to see we can always count on KFP for a useless response.
"One split pea in a ten pound tub."
WSS
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Ahhhh
Good to see we can always count on KFP for a useless response.
"One split pea in a ten pound tub."
WSS
Ahhhh
Good to see we can always count on KFP for a useless response.
"One split pea in a ten pound tub."
WSS
Or in WWS case.
-
kinda funny kosar, but quit quoting an entire article for a one-line quip or stupid little picture. i already read the article, and already may have an idea about what this thread is about. so quit wasting peoples time, the server space, and bandwidth just to stroke your own ego.
thanks!
if you need interweb lesson, please feel free to contact me.
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kinda funny kosar, but quit quoting an entire article for a one-line quip or stupid little picture. i already read the article, and already may have an idea about what this thread is about. so quit wasting peoples time, the server space, and bandwidth just to stroke your own ego.
thanks!
if you need interweb lesson, please feel free to contact me.
kinda funny kosar, but quit quoting an entire article for a one-line quip or stupid little picture. i already read the article, and already may have an idea about what this thread is about. so quit wasting peoples time, the server space, and bandwidth just to stroke your own ego.
thanks!
if you need interweb lesson, please feel free to contact me.
Bandwidth for 20 lines of text? Server space? If you need a lesson, let me know kid. LOL, nice try.
Do you still have AOL dial up?
Luck is Tim Couch. Big, Dumb Goofy, slow thinking QB - Ghoolie, 2-28-12 -
kinda funny kosar, but quit quoting an entire article for a one-line quip or stupid little picture. i already read the article, and already may have an idea about what this thread is about. so quit wasting peoples time, the server space, and bandwidth just to stroke your own ego.
thanks!
if you need interweb lesson, please feel free to contact me.
Bandwidth for 20 lines of text? Server space? If you need a lesson, let me know kid. LOL, nice try.
Do you still have AOL dial up?
Bandwidth for 20 lines of text? Server space? If you need a lesson, let me know kid. LOL, nice try.
Do you still have AOL dial up?
can't you count? i know youre not THAT stupid....but shit.
have some xxxxing respect for those that may not have a fast connection.....did you need to quote the article? just tells me your another attention whore..... after all, its your internet.....the resources others pay for to maintain this site dont matter, so long as you can post your useless drivel in an attempted justification of your opinions to yourself.
i hardly doubt you have anything to teach me....one of my jobs is system admin; where you flipping burgers?
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Bandwidth for 20 lines of text? Server space? If you need a lesson, let me know kid. LOL, nice try.
Do you still have AOL dial up?
can't you count? i know youre not THAT stupid....but shit.
have some xxxxing respect for those that may not have a fast connection.....did you need to quote the article? just tells me your another attention whore..... after all, its your internet.....the resources others pay for to maintain this site dont matter, so long as you can post your useless drivel in an attempted justification of your opinions to yourself.
i hardly doubt you have anything to teach me....one of my jobs is system admin; where you flipping burgers?
can't you count? i know youre not THAT stupid....but shit.
have some xxxxing respect for those that may not have a fast connection.....did you need to quote the article? just tells me your another attention whore..... after all, its your internet.....the resources others pay for to maintain this site dont matter, so long as you can post your useless drivel in an attempted justification of your opinions to yourself.
i hardly doubt you have anything to teach me....one of my jobs is system admin; where you flipping burgers?
Actually, I am a web developer, graphic designer, marketing manager & mail programmer. So go choco my *ock. Good luck with the "systems admin" job, your the next in line to get laid off. ITT tech anyone?
Luck is Tim Couch. Big, Dumb Goofy, slow thinking QB - Ghoolie, 2-28-12 -
Ahhhh
Good to see we can always count on KFP for a useless response.
"One split pea in a ten pound tub."
WSS
Or in WWS case.
Or in WWS case.
75% correctly spelled.
You're improving.
Well, not substance wise but....
WSS
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Or in WWS case.
75% correctly spelled.
You're improving.
Well, not substance wise but....
WSS
75% correctly spelled.
You're improving.
Well, not substance wise but....
WSS
Come on Steveo, your wasting bandwidth.
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75% correctly spelled.
You're improving.
Well, not substance wise but....
WSS
Come on Steveo, your wasting bandwidth.
Come on Steveo, your wasting bandwidth.
Come on Ko-ho.
Say something that resembles a thought.
So far we have "Well, what about BUSH???" and baby pix.
At least tell us what Ron Paul thinks of the Obammy plan.
Sheesh.
WSS
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Come on Steveo, your wasting bandwidth.
Come on Ko-ho.
Say something that resembles a thought.
So far we have "Well, what about BUSH???" and baby pix.
At least tell us what Ron Paul thinks of the Obammy plan.
Sheesh.
WSS
Come on Ko-ho.
Say something that resembles a thought.
So far we have "Well, what about BUSH???" and baby pix.
At least tell us what Ron Paul thinks of the Obammy plan.
Sheesh.
WSS
3 words, because this text is going to take up all my bandwidth for the month. New World Order.
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kinda funny kosar, but quit quoting an entire article for a one-line quip or stupid little picture. i already read the article, and already may have an idea about what this thread is about. so quit wasting peoples time, the server space, and bandwidth just to stroke your own ego.
thanks!
if you need interweb lesson, please feel free to contact me.
Bandwidth for 20 lines of text? Server space? If you need a lesson, let me know kid. LOL, nice try.
Do you still have AOL dial up?
Bandwidth for 20 lines of text? Server space? If you need a lesson, let me know kid. LOL, nice try.
Do you still have AOL dial up?
Its annoying to scroll through it to see your stupid response. Quit fuking replying to an entire article, we know who you're responding to.
On a side note, holy shit WSS is an idiot.
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Bandwidth for 20 lines of text? Server space? If you need a lesson, let me know kid. LOL, nice try.
Do you still have AOL dial up?
Its annoying to scroll through it to see your stupid response. Quit fuking replying to an entire article, we know who you're responding to.
On a side note, holy shit WSS is an idiot.
AdaM said:
Its annoying to scroll through it to see your stupid response. Quit fuking replying to an entire article, we know who you're responding to.On a side note, holy shit WSS is an idiot.
Point taken, but don't come to me with this shit of bandwidth and text, Choco.
Agreed WSS is an idiot, finally someone else sees it besides me.
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AdaM said:
Its annoying to scroll through it to see your stupid response. Quit fuking replying to an entire article, we know who you're responding to.On a side note, holy shit WSS is an idiot.
Point taken, but don't come to me with this shit of bandwidth and text, Choco.
Agreed WSS is an idiot, finally someone else sees it besides me.
Point taken, but don't come to me with this shit of bandwidth and text, Choco.
Agreed WSS is an idiot, finally someone else sees it besides me.
Yes.
But it'ds only AhhhhhDumb, the only guy with less to add than you.
WSS
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kinda funny kosar, but quit quoting an entire article for a one-line quip or stupid little picture. i already read the article, and already may have an idea about what this thread is about. so quit wasting peoples time, the server space, and bandwidth just to stroke your own ego.
thanks!
if you need interweb lesson, please feel free to contact me.
kinda funny kosar, but quit quoting an entire article for a one-line quip or stupid little picture. i already read the article, and already may have an idea about what this thread is about. so quit wasting peoples time, the server space, and bandwidth just to stroke your own ego.
thanks!
if you need interweb lesson, please feel free to contact me.
-
I love the personal attacks..... it reminds me of when Diehard was on a roll. Its always entertaining to read.
I have to say Kosar the Itt tech next in line to be laid off quip was funny.
I love the personal attacks..... it reminds me of when Diehard was on a roll. Its always entertaining to read.
I have to say Kosar the Itt tech next in line to be laid off quip was funny.
The best part of it is that a "Systems Admin" thinks 30 lines of text is going to take up someones allotted bandwidth for the month (hence the getting laid off portion). Understood quoting a whole article is annoying, point taken. But to come at someone and say I don't know how to use a forum (when I have created and programmed many phpBB forums myself) is really funny.
I think Choco is confusing text with gay porn.
ITT Tech here I come....
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holy shit, you guys are hilarious......
and pretty xxxxing stupid.
carry on.....the invisible internets just magically appear. pretty neat little trick......
and its not so much about bandwidth dipshit.....just posing some of the intangibles youre too xxxxing stupid to consider.
and who xxxxing asked you poopkin? your canned reposnse of "youre ignorant" is on deck, i suppose.
neanderthals....can't eat 'em...can't teach 'em how to use the tubes.
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