American Elephants

Blaming Others for Your Mistakes is a Character Defect. by The Elephant's Child

According to Gallup, something like 68 percent of the American people blame Bush for the recession and the current economy. This is proof of the Big Lie theory, that if you repeat something often enough, then people will believe it, no matter how much of a lie it may be.Perhaps the most notable fact about the Obama administration is that Obama is never to blame for anything.

Certainly the recession began during the Bush administration, in 2007 with Nancy Pelosi and Harry Reid in control of Congress. Congress passed the Dodd-Frank Act under the impression that the failure of Lehman Brothers caused the ensuing chaos — which caused the provision in the bill for “orderly resolution’ of firms in danger of failing. But the financial crisis was not caused by the failure of one firm, but by a ‘common shock’ to all of them: the sudden decline in mortgage values when the housing bubble collapsed, exacerbated by mark-to-market accounting, and the securitizing of bundles of mortgages.

It was errors and failures of government that fomented the housing bubble, beginning with the Community Reinvestment Act, and continued under many administrations, including Bush’s to get more people into their own homes. When that didn’t proceed fast enough, Congress demanded that banks give loans that prudent rules of banking would not have permitted. But recessions, even those caused by a common shock, want to recover.

Businessmen want their businesses to grow and succeed, and left alone, an economy will recover, as it did under the Harding administration. The more a government does to fix things, the longer the recession will probably be.

Once Obama had initiated his Stimulus (The American Recovery and Reinvestment Act) he turned immediately to the programs he wanted to pass. The Stimulus, of course, was a flop. The Auto bailout has left taxpayers deeply in the hole. The bailout was aimed at taking care of the United Auto Workers whose overgenerous salaries and benefits were the reason the automobile companies failed in the first place. Bankruptcy court would have reined that in, and made long-term survival more likely.

Cash for Clunkers was a dreadful failure that destroyed the used car market for years. ObamaCare will be ruled on by the Supreme Court this next week, and now Dodd-Frank looks to be headed for the Supreme Court with a major lawsuit filed, questioning its constitutionality. Dodd-Frank was meant to strengthen the financial system, but it simply did not deal with the “too big to fail” problem at all.

Recessions want to recover. The Bush recession officially ended in June of 2009.Since then, it has been Obama’s very own problem to deal with, and he has not done well. I am, I freely admit, partisan, But I cannot find one thing that Barack Obama has done well, that has not mad things distinctly worse. Now we top off the failed programs, the wasted expenditures,  with a whole raft of scandals. Fast and Furious is a dreadful, murderous program caused by the Obama administration.   The ongoing leaks of our most classified secrets will harm the nation’s security and may cost many lives — all to enhance a president’s foreign policy resume. His latest pander to the Hispanic bloc is also said to be an unconstitutional power grab. He admitted himself that he does not have the power to reform immigration.

We need some truth from the administration, and some respect for the laws,  the constitution, and the separation of powers.

The Total Fraud of Obama’s ‘Green-Jobs’— Exposed. by The Elephant's Child

According to the National Renewable Energy Laboratory, which is a part of the U.S. Department of Energy, Section 1503 of the American Recovery and Reinvestment Act (the Stimulus), the part of the act that covers green energy projects got $9 billion of stimulus cash for 2009-2011. Nine billion. It also created a grand total of 910 direct jobs, those that were directly involved in the ongoing operation of the wind and solar projects that were funded by the Act. Investors described their detective work:

Now, the report doesn’t come right out and say this. You have to pick through it and look past the “indirect” jobs said to have been created by the manufacture and installation of the bird-chopping wind turbines and water-cleansed solar panels.

The administration has a most curious way of describing what a green job is, but if you count just the “direct” jobs, it cost taxpayers $9.8 million to create each of those long-term jobs.

Throw in the indirect jobs supporting the direct jobs estimate of 4,600 (we’re confused too) and there are 5,510 total jobs (direct and indirect). Starting with the $9 billion in grants, the result to establish 5,510 jobs averages out to $1.63 million per job.

John Galvin, the Bureau of Labor Statistics acting commissioner. was grilled by Rep. Darrell Issa, (R-CA) on what actually constitutes a “green job.” Which provides a welcome dose of humor. But $1.63 million per job is a  little startling. Obviously the $1.53 million did not go to the bus drivers and guy who put gas in the school bus. I wonder where it went?

Richard Epstein on “Crisis and the Law” by The Elephant's Child

This Uncommon Knowledge conversation with Richard Epstein was uploaded by the Hoover Institution on March 31, 2009. Richard Epstein is considered one of the most influential legal thinkers of modern times, and his libertarian views on the financial crisis are deeply interesting. But Epstein knew Barack Obama at the University of Chicago, and through his next-door neighbor who was Obama’s best friend.

Conservatives have spent 3 1/2  years trying to understand Barack Obama and his actions. I have found Richard Epstein’s comments about Obama to be the best guide to all things Obama that I have seen anywhere. And yet, as Epstein says, he doesn’t really know him at all. I have watched the whole interview several times, and will probably watch it many more. His discussion about his personal and professional associations with Obama starts at 20:36, and lasts around ten minutes. But the whole conversation is valuable.

The conversation ranges through the importance of contracts, the constitutionality of the taxation of AIG executives and the Employee Free Choice Act, the stimulus and the Auto Company bailouts. Peter Robinson is a wonderful interviewer. Enjoy. This is special.

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