Will Collier, formerly of Vodka Pundit, has set up his own blog.
Category Archives: Media Criticism
The Alternate Reality
…in which the administration lives, that results in their selling out of Israel:
I would sum it up as a growing administration belief that solid U.S. support for Israel is probably the reason for radical Islamic anti-American terrorism; and, secondly, the Palestinian issue can be best resolved with the return of Israel to the 1967 borders. Apparently, this thought stems from the assumption that there has been a radical reappraisal about Israel on the part of the Arab nations, and Islamic world at large, who in toto have now accepted Israel’s right to exist. Therefore, with the casus belli removed, in the future we should expect no more wars — like 1948, 1956, and 1967, when Israel did not hold the Golan Heights or the West Bank. Accordingly, the withdrawals from Lebanon and Gaza were positive first-steps and left stability in their wake.
I suspect that Netanyahu knows that he’s on his own now.
What Does The Tea Party Mean?
Some sobering thoughts. I was discussing this with a very pessimistic friend at dinner last night.
[Late morning update]
Some reports from protests around the country, and thoughts about the implications.
Barack Obama’s Straw Men
What Is “The Bush Moon Plan”?
Whatever it is, AvWeek says that the Obama administration is going to “stick with it.”
The fiscal 2010 NASA budget outline to be released by the Obama Administration Feb. 26 adds almost $700 million to the out-year figure proposed in the fiscal 2009 budget request submitted by former President Bush, and sticks with the goal of returning humans to the moon by 2020.
Well, the story doesn’t support the headline. What they’re sticking with is the goal, not the plan (which is a description of how the goal is to be achieved). It’s hard to know whether this is good news or bad. It depends on whether or not the “plan” (i.e., Constellation/ESAS) is going to be stuck with. We still have no information about the plan.
That’s Not The John Maynard Keynes That I Knew
Apparently, President Obama and the Congressional Democrats have thrown Keynes under the bus, too, even though they don’t realize it:
…it is true that government direction of capital is something Keynes advocated. But the current direction of capital by government is being conducted in a manner that flies in the face of Keynes’s underlying justifications for such state involvement.
For example, the stimulation of investment has thus far been ad hoc. The Treasury and Federal Reserve have infused capital into some firms but not others. In the case of financial firms, the rationales have been to promote liquidity or prevent insolvency or both. The government has moved on to direct capital into the troubled automobile industry. The Federal Reserve and the Treasury are buying mortgage-backed securities, thereby making more credit available to the housing industry. The construction trades are expecting a huge infusion of capital under the rubric of “infrastructure” spending. And now an enormous list of other industries has been approved for temporary stimulation by the Obama administration.
It is difficult to imagine that Keynes would be enthusiastic about these temporary and discretionary policies given his diagnosis of the fundamental problem.
The historical record is helpful here. Keynes opposed immediate, short-term stimulus in 1937 when the British unemployment rate was 11 percent—much higher than we are experiencing today. Furthermore, he opposed temporary reductions in the short-term rates of interest because he believed that variability of interest rates sent the wrong long-term message. As he argued in “How to Avoid a Slump,” an article in the Times of London newspaper, “A low enough long-term rate of interest cannot be achieved if we allow it to be believed that better terms will be obtainable from time to time by those who keep their resources liquid.”
Of course, most of these people are far too economically illiterate to even understand Keynes. Instead, they simply adulate him as a god and use him as an excuse to do what they want to do anyway, regardless of whether or not it’s truly Keynesian.
[Update early evening]
More historical ignorance: Barack Obama versus Henry David Thoreau. Now, Thoreau was actually sort of a loon, and his “wisdom” is highly overrated, as P. J. O’Rourke has amusingly pointed out in the past, but the notion that the small-government philosopher would have approved of the “stimulus” plan is ludicrous.
The Democrat War On Science
John Tierney has some useful thoughts on the politicization of science in the new administration:
Most researchers, Dr. Pielke writes, like to think of themselves in one of two roles: as a pure researcher who remains aloof from messy politics, or an impartial arbiter offering expert answers to politicians’ questions. Either way, they believe their research can point the way to correct public policies, and sometimes it does — when the science is clear and people’s values aren’t in conflict.
But climate change, like most political issues, isn’t so simple. While most scientists agree that anthropogenic global warming is a threat, they’re not certain about its scale or its timing or its precise consequences (like the condition of California’s water supply in 2090). And while most members of the public want to avoid future harm from climate change, they have conflicting values about which sacrifices are worthwhile today.
A scientist can enter the fray by becoming an advocate for certain policies, like limits on carbon emissions or subsidies for wind power. That’s a perfectly legitimate role for scientists, as long as they acknowledge that they’re promoting their own agendas.
But too often, Dr. Pielke says, they pose as impartial experts pointing politicians to the only option that makes scientific sense. To bolster their case, they’re prone to exaggerate their expertise (like enumerating the catastrophes that would occur if their policies aren’t adopted), while denigrating their political opponents as “unqualified” or “unscientific.”
“Some scientists want to influence policy in a certain direction and still be able to claim to be above politics,” Dr. Pielke says. “So they engage in what I call ‘stealth issue advocacy’ by smuggling political arguments into putative scientific ones.”
My concern with Chu and Holdren is that they are Club of Rome types who seem to be anti-technology. I’m sure that they would say that they are in favor of “appropriate” technology (yet another leftist theft of an intellectual base, like “progressive”), but it amounts to having no faith in our descendants to come up with technological solutions to today’s burgeoning problems. That inability to account for technological improvement is at the heart of apocalyptic predictions like world-wide famine and California agriculture drying up from lack of water. It’s that same blindness (and ignorance of basic economics) that resulted in Holdren and Ehrlich losing their bet with Julian Simon
Not to say, of course, that famines and droughts can’t occur, but if they do, it will be a result of foolish (or evil) government policies, not an overabundance of carbon in the atmosphere.
Missing George Bush
The Anchoress does. It would have been hard to imagine a year ago, but President Obama has achieved the seemingly impossible. I do, too. Certainly our portfolio does. That’s more of a commentary on President Obama than on President Bush, though.
The Next Stage Of Wrecking The Economy
Get ready for the cram down:
Now, maybe higher interest rates on home loans would be a good thing. Home ownership is heavily subsidized in this country, and the reason bankruptcy law currently protects banks from losses on principal is so that they can keep mortgage-interest rates low. But is Congress really going to let mortgage-interest rates rise as a result of this new law? Liberal interest groups already think credit-card interest rates are a crime against humanity. Can you imagine the hue and cry whenever mortgage-interest rates start to tick up?
The more likely scenario is that Congress passes some new law that keeps mortgage-interest rates suppressed, even though the new bankruptcy law has exposed banks to greater risk. If your goal is to re-inflate the housing bubble and create another credit catastrophe, well, there you go.
It’s truly infuriating the way politicians muck with the market, then implement more mucking to deal with the unintended consequences of the first muck, and then blame laissez-faire capitalism for the problems. And the media let them get away with it, repeatedly.
The Man Who Talked Back
In 1937, there was a radio debate between Wendell Willkie— later to become the 1940 Republican presidential nominee—and Franklin Roosevelt administration official Robert Jackson—later a Supreme Court justice—about the proper economic role of government. (The event and its fallout are wonderfully described in the outstanding book “The Forgotten Man” by Amity Shlaes.)
By all accounts, Willkie won easily by arguing that FDR’s efforts at nationalizing the utilities industry, his dramatic tax increases, and his administration’s push for prosecutions of businessmen had frozen the private sector with fear and prevented the country from returning to prosperity. The Saturday Evening Post would later dub Willkie “The Man Who Talked Back” against the New Deal and Big Government. I would love to see a debate between Santelli and Obama spokesperson Robert Gibbs.
Yeah, I’d pay to see that, but they’d have to institute a mercy rule, I think, after the first ten minutes.
I hope that Santelli is ready for his upcoming IRS audit.