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Monday, June 29, 2009

 

Socialism in retreat, except in the USA

The coup in Honduras, following a venerable Latin American tradition, has been portrayed by various leaders around the world (Obama, Chavez) and organizations such as the UN and the OAS as an undemocratic military takeover, when in reality, the military was obeying the country's Supreme Court in defending its constitution against President Zelaya's using the Chavez "referendum" formula to evade term limits. Since the President was a leftist buddy of Chavez, we can understand the latter's high dudgeon, but what excuses Hillary Clinton and Obama for demanding Zelaya's return to power?

This is in line with the Obama administration's warm greeting of Chavez at the OAS, their inexcusable tardiness in lending vocal support to the Iranian resistance, and any number of other foreign policy gaffes, all of which continue to feed the suspicions of Obama's opponents that he has true socialist tendencies. As for Hillary Clinton, while her supporters were already touting her enshrinement, I am starting to wonder if she will be in this job very long.

If your news sources are limited to the NY Times, the major networks, CNN, and Yahoo, you need to read the column in today's WSJ by Americas expert Mary Anastasia O'Grady. (Honduras Defends Its Democracy)
http://online.wsj.com/article/SB124623220955866301.html

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Meanwhile, the Social Democrats in Congress frantically try to get as much of the Obama program passed as they can before the honeymoon ends. They'd better hurry. Already, everyone seems to be running away from socialized health insurance, and the environmental/energy/cap and trade fiasco bill barely passed the House (thanks to 8 GOP votes) and faces a thrill ride in the Senate. By the way, the rest of the world is finally starting to catch on to the global warming fraud just as we fall for it. Reports are that Australia is giving up on it and they won't be the last. Europe signed onto Kyoto but didn't come close to its targets. Most importantly, China and India have indicated explicitly that economic concerns will outweigh the environmental. And there is no greater environmental catastrophe in the world than China.

You've also got the Administration re-regulatory scheme for financial services to deal with. All of these ideas represent an economic and tax burden when we can least afford it. Add to them the very heavy tax increases in many of the states (which will ultimately leave them with LESS revenue) and we have a formula for prolonged recession.

In New York, where the income tax system will be more progressive and burdensome, people I know are openly talking about establishing full time residency elsewhere. But the liberals will never get it. They don't really care about overall prosperity but are much more concerned about their perception of fairness. Better we should all underachieve than any of us overachieve.

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The question is being raised about whether Ben Bernanke should be appointed for another term next January. I have mixed emotions. Mr. Bernanke is openly hostile to using raw materials prices (like gold) as leading indicators for inflation to guide monetary policy, instead relying on lagging indicators like employment numbers. This is a little like trying to drive while looking out the back window. So I don't think he is a good Chairman. I am especially concerned that on his present course, he will monetize the Federal deficits. On the other hand, if Obama appoints someone else, we are likely to get someone even less competent.

I am an optimistic person, but this gang of idiots is really testing my usually sunny disposition.

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I don't have much to say about Michael Jackson. He was a great talent, and broke out of the Motown strait jacket with that famous TV special where he sprung the Moonwalk and brilliantly performed Billy Jean. He had two really great albums, especially Off The Wall, but in reality, became a caricature after Thriller.
I am sure he was a good friend to those who knew and liked him, but those referring to him as a humanitarian were a little over the top in my opinion. I think that being almost certainly a practicing pedophile should disqualify you from that ranking.
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At least stocks are looking the other way and doing OK. Last Wednesday, it was time for a "zero buy" and the choice was Fortune Brands (FO), maker of Titleist Golf equipment and various adult beverages, for 100 shares at 32.85. One should always invest in your passions. Today, we bought 400 shares of Gencor (GENC) at 6.65, a value buy. We may be on the sell side Wednesday, but either way, the next buy will be a preferred in honor of the new quarter. We've got several stocks under takeover bids including CTX, AXYS, and LIMC. So it is as if we are carrying a higher cash percentage for a while, not really a bad thing.

Comments:
The NY Times editorial on, of all days, July 4 was a disgrace. http://www.nytimes.com/2009/07/05/opinion/05sun1.html?_r=1
It coming out in favor of "loan modifications" that reduce principal for those who are "underwater" in their mortgages they take a position that creates an unreal world. Should everyone get relief if their home lost value? I could have sold my mortgage free castle in Freedonia for quite a few dollars more several years ago. Should I get a government handout because I “lost money”? When will this “feel good thinking” end? It can only lead to no good. A country where there is no law but only the feeling of the moment could wind up without the freedom that the July 4th Holiday represents.
We can not allow the President and Congress to go down that dangerous path.
God bless America!
And, as always, Hail Freedonia!
Rufus T. Firefly
 
At the risk of being verbose ...
The two party system in America was strengthened with the resignation of erstwhile Republican governor Sarah Palin. One of the last things this nation needs is to see either political party be led by the likes of Palin (or Sanford for that matter). What a nut! Maybe I will offer her a job! Can she see Sylvania from Alaska?? Now that she is out of she will fit perfectly in my cabinet along with Pinky and Chicolini.
Seriously, the Republicans are better off without her and Diva turns.
And even more seriously, maybe she is too nutty for Freedonia too.
As always,
Hail Freedonia!!
Rufus T. Firefly
 
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