Category Archives: Political Commentary

Restoring The First Amendment?

Could SCOTUS be prepared to overturn McCain-Feingold, six years late?

I hope so. Supporting it was one of Sandra Day O’Connor’s more boneheaded decisions, and I hope that replacing her with Alito makes the difference.

I’ve always thought that George Bush’s signing the thing was an impeachable offense, since he took an oath to uphold the Constitution, but freely admitted that he was signing a bill that he viewed as unconstitutional. He was supposed to do his job, not kick it upstairs to the court and hope they’d do theirs.

Alice In Wonderland Continues

If the problem was too little regulation, then why are the unregulated institutions being used to bail out the regulated ones?

I wish that someone had asked the president that question last night. And here’s another missed opportunity — if the solution to our problem is nationalizing health care, why is Europe, where they did that years ago, having the same problems we are?

[Update a couple minutes later]

Here are some more questions that should have been asked last night:

Mr. President, a staple of Democratic party rhetoric over the years is that the GOP is the party of big business and the Democratic party is the party of the working man. Yet it would appear to the casual observer that Wall Street banks have hijacked your administration and are moving heaven and earth to socialize their staggering losses. Do you find it worrisome that Republicans are now increasingly inclined to argue that what’s good for Citigroup is not necessarily good for America, reversing the long-established rhetorical order of the political universe? And how comfortable are you with your progressive allies who are now wondering aloud about an administration that argues that bankruptcy is only an option for “the little people”?

We may not have the best government that money can buy, but we definitely have one that money can buy.

[Update a few minutes later]

Here’s an excerpt from the Barone piece that I’ve been thinking about for a while:

Democrats like Barack Obama and Barney Frank, at least on the campaign trail or in sound bites, have portrayed the financial crisis as the product of deregulation. The solution, they say, is more regulation. In that vein Frank, one of the brainiest members of Congress, is proposing that the Federal Reserve become a regulator of systemic risk, with the power to regulate firms that because of their size or strategic position are of systemic importance.

My American Enterprise colleague Peter Wallison has argued powerfully that this is a bad idea. Neither the Federal Reserve or other regulators identified the systemic risk which caused this crisis. Neither did most financial institutions or investors. Systemic risk is hard to identify for the very reason that it is systemic: It results from just about everyone doing what turns out to be the wrong thing. (Housing prices will always go up, therefore there is no risk in buying mortgage-backed securities, etc.) Identifying some firms as posing systemic risk is saying that they are too big to fail, in which case they’ll take undue risks and end up having to be bailed out by the government. These strike me as very strong arguments.

I would have a lot more confidence going forward if the people running things now weren’t the same people who didn’t see this coming (and in the case of Barney Frank and Chris Dodd, and Charles Schumer, partially responsible for it). Why not put Peter Schiff in charge? He’s one of the few who actually called it far ahead of time. Of course, the last thing that this administration wants is someone who actually understands economics.

Hookers And Congressmen

…and staying bought. Some thoughts from Glenn Reynolds:

it wasn’t just AIG: Wall Street in general gave profligately to Barack Obama, and to Democrats generally, in 2008. Yet now, when the polls shift, all of those politicians who were so happy to take the cash are suddenly pretending they have never even heard of Wall Street. Instead they’re getting behind punitive taxes, protesters steered to executives’ homes and what both the Financial Times and the New York Daily News have called a “witch hunt” against bankers and brokers.

As Joseph Nocera wrote in the New York Times, “Congress, with its howls of rage, its chaotic, episodic reaction to the crisis, and its shameless playing to the crowds, is out of control. This week, the body politic ran off the rails.” They probably acted nicer when they were asking for money just a few months ago.

If these donations had been given out of love and admiration, Wall Street donors would have reason to feel jilted. But if–as is generally the case with political donations–they were more in the order of protection money, then Wall Street donors may instead feel duped. They might want to ask themselves what protection, exactly, they got for their investment.

And more from Jonah Goldberg:

The Democrats were whorish in their quest for AIG money. But once the money stops flowing and the neighbors are watching, the Democrats suddenly pretend they never wore the naughty librarian outfit for their Wall Street Johns.

As Glenn says, it might be refreshing to see businessmen support politicians who support free markets. Some do, but too many don’t. Because we’ve let the government get out of control, they get far too much financial leverage from their political contributions. As Glenn notes, when an investment in a politician has a much higher payoff than an investment in (say) plant, the country has gone far off the rails from what the Founders intended.

Listen To The Europeans

The EU president says that our current economic plans are a “road to Hell.”

He slammed the U.S.’ widening budget deficit and protectionist trade measures — such as the “Buy America” policies included in the stimulus bill, although Obama has said he opposes protectionism in principle.

Topolanek said that “all of these steps, these combinations and permanency is the road to hell.”

“We need to read the history books and the lessons of history and the biggest success of the (EU) is the refusal to go this way,” he said.

I guess we’re only supposed to emulate them when they promote socialism. Anyway, history is apparently not the strong suit of those running either the White House or Congress.

The King Of False Choices

Some thoughts on one of the president’s more duplicitous rhetorical tactics:

I thought of a few of Obama’s statements along these lines. We choose either his entire program of massive deficit spending or we choose “an economy built on reckless speculation, inflated home prices, and maxed-out credit cards.” We either choose his budget, which is “inseparable from this recovery,” or we go back to “the very same policies that have led us to a narrow prosperity and massive debt.”

Obama frames himself as the man with all of the solutions. Even if America has experienced noteworthy bubbles and busts of some kind in nearly every decade of its existence, we’ve never had a leader like Barack Obama before, so maybe we can prevent it from ever happening again:

[T]he most critical part of our strategy is to ensure that we do not return to an economic cycle of bubble and bust in this country…The budget I submitted to Congress will build our economic recovery on a stronger foundation so that we don’t face another crisis like this 10 or 20 years from now.

Those who have other ideas, who worry about nationalization of the economy, the doubling of the national debt in six years, and who fear that they are watching the nation collectively drink Drano to fix its stomach-ache — we call them “nay-sayers.”

And haters. And racists.

[Update a couple minutes later]

Only peripherally related, but here’s someone diagramming an Obama sentence.

Unlike the blogger and commenter, I never enjoyed, or was very good at, diagramming sentences. Fortunately, though, like spelling, I seem to have a good innate sense of English grammar.

The Other “Racism”

[Update and Wednesday morning bump]

Gay Patriot notes that Congressman Frank is a serial offender in smearing those with whom he disagrees, including the “R” word:

Last fall, he accused conservatives of racism for linking the financial meltdown to the Community Reinvestment Act and the mismanagement of Fannie Mae and Freddie Mac.

When, on the campaign trail, then-Republican presidential nominee John McCain made an issue of the Massachusetts Democrat’s proposals to raise taxes, increase domestic spending and gut the defense budget,* Barney called the attack on his statements, “an appeal to prejudice.”

Smart as Barney is, he has shown little capacity to understand conservative ideas, smearing his ideological adversaries rather than countering their arguments. Is this the kind of man we want as the “most prominent openly gay politician in America”?

I wouldn’t think so, but you’ve got him.

[Update mid morning]

Ann Althouse says that Barney Frank can’t read:

That’s plain old deference to the democratic process and a resistance to creative interpretation of constitutional text. There is nothing — absolutely nothing — to support the proposition that Scalia thinks it’s a good idea to lock up gay people. It’s the usual notion that judges shouldn’t be basing their decisions on whether they think a statute is a good idea or not. It’s the same point made by Justice Thomas (who, Frank says, is not a homophobe).

As her first commenter says, Barney Frank should be as big an embarrassment to the gay community as David Duke was to the white community.

[Here’s yesterday’s post.]

My disgust at Congressman Frank knows no bounds, and it’s not because I’m a “homophobe.” It’s because he’s an arrogant power-hungry corrupt demagogue. In his vile ad hominem attack on Justice Scalia, calling him a homophobe, he attempts to delegitimize his arguments, just as he and others attempt to shut down other debates by calling those who disagree with them “racists,” or “haters” (as one foolish commenter did here the other day).

Part of the mendacity of their argument, of course, is to blur the distinction between process and result. My understanding of Justice Scalia’s position is not that he is personally opposed to gay marriage (though he may well be, perhaps is likely to be). It is that there is no intrinsic right to it in the Constitution, and if proponents want there to be, they have to amend the Constitution. What he personally thinks about it, or whether or not he is truly homophobic (I doubt that, at least by any sane definition of that word, as opposed to “being opposed to changing the long-understood definition of marriage”) is completely irrelevant, and orthogonal to the Constitutional validity of his position.

It is similar to Roe, in which many (perhaps even most) believe that if you favor Roe you favor abortion on demand and if you oppose it, you oppose that. But as I’ve noted in the past, one can be pro-choice, or indifferent to it as a matter of law (which is pretty much my position) and still think Roe a Constitutional atrocity, because it granted a right not to be found there, other than in emanations of shadows of penumbras. Similarly, one could (in theory) be morally opposed to abortion, but think Roe rightly decided (though there are very few actual people who would take such a position).

As Ed Whelan notes, Scalia’s position was not about whether or not he likes the Defense of Marriage Act, but whether or not it is Constitutional. And if he is a homophobe, he’s in pretty good company:

The Defense of Marriage Act was approved by overwhelming majorities in each House of Congress (85-14 in the Senate, 342-67 in the House) in 1996 and signed into law by President Clinton. Senators in favor of DOMA included Biden, Bradley, Daschle, Kohl, Leahy, Levin, Lieberman, Mikulski, Murray, Reid, Sarbanes, and Wellstone. Millions and millions of voters in state after state have acted to preserve traditional marriage. Does Frank regard all these Americans as “homophobes”?

Scalia’s position is based on his view of originalism, not on his view of gay marriage, just as are his positions on numerous other issues for which fascists like Barney Frank revile him. My reading of him is that he, more than probably any other sitting member of the court, pretty thoroughly divorces his views of the issues from his assessment of their Constitutionality, which is what a justice is supposed to do. Which of course is exactly why the Franks of the world slander him:

Frank wants liberal activist justices who will indulge his and the Left’s own policy preferences on homosexual matters (and so much more). That’s his real beef with Scalia, and he’s masquerading it under the “homophobe” label.

I’ll leave to others whether Frank’s name-calling is a tactic designed to distract attention from his role in causing the ongoing financial crisis.

I wouldn’t argue with the proposition.

[Afternoon update]

Heh. Scalia urges patience with Barney Frank’s heterophobia.

Recognizing Reality

Astrium has officially shelved its nutty suborbital project:

“The world economic situation has created a difficult near term environment in which to finalise ongoing discussions with investors. Astrium is to temporarily slow down the technical activities focusing on core risk mitigation for the project. The [space jet] team achieved impressive results in the pre-development phase particularly in the field of propulsion technology. Astrium sees suborbital flight as a promising area because of the emerging space tourism market.”

They had no sensible business case even in a booming economy. There was never any way that a vehicle with a billion-dollar development cost was going to compete with the other players.

Unless, of course, they were hoping to pull a Concorde, and have the taxpayers pick up the tab.

[Update a while later]

More thoughts from Doug Messier, with a roundup of the competition.