'In For The Kill'

At the request of my youngest, and I really like La Roux:

Another version here (reminds me of Siouxsie Sioux).

'Money Doesn't Move Around in Ways That Are Unfair'

I watched Rachel Maddow last night (I know, a glutton for punishment). Maddow interviewed Ezra Klein on the economy, of all people. You'd think she'd get an economist, or something. I just rolled my eyes in any case, not just for poor Ezra's inexperience, but for Maddow's leading questions. She was trying to get Ezra to say that the crisis was essentially European, not American. She went on about how it wasn't a problem specific to the U.S. Markets are global, of course, and unhappiness with the debt deal and fears of a recession triggered a sell-off. Ezra didn't go for the bait, in any case. It was totally uninformative, and here he is on "Morning Joe" getting beat up by Rick Santelli, the tea party guy. Santelli schools the poor boy on the realities of markets. Folks are picking up on Ezra's whining about how if there's another recession, "it's going to be painful and it is going to move money around in ways that are unfair..." Typical progressivism, and Santelli lets him have it:

Via Hot Air, NewsBusters, and Verum Serum.

John Kerry: Media Should Not Give Time to Tea Party

The left's elitist fallback position is authoritarianism and suppression of dissent, but you knew that already.

At The Blaze, "JOHN KERRY: MEDIA HAS ‘RESPONSIBILITY’ TO ‘NOT GIVE EQUAL TIME’ TO TEA PARTY." Also at Memeorandum.

Long Knives Out for Michele Bachmann?

Yep, according to Robert Stacy McCain, who's on the ground in Des Moines, "Long Knives in Iowa."

And check this Google link for the click through to Wall Street Journal, "Behind a GOP Contender's Iowa Surge."

MARION, Iowa—To understand why presidential candidate Michele Bachmann has surged in Iowa, watch when she is handed a baby. On a recent stop here, she took off her bracelet, dangled it before the infant and cradled himDuring another campaign appearance, Ms. Bachmann climbed down from the stage to take the hands of a woman who asked a question, holding them as she answered. Meeting a teenager with Down syndrome, the Minnesota congresswoman swept him up in a hug, then signed his T-shirt.

Ms. Bachmann has built a national reputation for hard-line conservative stances—most recently, she bucked her own Republican leaders to oppose the debt-ceiling compromise—and her repeated vow to retire President Barack Obama.

But here in Iowa, the tough rhetoric is sheathed in a soft presentation. Ms. Bachmann hugs, dances and offers girl talk on the campaign trail—"That's a rockin' shirt!"—as if baking her steely conservatism into a warm apple pie. while he teethed on the pearls.

It's true. She's the warmest in person!

Kate Upton Beach Bunny Rule 5

A follow-up to, "Beach Bunny Swimwear at Mercedes-Benz Fashion Week." More Kate Upton, as promised:

Also blogging, Randy's Roundtable, "Thursday Nite Tart: Michelle Vawer."

Check back for Rule 5 updates through the weekend!

BONUS: All around blogging available at Blazing Cat Fur.

Ezra Levant Interviews Mark Steyn

Mark Steyn's new book, After America, is out Monday. Pundette already has her copy.

And Blazing Cat Fur has the interview, "Video: Ezra Levant Interviews Mark Steyn on SunTV's 'The Source'."

Rep. Joe Walsh: 'I'm Not a Terrorist'

I like the video, but Rep. Walsh is an alleged deadbeat dad. I guess he's fighting it. See Chicago Tribune, "Walsh: I'll privately fight child support claims," and Northwest Herald, "Walsh tries to clear air at town hall-style meeting." (Added: A Memeorandum thread.)

The Keynesians Have Fired All Their Ammo and Here We Are

At Wall Street Journal, "The Global Rout."

Just read that whole thing. Nation-states can't afford their entitlements, and "structural reforms" are unavoidable. Better to do it earlier than later, before we end up like Greece. President Obama ... are you listening?

Senator John Cornyn: 'Time to Give GOP New Mandate to Govern'

From the Texas Sanator, at The Houston Chronicle:

With the support of the American people, Republicans told the president that raising taxes during a weak economy was unacceptable. Once again, the president backed down. And that option came off the table as well.

Republicans held the line on taxes and canceled the president's blank check. We won the argument that spending cuts are the key to reducing our debt and balancing our budget. That's pretty good work for a party that only controls one-third of one-half of the federal government.

Yet despite refocusing the debt-ceiling debate on out-of-control federal spending, the actual spending cuts in the compromise bill are too small. The $2.1 trillion in potential debt reduction is far less than we need to prevent a downgrade in the U.S. credit rating, according to many analysts. All the spending cuts so far are backloaded, with only $21 billion scheduled to be cut from next year's deficit. The Pentagon is specifically targeted for spending cuts, even as our troops are fighting three wars and other security threats loom on the horizon.

So I sympathize with my colleagues, as well as many Republican candidates, who say that the compromise bill does not fix the problem. They are right. A far better alternative was Cut, Cap, and Balance. A far better budget is the Pathway to Prosperity. I voted for both of those plans, and I wish we had the votes to enact both of them into law.

RTWT.

Republicans are looking ahead to 2012.

See also New York Times, "Republicans Set Sights on Balanced Budget Amendment."

Photo Credit: Wikimedia Commons.

Obama's One Term Presidency

I wrote yesterday morning that things were "not looking good for Obama and the Democrats." The thought came to me in a flash as I looked over the economic news. If Barack Obama's anything, it's a good campaigner, and hence I've been reluctant to bet against his reelection. But with folks talking about a double dip recession, and with unemployment likely to remain high regardless of economic growth rates, I think the GOP's chances are looking better than ever. Barack Obama will be a one-term president, I'm confident. And apparently, so are others, or at least there's some pessimism in the MSM that I don't recall seeing. At Politico, for example, "Obama's big drags":

The politics of the debt fight were a drag for President Barack Obama, yanking his popularity to new lows. Here’s an even bigger drag: Obama emerges from the months-long fracas weaker — and facing much deeper and more durable political obstacles — than his own advisers ever imagined.

The consensus has been that for all his problems, Obama is so skilled a politician — and the eventual GOP nominee so flawed or hapless — that he’d most likely be reelected.

Don’t buy into it.

This breezy certitude fails to reckon with how weak his fundamentals are a year out from the general election. Gallup pegs his approval rating at a discouraging 42 percent, with his standing among independents falling 9 points in four weeks.

His economic stats are even worse. The nation has 2.5 million fewer jobs today than the day Obama took office, a fact you’re sure to hear the Republicans repeat. Consumer confidence is scraping levels not seen since March 2009.

Where’s the bright spot? Hard to see. Obama has few, if any, domestic achievements that enjoy broad public support. No one assumes employment, growth or housing prices to pick up much, if at all — something Obama is essentially powerless to change. And the political environment and electoral map are significantly tougher than in 2008, especially in true up-for-grabs states.

It's long piece. Continue at the link.

RELATED: FWIW, see Andrew Hacker at New York Review, "The Next Election: The Surprising Reality." According to Hacker, "Although it is never openly stated, there are Americans who don’t want to be governed by a black man." (Racism, wouldn't you know?) Beyond that (as part of a book review), Hacker's main argument is about turnout: Obama's toast if he can't generate the kind of voter (and youth) enthusiasm that propelled him to victory in 2008. And if that's the case, I'm even more confident Obama's a one-termer. ("Hope & Change hasn't been all that great for young folks.)

More Than 12 Million Facing Starvation in Somalia

This just makes me sad. Forget politics and political science theory. I wish we could do something.

At Los Angeles Times, "Somalia famine spreads to 3 new regions, U.N. says":

Reporting from Johannesburg, South Africa

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With hunger in the Horn of Africa dramatically worsening, the United Nations on Wednesday added three more regions of Somalia to the list of areas it says are stricken by famine.

More than 12 million people are facing starvation, with children particularly vulnerable. The U.N. last month declared that two regions of Somalia were suffering from famine, and it said Wednesday that the famine was likely to spread across most of Somalia in coming months, as well as parts of Kenya, Uganda and Ethiopia.

Somalia is struggling with its worst drought in 60 years, and 3.7 million Somalis are in crisis, mainly in the south — creating Africa's most serious hunger crisis in two decades. Refugee camps in the capital, Mogadishu, are now affected as well, U.N. agencies said.

Shocking images of those suffering have resulted in an increase in aid in the last two weeks, after donors' earlier sluggish response, but violence in the south of the country has limited humanitarian agencies' access.

The U.N. is seeking to raise $1 billion to address the crisis.

I'm researching relief agencies, by the way. I'll make a contribution, but so much gets wasted on overhead and corruption I'm wary. More on that later.

Charles Johnson Denies Obsession with Pamela Geller While Organizing Book Defamation Campaign Against Her on Amazon

Charles Johnson responded to my essay, "Obsessed Much? Charles Johnson Has Written Ten Posts Attacking Pamela Geller Since Anders Breivik's Norway Massacre."

Via Diary of Daedalus, "Charles Johnson’s Blatant Lie."

Charles denied he’s obsessed with Pam yet he is organizing a campaign to label Pam Geller’s book hate speech on Amazon. If he didn’t care about her, why does he track her every move? Why doesn’t Charles Johnson do a book? The answer is easy, there are enough children’s coloring books.

Charles, be a man and get over her!

He can't be a man. He's sick. Seriously. He needs psychiatric help.

Pamela responded to this on Wednesday, "LITTLE GREEN ASTROTURDS."

It's weird, demonic even, but progressives have a deranged penchant to attack the livelihood of conservatives. Amy Alkon wrote about the Sadly No! attacks on her, "The Attack On My Book." And of course, Charles Johnson tried to get Patterico fired, "Charles Johnson Impotently Tries to Threaten My Job."

And as readers know, I'm quite familiar with how progressives seek to destroy. See: "W. James Casper is a Coward, a Fraud, and a Liar." That post follows my lengthy attempt to get RACIST = REPSAC to denounce his previous recruitment and sponsorship of workplace harassment and intimidation. Perhaps, if he had a decent soul, he'd try to undo some of the damage he's caused, and that of his progressive blogging cohorts and allies. More on this coming. One of these days I'll get my book manuscript finished, and no doubt we'll be hearing more about this kinda stuff.

RELATED: "Progressivism Incompatible with American Values."

Obama's Taxpayer-Funded Bus Tour

It's all porkulus for this administration.

At LAT, "Pivoting from debt fight, Obama plans jobs-focused bus tour."

But see CNS News, "Taxpayers Will Pay for Obama Bus Tour of Battleground States, Says White House."

Bank of New York Mellon Charging Negative Interest on Deposits

When I went to deposit a check yesterday, the screen on the ATM machine flashed, "Special 1% Interest Rate on CDs of $25,000 or More!"

I thought, my God, banks don't pay interest anymore!

So, yep. You pay them, or at least on big money deposits at Mellon Bank. See New York Post, "BoNY: Big deposits will cost you a pretty penny."

You can keep your stinkin' money.

The financial markets are so foul that Bank of New York Mellon -- overwhelmed by a flood of investors pulling their money out of stocks and stashing it in bank accounts -- is going to start charging its largest institutional customers for holding their cash deposits.

The nation's largest custodial bank announced that it would charge customers more than a tenth of a percentage point for "extraordinarily high" deposits of $50 million or more.

The unusual move by the bank, which manages more than $1.1 trillion in assets for investment funds and money managers looking to safely park their dough, is hoping to discourage customers from plowing even more money into their accounts.

Also at New York Times, "Nervous Investors Chase Low-Risk Assets."

In a sign of just how much cash had poured into commercial bank accounts, Bank of New York Mellon said on Thursday that it would charge institutional clients with more than $50 million on deposit a fee of 13 basis points. The move is intended to recover some of the cost of managing the money, but is also a bid to slow the so-called hot money that has been ricocheting between Treasuries, money-market funds and pure cash balances at the big banks.

The Bank of New York Mellon said the fee would only be applied “to a small number of institutional clients with extraordinarily high deposit levels where the deposits have increased significantly in recent weeks, well above market trends.” The bank did not disclose just how much cash had poured into its coffers recently.

The good news is that investors are pouring their money into U.S. banks. We're lucky that way. When we've seen financial crises in Mexico and Thailand in recent decades, the money flowed out of those countries, leaving them dry and needing bailouts from the U.S. There's a reason we need to worry about our debt overhang. We don't want go the way of Mexico!

U.S. Debts Tops Size of Entire Economy

See IBD, "An Unwelcome Debt Milestone."

With $14.5 trillion in total debt, we're already in deep trouble. Where will we be in 2021, 10 years from now, when total federal debt is expected to reach as high as $28 trillion and GDP is (generously, in our view) expected to reach $23.8 trillion? Then, by conservative estimates, our debt-to-GDP ratio will be close to 120%.

In short, debt will be a permanent millstone around the neck of the once-vibrant U.S. economy.

Fjordman Interviewed at Norway's VG Tabloid

Ander's Breivik's idol, Peder Jensen, talks to the press.

He claims he rejected Breivik's importunings. See, "Breivik's political idol «Fjordman» emerges from anonymity - I am Fjordman."

The interview should be in English, although Google Chrome translates from Norwegian, so try that if there's a problem.

And at Diary of Daedalus, "Rescued from Memory Hole: The Lost LGF “Fjordman” Articles."

America's Outlook is Grim?

Well, so says The Economist, "Time for a double dip?"

America’s recovery from a balance-sheet recession was always bound to be sluggish and fragile. And its woes need not fell the world economy, thanks to the strength of emerging markets (see Economics focus). But the thoughtlessness of the debt deal—notably its failure to tackle any of the real sources of America’s fiscal problems, such as entitlement spending—raises a bigger worry. Can the country’s politicians, so starkly polarised and so willing to gamble with the economy, be trusted not to turn what was always an inevitable period of hardship into longer-term stagnation?

Democrats won't go for entitlement reform. Be sure to read Fred Barnes' essay, "The Debt Deal and the Agony of Nancy Pelosi."

'Pumped Up Kicks'

When you drive around with a teenager you get bombarded with the lastest hipster pop music. And I like Foster the People:

All the other kids with the pumped up kicks you'd better run, better run, outrun my gun.

All the other kids with the pumped up kicks you'd better run, better run, faster than my bullet (link).

Double-Dip Recession May Be Returning

Well, I've been writing about this all day, and I'm not surprised at all.

At New York Times:

Until recently, most observers believed the American economy was in a slow recovery, albeit one with very disappointing job growth. The official figures on gross domestic product showed the United States economy grew to a record size in the final three months of 2010, having erased the loss of 4.1 percent in G.D.P. from top to bottom.

Then last week the government announced its annual revision to the numbers for the last several years. New government surveys indicated Americans had spent less than previously estimated in 2009 and 2010 on a wide range of things, including food, clothing and computers. Tax returns showed Americans even cut back on gambling. The recession now appears to have been deeper — a top-to-bottom fall of 5.1 percent — and the recovery even less impressive. The economy is still smaller than it was in 2007.

In June, more American manufacturers said new orders fell than rose, according to a survey by the Institute for Supply Management. The margin was small, but the survey had shown rising orders for 24 consecutive months. Manufacturers in most European countries, including Germany and Britain, also reported weaker new orders.

PREVIOUSLY: "Commerce Department Downward Revision on GDP Growth, 2007-2010."

RELATED: From Roger Simon, "Dow Down 500: Should Obama Resign?" (via Memeorandum).

Commerce Department Downward Revision on GDP Growth, 2007-2010

David Frum's lost his marbles, IMHO. He's got an essay up at Memeorandum, and Bryan Preston has the response, "No, David Frum, Our ‘Enemies’ Were Not Right." No, Frum's not right, although he's got an interesting link to The Economist, "Flying blind," which discusses the revised GDP numbers on the economy for the third and fourth quarters of 2008:

Output in the third and fourth quarters fell by 3.7% and 8.9%, respectively, not at 0.5% and 3.8% as believed at the time. Employment was also falling much faster than estimated. Some 820,000 jobs were lost in January, rather than the 598,000 then reported. In the three months prior to the passage of stimulus, the economy cut loose 2.2m workers, not 1.8m. In January, total employment was already 1m workers below the level shown in the official data.

Check the link. The gripe is that policymakers had lousy data, and had they known the full collapse of the the economy, they might have done more. The more, of course, would be even more "stimulus." And that's gotta be a joke. The adminstration's 2009 stimulus was nearly $800 billion. And folks think more would help? See Bastiat Institute, "Lots of Waste, Fraud, and Abuse in the Stimulus, Which Will Cost $43 Billion More Than Expected":

Only a small fraction of the stimulus package went to infrastructure spending, and maintenance-of-effort provisions elsewhere in the stimulus package required states to maintain or increase welfare spending, resulting in cash-strapped states cutting back their own spending on useful things like transportation. As a result, Investor’s Business Daily noted, economists “found that despite the influx of all that federal money, highway construction jobs actually plunged by nearly 70,000 between 2008 and 2010.”

The $800 billion stimulus package was purged of most investments in roads and bridges, and filled instead with welfare and social spending, out of political correctness, after feminist leaders complained that building and repairing roads and bridges would put unemployed blue-collar men to work, rather than women. “A recent Associated Press story reports: ‘Stimulus Funds Go to Social Programs Over ‘Shovel-ready’ Projects.’ A team of six AP reporters who have been tracking the funds find that the $300 billion sent to the states is being used mainly for health care, education, unemployment benefits, food stamps, and other social services.” Or, as another AP report put it, “Stimulus Aid Favors Welfare, Not Work, Programs.” Two economics professors recently estimated that the stimulus had actually wiped out 550,000 jobs.

Obama put people on welfare, not to work.

In any case, check that Commerce Department report, "Gross Domestic Product: Second Quarter 2011 (Advance Estimate): Revised Estimates: 2003 through First Quarter 2011." Scroll down for the 2008 revisions and check the tabular data.

RELATED: From Reuters, "U.S. incomes fell sharply in 2009: IRS data." (At Memeorandum.)

EXTRA: At Michelle's, "The Steve Urkel-ization of the economy, redux."