Stuck on Stupid : NYT thinks Europe can still avert a crisis

I received this in my mail today and wanted to share this gem with my readers. I had to take another sip of coffee and adjust my seat, and look again, it was not a mistake it was still there The New York Times headline read :Even if Europe Averts Crisis-Growth May Lag for Years

“We have to adjust to lower growth,” said Thomas Mirow, president of the European Bank for Reconstruction and Development, referring to both Europe and America. “It is of course going to be very painful. But leaders have to speak frankly to their populations.”

The uncertainty about Europe’s future has been driving the gyrations of financial markets since the summer. Earlier this week, stocks rallied on euphoria that a new, more powerful bailout was near, but the rally fizzled Wednesday when cracks began to appear among European nations over the terms of money being given to Greece.

On Thursday, markets were mostly up again after the German approval of the 440 billion euro ($600 billion) bailout fund, intended to keep the crisis from spreading beyond Greece and Portugal to other European countries. Several other nations still have to ratify the agreement, but it now looks likely to be in place by the end of October.

Even this fund, however, is already seen as inadequate. Some worry that it still fails to fully address one of Europe’s most pressing needs: fully recapitalizing its banks.

Coming from the the NYT home of the Keynesian clown Paul Krugman this may not have been a total surprise. But it does point the insanity that the Keynesian clowns live with. I am wondering exactly when they do consider something a crisis ?

Europe is in a crisis and "fully recapitalizing it's banks" is political class doublespeak for passing the losses off onto the taxpayers.

With the lack of leadership both in Europe and in the U.S. and the politicians and bankers continuing to steal money from the taxpayers to cover their risky financial behavior, I agree things will only get worse, but it is already a crisis.

A crisis they are only making worse. when bankers and politicians start saying we all have to share the pain, while only they share in the profits - Things can only get worse.

5 Reasons Why GOP Should Give up on Minorities

GOP politicians are constantly trying court black and Hispanic voters, by giving into wasteful, useless welfare programs that don't work, and going soft on immigrations laws that are undermining our laws and our economy, under the delusion that this will lure minorities to vote for them. After over a half a century of these appeasement policies only one thing has become clear - It ain't going to happen, at least not this way.

5 Reasons why Republicans should stop reaching out to minorities

1. The majority of Blacks have never shown indication that they would switch to GOP candidates, regardless of the Republican's stance on entitlements and welfare programs.

2. The majority of Hispanics have never shown much interest in switching their vote to the GOP candidate regardless of their positions on immigrations policies, or entitlements and welfare programs.

3. Over Ninety percent of the people in America that support, limited government, fiscal responsibility, individual freedoms, and State's rights -- all GOP core principles, are white.

4. Ninety percent of Blacks and Hispanics support the Democratic party's core principles of a Nanny State government, welfare states, tax and spend Keynesian economic policies, and the shredding, and ultimate destruction of the Constitution through judicial usurpation

5. Post racial America is a myth -- we are NOT post racial at all - We are hyper-racial - Over ninety percent of blacks and overwhelming majority of Hispanics will begrudgingly vote for Obama in 2012, despite the fact that their lives have been made harsher, more unpredictable, and they have suffered the most economically from Obama's failed economic policies.

It is time for the GOP to start reaching "in" to the majority that support their core values and principles, and stop trying to reach "out" to minorities that do not - If we have learned anything from Obama, it's that you cannot lead a country from behind.

According to Gallup polls () Only 11% of Republicans are Hispanics, or are blacks or members of other races. By contrast, only 12% of Democrats are white conservatives.

A majority of Republicans say they want their party and its candidates to move in a more conservative direction. Which means back to basics and the core values and principles that made America the Great Nation it is -- limited government, fiscal responsibility, individualism, self-responsibility, self-reliance, independent spirit, and individual liberty.

We have reached an ideological schism - If you are still an independent in this hyper-partisan political environment you either don't care, or aren't paying attention - The middle ground is slipping away, the two choices are clear - Follow the Franco-German welfare states in Europe off the cliff to fiscal destruction, or get back to the American values and principles that got us here.

Republicans nave not always held firm to those values, and too often put self-interests, party, and votes before country. But with the Tea Party nipping at their heels they are slowly making the pivot back toward smaller more effective government, fiscal responsibility, individual freedom and open markets that encourage small and medium businesses and entrepreneurship, that is what we excel at.

We should be talking about how to dismantle all the Keynisian clown economics that have eaten away at fiscal integrity and social stability over the last century. Start to get control of, or better yet, do away with, the Fed and fractional banking. Get the banks out of the investment and hedge fund business and back to saving and lending money. Get our currency back on solid ground with a gold standard. Let toxic banks and businesses fail and let the guys who got it right step up to take their place as they should. Let investors who take high risks accept their own losses and stop pushing them off on the taxpayers. And get the government out of rigging the game for their own personal and political interests. Those are the discussions that should be coming out of Washington.

Americans and the GOP needs to stop being bullied by the left and their media propaganda. We can control our destiny. -- It is not a done deal that we will be eventually overrun by poverty, sexual perverts, illegal aliens, criminals, gangsters, drug cartels and Sharia law, by 2050 -- And even if it were inevitable -- we should go down fighting for what we believe in and not just give up like the Europeans have.

Americans Are Increasingly Hostile to the Federal Government,and the majority of Americans now do NOT buy into the "Tea Party are terrorists" hype pushed by the Obama administration and mainstream media 55 % disagree The GOP's policies and core beliefs are gaining ground, and the GOP isn't even paying attention- The middle ground is sliding out from underneath us, it's time to stand on our principles and take America back, or go down fighting for it.

The core values of our culture and country do NOT have to depend on "skin color" but the Democratic party and the mainstream media has used "skin color" to polarize and divide Americans along racial lines to support their political agenda. That is the reality we have to deal with.

"Pass This Bill " or I'll never shut up

Obama continued on the campaign trail in COLUMBUS, Ohio where he spoke, excuse me, campaigned on his so-called "Jobs Bill", and implored Congress to follow his lead off the cliff of fiscal insanity and adopt his nearly $450 billion jobs plan, promising it would help workers in the construction industry and rebuild schools in crumbling condition - and he added "My question to Congress is, what on earth are we waiting for ? "

Actually that is a very good question. One of the things we are waiting for is find out what happened to the billions of dollars in the first stimulus that was promised would go to "help workers in the construction industry and rebuild schools in crumbling condition" ?

Comrade Obama likes to come up with chants and slogans to memorize the masses, and his cult followers love them -- Who can forget the video of Obama being primed by his handlers and cued backstage on how to fire up the crowd with his ""Yes We Can" chant -- I knew we were in deep trouble when I saw that stunt, then there was the slogan from the first Stimulus "Shovel Ready" he actually laughed at us after he got the money and we were stupid enough to ask where the jobs were ? ha-ha-ha.

Then there were the Health-care slogans "It's not a Tax" well, yes it is, ha-ha-ha, and "You can keep your insurance if you want" well, maybe not, ha-ha-ha, and now we have "Pass This Bill"

At a high school in the critical electoral state of Ohio, Obama delivered a fiery campaign speech to plug his plan. The outdoor audience was more than willing follow their pop culture idol in adopting his refrain and chanting it back to him, shouting: "Pass this bill!" -- It's amazing how Obama can adopt almost any insane policy, create a slogan, and how many people will blindly chant and follow him, is this still America ?

Obama also asked congress "what on earth are we waiting for ?" But I have a feeling that Obama and his followers are not waiting for an answer, the question is meant only in the rhetorical sense, There is no desire to open the discussion or debate, or include other ideas -- and the reasons to wait are many.

If you are not a Kool Aid drinker, or Obama cult follower and are curious why this guy runs around stumping to promote such a piss poor excuse for an economic policy, the answer is simple, Obama watches the polls.38% of Americans are Kool Aid drinkers and support this so-called "Jobs Bill" 36 % oppose it, and a whopping 26 % are undecided. Obama is trying to swing those undecideds into his camp -- It doesn't matter if it's a good bill, effective bill, or just another pork and patronage bill to pay off the unions and his campaign donors - ITS MY BILL -- PASS IT DAMN IT !

How the hell can you be undecided at such a critical time as this, when the future of America, our jobs, our economy, and the future of our children hangs in the balance ? It's unforgivable.

Obama's list of ideas of how to pay for this all involve cutting future spending years from now or other sleight-of-hand magic like cutting programs that were not in the budget. Also possible are tax hike proposals that will be dead on arrival in the House.

Ultimately he will kick it down the road to the gang-of 12 to figure out how to make this plan balanced -- Good luck with that by the way.

Rep. Jeb Hensarling, R-Texas summed it very nicely when he said "It's not the role of this committee to spend more money we don't have on jobs we don't get."

Watch the Fight of the Century - Keynes & Hayek

From Econ Stories

According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. But the economy is flat and threatening contraction.

The Bureau of Labor Statistics has just released a report that there were mass layoffs in July, employers took 1,579 mass layoff actions in July involving 145,000 workers

Obama’s Keynesian economic policies have been catastrophic failure,The Government seems confused about what to say, much less do, to turn this around.

John Maynard Keynes and F. A. Hayek never agreed on the answers to these questions and they still don’t. Let’s listen to the greats. See Keynes and Hayek throwing down in “Fight of the Century.”

-- produced by John Papola and Russ Roberts.