Democrats in Wisconsin and Now Indiana Agree

The story is here.

HOPE: THE LAST REFUGE OF THE MISERABLE

The miserable have no other medicine,

But only Hope:

I've hope to live, and am prepar'd to die.

     -- Claudio, William Shakespeare's Measure for Measure, Act III, Scene I

This is the Way Banks Go 'Round the QE Mulberry Bush

James Hamilton for Fortune here provides an excellent explanation and illustration of how the Federal Reserve "printed" money with which to buy assets from troubled banks, who in turn have kept the "cash" on deposit with the Fed, earning interest, in an effort to re-structure their balance sheets.

Here is an excerpt:

But if the Fed didn't print any money as part of QE2 and earlier asset purchases, how did it pay for the stuff it bought? The answer is that the Fed simply credited the accounts that banks that are members of the Federal Reserve System hold with the Fed. These electronic credits, or reserve balances, are what has exploded since 2008. The blue area in the graph below is the total currency in circulation, whose growth we have just seen has been pretty modest. The maroon area represents reserves.

Despite all the rhetoric to the contrary from the Fed, this operation is not designed to stimulate job growth or boost stock prices. It is designed to do one thing and one thing only: rescue the banks.

And don't even think about maintaining a strong dollar.

When that maroon area returns to an imperceptible sliver, if it ever does, you'll know things are back to "normal." Unlike George Bailey who had two dollars left from his two thousand dollar honeymoon stash at the end of that day when there was a run on his bank, the Federal Reserve can theoretically keep on  running this shell game indefinitely. But the consequences for the value of the dollar will be, and are, grave indeed, which makes Mr. Bernanke's warnings to Congress to get its spending under control almost amusing.


Come, sir; come, sir; come, sir; foh, sir! Why, you 
bald-pated, lying rascal, you must be hooded, must 
you? Show your knave's visage, with a pox to you! 
show your sheep-biting face, and be hanged an hour! 
Will't not off?


-- Lucio, in William Shakespeare's Measure for Measure, V, 1

What Do These American Presidents Have in Common?

U.S. Grant

W.H. Taft

T. Roosevelt

D.D. Eisenhower

J.F. Kennedy

R.M. Nixon

R.W. Reagan

G.H.W. Bush

NRA members all. 

Just a little reminder that America specializes in marksmen, not Marxmen.

Undercover Agent Repeatedly Gets a Handgun Through Scanners

And the screeners missed it on the images.

So all that money for the machines and the personel, and all the inconvenience and humiliation for the public simply boils down to security theater after all?

The story is here.

Michelle Obama Milks It: Jets to Vail with the Girls for some Skiing

Keith Koffler has the story here:

Mrs. Obama has decided to jet out to Vail – instead of visiting slopes closer to Washington DC in Virginia or Pennsylvania – despite already incurring criticism for taking opulent excursions, particularly a trip last summer to Spain. There, she stayed at the country’s swankest [sic] hotel and, like this weekend, was traveling without her husband.

Rooms at her hotel start at $605 a night, and top out in excess of $2,000 a night.

The Marks of a Tyranny According to Aristotle

1.   The object of government in a tyranny is the good of one man only.
2.   The guards of a tyrant are foreigners.
3.   Tyrants arise from the want of a middle class.
4.   Tyrants gain the confidence of the people through hatred of the rich.
5.   Tyrants deprive the people of the use of arms.
6.   Women and slaves do not conspire against tyrants but instead abet them.
7.   The haughtiness of women has been the ruin of many tyrants.
8.   Tyrannies keep the warriors busy with wars.
9.   Tyrannies guard against the rise of high spirits and mutual confidence.
10. Tyrannies quarrel with the nobles.
11. Tyrannies affect to appear to protect the people.
12. Tyrannies extend poverty through public works.
13. Tyrannies oppress the people through poverty.
14. Tyrannies desire to know everything the people say and do.
15. Tyrannies multiply taxes.

You Know, Johnny, It's Not How You Feel, It's How You Rook, and You Rook . . .

Um . . .

Pat McIlheran Reminds Us Wisconsin's Governor Walker is Actually to the Left of FDR, and the Last Socialist Mayor of Milwaukee

From one of America's best columnists writing today:

Frank Zeidler, Milwaukee's mayor in the 1950s and the last card-carrying Socialist to head a major U.S. city, supported labor. But in 1969, the progressive icon wrote that rise of unions in government work put a competing power in charge of public business next to elected officials. Government unions "can mean considerable loss of control over the budget, and hence over tax rates," he warned.

There was "a revolutionary principle rather quietly at work in American government," he wrote.

The principle was working at about 100 decibels in Wisconsin's Capitol last week, once the union drum-beaters got going. What worked them up was the money they'd concede, they said, but even more that Walker would make their unions surrender the control they'd gained over every government budget.

There is much more at this link.

Madison Protests by Unions and Democrats are a Disgrace

So says Larry Kudlow:

The government-union protesters in Madison are anti-democracy; they are trying to prevent a vote in the legislature. In fact, Democratic legislators themselves are fleeing the state so as not to vote on Gov. Scott Walker's budget cuts.

That's not democracy.

The teachers' union is going on strike in Milwaukee and elsewhere. They ought to be fired. Think Ronald Reagan PATCO in 1981. Think Calvin Coolidge police strike in 1919.

The teachers' union on strike? Wisconsin parents should go on strike against the teachers' union.

Read the rest here, at Real Clear Markets. 

Hello Wisconsin!

Wisconsin's Governor Walker Tells Obama To Balance His Own Damn Budget

Quoted here:

"We are focused on balancing our budget. It would be wise for the government and others in Washington to focus on balancing their budgets, which they are a long way off from doing."

Obama couldn't write a balanced budget to save his own life.

Wisconsin Democrats and Unions Try to Shut Down Democracy

The 14 Democrat state senators in Wisconsin have fled the state to prevent a vote on a bill limiting collective bargaining, a bill which has the support of a Republican majority which was recently elected to power last November. For the Democrats' dereliction of duty, they should be impeached and thrown out of office.

Public sector union members meanwhile have conducted what amounts to an illegal strike with 40 percent of teachers in Madison calling in sick. The authorities should scan all the video to identify the sick teachers marching in the streets, and fire them immediately.

The taxpayers of Wisconsin, like taxpayers all across America, are sick and tired of a government monopoly extorting exorbitant wages and benefits which private sector workers can only dream about in this difficult economy.

The Wall Street Journal has an excellent opinion piece which lays out many interesting facts which puts this episode into the broader historical context, including this:

The larger reality is that collective bargaining for government workers is not a God-given or constitutional right. It is the result of the growing union dominance inside the Democratic Party during the middle of the last century. John Kennedy only granted it to federal workers in 1962 and Jerry Brown to California workers in 1978. Other states, including Indiana and Missouri, have taken away collective bargaining rights for public employees in recent years, and some 24 states have either limited it or banned it outright.

The times they are a changin', but some people in Wisconsin still haven't gotten the memo.

You may read the entire opinion at this link.

Union Tactics in Wisconsin: Illegal Strikes and Physical Intimidation

The inimitable Pat McIlheran for The Milwaukee Journal-Sentinel tells it like it is:

The [Wisconsin] public-sector union tantrums, meant to make lawmakers wobble, have an inadvertent message for the rest of us: Voters can vote all they want. We can elect a cheapskate governor and a Legislature to match. But come the moment, unions will have the last, loudest word.

They'll have it if takes marches. They'll have it if it takes what amounts to an illegal strike, with so many Madison teachers calling in sick Wednesday that the district closed schools. If it takes showing up for a we-know-where-your-family-is protest on Walker's Wauwatosa lawn while he was at work, the unions are sure they can outshout any election result.

This is exactly why Walker is right to limit the unions' power over government spending.

The governor should fire their sorry asses.

Read the rest here.

The Answer: For The Same Reason Government Isn't in Jail

The Question: "Why isn't Wall Street in Jail?", asked here by Matt Taibbi, one more time.

It's hard to make Americans hate DC, lower Manhattan and the banksters as much as the terrorists do, but he keeps trying.

Gaddafi Called for Palestinian Uprising Last Week, Gets One at Home Instead

From the Department of Poetic Justice:

Hundreds of Libyans calling for the government's ouster clashed with security forces early Wednesday in the country's second-largest city as Egypt-inspired unrest spread to the country long ruled by Moammar Gadhafi.

See here and here for more.

I guess that, and the protests in Tehran in recent days, puts to rest the theory that only Middle East regimes friendly to the US are experiencing revolts.

Then Why are 16,000 IRS Agents Being Hired to Enforce Obamacare?

For the same reason Lincoln invaded the South.

Reported here yesterday:

"You can't maintain power through coercion. At some level in any society, there has to be consent."

-- President Obama

Patriot Act Votes Show Rep. Bachmann's Tea Party Caucus is Full of TINOs

Tea-Partyers in Name Only.

Everyone's getting this wrong, from Adam Serwer here at The Washington Post to Rush Limbaugh here, on partisan grounds. The Post wants to paint the Tea Party Caucus as a bunch of hypocrites, and Rush wants people to believe the Tea Party actually supports even the most controversial provisions of the Patriot Act.

Rush chalked up the Feb. 8 revolt of 26 Republicans to rookies being poorly advised by the Republican leadership:

Now, the Republicans lost 26 of their own members, adding to the 122 Democrats who voted against it," and some of the Republicans say that they 'felt completely uniformed [sic] by their leadership' on this. Some of the rookies, some of the freshmen say they were not really advised about all this in time -- and the leader of the opposition was Dennis Kucinich.  Now, something tells me here that Republicans do not intend to vote with Dennis Kucinich, 'cause he's aligned with the ACLU opposing extending the whole thing, the whole Patriot Act.  So if Kucinich is for it, "all rational people" ought to be against it.  

The only trouble is, the exact same bunch of Republicans all voted against the controversial provisions again yesterday. They've had six days to get brought up to speed by the leadership, but not a single one has changed his vote. And Rep. Hanna joined them to make it 27 and the third from the membership of the more liberal Republican Main Street Partnership.

I guess Rush must think these 27 Republicans are quite irrational after all, voting with Kucinich and the left. Rush was silent about this today, hoping we've forgotten what he said.

The facts are these. The Tea Party in the US House is much smaller than people think, and it isn't co-terminous with Bachmann's caucus. The latter is a bunch of me-too Republicans who find it expedient to identify with the Tea Party politically, just like Michael Steele did, and even Sarah Palin, who took an eternity to speak out against the bailouts. Just 8 self-identified Tea Party Caucus members voted both times against the controversial provisions of the Patriot Act. And only 7 others who joined them were elected in the Tea Party wave last autumn, but they still do not self-identify that way.

When you consider that the vast majority of the Tea Party Caucus voted to extend the Patriot Act provisions, you can understand why 19 Republicans who voted the other way might have a reason not to associate themselves with such pretenders.

Bachmann's list hasn't been updated since last summer, despite the gargantuan Republican sweep in November. Where is all the new blood, huh?

It's staying away for a reason, if it's really there at all.

Half of CPAC This Year is Libertarian, Heckles and Walks Out on Dick Cheney

The Libertarians hate the Department of Defense and the US military more than they hate the much larger, arguably unconstitutional, social welfare state erected by FDR.

Bunch of queers.

Story and video here.

Treasure Trove of British Archives Undermines "Lincoln Freed the Slaves" Myth

The Washington Times has the details:

Newly released documents show that to a greater degree than historians had previously known, President Lincoln laid the groundwork to ship freed slaves overseas to help prevent racial strife in the US.

Just after he issued the Emancipation Proclamation in 1863, Lincoln authorized plans to pursue a freedmen’s settlement in present-day Belize and another in Guyana, both colonial possessions of Great Britain at the time, said Phillip W. Magness, one of the researchers who uncovered the new documents.

Historians have debated how seriously Lincoln took colonization efforts, but Mr. Magness said the story he uncovered, to be published next week in a book, “Colonization After Emancipation: Lincoln and the Movement for Black Resettlement,” shows the president didn’t just flirt with the idea, as historians had previously known, but that he personally pursued it for some time. ...

"What we know now is he did continue the effort for at least a year after the proclamation was signed.”

The newly discovered evidence will give greater credence to the argument that Lincoln crucified the country in the Civil War over his crusade for an extra-constitutional Sovereign Union of states, in the middle of which, when things were going badly in 1863, Lincoln the demagogue hit upon slavery as a new way to salvage support for the war of Northern aggression.

Read the whole story here.