A couple of people have sent me information on Speaker Newt Gingrich's Solutions Day. Because of my teaching schedule I was unable to participate, but I went to his site to get an overview. I clipped the following partial excerpt from the Solutions Day site:
No Economic Growth = No Recovery = No End to the Financial Decay The most important thing to remember is that without economic growth there will be no end to the downward spiral.Without economic growth there will be another bailout next year and another bailout the year after. The number one goal should be to restore economic growth.
I agree with Speaker Gingrich's belief in reducing taxes and in reducing government. However, his growth mantra is misleading.
Growth as measured by economists is a vacuous concept. If there is additional unproductive economic activity, then there is growth. For instance, if banks continue to make subprime mortgage loans, their activities count as "economic growth". Speaker Gingrich fails to differentiate between fake growth and real growth, and so invites a repeat of the current banking problems despite his protestations to the contrary. The nation allowed the banking system to pay itself exhorbitantly and to bankrupt itself because it handed them large sums of money at public expense.
The way to distinguish between real and fake growth is by limiting access to credit. By expanding the money supply Speaker Gingrich would facilitate growth. Supply side economics, i.e., Reaganomics, is a repackaged Keynesian economics that has led to the current bank failures. Banks fail because they lend too much. Increasing the monetary base enables them to lend too much. The only way that fake growth can be limited is by restricting monetary growth. That would cause pain to Wall Street and commercial banking.
You cannot have it both ways. Flooding the nation with more liquidity will simply facilitate obese financial and hedge managers' ever greater obesity. Limiting monetary growth will cause interest rates to rise, some unemployment and prices to stabilize. In turn, authentic entrepreneurs in the Silicon Valley and elsewhere will find ways to make their inventions work because their returns will exceed the interest rate. Wall Street will find it more difficult to sell stocks because only the real firms will grow. Fake growth will be ended.
By ending fake growth, and Speaker Gingrich fails to differentiate between fake growth and real growth, waste in the system will be reduced. Thus, the 35-year-long decline in the real hourly wage that has occurred during the era of supply side economics or Reaganomics will be ended.
In order to make real growth a reality, a gold standard is needed. Continuation of the supply side principles that Speaker Gingrich oversaw in the 1990s will lead to further decline.
Tuesday, September 30, 2008
New York Sun Au Revoir
Today is the last day of the New York Sun's brief life of seven years. It was the best paper of my adult recollection, and I will miss it greatly.
Contrairimairi Follows Up Dan White of Illinois Election Board....Again
Dear Mr. White,
I have written to you previously, requesting that you investigate charges that Barack H. Obama is not a U.S. citizen.
I now direct you to two websites, the first is an advocate site of Mr. Obama called “factcheck.org”. I direct you to this article published there:
“http://www.factcheck.org/askfactcheck/does_barack_obama_have_kenyan_citizenship.html”
which in part states:
“When Barack Obama Jr. was born on Aug. 4,1961, in Honolulu, Kenya was a British colony, still part of the United Kingdom's dwindling empire. As a Kenyan native, Barack Obama Sr. was a British subject whose citizenship status was governed by The British Nationality Act of 1948. That same act governed the status of Obama Sr.'s children:
British Nationality Act of 1948 (Part II, Section 5): Subject to the provisions of this section, a person born after the commencement of this Act shall be a citizen of the United Kingdom and Colonies by descent if his father is a citizen of the United Kingdom and Colonies at the time of the birth.
In other words, at the time of his birth, Barack Obama Jr. was both a U.S. citizen (by virtue of being born in Hawaii) and a citizen of the United Kingdom and Colonies (or the UKC) by virtue of being born to a father who was a citizen of the UKC. “
Please remember, this site is condoned by the campaign of Mr. Obama. Mr. Obama's recent address regarding his father substantiates the information contained there.
The=0 Asite is clear about the fact that Mr. Obama would have had dual citizenship with Kenya until the age of 21.
The second site I will direct you to is:
http://texasdarlin.wordpress.com/
Because Mr. Obama was adopted by Lolo Soetoro, and became an Indonesian citizen at that point, technically, his Kenyan citizenship ended with his adoption as Kenya and Indonesia do not recognize dual citizenship. Mr. Obama has never renounced his Indonesian citizenship, nor has he taken an oath of citizenship in the U.S. as a “naturalized” citizen. I believe the article listed at:
http://texasdarlin.wordpress.com/2008/09/30/obama-is-indonesian/
should be sufficient for the State of Illinois to remove Mr. Obama as an elected official in this State. I also believe it is sufficient to remove his name from the November ballot, as it DOES prove he has held dual citizenship and is therefore legally ineligible to be President.
Mr. White, clearly the State of Illinois has not done it's job to protect the citizens of this great State from a candidate who is very probably illegally holding an office in this State! This has no bearing on filing legal objections to a candidate's petition to run for an office. It has EVERYTHING to do with whether a sitting official should be removed from an office for breaking the law. You know well, that had he committed any illegal act, he would be removed from office. I believe this is just as serious as any other criminal act requiring removal from office.
I have twice previously demanded that you investigate the charges of ineligibility of Mr. Obama, and I believe twice you have ignored my requests. I am asking now that you fulfill your responsibility to the people of the State of Illinois and act appropriately. Clearly, if the Board of Elections had properly investigated the eligibility of candidate Obama, much of this enormous embarrassment could have been avoided. We are now in a situation, where the failings of officials in Illinois, have likely caused an egregious embarrassment to all Americans, by a llowing our State to be the accepted “vetting process” of a candidate clearly ineligible to run for the Presidency.
I hope that this embarrassment will insure that future candidates for any office in the State of Illinois will be appropriately investigated for eligibility requirements for the office for which that candidate is initiating a campaign.
I hope you will also take any necessary steps to remove Mr. Obama from the office of Senator until such time as he fulfills his legal obligations to the people of the State of Illinois. If in fact, you find that he has obscured or obfuscated, or attempted to obscure or obfuscate, any documentation that would have proven his ineligibility, I will expect that he will be indicted and tried. I would consider any attempt to hide his ineligibility to be malicious.
I am hoping to have a response from you on this, my third attempt to insure that the people of Illinois are protected. Perhaps you do not find any of this serious, but I do. Your apparent refusal to deal effectively with this situation will not benefit anyone. The best resolution to this problem, is to make pub lic any and all documentation obtained in your investigation.
I remain sincerely,
I have written to you previously, requesting that you investigate charges that Barack H. Obama is not a U.S. citizen.
I now direct you to two websites, the first is an advocate site of Mr. Obama called “factcheck.org”. I direct you to this article published there:
“http://www.factcheck.org/askfactcheck/does_barack_obama_have_kenyan_citizenship.html”
which in part states:
“When Barack Obama Jr. was born on Aug. 4,1961, in Honolulu, Kenya was a British colony, still part of the United Kingdom's dwindling empire. As a Kenyan native, Barack Obama Sr. was a British subject whose citizenship status was governed by The British Nationality Act of 1948. That same act governed the status of Obama Sr.'s children:
British Nationality Act of 1948 (Part II, Section 5): Subject to the provisions of this section, a person born after the commencement of this Act shall be a citizen of the United Kingdom and Colonies by descent if his father is a citizen of the United Kingdom and Colonies at the time of the birth.
In other words, at the time of his birth, Barack Obama Jr. was both a U.S. citizen (by virtue of being born in Hawaii) and a citizen of the United Kingdom and Colonies (or the UKC) by virtue of being born to a father who was a citizen of the UKC. “
Please remember, this site is condoned by the campaign of Mr. Obama. Mr. Obama's recent address regarding his father substantiates the information contained there.
The=0 Asite is clear about the fact that Mr. Obama would have had dual citizenship with Kenya until the age of 21.
The second site I will direct you to is:
http://texasdarlin.wordpress.com/
Because Mr. Obama was adopted by Lolo Soetoro, and became an Indonesian citizen at that point, technically, his Kenyan citizenship ended with his adoption as Kenya and Indonesia do not recognize dual citizenship. Mr. Obama has never renounced his Indonesian citizenship, nor has he taken an oath of citizenship in the U.S. as a “naturalized” citizen. I believe the article listed at:
http://texasdarlin.wordpress.com/2008/09/30/obama-is-indonesian/
should be sufficient for the State of Illinois to remove Mr. Obama as an elected official in this State. I also believe it is sufficient to remove his name from the November ballot, as it DOES prove he has held dual citizenship and is therefore legally ineligible to be President.
Mr. White, clearly the State of Illinois has not done it's job to protect the citizens of this great State from a candidate who is very probably illegally holding an office in this State! This has no bearing on filing legal objections to a candidate's petition to run for an office. It has EVERYTHING to do with whether a sitting official should be removed from an office for breaking the law. You know well, that had he committed any illegal act, he would be removed from office. I believe this is just as serious as any other criminal act requiring removal from office.
I have twice previously demanded that you investigate the charges of ineligibility of Mr. Obama, and I believe twice you have ignored my requests. I am asking now that you fulfill your responsibility to the people of the State of Illinois and act appropriately. Clearly, if the Board of Elections had properly investigated the eligibility of candidate Obama, much of this enormous embarrassment could have been avoided. We are now in a situation, where the failings of officials in Illinois, have likely caused an egregious embarrassment to all Americans, by a llowing our State to be the accepted “vetting process” of a candidate clearly ineligible to run for the Presidency.
I hope that this embarrassment will insure that future candidates for any office in the State of Illinois will be appropriately investigated for eligibility requirements for the office for which that candidate is initiating a campaign.
I hope you will also take any necessary steps to remove Mr. Obama from the office of Senator until such time as he fulfills his legal obligations to the people of the State of Illinois. If in fact, you find that he has obscured or obfuscated, or attempted to obscure or obfuscate, any documentation that would have proven his ineligibility, I will expect that he will be indicted and tried. I would consider any attempt to hide his ineligibility to be malicious.
I am hoping to have a response from you on this, my third attempt to insure that the people of Illinois are protected. Perhaps you do not find any of this serious, but I do. Your apparent refusal to deal effectively with this situation will not benefit anyone. The best resolution to this problem, is to make pub lic any and all documentation obtained in your investigation.
I remain sincerely,
Monday, September 29, 2008
Triumph of the Little Guy
Today's defeat of HR 3997, the bailout, is a triumph of democracy over privilege. I made the mistake of betting that the bill would pass and so lost a bit of money, but it is wonderful to see a slight stirring of Jacksonian freedom in a country that has travelled all to far along the road to serfdom.
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