Category Archives: Business

Obama Banana (Aka President Camacho)

MSNBC host Melissa Harris-Perry will no doubt deem the word “banana” to be racist, “conceived by a group of wealthy white men who needed to . . . render [a black man] inferior and unequal and diminish his accomplishments.” This is what our unsharpened pencil thinks of the word “Obamacare.”

It can’t be helped. Under Obama, America’s banana-republic credentials are growing.

Via The US Financial Post:

It seems Attorney General Eric Holder has created a multi-million dollar backdoor kickback for activist groups in the $13 billion JP Morgan Chase subprime loan deal recently settled, WND reports.
It appears the Obama administration has a strategy for reviving subprime mortgage lending by coercing banks to fund community organizing groups that may once more put low-income families into mortgages beyond their means.
Sponsored Links
“Annex 2? of the settlement agreement mandates that JPMorgan hand over “any unclaimed or unpaid damages to a nonprofit group that finances Acorn clones and other shakedown groups,” Investor’s Business Daily noted in a recent editorial.
The settlement agreement forces JPMorgan to hand over $4 billion in consumer relief designed to help consumers who were hurt by its packaging of subprime mortgages into securities.

Says Judge Andrew Napolitano: The federal government is extorting billions of dollars from a US bank to give to its political friends and favorite political caused. It is plain unlawful.

What are you gonna do about it?, replies President Camacho.

Administration Hits Gov.Con’s Tiny Target. Or So It Claims.

Business, Free Markets, Government, Healthcare, Internet, Technology

CNN cracks me up. Reports of “continued problems with the 2010 Affordable Care Act” they call “anecdotal.” The writer also chortles that the “website deadline” has been met. The administration promised to fix Gov.Con by November 30.

Although insurance companies dispute that the fix is in—as the latest claims-making has it, the site is working for the “vast majority” of users. It is said to “now handle its original intended volume of 50,000 concurrent users.”

(“Insurers are still getting enrollment files that are duplicative and have missing or inaccurate information,” Robert Zirkelbach, spokesman for health insurance industry trade association group America’s Health Insurance Plans, said in a statement to CNN. “In some cases they are not getting the enrollments at all.”)

Imagine worrying whether you’ll be able to purchase an item on Amazon or eBay when you want to, because you could be the 50,001th customer. Such commercial sites handle millions upon millions of customers all at once.

Seattle Fool Foments Violence Against Business

Business, Capitalism, Glenn Beck, Government, Political Philosophy, Socialism

“They did it. Seattle voters elected a socialist candidate to the city council,” reported The Blaze, on Nov. 15.

Seattle City Councilor Kshama Sawant has since delivered a screed tying economic freedom to all social ills. Real original, isn’t she? A true intellectual too. She’s a professional academic, what else?

We need to recognize what is at the root of racism, this hatred and fear of black people, of people of color, of poor people,” Sawant said. “The root cause of these blatantly unjust laws is the capitalist system itself … this system does not work for us. Racism is necessary for this oppressive system to exist.

Nov. 21, the socialist councilwoman “accused aerospace and defense giant Boeing on Monday of ‘economic terrorism’ and told Boeing machinists they should consider taking ‘over the factories.'”

“The workers should … shut down Boeing’s profit-making machine,” Kshama Sawant told a group of activists in the city’s Westlake Park.
Sawant’s comments were made at a rally organized by machinists after they rejected a deal that would reduce pensions for union members in return for guaranteed jobs in Everett, Wash., building 777X Boeing airliners for eight years.
Now Boeing is considering taking those jobs elsewhere.

Go ahead, Boeing. Take the leap and move major operations from “The Evergreen State” to a right-to-work state. South Carolina residents will be only too happy to work rather than wreck stuff.

The Warmongers: Not Looking Out For Us

Business, Economy, EU, Free Markets, Iran, Media, Russia, The State

“The Warmongers: Not Looking Out For Us” is the current column, now on WND. An excerpt:

To listen to U.S. government officials there is only an upside to the punitive sanctions imposed on Iran by the United States and a reluctant European Union. Consequently, the emphasis is forever on how to toughen the punishment; never on whether to lift economic sanctions on the long-suffering people of Iran.

But what about the effects of trade boycotts on American businesses?

Chris Harmer of The Institute for the Study of War estimates that the Boeing Company alone forfeits a minimum of $25 billion in business every year because of U.S.-imposed sanctions on Iran, a niche market that is filled by the Russians. Overall, Harmer puts the value to U.S. business of trade lost due to the economic embargo on Iran at approximately $50 billion per annum.

For example, Iran imports $1.5 billion worth of cars a year, the beneficiaries of which are companies like Nissan, Toyota and Peugeot (when they might have been General Motors and Chrysler). Peugeot does an added half a billion dollars’ worth of commerce with Iran just in car parts.

The Iranian economy, moreover, has diversified and is adapting to life without the U.S. The rest of the world—pockets in Europe and most of Asia—has not isolated Iran, with the result that the country has many trading partners other than the U.S. And while Iran has lost petroleum revenue due to sanctions, the trend will not endure. China, Japan and South Korea are hungry for the country’s crude.

Not to be overlooked are the costs to Americans of sanction enforcement, avers Harmer. In addition to the opportunity costs—the missed business aforementioned—there are “direct costs.” The Office of Foreign Asset Control in the U.S. Treasury Department squanders around $1 billion a year in developing lists of “financial institutions that are subject to sanctions,” and then infringing on the rights of individuals and companies to freely exchange privately owned property.

“Indirect costs” are incurred in the course of cultivating a massive U.S. intelligent infrastructure—a veritable alphabet soup of agencies—upon which the Treasury draws in enforcing a regimen of sanctions.

So too are the “deterrent costs” borne by the American taxpayer who pays for patrolling the Persian Gulf, the Northern Arabian Sea, and the Strait of Hormuz. …

… As a general rule, state-enforced boycotts harm honest, hard-working Americans who use the economic means to earn their keep. …”

Read the entire column. “The Warmongers: Not Looking Out For Us” is now on WND.

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