EckerNet.Com

Reportedly President Obama was recently heard to utter \”Plug the damn hole!\”. I heard the comment out of context so I was momentarily confused regarding which hole he was referring to. Several possible options immediately came to mind…

Was it Biden\’s mouth?? From which so much comedy gold easily flows…much to the embarrassment, if they\’re smart enough to be, of the Obama Administration.

Was it the holes in the border? The holes through which millions of illegal aliens, including violent criminals, constantly flows. So much so that Arizona finally gave up on the federal government doing it\’s job and adopted Federal (and California) law, as it\’s own.

Was it the holes in public opinion? Obviously there must be one somewhere because Obama\’s approval ratings have been sinking across all demographics.

Was it Nashville, TN? The city which was under several feet of water for a days and days without warning….not that you\’d know it from the federal governments non-response.

What it TARP and the bailouts?? Through which we\’ve pissed away billions of dollars to no apparent benefit, except to nationalize the auto and student loan industries?

Was it Obamacare? Through which we\’re about to piss away billions of dollars more, to no apparent benefit, and quite possibly catastropic results???

Was it the upcoming The American Jobs and Closing Tax Loopholes Act of 2010?? A bill which pisses away even more billions by increasing spending by $174 billion, through $40 billion in tax increases and $134 billion in deficit spending…again to no apparent benefit.

Was it the SEIU?? Through which, while most Americans 401K plans are sinking, we\’re about to bailout underfunded and over generous union pension plans to the tune of $165 billion….because union bosses mismanaged the funds during good times, such as spending $85 million on getting Obama elected.

Is it the spot where the federal budget should be?? Because while they have an 18-seat majority in the Senate, more than a 70-seat majority in the House, and they control the White House, they still can\’t manage to even propose a budget….which leaves two possibilities, incompetence or apathy.

What hole was it that Obama angerly interrupted an aide and demanded that they \”plug the damn hole!\”

Turns out it was just that oil leak in the Gulf…the one the Federal government dithered about upon for over a week and still haven\’t gotten their act in gear. Turns out they are considering taking over from BP to address the issue….even though, by their own admission, they couldn\’t do any better job than BP has done.

At least BP is trying, which is more than can be said for the Federal government, as the state of Louisana can tell you.

At least BP is accountable to stockholders, who is the federal government accountable to….the voters?? The Obama administration has long since shown they don\’t give a damn what the voters think, as adequately evidenced by Obamacare, the AZ immigration bill, terrorist trials, bailouts and their rampant deficit spending.

No Obama, the only hole I wish was filled is the gaping chasm which appears to exist between your ears.

[Crossposted at True North]

The Commerce Department is apparently celebrating over…

The U.S. economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fueling an unexpectedly strong advance.

Signaling the end of the worst recession in 70 years, the Commerce Department on Thursday said the economy expanded at an annual rate of 3.5 percent in the July-September period, snapping four down quarters with its fastest growth pace since the third quarter of 2007.

Problem is all the reason for the \”growth\” was extremely temporary.  Tax credits will provide a temporary boost, and it\’s already dropping off.  Cash for Clunkers is the same way, although it did the additional damage off removing perfectly good resources from the national inventory.  Both did little more than changing the timing of purchases that already would have been made.

It\’s the same game played by salesmen all over.  Delaying a sale close or pushing it up to meet a quota or reach the next commission hurdle.  It\’s not a new game, but when it\’s played with a single person\’s commission check it\’s harmless.  When it\’s played with our national economy it\’s a whole other ball game.  But then again I\’m not too convinced this administration doesn\’t think this is all a game.

Fact of the matter is that investment is still flat, which is pretty much required for sustained growth.  Inventories are still down.  And with Congress dragging out the health care debate, the economy must brace for a potentially huge tax increase being imposed on them.  This recession is far from over.  In fact expect an especially bad quarter coming up as purchases that would have been made, but were pushed up by tax credits and Cash for Clunkers, don\’t happen and the GDP drops as a result.

Apparently even the White House has given on up on the Stimulus package that was supposed to stimulate the economy. They are engaged in full-blown spin to convince the public that Porkulus (aka Stimulus) was never meant to stimulate, only to stabilize.

Turns out the $787 billion \”American Recovery and Reinvestment Act\” (AARA) was not designed for full economic recovery, but rather to \”stabilize\” the downturn. That\’s the word from White House officials today, who held off-camera briefings with reporters on how the AARA is working so far.

\”This legislation was designed to cushion the downturn,\” said White House Press Secretary Robert Gibbs. \”That\’s why we have always talked about this as one function of economic recovery.\”

When pressed about the change in terminology, Gibbs said he was not trying to temper expectations after the fact. \”I can probably find 15 or 20 occasions when I said this in the lead up,\” Gibbs said, explaining that he had always defined the AARA as part of a \”multi-legged stool.\”

Although as Captain Ed at Hot Air points out, as recently as YESTERDAY, the White House was making references to the Stimulus stimulating the economy.

So basically the White House flushed a trillion down the hole and is just now realizing it didn\’t work. Although they\’ve been backpedalling and backfilling (with manure) the whole time, it appears they\’ve finally decided to move the goalposts and punt for partial credit.

Yeah, it\’s annoying we just flushed a $Trillion…almost as annoying as us flushing another $Trillion on ObamaCare. And yeah, it\’s also pretty annoying the spinning and change in terminology, but that\’s what politicians do. It seems their lot in life to re-enact as much of Winston\’s Ministry of Truth as they can.

But what really amazes me is the arrogance of this administration. Every administration lies to a certain extent but this is almost amusingly behind previous examples. The blatant attempts to change terminology is ridiculous, mostly because of the era we live in. This is the age of the Internet. EVERYTHING anyone in the government has said is archived online somewhere. Trying to claim you never said it would stimulate is not only futile, but moreover it\’s offensive that you would think you can try to convince us otherwise.

Yeah, Oceania had the Ministry of Truth to falsify historical events and manufacture new convenient truth. And that may very well have been an option in decades past, where access to information was more limited. But I can pull up any speech given by the President in a matter of seconds. Trying to hide from past statements just isn\’t an option anymore. Bush and Clinton both knew this, and at least when they tried to hide from past statements they rephrased them or tried to change the meaning. Making up entire new phrases and then claiming you never said the old ones just doesn\’t work. Any attempt to make it work just ends of looking amateurish.

And perhaps that\’s the problem. We got amateurs running the front office and they are flopping on everything they do. Especially Biden, who apparently can\’t even spin convincingly:

\”I say, \’Don\’t let your opposition to the Recovery Act blind you to its results. Come see what I see everywhere I go: workers rehired, factories reopened, cops on the street, teachers in the classroom, progress toward getting our economy back on the move.\’\”

Really?? That\’s what you see?? Not according to any labor statistics anywhere that I\’ve found. Unless this is just a incredibly inept attempt at spin, someone needs to get the rubber room and that big white jacket ready for Biden.

As Nancy Pelosi, Henry Waxman, et.al. ramrod their energy taxation bill (HF 2454) through the House of Representatives,  they are, as the Wall Street Journal puts it, “simply claim[ing] the bill defies the laws of economics.”

The Journal points out that the Congressional Budget Office’s analysis claiming a $175/year cost per household by 2020 is flawed because,  as  “[t]he CBO acknowledges this in a footnote: \”The resource cost does not indicate the potential decrease in gross domestic product (GDP) that could result from the cap.\”

The Journal continues:

The hit to GDP is the real threat in this bill. The whole point of cap and trade is to hike the price of electricity and gas so that Americans will use less. These higher prices will show up not just in electricity bills or at the gas station but in every manufactured good, from food to cars. Consumers will cut back on spending, which in turn will cut back on production, which results in fewer jobs created or higher unemployment. Some companies will instead move their operations overseas, with the same result.

The Journal concludes “Americans should know that those Members who vote for this climate bill are voting for what is likely to be the biggest tax in American history.”

So we have increases in regulation that make consumers not consume and producers not produce, PLUS, effectively the largest tax increase in history.  Both will tamp down the economy.  That’s probably good enough for a prolonged economic funk, but it lacks the secret sauce to make it a REAL DEPRESSION.

However, Daniella Markheim at the Heritage Foundation seems to be on to exactly the sort of secret sauce needed to spur the selling-apples-on-the-corner economy (emphasis mine) :

Of singular concern is ensuring that U.S. firms hurt by the higher energy costs that Congress itself mandates will face minimal competition from foreign companies not hamstrung by similar domestic policy constraints. Knowing that the costs associated with cap and trade will send hard-pressed U.S. consumers and producers to lower-priced imports, some legislators seem keen on trade barriers as the easy solution–thereby raising the costs of foreign products and making them less competitive in the U.S. marketplace.

Big tax increases, productivity crushing regulation, and impending trade barriers.  NOW THAT sounds like the economic policies that led the Great Depression to be great:  The hostility to business and regulations of the New Deal “Alphabet Soup” programs, the massive tax increases passed in 1932,  and the crushing impact of the Smoot-Hawley tariffs.

The supporters of this bill either don’t understand the lessons of history, or don’t care.

Don\’t count on it.

Today Rasmussen brings word that a strong plurality of Americans think the rest of Porkulus should be cancelled since it doesn\’t appear to be working.

Forty-five percent (45%) of Americans say the rest of the new government spending authorized in the $787-billion economic stimulus plan should now be canceled. A new Rasmussen Reports national telephone survey found that just 36% disagree and 20% are not sure.

It\’s nice that they are finally on board.  And with the shift in opinion Democrat approval ratings have started to shift downward.  This is an issue that Democrats can\’t blame on Bush like they have everything else.  They\’ve invested their reputation on this and nobody has had a bigger part.

With the economy still tanking and porkulus floundering (as if it was designed to do anything else) some have started opining that this bodes particularly horrible for Democrats in the 2010 elections.  And I\’ll agree this looks bad for Democrats and public opinion is starting to show it in polls.

But let\’s also not forget that 2010 is a long ways away.  The election is a full 17 months away.  A lot can happen in that time.  For one, economic downturns always have an end.  Even the Great Depression would have ended eventually without a World War.  It\’s quite possible, maybe even probable, that by 2010 the economy, if not recovered, could certainly be in the process of recovering.

If the public is starting to see even the most basic signs of economic improvement, in spite of Porkulus, what\’s the chance that they\’ll want to change drivers?  And keep in mind Obama\’s oratory abilities and skills at spinning reality to meet what the public wants to hear.

The GOP would be wise not to depend on the craptastic performance of Porkulus.  It needs to be considered that even Porkulus might not hold this economy down until after 2010.  I don\’t know that, and I hope it\’s the case, but either way, it\’s not something one should be basing a political strategy on.

You can play along at home by answering these easy questions…

– Are you concerned about illegal immigration?
– Are you concerned with increasing federal power?
– Are you concerned with current/future restrictions on firearms?
– Are you concerned about abortion?
– Are you concerned about the loss of US sovereignty?

Basically what this boils down to is, are you conservative to any degree?

If you answered yes to any of the above, congratulations, according to the Department of Homeland Security you\’re officially a \”right-wing extremist\”!! Bob, tell them what they\’ve won!!

That\’s right John, our contestants win further intrusion upon their lives by the federal government. And you potentially get a lifetime supply Rice-A-Roni, the San Fransisco treat, lovingly prepared by fellow inmates in one of our delightful federal prisons.

Some tongue-firmly-in-cheek humor there, but it\’s based on a study by the Department of Homeland Security, the very same department that last we heard was letting us know they couldn\’t provide homeland security, yet has no need for a budget increase to take on the herculean task of quelling border violence.

Apparently if you\’re more conservative than Meghan McCain (probably 60% of the US), you quite possibly may be a \”right-wing extremist\” according to our wonderful DHS. If you\’re a veteran returning from war, you got two strikes against you, as you are quite clearly a Ted Kaczynski just waiting to happen! Supposedly the catalyst being the poor economic conditions and potential restrictive legislation being passed by the new Administration.

Now I\’m poking fun at the DHS a bit here. I understand they are attempting to do a job. And to be sure, each of the issues listed above is an issue that provokes enough passion, that in some it might lead to irrational acts. We\’ve heard of attacks on abortion clinics. Or the war vet that is having issues adjusting to life back home. Or the firearms enthusiast that decides to go Waco. But in every single instance, it has always been isolated incidents.

What I take issue with is that only right-wing extremists appear to be possible. The DHS isn\’t concerned with the rise of \”extremism\” due to bad economic conditions, they are concerned with \”right wing extremism\”, even though left wing extremism is just as common. We\’ve all heard of animal rights activists attacking scientists who use animals in experiments. We\’ve heard of environmentalists burning down buildings. We\’ve heard of gay rights activists threatening those they perceive as against their cause (i.e California in the last election). We\’ve heard of anarchists rioting and attacking police. And in the left wing examples I gave, you have liberal organizations openly endorsing those actions.

So then wouldn\’t it be more prudent for the DHS to be worried about extremism in general?? Certainly bad economic times leads to greater stress and tougher times for everyone. Wouldn\’t all be effected equally? I mean besides the Al Gore and George Soros of the world.

The right wing hardly has a monopoly on extremism, and for the most part, unlike the left, we\’ve closed our franchises. So the fact that the DHS would put out a study extolling the dangers of \”right wing extremism\” indicates more of a political agenda, than a real (or perceived) danger to public safety. And for a department that can\’t afford to play politics, they should be ashamed.

Dear Obama,

It\’s been written about the Culture of Incompetence that seems to infect your entire administration.  So with that in mind, we\’d all appreciating if you \”Shut the Hell Up!\”.  Every time either you or one of your administration says anything about the economy it tanks even further.

In a blink of an eye, the U.S. dollar has collapsed against the Euro, Japanese Yen and other major currencies. The trigger was comments from Tim Geithner who said that the U.S. is \”quite open\” to China\’s suggestion of moving towards a Special Drawing Right (SDR) linked currency system. If the world adopts the SDR, which was created by the IMF as an international reserve asset, it would mean that countries around the world would need to hold less U.S. dollars. The U.S. is probably open to this suggestion because a weaker dollar is stimulative for the U.S. economy and would relieve the U.S. from having to implement effective monetary policy while balancing the international demand for a reserve currency.

Geithner\’s comments indicate that the U.S. is not taking China\’s suggestion with a grain of salt and instead is giving it legitimacy. This is extremely important ahead of the G20 meeting. The only question is whether this is another amateur mistake by the new U.S. Treasury Secretary.

You guys need to get your act together.  Every time you open you mouth, you mess things up worse.  And what\’s more there seems to consistently be conflicting stories coming out of the administration.  Part of the problem is you barely have anyone working at the Treasury Department, and you don\’t ever meet with the few ones you do, despite requirements to do so.

So since you seem set on incompetence, we\’d appreciate it if you would just let the market fix itself.  It\’s probably happen a lot quicker without your interference.

Sincerely,

The American Public

Stop me if you\’ve heard this one….the government is going to spend billions of dollars buying up bad assets from the market to keep them from weighing down the economy\’s recover by allowing credit to flow again.  It\’ll potentially take a trillion dollars but it\’s necessary.

What?? Oh you have heard that before??  Oh you called it Troubled Assets Relief Program (TARP) back in 2008??  Oh yeah, see here\’s the joke, that\’s what they SAID they\’d do last time.  Turns out they just blew it on paying off campaign donors.  So yeah, they totally punked you last time.  Bet you never saw it coming huh?  Thought you could trust them?? Silly taxpayer.

But heh, you can totally trust them this time.  Seriously.  They wouldn\’t lie to your twice would they??