Rick Santelli drops the hammer on Democrat Paul Kanjorski in this clip. You see, it is just "too complicated" to fix Freddie Mac and Fannie Mae so we will keep dumping money into them...on top of the $145B already spent bailing them out.
Conservative economists have pointed out for some time that as long as the government continues to provide greater subsidies and access to retirement funds to pay for college, there is no incentive for colleges and universities to reign in costs and therefore tuition. This year the number of schools charging $50,000 has doubled, proving that these economists are correct. It may seem counter-intuitive but it allows the markets to function. Until we reduce these subsidies, universities will have no reason to get their financial house in order. There is simply no reason for the price of tuition to rise 2x the rate of inflation except for increased subsides and access to funds. Reign those in and we will start to see tuition that represents the market price.
And on the other side, here’s what Newt Gingrich, the Republican
former speaker of the House — a man celebrated by many in his party as
an intellectual leader — had to say: If Democrats pass health reform,
“They will have destroyed their party much as Lyndon Johnson shattered
the Democratic Party for 40 years” by passing civil rights legislation.
argue that Mr. Gingrich is wrong about that: proposals to guarantee
health insurance are often controversial before they go into effect —
Ronald Reagan famously argued that Medicare would mean the end of
American freedom — but always popular once enacted.
No shit. I like birthday presents too. Medicare is popular with those receiving free or nearly free healthcare paid for by the government, which in reality is you and I. Who does not like to be given things, even those which you could afford to buy yourself. And that is the issue with this healthcare reform bill; Who is going to pay for all this largess? You cannot grant large swaths of the population free goodies from the government without eventually taxing the producers to the point that they can no longer support the system. Medicare is going broke and has cost over a trillion dollars. Much more than the $10B originally forecast. If the healthcare reform bill is not seriously tweaked, we will see our economy enter a period in which growth and unemployment looks more like Europe than our traditional rates. And that is not a good thing.
In observing the Cash for Clunkers nonsense this week several thoughts come to mind. First, while I am still waiting to be shown the part of the Constitution that authorizes such a program, I know that the horse has already left the barn on that one.
Second, as pointed out at Hot Air, many of these "clunkers" are perfectly usable automobiles that are being destroyed. What a waste. They could be better used providing inexpensive transportation to those with real need. Deliberately destroying these vehicles, many of them fairly late models, is a horrific waste, all in the name of becoming more "Green".
Last night Bruce Williams made an excellent point; if you want this to be a program that stimulates the economy, do away with the "Green" nonsense and provide the credits to everyone that wants to purchase a car. If you are going to have a giveaway, give it to everyone.
It also occurs to me that since the credits are for the purchase of a new vehicle, we are in most instances subsidizing the new car purchase of someone who could afford it without our help. These purchasers need to be able to handle a car payment so they are likely far from impoverished. I thought of this as I sat in front to my old 27" tube TV and realized that many of those I am helping subsidize have a large screen TV on the wall. They are driving a "clunker" because of priorities they have chosen. Yet I am forced to help pay for their vehicle. I bet I do not even get a thank you let alone a reach-around!
Via Drudge, President Obama to propose compensation caps on financial services firms to include banks. That ought to help bring back the banking sector and the markets!
Bloomberg reports that the heads of Citibank, Bank of American and JP Morgan are also pointing out the problems this will cause with the recovery. Per the story,
“The work we have all done to try to stabilize the
financial system and to get this economy moving again would be
significantly set back if we lose our talented people because
Congress imposes a special tax on financial services
employees,” Pandit said in the memo, whose contents were
confirmed by a Citigroup spokesman.
Gabriel Malor at Ace of Spades is half-convinced that this is part of a plan to tank the financial system and set it up for nationalization. It is either that or incompetence at a level we have not seen since the day of Jimmy Carter.
It would appear that a lot of people want to know the answer to that question. Sales of the Ayn Rand classic, "Atlas Shrugged" have soared in the face of Obamanomics, tripling over this time last year.