Monthly Archives: September 2008

Liquidity Lunacy

America, Debt, Economy, Europe, Inflation

Reports the Wall Street Journal:

“The world’s major central banks banded together Thursday to flood global money markets with massive amounts of U.S. dollars, in hopes of taming a major source of the tensions rocking the financial system.
[Global Power Boost chart]

In a concerted move, the U.S. Federal Reserve said it will expand or introduce measures to shuttle dollars to major European central banks, the Bank of Canada and the Bank of Japan, so that those banks can provide short-term dollar funding to commercial banks. Officials in South Korea, Hong Kong, Taiwan and other markets also pledged to inject more money into their financial systems.

The central banks’ moves came in the wake of a meltdown in global financial markets as short-term funding markets seized up and investors piled into U.S. Treasury bills in an unprecedented rush to safety. Concerns about redemptions in the $3.6 trillion money-market industry — a key provider of liquidity to short-term funding markets — and rising strains in the banking system had sent short-term funding rates sharply higher Wednesday. …

The U.S. Fed boosted its U.S. dollar swap line with foreign central banks by $180 billion. (The swap line is an arrangement through which foreign central banks can get U.S. dollars from the Fed.)”

[Snip]

I’m no economist, but as a devotee of Austrian economics, I can’t see how more credit is helpful when the proper correction ought to involve a continued contraction of the hitherto orgiastic lending exuberance.

RIP, George Putnam

Celebrity, Conservatism, Ethics, Ilana On Radio & TV, Media

George Putnam, the “greatest voice in radio,” has died at the age of 94. Mr. Putnam’s was the greatest voice not only because of its sonorous quality, but because of how incisive, smart and principled the man behind the voice was.

“Former President Nixon, speaking on videotape during a 1984 roast of Putnam given by KTTV to celebrate his 50th anniversary in broadcasting, said of the outspoken newscaster: ‘Some people didn’t like what he said; some people liked what he said. But everybody listened to George Putnam. That is why he has been one of the most influential commentators of our times.'”

Read about Mr. Putnam’s inspiring life, and life’s work, here.

I was immensely privileged to have been a guest on Talk Back, George Putnam’s nationally syndicated show, on October 9 of 2007. I came away feeling I had been graced by a great American.

At the time I wrote the following: “Mr. Putnam is a national treasure, who should be on TV to remind Americans how incisive, sonorous and super smart some of their media mavens used to be. (Now none of them are.) I was also touched by Mr. Putnam’s graciousness about me and my work. This is a man whose counsel Nixon and Reagan sought, and who ‘has a star on the Hollywood Boulevard ‘Walk of Fame.’ Again, an honor.”

Our good friend Chuck Wilder has been doing a splendid job of hosting the syndicated show on CRN Digital Talk Radio. Chuck continues the tradition of reasoned, civil, politically incorrect debate. I wish wonderful Mr. Wilder continued success.

McMussolini

Barack Obama, Conservatism, Elections 2008, John McCain

Here’s an excerpt from my new WorldNetDaily.com column, “McMussolini”:

“McCain’s national greatness ‘conservatism’ sees the individual as a cog in the service of the collective. Contra McMussolini, the American Founders placed the individual before the collective, giving pride of place to individual liberties before duties. James Madison and the other founders attempted to forestall raw democracy by devising a republic, the hallmark of which was the preservation of individual liberty. The Bill of Rights places primacy on the rights of the individual. … The individual’s inalienable rights to life, liberty and the pursuit of happiness in McCain’s universe are little more than manifestations of a ‘me only’ self-interest, which McCain routinely maligns.”

You can read the complete column, “McMussolini,” on WND.

'He's One Of Them – She's One Of Us'

Affirmative Action, Barack Obama, Elections 2008, John McCain, Media, Sarah Palin

MSNBC’s Barack Brigade—Chris Matthews (said Obama sends a chill up his leg), Norah O’Donnell (like Campbell Brown, she too is not working with much) and wild man Keith Olbermann—attempts to speak over MSNBC analyst Pat Buchanan whenever he opens his mouth. Fortunately, the man writes up a storm. In the process, Buchanan manages to say it all about the Palin factor and human nature:

“Why did the selection of Sarah Palin cause a suspension of all standards and a near riot among a media that have been so in the tank for Barack even ‘Saturday Night Live’ has satirized the infatuation?

Because she is one of us – and he is one of them.

Barack and Michelle are affirmative action, Princeton, Columbia, Harvard Law. She is public schools and Idaho State. Barack was a Saul Alinsky social worker who rustled up food stamps. Sarah Palin kills her own food.

Michelle has a $300,000-a-year sinecure doing PR for a Chicago hospital. Todd Palin is a union steelworker who augments his income working vacations on the North Slope. Sarah has always been proud to be an American. Michelle was never proud of America – until Barack started winning.

Barack has zero experience as an executive. Sarah ran her own fishing fleet, was mayor for six years and runs the largest state in the union. She belongs to a mainstream Christian church. Barack was, for 15 years, a parishioner at Trinity United and had his daughters baptized by Pastor Jeremiah Wright, whose sermons are saturated in black power, anti-white racism and anti-Americanism.

Sarah is a rebel. Obama has been a go-along, get-along cog in the Daley Machine. She is Middle America. Barack, behind closed doors in San Francisco, mocked Middle Americans as folks left behind by the global economy who cling bitterly to their Bibles, bigotries and guns.

Barack has zero foreign policy experience. Palin runs a state that is home to anti-missile, missile and air defense bases facing the Far East, commands the Alaska National Guard and has a soldier-son heading for Iraq.

Barack, says the National Journal, has the most left-wing voting record in the Senate, besting Socialist Bernie Sanders. Palin’s stances read as though they were lifted from Reagan’s 1980 “no pale pastels” platform. And this is what this media firestorm is all about.”

[Snip]

Those who dare not speak honestly will omit the following: When you and I look at the Obamas we see accusing, blaming eyes. This, even though they are better off than we and have had opportunities we’ve not had because we’re the official “oppressors” and they’re the sanctioned “oppressed.”

Unrelated: Palin must muster a fresh speech; she keeps regurgitating her Convention address while campaigning. The lines sounded stale the first time she reused them.