Can Liberals Count? Can Liberals Remember?

George Bush won Ohio in 2004 by 118,000 votes, but Andrew Sullivan remembers it differently, here:

"At this point in 2004, one recalls, George W. Bush was about to see a near eight-point lead shrivel to a one-state nail-biter by Election Day."

The real nail-biters were in Iowa, where Bush won by just 10,000 popular votes (7 electoral college votes), and in New Mexico, where Bush won by just 6,000 popular votes (5 electoral college votes), neither of which separately or together would have given victory to Democrat John Kerry.

Be that as it may, the real point of Sullivan's story is this:

"If Obama wins, to put it bluntly, he will become the Democrats’ Reagan."

Ah, no, he'll become the Democrats' W, or maybe their George H. W. Bush. Or if he's really really lucky maybe their Richard Nixon.

Obama's economic performance in the next four years would have to improve by 40 percent in seven key categories of economic measurement in comparison with all previous presidents to achieve the fair-to-poor record achieved by Ronald Reagan, whom I have shown elsewhere scored a lousy 42, just like Jimmy Carter.

President Obama's current score after 4 years is already 2 points worse than George Bush's score of 51 after 8 years, the worst two records in the post-war period. That means Obama would have to pull out  of his hat a veritable golden age to make him look as good as Reagan, which as I've said isn't saying much. To do it Obama would have to score a 32 in the next four years just to average out to a 42.

Can you imagine an Obama second term turning in an overall performance roughly close to that of JFK/LBJ, who rank 4th best out of 10 since WWII? Because that is what it would take.

Obama would have to go from worst for unemployment to 4th (think Clinton and W), starting tomorrow. He would have to go from worst to 4th for GDP (think Reagan and Eisenhower), for the next four years. He would have to go from worst to 4th for housing values (think Harry Truman). Only George Bush has been worse for the increase in Americans' total household net worth than Obama has been. To address that Obama would have to restore at least 1960s levels of prosperity to the country, if not Clinton era levels.

Fat chance.

Despite all the ruin which one man can rain down on a country through sheer incompetence and arrogance, the American people are a resilient lot and things will improve no matter who gets elected. The economy adjusts and moves on, and in many respects there is only one way to go but up. But if it's Obama who is elected again, I don't expect him to finish much better than a 48 after 8 years overall, because the first 4 have been such a disaster.

Romney Is Right: People Who Pay No Taxes Pay No Attention

Quite an experience to live in fear, isn't it? That's what it is to be a slave.

The way to make them pay attention is to make them pay.

If America Can Re-Elect George Bush In 2004 . . .

. . . it can re-elect Barack Obama in 2012, the two worst presidents, back to back no less, since WWII.

Naked Capitalism Knows A Rival Ideology When It Sees One

It's an amusing attack on the libertarian ideologue Megan McArdle by the anarchist communist ideologue Yves Smith, here, at Naked Capitalism, if you think of it as a cat fight.

The comments are so disturbing to "Strelnikov" (appropriately continuing to use the pseudonym "Yves") that she's thinking of closing down free speech in the comments section for her "shaming" posts only. Call it perestroika.

(image source)

"Naked Capitalism" Supports The Occupy Movement

In your heart you felt she was nuts, but now you know it.

Those occasional protestations to being a middle of the road type of person never rang true when you observed all those posts she's had from Washingtons Blog, the 911 conspiracy theorist, who shows up, by the way, also at Barry Ritholtz' The Big Picture.

No one goes from being a moderate directly to anarchist communism unless they were something more extreme all along.

The first principle of all ideology is to lie in order to gain the confidence of the people, and if not the confidence, an opening.

Obama Replaces Bush For Worst Economic Conditions Since WWII

If you thought George W. Bush was the worst president ever, you were right . . . until now.

Compared to every president since WWII in seven broad categories of economic measurement, Bush came in dead last. But in just four short years President Obama has managed to mess up what it took George Bush to do in eight. Call President Obama "The Quicker Screwer Upper."

My readers know that I have been examining and ranking every president from Truman to Obama in recent days from best to worst in a variety of broad economic categories: increase in the national debt, control of the rate of inflation, growth of the economy, real stock market performance for investors, increase in housing values for savers, increase in household net worth and rate of unemployment. Follow the links to examine the results for each one.

When put all together, it's easy to see who has been the best president overall, and who the worst. The ideal president, naturally, would score a 7 overall on this scale, placing first in every category compared to his peers. The worst president would score a 70, placing last by every measure. That last number tells you how I have counted the presidents. JFK, who was assassinated in his first term, is grouped together with his VP LBJ. Nixon, who resigned in his second term, is grouped together with his VP Ford. That leaves eight others: Truman, Eisenhower, Carter, Reagan, Bush the Elder, Clinton, Bush the Younger, and Obama, stretching from 1948 until 2012.

Here's the list showing them all, from best to worst, including the numerical ranking in each category, and the overall score. Democrat Harry Truman comes out on top, and Democrat Barack Obama comes up in dead last. Over time the economic difference between Republican leadership in the White House and Democrat has been infinitesimally small, a difference of just 0.13 percent, slightly favoring Republicans who average 6.03 compared to Democrats who average 6.04.

Otherwise the main take away is that the only president to score in the 20s like long ago Truman, Eisenhower, and JFK/LBJ has been Bill Clinton, who spent the majority of his term in office with Republicans in control of the Congress. Any president who can again score in the 20s like him will necessarily be two times better economically for the country than George Bush and Barack Obama have been. They've both been unmitigated disasters.

Ranking for Debt+Inflation+GDP+SP500+Housing Values+Household Net Worth+Unemployment = score

Truman 1+6+2+1+4+6+1                       = 21

Clinton 4+5+3+2+1+4+5                        = 24

Eisenhower 2+1+5+3+6+7+2                 = 26

JFK/LBJ 3+3+1+6+8+5+3                     = 29

Carter 5+10+7+8+3+1+8                        = 42 (tie)

Reagan 10+8+4+7+2+2+9                      = 42 (tie)

Nixon/Ford 8+9+6+9+7+3+6                  = 48

Bush The Elder 6+7+8+5+9+8+7           = 50

Bush The Younger 9+4+9+10+5+10+4  = 51

Obama 7+3+10+4+10+9+10                   = 53 

Compared To Gold, Oil Is Still The Better Value

The gold to oil ratio is 19.11, over 27 percent elevated from 15.

Kudlow Is Right: Real Private Investment Is At October 1999 Level

Larry Kudlow is right. When it comes to inflation-adjusted private investment, the current level of private investment is at a level first reached way back in October 1999. The peak in this metric, which Larry Kudlow likens to our seed corn, was reached at the beginning of 2006. The current level is nearly 16 percent lower than that. That's a depression in investment dating back 6 years, and arguably 13 years, and goes a long way to explaining why George  W. Bush and Barack Obama rank at the very bottom of the list of post-war presidents for economic performance. View the chart and data here. 

ABC News Reports Obama Makes "False Claim"

False because . . . he's just mistaken? False because . . . he's just misinformed?

Gee, how about because he's lying?

The lengths to which these people will go to protect this snake. They exonerate him even as they convict him.

Story here.

Unemployment Since WWII: Obama Worst, Truman Best

The following rankings represent average monthly unemployment as reported in the BLS database, using November of the year elected through the October of the election year defeated or concluding service. As per usual, I do not count Truman's service in wartime, just his term from 1948 to 1952. Overall Republican performance is slightly worse than Democrat, 5.88 v. 5.75 percent.

The irony of this list is that Democrats head it and end it, with unemployment under Obama (46 months) more than twice as bad as under Truman, who 60 years ago posted what was to be the best unemployment record of any president since.

Truman                    4.44 percent

IKE                          4.82

JFK/LBJ                   4.91

Bush The Younger   5.21

Clinton                     5.28

Nixon/Ford               5.75

Bush The Elder        6.22

Carter                       6.55

Reagan                    7.58

Obama                     9.00

Rasmussen Takes Nevada Away From Obama And Into Toss Up

Here.

So on this math Obama is ahead 237 to 196 for Romney, with 105 electoral college votes up for grabs in now 9 states.

Real Clear Politics Puts Wisconsin In Obama Column

Here.

So Obama has an advantage according to RCP of 247 to 191 for Romney, with 100 electoral votes up for grabs in 8 states.

Net Worth Up Most Under Carter, Least Under "W" Since WWII

It's shocking, but true.

Total household net worth as reported by the Federal Reserve in its Z.1 Releases of the Flow of Funds Accounts shows that Jimmy Carter wins the award, hands down, for the increase in this metric during the course of his presidential term as compared with all other presidents in the post-war period.

In point of fact, the zenith of growth in total household net worth clusters around ole Jimmy with Nixon/Ford just preceding him taking 3rd position and Ronald Reagan coming after him taking 2nd. The whole period from 1969 through 1988 represents the time when Americans made their biggest gains in overall wealth.

I measured the overall gain from January 1 of the year of inauguration to the January 1 of the year leaving office, as summarized here by the St. Louis Federal Reserve. The overall percentage gain is then divided by the number of years in office, either 4 or 8, to get an annualized score, which is not the same thing, obviously, as actual annualized performance. Data from Truman is only for three years from 10-1-1949 to 1-1-53. For Obama, who just barely beats Bush The Younger for dead last, the data is for 1-1-09 to 6-30-12 taken from the very latest Z.1 Release yesterday (here).

Carter                 +16.02 percent per year

Reagan                 11.80

Nixon/Ford           10.21

Clinton                    9.74

JFK/LBJ                  8.78

Truman                   8.49

IKE                         7.39

Bush The Elder       6.17

Obama                    4.92

Bush The Younger  3.43

Election 2012: One Writes Off The Takers, The Other Writes Off Whites

Leading Authority Says We're Already In Another Recession

Here.

Flashback November 2011: 2012 Obama Campaign Writes Off Whites

The pot doth call the kettle black when complaining Romney has written off the 47 percent.

Democrats already wrote-off the white working class last November.

So Thomas Edsall for The New York Times, here:

For decades, Democrats have suffered continuous and increasingly severe losses among white voters. But preparations by Democratic operatives for the 2012 election make it clear for the first time that the party will explicitly abandon the white working class.

Rush has been all over this like a chicken on a june bug.

Mitt Romney Reaps What He Sows, Or Something

The liberal President Ronald Reagan once handed down an 11th Commandment: "Thou shalt not speak ill of any fellow Republican."

He learned this rule from his life among the Democrats, whence he came to the Republican Party after he realized his former pals were getting cozy with the commies. To this day it takes forever for the Democrats to abandon one of their own to the wolves, even when they deserve it. Recent cases include Charley Rangel and that wiener guy from New York.

But Republicans still haven't learned this rule, proving the other one about old dogs. One whiff of trouble and a fellow Republican drops you like a hot potato. Hence the Rep. Todd Akin affair, even whose money they've cut off and would cut off his nuts if they could (a little Rev. Jesse Jackson humor there). Mitt Romney, being more at home with liberal Democrats, waited while everyone else piled on Akin before he decided to do so. Not exactly a profile in courage. More like a man torn about what he believes and which party he belongs in. As a social liberal and a fiscal conservative, he really is a fish out of water, seeing that the Democrats are the former and the Republicans are neither.

So it's not a little amusing to see the Republican establishment and Romney's other would be supporters now crucifying Romney for his 47 percent remarks last May, only just recently made public. If anyone will be to blame for Romney's loss in a few weeks' time, it will be the Peggy Noonans, Bill Kristols and John Tamnys of this world, not the conservatives. Rush Limbaugh rightly points out the irony that the conservatives, Romney's fiercest critics during the primaries, are his defenders today against his critics who were his liberal supporters yesterday, who insisted at the time that Romney was the only candidate who could win.

Meanwhile the clerisy rallies round the redistributionist, under whom income inequality has only increased. Spreading the wealth around all right . . . among the wealthy.

Same as it ever was.

How To Test Gold For Purity

From Felix Salmon, back in March, here:

If you can weigh the bar accurately, then you can test for purity by essentially dropping it in a bucket of water and seeing how much the water level rises: a gold-covered tungsten bar will displace more water than a pure gold bar. Alternatively, for $3,000 or so you can buy a micro ohm meter, which is easily sensitive enough to tell the difference in conductivity between a pure gold bar and one which is largely tungsten.

Obama's 1998 Redistributionist Admission Goes Viral Overnight

This clip had about 302 views when I saw it last night.

Like I've said from the beginning in 2009:

"One who has yearnings for equal division of unequal earnings."

Rasmussen Moves New Hampshire Into Toss-Up Status For A Total Of Eight

Here.

The move takes New Hampshire's 4 electoral college votes leaning Obama and puts them into limbo.

Romney needs 74 more electoral college votes based on this map. If he wins every toss up state shown save Florida, he still comes up 4 short.

So the key to victory for Romney still involves Florida, or turning another leaner his way, like Nevada with 6.

Irrational Exuberance In Producer Prices Coincided With Housing Bubble

Once producer prices hit the 122 level on the index in 1999, they really didn't look back for nine years, reaching a peak of 205 in 2008, a rise of 68 percent, pretty much tracking the housing bubble.

The dramatic reflation of the PPI since the recent nadir around 169 in 2009 has not been accompanied by a reflation of housing prices, try as the Fed may.

"With the exception of a few thoughtful men, the whole nation again sang paeans." -- Andrew White, Inflation in France (quoted here)

When The Weekly Standard Says Romney's Not Conservative, You Know He Is

It's the right's "pot calling the kettle black moment" of the campaign:

Plenty of conservatives are pushing back against the worldview espoused by Mitt Romney in his "arrogant and stupid' [sic] remarks at a private fundraiser earlier this year.

When representatives of National Review, The Daily Caller, The American Spectator and The Weekly Standard agree that Romney has sinned, you know he's finally done something right.

Rush Limbaugh and Red State counsel Romney to pile it on because they know that most Americans agree with Romney that handouts through the tax code are wrong, even if they don't quite understand the arithmetic.

But the aforementioned conservative establishment fuddy-duddies rebuke him, here, where you will find not a single mention of the specific handouts which Republicans have used as a form of welfare for the lower tax bracket filers, namely the Earned Income Tax Credit and the Child Tax Credit of the tax code. Taxpayers use those credits, which are refundable, to offset any income tax they may owe and receive any remaining balance in the form of tax refunds. Usually those "refunds" are substantial balances due because they file under the 10 and 15 percent tax brackets where they pay little tax relative to higher earners in the first place, amounting to hundreds and even thousands of dollars in tax "refunds" which are no refunds at all, just handouts. This is the slimy work of liberalism on display, capturing a definition and gutting it, demonstrating for all to see that the so-called conservatives of the Republican Party are no conservatives at all because they participate in the ruse.

When just 17 percent of the American people still use paper and pencil to figure their taxes, it is not surprising how little understanding there is on this issue. Most people hire a tax-preparer or use something like TurboTax, and consequently have no mathematical understanding for the reason they are getting so much money back. But if so-called conservatives really were conservative, they would be explaining this to you, and not little ole obscure me.

Gov. Mitt Romney Is Exposing The Liberalism Of Presidents Reagan And Bush

Gov. Mitt Romney is forcing us to consider seriously how Ronald Reagan and George W. Bush got carried away by liberal impulses and got us into troubles.

I think Romney was not a fan of Ronald Reagan in the 1990s because he realized Reagan's program was fiscally irresponsible, cutting taxes while increasing military spending to defeat Soviet Communism. The result was the largest increase in the US public debt since WWII. As a business man who can read a spread sheet, Mitt Romney can recognize fiscal insanity when he sees it.

Now a leaked video of a private fundraiser Romney addressed in Florida in May is being attacked by the left in recent hours. It shows Mitt Romney not too happy with the liberal consensus which uses the tax code as a form of welfare, primarily through the mechanism of tax credits combined with statutory tax rates which nullify income tax liability. This was not a bug in the law. It was a feature intended all along. Romney is signaling that he's not entirely on board with this form of liberalism.

The idea of getting people off welfare was an ingenious one under Reagan, effectively rebating their Social Security contributions when they went to work, instead of collecting a check directly from the federal government while unemployed. But it was fundamentally a compromise with liberalism, and the Earned Income Tax Credit later took on a life of its own, being notably expanded under Bill Clinton and under George W. Bush. Combined with the Child Tax Credit, the two credits represent transfer payments far in excess of the cost of the mortgage interest deduction, the drumbeat against which gets louder by the day. To take away the mortgage interest deduction would yield the government about $80 billion a year in new revenue. But eliminating the two tax credits would end a direct federal government expenditure in excess of $110 billion a year.

If you want to know in what world liberals like Nancy Pelosi under a liberal president like Barack Obama would find it thinkable to consent to a deliberate underfunding of Social Security, liberalism's signature program, by rolling back payroll taxes to help the working poor during the Great Recession, look to Ronald Reagan, who did basically the same thing for poor people through the EITC way back in the 1980s. In making Social Security contributions rebateable to the working poor, Reagan was nothing if not a liberal trendsetter.

Another innovation and accommodation with liberalism by Ronald Reagan was EMTALA, part of the tax reform of 1986, which made it the law that emergency rooms had to provide services regardless of ability to pay. That unfunded mandate costs approximately only $50 billion a year today. I say "only" because lying about the severity of that problem became the heart of the healthcare debate which gave us ObamaCare. The Heritage Foundation may have authored the idea of the individual healthcare mandate in 1989, but once again it was Ronald Reagan who paved the way and provided the cover for accommodating what eventually became ObamaCare's liberal tyranny.

Romney's remarks also question George Bush's two-state solution to peace in Israel, which is nothing but another unrealistic aspiration of liberalism which thinks you can put a chicken and a hungry snake in the same pen and enjoy a quiet Sunday afternoon. To this Romney wisely prefers the unsteady truce of the status quo. In doing so his realism is shining through.

Mitt Romney's looking better all the time, and conservatives should reconsider whether voting for him is such a bad idea after all. 

To Be An American Liberal Means You Think You're Superior, Especially To The White Homelands

"No European country would have elected a black man. I can't believe it happened. I think it's fantastic, like a step on the moon."

-- Randy Newman (here and here)

(Hey honey! What's that smell?)

Chicoms Have Biden's Back: "The guards too of a king are citizens, a tyrant's foreigners."

So says Aristotle in the Politics.

And Medvedev has Obama's back.

Housing Values Gained Most Under Clinton, Lost Most Under Obama Since WWII

"I honor you. I do!"

The following shows the percentage gain or loss in the Case Shiller Home Price Index values December over December for the presidents since WWII, ranked best to worst.

The overall gain or loss is calculated from the December of the election year to the December of the year leaving office, which then is divided by either 4 years or 8 years to arrive at an annualized score. In the case of Obama performance is calculated over 3.5 years (through June 2012).

Factoring out the housing bubble which built under Clinton and collapsed under Bush/Obama would give best performance to Reagan and worst to Bush The Elder, but it is what it is. Slick Willie rides again!

Clinton                    +2.22 percent

Reagan                    +1.43 percent

Carter                      +1.28 percent

Truman                   +  .92 percent

Bush The Younger +  .87 percent

Eisenhower             +  .78 percent

Nixon/Ford             +  .05 percent

JFK/LBJ                  -  .57 percent

Bush The Elder      - 2.72 percent

Obama                    -3.69 percent

Even The Pollsters Hate Your Mortgage Interest Deduction

Seen here at RasmussenReports.com.

Case-Shiller Home Price Index Updated For 2012 At Multpl.com: Dead Cat Bounce

The Case-Shiller Home Price Index at multpl.com has been updated for Q1 and Q2 2012, showing the housing nadir at 124 in March 2012, from which as of the end of June the increase is 6.8 percent to 133.

See the chart and tables here.

I don't believe it is anything but a dead cat bounce, which may indeed go higher because of QE3, but it is not the sign of a fundamental change like the one which occurred in 1997, nor for that matter like the one in the immediate aftermath of WWII. Housing values remain in the high range of historical post-war experience and need to fall further.

Obama has had no commitment to fixing housing, playing around the edges of the issue, and Romney plans to do nothing but let the market fix it, which is probably the best thing to do, as long as he doesn't fiddle with current tax arrangements affecting housing.

The tax changes introduced in 1997 need to find their equilibrium without more interference. The federal government needs to firmly express its commitment to all current tax arrangements affecting housing, including the mortgage interest deduction, in order to calm the housing market and give homeowners, buyers, sellers and financiers the confidence to move forward on a solid basis.

Markets hate uncertainty about rules! 

US Gross Public Debt Grew Most Under Reagan, Least Under Truman Since WWII

The record of Ronald Reagan for increasing the US gross public debt is so bad in the post-war era it is a veritable outlier compared to everyone else.

It represents the price this country paid for hefty tax cuts at the same time defense spending was increased to defeat the Soviet Union in the Cold War. Conservatism as understood by Ronald Reagan was primarily anti-communist, not fiscal. This is more in keeping with the Democrat Party of the time which he abandoned as communist influence over it grew through the labor unions. Along with the rest of his record, it is arguable that Ronald Reagan out-liberaled the liberals in many respects, making the Republican Party the home of liberals while the Democrat Party got radicalized by the so-called progressives.

Maybe Mitt Romney had a good reason not to think of himself as a follower of Reagan back in the 1990s. This country could use a Republican in the mold of Eisenhower again to restore some credibility to the Republican Party from the fiscal side.

The 170 percent increase in the public debt metric over an 8 year period under Reagan makes his predecessor Jimmy Carter look almost moderate by comparison, who racked up a 40 percent increase in 4. And Bush The Younger was actually in the very mold of fiscally liberal Ronald Reagan, cutting Clinton's tax increases and increasing spending on The War On Terror as well as Drugs For Seniors. Bush The Younger's 99 percent increase in the debt over 8 years comes out to roughly 12.38 percent per year, but it must be remembered that some of Obama's emergency spending in early 2009 became part of Bush's fiscal record, which ended October 31, 2009, another price of electoral defeat. The winners write the history.

Harry Truman narrowly beats out his successor Dwight Eisenhower for being the king of fiscal rectitude, posting an 11 percent increase in the debt in 4 years with Ike logging 23 percent over 8 years.

The numbers on which I relied for the following come from usgovernmentdebt.us, but not for Barack Obama, for whom I relied on the very latest figures available from treasurydirect.gov, which regrettably go back only through 1993. The percentage average annual increase in the debt shown below is for illustration purposes only since the percentage increase in the debt is calculated from beginning of the fiscal period to the end, not for each individual year. Multiply by 4 or 8 to get the actual figure for the term of office (but shown values are rounded, and Obama's record will not be complete until October 31, 2013, over a year from now, in which case multiply by 3).

Reagan                     21.25 percent

Bush The Younger  12.38 percent

Nixon/Ford              11.75 percent

Obama                     11.64 percent

Bush The Elder       11.50 percent

Carter                      10.00 percent

Clinton                      4.50 percent

Kennedy/LBJ           4.38 percent

Eisenhower              2.88 percent

Truman                    2.75 percent

Over time, Republican presidents have averaged a 12 percent annual increase in the debt while in office, while Democrat presidents have averaged almost 6 percent per annum.

Neither record is good, but things are not what they seem in the Republican Party, so-called home of the fiscal conservatives. 

Inflation Was Worst Under Carter, Best Under Eisenhower Since WWII

Average of the annual inflation percent change December over December using CPI from here, with Obama's 2012 August over August (1.7 percent) counted as the fourth full year:

1948-1952 Truman                   2.65 percent

1952-1960 Eisenhower           1.4 percent

1960-1968 Kennedy/LBJ           2.2 percent

1968-1976 Nixon/Ford               6.4 percent

1976-1980 Carter                   10.4 percent

1980-1988 Reagan                    4.3 percent

1988-1992 Bush The Elder        4.2 percent

1992-2000 Clinton                     2.6 percent

2000-2008 Bush The Younger   2.4 percent

2008-2012 Obama                     2.2 percent.

Democrat presidents do slightly better on inflation than do Republican: 3.55 percent per annum vs. 3.69 percent, which is about 3.8 percent better on average.

But this isn't saying much, except that when it comes to your money, there's hardly a dime's worth of difference between the two political parties. Both have agreed on policies to trash the buying power of the dollar. That's the real enemy: the liberal consensus to impoverish the people through monetarism.

On average, post-war presidents have done a terrible job managing inflation, which is up 841 percent in the 64 years between 1948 and 2012. You might even say that inflation is their policy. By contrast, inflation jumped 146 percent in the 35 years between 1913 and 1948. The post-war liberal consensus has been nearly 6 times harder on the American people than the prior period.

Both parties need to be neutered. 

Obama Ranks Worst For GDP, Kennedy/LBJ Best Since World War II

Average of quarterly reports of annualized GDP, November on November (Obama to date):

1948-1952 Truman                    4.9 percent

1952-1960 Eisenhower              3.2 percent

1960-1968 Kennedy/LBJ          5.0 percent

1968-1976 Nixon/Ford              3.1 percent

1976-1980 Carter                       3.0 percent

1980-1988 Reagan                     3.6 percent

1988-1992 Bush The Elder        2.2 percent

1992-2000 Clinton                     3.9 percent

2000-2008 Bush The Younger  2.0 percent

2008-2012 Obama                     0.8 percent   

Obama Ranks Fourth Best For Stock Market Since WWII, George W. Bush Worst

November on November of term (Obama to last data available), dividends reinvested in the Standard and Poor's 500 Index, adjusted for inflation, annual rates of return:

1948--1952 Harry S. Truman  17.84 percent

1992--2000 Bill Clinton           15.27 percent

1952--1960 Eisenhower           13.54 percent

2008--2012 Barack Obama      12.66 percent

1988--1992 Bush The Elder     10.76 percent

1960--1968 Kennedy/LBJ          9.40 percent

1980--1988 Ronald Reagan        8.98 percent

1976--1980 Jimmy Carter           2.60 percent

1968--1976 Nixon/Ford             -3.09 percent

2000--2008 Bush The Younger -6.12 percent.

"Obama Economic Agenda Failed Not Because It Was Stopped But Because It Was Passed"

Rep. Paul Ryan, here, throws us some red meat:

"It is true that President Obama, he had a lot of problems not of his own making.  But he also came in with one-party rule and the chance to do everything of his own choosing.  The Obama economic agenda failed not because it was stopped, but because it was passed." 

Republicans Vote To Continue Spying On Americans, Trashing Fourth Amendment

Wired.com has the story here.

The so-called conservatives, Republicans on Wednesday voted once again to subvert the constitutional principles for which they forever protest they stand.

Why is it that the loudest yelps for the constitution are heard from the chief abusers of the Fourth Amendment?

What The Greatest Generation Has Done: Eaten Their Own Children, Modeling Abortion

I'm hungry! Give me a baby!

The old impoverish us all with high taxes in the form of Social Security and Medicare. Last time I checked, the average senior citizen in the good ole USA gets a transfer payment of $30,000 annually.

If you made $100K a year for 40 years in a working life, WHICH YOU DIDN'T!, and if you paid 6.25 percent per year in said taxes, WHICH YOU DIDN'T, you would have contributed $250K, BUT YOU DIDN'T, it would take just 8 years in retirement at $30K per year to eat it all up. WHICH YOU WILL, AND A WHOLE LOT MORE. This is why Gov. Rick Perry of Texas called Social Security a giant Ponzi scheme. WHICH ANY IDIOT FROM A FREAKING COW COLLEGE COULD FIGURE OUT, EVEN WITH A FREAKING C AVERAGE.

They take all this money and go golfing, traveling to exotic locales, vacationing in lavish time shares on which they lose a bundle, getting knee replacements, hip replacements, coronary bypass surgery, cataract surgery, yada yada yada, generally enriching themselves at our expense all the while promoting the notion that they're the greatest while we can't afford even to have children of our own, whom we abort with their encouragement.

Consider this story, emphases added:

In August, according to the Social Security Administration, there were a record 8,767,941 American workers collecting federal disability payments, and also 2,018,569 spouses and children of disabled workers collecting benefits. Additionally, in August, there were a record 45,505,287 retired workers, their spouses and dependents receiving Social Security benefits.

That made for a record 56,291,797 people in the United States in August taking Social Security or disability benefits. That was up from the previous record of 56,188,736 set in July.

Rhymes With Osama! Huuuuh!

Obama's Best Unemployment Number Ever: Initial Claims At 297K

Initial claims for unemployment, not-seasonally adjusted, has fallen below 300,000 for the first time ever in the Obama presidency.

Obama should be crowing this from the rooftops, but apparently his administration is too stupid to understand the significance, or it views this as bad news in the broader mission to destroy the middle class on the way to a transformed America. He has now racked up 7 weeks in a row below 320K.

Elsewhere Rick Santelli has predicted unemployment at 7.9 percent by election day. He doesn't know how right he is.

The latest weekly report is here.

Obama Bungles Mideast Worse Than Jimmy Carter In 1979, Gets Ambassador Killed

Hot Air, here, has that old weird feelin':

Once again, we had an American government encourage the “democracy” movement run by radical Islamists in chasing our ally out of power.  Once again, we seem surprised when the radical Islamists put radical Islamists in power.  And once again we have “students” assaulting our embassy in the capital, this time Cairo, without so much as an apology from the radical Islamist government now running the nation. ...

Qaddafi had at least been somewhat more cooperative since the fall of Saddam Hussein, and the West’s military attack on Qaddafi that caused his fall — led by the US initially — sent a big message on the futility of cooperation with the US and the West to all of the other governments in the region.

Slum Lord Obama: Lower Class Self-Identification Grows 28 Percent Since 2008

Story here.

Is Obama intentionally impoverishing the middle class as a means to overthrow the constitutional republic? You don't have to be a Marxist to think so.

"When there is a want of a proper number of men of middling fortune, the poor extend their power too far, abuses arise, and the government is soon at an end." -- Aristotle's Politics

As McCain Failed To Seize On TARP, Romney Is Failing To Seize On ObamaCare

Conservatives all across this country were revolted by the very thought of TARP, which became the focal point of the financial crisis in September 2008. John McCain suspended his campaign to go to Washington to . . . vote for it. He was already finished, there and then.

The reaction to the passage of ObamaCare in March 2010 among those same conservatives galvanized the mid-term elections in November 2010, giving Republicans an historic victory in the US House. It should give them the White House now. But Mitt Romney hasn't just failed to ride that wave, in recent days he's decided to join the busted trumpet club and openly broadcast agreement with key elements of ObamaCare, a bill a clear majority of voters have opposed from the beginning. He is already finished, and threatens to finish conservatives who are depending on his coattails. Romney won't have any.

It's as if Republicans don't want to win.

"For if the trumpet give an uncertain sound, who shall prepare himself to the battle?"

   

Mitt The Mendacious Comes Out For Key Provisions Of ObamaCare

Quoted in the Tampa Bay Times, here:

"I'm not getting rid of all of health care reform," Romney said. "There are a number of things that I like in health care reform that I'm going to put in place. One is to make sure that those with pre-existing conditions can get coverage. Two is to assure that the marketplace allows for individuals to have policies that cover their family up to whatever age they might like. I also want individuals to be able to buy insurance, health insurance, on their own as opposed to only being able to get it on a tax-advantage basis through their company."

These positions represent government interference in the private and free market for health insurance, and therefore will drive up costs for everyone, not to mention making not growing up already an even bigger problem than it already is.

Mitt Romney doesn't have a limited government bone in his body.

Romney Is Blowing It On ObamaCare, And With It Blowing The Election

So should warn The Weekly Standard here, which thinks Romney still has time to fix this (hope springs eternal), but he doesn't:

[I]ndependents now oppose repeal by a margin of 9 percentage points (52 to 43 percent). By a 7-point margin they now think Obamacare is good, rather than bad, for the country. That's a 28-point swing on repeal, and a 34-point swing on whether Obamacare would be good or bad for the country, in just two months—among the voting block that will likely decide this election.

Rep. Michele Bachmann tried to warn Republicans during the primaries that repeal of ObamaCare was the sine qua non in this election, but the Republicans didn't listen. They picked the worst candidate on the issue, mostly because they didn't really have a convincing candidate on the most important issue, or on any issue.

The Republican Party is devoid of conservatives with gravitas on ObamaCare, or on anything else for that matter. In point of fact, the The Republican Party is devoid of conservatives.

Thanks Greatest Generation! Thanks Heritage Foundation! Thanks Ann Coulter! Thanks Sean Hannity! Thanks R. Emmett Tyrrell Jr! Thanks Fox! Thanks Savage Nation! Thanks RNC! Thanks Wall Street Journal! Thanks Drudge! Thanks Newt! Thanks Ronald Reagan!

Thanks to you all for whom Party comes before principle.

You've all done a wonderful job! How can we ever thank you enough for Thomas E. Dewey redivivus?

Moments later, as the discussion over Romneycare and Obamacare continued, Romney rebuked Santorum, saying, “First of all, it's not worth getting angry about.” 

America's Current Asset Allocation

Approximately $37 trillion to bonds (year end 2011): 54 percent.

Approximately $21 trillion to stocks (April 2012):      31 percent.

Approximately $10 trillion to cash (August 2012):     15 percent.

M2 Money In US Reaches $10.07 Trillion

This is basically the readily spendable cash, such as in checking accounts (demand money or M1, currently $2.3 trillion), plus savings in various vehicles like CDs and money market accounts.

US Bond Market Grows To Almost $37 Trillion For Year End 2011

Here:

Separate data about the US from SIFMA, puts the US bond market at just under $37 Trillion (including municipal bonds) as of the end of 2011 (a year later than the McKinsey data), and Bloomberg puts US stocks now (April 2012) at about $21.4 Trillion.

Total World Stock Market Capitalization $45.1 Trillion Year End 2011

So says the World Bank, here.

We're Still Free . . . To Disagree!

So Carl Cannon for Real Clear Politics, here:

In 1941 and 2001 – and in 1812, for that matter – the United States of America proved itself strong enough to withstand attacks on our soil while retaining our attachment to brass-knuckles domestic politics. To be puckish about it, if you can’t run a negative ad, the terrorists win.

Remember that the next time someone tells you that you can't criticize the commander in chief during a time of war. Tyranny isn't only a foreign phenomenon.

Full Employment Is A Socialist Myth: Socialism Needs Liberalism In Order To Grow

So-called conservatives who believe in full employment rightly deserve contempt. Full employment is a utopian concept. What better way to invalidate "capitalism" than to charge it with an impossible task, and then ridicule it endlessly for its failure to do what it never promised?

That the US Federal Reserve has been bullied into accepting full employment as one of its mandates is reason enough to shut it down.

Ron Radosh here:

America’s preeminent socialist leader in the 1980s was the late Michael Harrington, who carried on as the spokesman for social democracy, a post he inherited from his predecessors, Eugene V. Debs and Norman Thomas. Harrington was well-aware that the path to socialism, in which he ardently believed, was through continued extension of the American welfare state. He became a vigorous supporter of a meaningless bill passed by Congress in 1978 called the Humphrey-Hawkins Act, which stated that it was the policy of the United States to strive to attain a full employment economy.

Testifying before Congress in defense of the act, the dying Senator Humphrey asked Harrington: “Is my bill socialism?” The socialist leader responded, “It isn’t half that good.” His point was that socialism needed liberalism as a focal point from which to grow. As Harrington argued at the time, by laying out the principle that it was the duty of the state to create full employment, socialists could build upon that to move liberal supporters to advocate more extensive social-democratic programs that would challenge the hegemony of capitalist social relations, making it easier to advance real socialist measures at a future moment.

The World's Second Largest Economy Is In Turmoil: The Rats Are Jumping Ship

The Chinese Year Of The Rat

Ambrose Evans-Pritchard for the UK Telegraph, here:

The worry is that the transition [of power in China] could go badly awry as 70pc of top cadres and the military are replaced, the biggest changeover since the party came to power in the late 1940s. "That is what is causing capital flight. All the top officials are trying to get their money out of the country," he said.

Listen To The Hand, Listen To The Dot: Irrational Exuberance Was First Noted There, Then

Speaking Of Pot, Now We Learn It Makes Your Nuts Fall Off

Story here.

Obama Proves Again That Pot Has Made Him Stupid

Video here.

The Line of the Day Award Goes to "Hope Needs More Time"

The line of the day award goes to the ever-incisive Steve Huntley for The Chicago Sun Times, here:

Hope needs more time. That was President Barack Obama’s message in his acceptance speech at the Democratic National Convention Thursday night. But a country that was forced to live on hope for four years and rewarded with dreary unemployment, falling middle class income and depressed home values may not be ready for another dose of lofty national goals based on nothing more than oratory.

Hope is the very stuff of ideology, whether political or religious.

Religious ideology makes life tolerable by offering faux rewards in the forms of community, sacraments and liturgy with hope of eternal life deferred to the next one. Forgiveness in the here and now goes with all that, a sort of foretaste of the salvation to come. Or it offers assurances of the imminent in-breaking of the kingdom of God with the second coming of Christ, a recrudescent hope which litters the historical landscape since the time of Jesus. Such assurances are often accompanied by religious experiences of being "born again", or of so-called miracles, which require new exempla over time to validate the ideology as the second coming fails to materialize and the experience flattens. Certain Jews say year upon year "Next year, in Jerusalem." Muslims await the last imam, fourteen centuries after Muhammad.

But political ideology promises, promises and promises, with not much to show for it even in democracy, which promptly turns it out when it is still healthy enough to do so. The American record in this regard is mixed. Woodrow Wilson was not turned out. A terrible, costly and demoralizing war was the consequence. FDR was not turned out. Another terrible, costly and demoralizing war was the consequence. But LBJ was turned out, in the throes of a period when first principles were readdressed selfishly under what was decided was an existential threat to the next generation. Say what you will about the '60s generation, war in America stopped being involuntary. 

Ideologues sometimes become dictators, in which case they just go on promising. FDR did this but in the extenuating circumstances of global war, flaunting the long-standing American tradition that presidents serve but two terms. A free people finally came to its senses and put a stop to that with the 22nd Amendment, but not until after the fact.

In other times and other places dictators install themselves permanently, as was the case with one Robert Mugabe. Barack Obama has made no secret of his admiration of such like, openly expressing his dissatisfaction with the constraints placed on him by our form of government at the same time he voices his admiration for the lack of such constraints in places such as China. Are Americans wrong to be disquieted by this?

Hope needs more time. But for what, exactly?