Showing posts with label Mitt Romney. Show all posts
Showing posts with label Mitt Romney. Show all posts

Wednesday, October 24, 2012

"So we beat on..."



No comment on the following quotes which speak for themselves, individually and collectively....

October 23, 2012
Richard Mourdock, Indiana Republican Senate candidate, in a debate segment covering abortion, "I struggled with it myself for a long time, but I came to realize that life is that gift from God. And, I think, even when life begins in that horrible situation of rape, that it is something that God intended to happened."

August 19, 2012
Rep. Todd Akin, Missouri Republican Senate candidate, in response to a question on whether a rape victim should have the option of abortion, "from what I understand from doctors, that's really rare.  If it's a legitimate rape, the female body has ways to try to shut that whole thing down."

June 18, 2011
Gov. Mitt Romney. Republican Presidential candidate, in a Pro Life Pledge editorial, "I support the reversal of Roe v. Wade, because it is bad law and bad medicine. Roe was a misguided ruling that was a result of a small group of activist federal judges legislating from the bench....I will only appoint judges who adhere to the Constitution and the laws as they are written, not as they want them to be written."






Saturday, October 20, 2012

The Alternative Reality



It's easy to be cynical in this presidential election year, the rhetoric and posturing of the scripted, agnotological "debates," the Super PAC ads, the robo-calls, the deluge of direct mail, sending out those sound bites to "the undecided."  But what would this election cycle be like if McCain had won in 2008?  Ironically, it would have been the Democrats finger pointing about the economy because we'd probably be in a similar situation, or worse, who knows -- it's impossible to prove an alternative reality, but we can speculate.

The debt Romney carps about was first ramped up by the Treasury Department of the previous administration, not by Obama, with the enactment of the Troubled Asset Relief Program (TARP) in 2008 to stabilize the financial system and it was quite necessary at the time.  Jobs were falling off the cliff before Obama took office. Our financial system was in melt down.  And what would have been a McCain administration response as that crisis just continued to deepen?  Go into an austerity spending mode?  Cut taxes?  No, that would have been impossible.  The time for government to reign in its spending is when the economy is NOT falling off the cliff and even a Republican administration would have had to take similar action (and the Federal Reserve's Ben Bernanke was an appointee of the Republican administration as well).

Reviewing some of the more distant past, Clinton enacted tax increases in 1994, mostly on high income earners. Eventually, those, as well as a booming economy (note, no loss of jobs due to raising taxes on the upper 1%), turned around President George Bush Sr.'s deficits into surpluses. After three consecutive years of national debt reduction under Clinton, the surplus in 2000 amounted to $230 billion. 

The first fiscal year impacted by George W. Bush's tax cuts was 2002 when the surplus swung to a $159 billion deficit, a $286 billion negative change from the previous year.  True, we were now embroiled in the war on terror, but the administration persisted on raising the stakes with tax cuts.  Bush said while campaigning for a local Alabama congressman. “In order to make sure that our economy grows, in order to make sure the job base is strong, you need to have a congressman who will join me in making sure that tax relief plan we passed is permanent and doesn’t go away.”  Where were the jobs after nine years of this "temporary" but massive tax cut, mostly benefiting the upper 1%?

When Paul O'Neill, Bush's Treasury Secretary, argued against a second round of tax cuts, VP Cheney purportedly said "You know, Paul, Reagan proved that deficits don't matter. We won the mid-term elections, this is our due."   This was Cheney speaking, not some liberal Democrat. O'Neill said in an interview "It was not just about not wanting the tax cut. It was about how to use the nation's resources to improve the condition of our society. And I thought the weight of working on Social Security and fundamental tax reform was a lot more important than a tax reduction."  For that view, O'Neill was eventually fired.

Obama clearly underestimated how long it would take to reverse years of deficit spending, not only his administration's (necessary as the private sector was not spending), but his predecessor's as well. (He also didn't anticipate being stonewalled by Congress.)   But if McCain had defeated Obama in 2008, he would have inherited the same mess and today we might have Hillary Clinton running against McCain (or Palin or Romney) making some of the same arguments about fiscal responsibility being spun by Romney. 

As I said, it is hard not to be cynical about this particular election, but I respect Paul O'Neill's admonishment:  "It was not just about not wanting the tax cut. It was about how to use the nation's resources to improve the condition of our society." That is why I support President Obama and hopefully in a second term he would have Congress' cooperation to achieve some fundamental tax reform and make inroads in controlling the growth of entitlements. 

And last night, as I was preparing to post this, a bit of serendipity led me to watch the 1957 classic A Face in the Crowd on Turner Classic Movies. Directed by Elia Kazan and written by Budd Schulberg, it depicts Larry Rhodes (Andy Griffith), a drifter who is found in a jail by Marcia Jeffries (Patricia Neal), who she enlists to sing and talk on a local Arkansas radio station, he ultimately rising to the pinnacle of media demagoguery.  He is nicknamed "Lonesome" Rhodes by Marcia, and she goes on the journey with him from obscurity to fame to fall.  

The relevancy of this film, made more than fifty years ago, to today is striking.  Lonesome is drawn into the political arena, and is brought in to help transform the film's Senator Worthington Fuller into a Presidential candidate.  Lonesome instinctively and sardonically understands the manipulative power of language and media. 

When he first meets the Senator, he advises him to abandon his stiff personality and give himself over to Lonesome's control:  "...Your problem is getting the voters to listen to you. Getting them to like you enough to listen to you. We've got to face it, politics have entered a new stage, television. Instead of long-winded debates, the people want slogans. 'Time for a change' 'The mess in Washington' 'More bang for a buck'. Punch-lines and glamour....We've got to find  a  million buyers for the product 'Worthington Fuller'....Respect? Did you ever hear of anyone buying any product beer, hair rinse, tissue, because they respect it? You've got to be loved, man. Loved....Senator, I'm a professional. I look at the image on that screen same as at a performer on my show. And I have to say...you'll never get over to my audience not to the millions of people who welcome me into their living rooms each week. And if I wouldn't buy him, do you realize what that means? If I wouldn't buy him, the people of this country aren't ready to buy him for that big job on Pennsylvania Avenue....I'm an influence, a wielder of opinion...a force. A force."

To Marcia he says :"This whole country's just like my flock of sheep!....Rednecks, crackers, hillbillies, hausfraus, shut-ins, pea-pickers - everybody that's got to jump when somebody else blows the whistle. They don't know it yet, but they're all gonna be 'Fighters for Fuller'. They're mine! I own 'em! They think like I do. Only they're even more stupid than I am, so I gotta think for 'em. Marcia, you just wait and see. I'm gonna be the power behind the president - and you'll be the power behind me."

An actor on Rhodes' show asks him about Senator Fuller: "You really sell that stiff as a man among men?" Lonesome Rhodes replies: "Those morons out there? Shucks, I could take chicken fertilizer and sell it to them as caviar. I could make them eat dog food and think it was steak. Sure, I got 'em like this... You know what the public's like? A cage of Guinea Pigs. Good Night you stupid idiots. Good Night, you miserable slobs. They're a lot of trained seals. I toss them a dead fish and they'll flap their flippers."

'Nuff said before next Monday's "debate" after which the "undecided" can flap their flippers.




Thursday, October 4, 2012

Denver Debate



I squirmed watching last night's debate, Obama definitely not in his A game, almost appearing to be subliminally saying, this job is impossible, here, you take it.  Going through the motions of a "debate" he allowed Romney to lead him and the moderator, Jim Lehrer, failed to rein him in when necessary.  Romney is slick and well scripted, but in a free for all debate, with no one to challenge anything other than the opponent, both sides were throwing out numbers and some preposterous claims.  Still, I think the preponderance of the truth was on Obama's side and why he did not more vigorously dispute some of Romney's points, is a mystery.  FactCheck.org has a good summary of all the hyperbole.


 The O's lost last night, Obama and the Orioles.  But they both get another chance.

Tuesday, August 14, 2012

Romney and Ryan and a Hope and a Prayer


Although I had promised myself that I would not write much about the upcoming presidential election (or at least as much as I did some four years ago), I have to say something about Mitt Romney’s VP choice of Paul Ryan. When Sarah Palin was picked by McCain to be his running mate, I thought it was one of the most unconscionable, politically motivated choices he could have made.   Palin simply did not have the knowledge or experience to be a heart beat from the presidency.  



Now, another GOP choice four years later seems to be as politically motivated to appeal to the conservative base.  While Ryan is no Palin, his economic “plan” is the typical hope and a prayer of supply-siders:  lower taxes for the “job creators” and that will inexorably lead to spectacular economic growth.  Didn’t we try that last when Bush’s tax cuts went into effect after budget surpluses under Clinton? What was the outcome of that along with the deregulation of the banking system? I guess Romney thought his own lack of specifics would be easily clarified by adopting Ryan’s plan, at least in spirit.  

Ironic, isn’t it, the GOP accuses Obama of engaging in social engineering, but the essence of Ryan’s plan is social engineering in reverse?  The Obama camp has called it a form of social Darwinism. Indeed, the survival of the fittest, all others be damned!  (“At this festive season of the year, Mr. Scrooge, ... it is more than usually desirable that we should make some slight provision for the Poor and destitute, who suffer greatly at the present time." / "Are there no prisons?" / "Plenty of prisons..." / "And the Union workhouses…..Are they still in operation?" /  "Both very busy, sir..." / "Those who are badly off must go there." / "Many can't go there; and many would rather die." / "If they would rather die, they had better do it, and decrease the surplus population.")


The personal irony is I would be better off with Romney and Ryan’s economic plan.  Imagine, not having to pay any taxes on dividends, interest income, and capital gains!  Bring it on, but how many jobs is this retired ex-publisher going to create? And, then, the double irony of the hard-working middle class getting conned by all the staged patriotic hoopla the handsome R&R team projects, and then voting against their own best interests!   

I’m as much against a big government welfare state as I am a government based on Atlas Shrugged, but I’m afraid that is how this presidential campaign is going to be framed.   The PACs will have a field day with hyperbole.   Blather into matter.  
 

Sunday, June 3, 2012

Anecdotal Headlines Redux


One of the advantages of writing a blog is to be able to understand what I was thinking (or not thinking) at a certain point in time.  It can be satisfying, or amusing, or downright embarrassing looking back. We are all adrift in an ocean of information, the seas fomenting more than ever, that affecting our perception of the horizon, when we can see it at all.  Sometimes, the headlines of the Wall Street Journal seem to cry out a general national Zeitgeist and this weekend's edition was such a moment.  I've noted this phenomenon before, first on Wednesday, December 10, 2008, Anecdotal Headline Annotations, which I prefaced with a sentence that could exactly apply to the most recent edition, three and a half years later: If I was handed a copy of today’s Wall Street Journal only a couple of years ago, I would have thought the headlines were a forecast of an ethical and economic Armageddon. How otherwise does one interpret the following captions, from just one day’s newspaper?  
 
Then, a little more than two years ago, Friday, April 9, 2010, I posted another such moment, Anecdotal Headlines, writing at the time: ...while the Dow basks in the glow of massive liquidity injections in a low interest rate environment, approaching 11,000 as I write this, and investment bankers are rewarding themselves with record bonuses, the economy swims on against the tide of high unemployment (much higher than reported), kicking the state/municipal finance crisis down the road, and rising foreclosures

Usually, extreme headlines happen at inflection points.  Certainly the Dec. 2008 posting was one as far as the stock market is concerned (the Dow bottoming three months later), but the April 2010 posting was during the market's ascent. However, the so called "market" seems to be disconnected from the economy and jobs and whatever recovery there has been of Main Street mostly has been induced by the Federal Reserve and other government stimuli.  Some like to finger point, believing that recent deficit spending is the cause of our economic malaise.  I don't like deficit spending any more than they, but it is overly simplistic to think that if we ran our government like a responsible family, sitting around the ole' kitchen table, budgeting our expenses, tightening our belts, all will be OK.  Running a country is not like running a household, and without the stimulus, who knows where we would be today. 


We are going to hear a lot about the economy, everything being Obama's fault (note now that gas prices have fallen in the last few weeks we no longer hear about his being responsible for those) but another benefit (there are not many) of writing this blog is some of the documentation it provides. The Monday, September 22, 2008 entry, This Fundamental is Whining  is worth revisiting in this regard. Senator Phil Gramm, who had then become a lead economic adviser for McCain’s presidential run, called us (the American public) "a bunch of whiners," saying the only economic problem we have is a "mental recession."  Well we now know that this little "mental recession" was real, could have been a depression (who knows, it still might become one), and it was set in motion long before Obama took office.  Nonetheless, at the time McCain was already blaming Obama for the economy, saying “We've heard a lot of words from Senator Obama over the course of this campaign…But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems. The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it."  Obama was to blame even before he became president!  And today, we not only have the residual effects of our own economic problems baked into the cake, there is also the exogenous factor of Europe's slow-motion economic collapse -- something we have no direct ability to control, even if we could agree on anything.  Then, there is the sun-setting of the Bush tax cuts, a fiscal cliff that desperately needs our malfunctioning government to agree on something. What are the chances?

Unfortunately, presidential elections do focus on how people feel at the time, and while we were feeling lousy in 2008 and "hope" was a mantra we eagerly seized, now we will be asked to "hope" some more, or rely on the magic wand of a private equity bailout specialist, Mitt Romney.  It is a nice fantasy (the magic wand), and as the Federal Reserve may be running out of its own magic bullets, the economy and the leading economic indicators will dictate the election, no matter how much tinder the Super Pacs throw on the campaign fires. 

The headlines of today are not much different in tone than those that preceded them, two years ago, and almost four years ago. Two of my favorites from 2010 are: Greek Bond Crisis Spreads and  Fed Chiefs Hint at Low Rates Possibly Into 2011.  Where is Yogi Berra when you need him? "It's deja vu all over again."  But he might have got it wrong with,  "The future ain't what it used to be."

So, how are we to divine our economic and moral future from today's headlines (presented in the order as they appear, just from the first section of the Wall Street Journal June 2/3 2012)?.....

Grim Job Report Sinks Markets
Feeble hiring by U.S. employers in May roiled markets and dimmed the already-cloudy outlook for an economy that appears to be following Europe and Asia into a slowdown

As Costs Soar, Taxpayers Target Pensions of Cops and Firefighters

Edwards Jury Saw Guilt, but Lack of Proof

State Takes Fresh Crack at Mortgages
Fannie Mae and Freddie Mac will participate in a Nevada program to cut loan balances for certain homeowners who are current on their mortgages but owe more than their houses are worth in what could be a model for other hard-hit states.

Big Scandal for Small Town
Sunland Park, N.M. sees Mayor-elect indicted amid host of lurid allegations.

Sen. Kirk Of Illinois Pushed Coin Bills
Sen. Mark Kirk of Illinois pushed for legislation authorizing a collectible coin that generated $2.5 million for an organization that had hired a firm that employed his former girlfriend to lobby for the bill, according to people involved in the matter.

Campaign's Focus Turns to Grim Data
Friday's weaker-than-expected jobs report quickly became the central focus of the presidential campaign, with President Barack Obama seeking to mitigate the political fallout and presumptive Republican nominee Mitt Romney trying to seize on the disappointing numbers.

Fed is Sure to Step Up Debate on More Stimulus
Friday's dismal jobs report is sure to sharpen a debate at the Federal Reserve about whether to take new actions to spur economic growth, but it likely doesn't settle it.

Euro-Zone Reports Deepen Gloom
Block sets record in number of Jobless as manufacturing activity falls; figures highlight widening North-South divide.

Asia Weakness Heightens Fears of Contagion
Manufacturing activity in China and across a wide swath of Asia slowed in May, heightening fears that the turmoil in Western economies is dragging down one of the few remaining engines of global growth.

Brazil Loses Steam As World Slows
Brazil grew at its slowest pace in more than two years during the first quarter as weak industrial production and a weakening global picture undermined Latin America's largest economy.

Cyprus Is Close to a Request for Bailout
Cyprus looks increasingly set to become the fourth euro-zone country to seek financial aid under Europe's temporary bailout fund, as early as this month, as it scrambles to protect its banking system from Greece's widening financial crisis that is threatening to engulf its tiny island neighbor.

Japan Gives Warning on Yen
The Japanese government went on high alert against the newly rising yen Friday, trying to scare off global investors with multiple threats of intervention in currency markets, but stopping short of direct action to drive the yen down.