I received an e-mail from Bill Wilson that carried the "Daily Grind", which is produced by GetLiberty.org "in affiliation with Americans for limited government". Rich's article is available on GetLiberty.org. Rich notes that:
"Coverage of the coronation of President-elect Barack Obama has practically ground to a halt, as have media reports on the steadily deteriorating state of our nation's economy. A multi-billion bailout for Detroit? Another Kennedy seeking elected office in New York? A pair of shoes thrown at President George W. Bush?
"It seems all of these stories are playing second fiddle to Chicagoland's scheming, foul-mouthed governor, his screaming 'Lady MacBeth' and the growing list of politicians caught up in their insidious web."
But, Rich points out, legalized corruption, the ultimate fruit of Progressivism, is widespread in Washington:
"The truth is that government entities dole out multi-million dollar contracts, make major regulatory decisions and pass new laws every day in America based on nothing more than who cut the biggest check to the politicians' campaign coffers. In fact, many of these deals come in the form of secretive "no-bid" contracts that often directly benefit politicians' friends and family members.Sadly, the vast majority of these "pay-to-play" scams are perfectly legal..."
But Rich points out that there is hope:
"In Colorado last month, voters took a stand against this pervasive culture of political corruption in America. Over the objection of virtually every elected official (and every public and private sector labor union in the state), citizens passed a comprehensive clean and open government measure that dramatically alters the status quo conditions responsible for politicians' egregious behavior.
"In addition to severely restricting political contribution's from no-bid government contractors including public sector unions, Colorado's new law also creates an online database where taxpayers will be able to follow how every cent of their money is being spent."
Let us applaud GetLiberty.org and its struggle for reform!
Saturday, December 20, 2008
"I Lost My Country"
Herb London has an excellent post on Powerline Blog in which he argues that America has fundamentally changed direction:
"The America of now is one where Orwellian logic rules. Redistribution of wealth is fairness. Taxes are patriotic. The free market should be a regulated market. Big government is good for you. Politicians know what kind of health care is best for you. Choice should be limited, except when it comes to abortion. Power comes from being powerless. Progressive education is designed to promote progress toward socialism. Race doesn't count unless a person of color tells you it counts. Higher education gets lower each year. Those who create our problems should be asked to solve them. Religion should be a private matter that does not inform public morality. Liberal is radical. Free speech is selective speech. Courage is impetuousness."
Read the whole thing here.
"The America of now is one where Orwellian logic rules. Redistribution of wealth is fairness. Taxes are patriotic. The free market should be a regulated market. Big government is good for you. Politicians know what kind of health care is best for you. Choice should be limited, except when it comes to abortion. Power comes from being powerless. Progressive education is designed to promote progress toward socialism. Race doesn't count unless a person of color tells you it counts. Higher education gets lower each year. Those who create our problems should be asked to solve them. Religion should be a private matter that does not inform public morality. Liberal is radical. Free speech is selective speech. Courage is impetuousness."
Read the whole thing here.
Friday, December 19, 2008
Sex and the Oil Barrel
The Wall Street Journal reports that depression fears and continued OPEC production have driven oil prices to four year lows. The pro shares ultra oil and gas etf (DIG) which holds oil company stocks (Exxon is 23% of its holdings) and is 50% leveraged (in other words "The fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Oil & Gas Index") was down 11.7% yesterday.
Few can disagree that buying at a bottom is better than sex. But how far does the oil barrel need to "go down" before we conclude there is a market bottom? The Journal says that this a four-year oil low. Despite the drop from $145.29 to $38, a 74% drop that rivals the tech stocks' fall seven years ago, I would rather be holding oil barrels than dollars, given the hyperinflationary policies of the Reinflateocrat Party!
Back in April '01 I put in a buy for the then QQQ (now QQQQ) for $35. My student, a professional trader who specialized in the Q's, argued that it would never fall that low. In fact, it did, right after 9/11. It ended up falling to something like $17, but then came back to the '40s. Now, in memory of the Q's, should I put in a buy on an oil fund at $35/barrel???
Few can disagree that buying at a bottom is better than sex. But how far does the oil barrel need to "go down" before we conclude there is a market bottom? The Journal says that this a four-year oil low. Despite the drop from $145.29 to $38, a 74% drop that rivals the tech stocks' fall seven years ago, I would rather be holding oil barrels than dollars, given the hyperinflationary policies of the Reinflateocrat Party!
Back in April '01 I put in a buy for the then QQQ (now QQQQ) for $35. My student, a professional trader who specialized in the Q's, argued that it would never fall that low. In fact, it did, right after 9/11. It ended up falling to something like $17, but then came back to the '40s. Now, in memory of the Q's, should I put in a buy on an oil fund at $35/barrel???
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