Updated: The Guy Really Doesn’t Get Econ 101

Barack Obama, Business, Debt, Democrats, Economy, Government

State-enforced egalitarianism in borrowing and lending has been a key component in the economic meltdown. But Barry the Bolshevik is intent on preventing any market corrections from taking place.

Financial institutions are attempting to reverse lending socialism. That means charging clients commensurate with the risk they pose to their lenders. Or not lending to the risky. Increases in late fees and in interest rates on existing balances, as well as requiring greater disclosure—these are all necessary, and to be expected, if a correction is to occur, one that incentivizes savings and solvency.

But not if Obama can help it. At Obama’s behest,

Both the House and Senate are considering a credit card “bill of rights” to limit the ability of credit-card companies to raise interest rates on existing balances and to require greater disclosure.

“These practices need to be stopped. … They cannot continue to use and do practices that are unfair to people,” Rep. Carol Maloney, D-NY, told CBS News.

Readers discuss “Survival On the Road To Serfdom.”

Update (April 25): The federal Frankenstein’s latest folly caught Peter Schiff’s attention, and is the subject of his latest column (great minds…). Writes Schiff:

“The bottom line is that credit card lending is a very risky business. The debts are unsecured and the probability of default is high, meaning big losses should borrowers choose not to pay. In addition, should a borrower file for bankruptcy, credit card debt is often the first to be discharged. Given the risks, interest rates need to be very high to keep lenders in business.

One way to keep a lid on rates for those who do pay is for lenders to weed out those most likely to default. This can be accomplished through higher rates. Not only does this discourage riskier borrowers from taking on more debt, but it gives lenders a bigger cushion to absorb losses. However, by interfering with card issuers’ attempts to better price risk and limit losses, the government will reduce credit availability.”

Update II: To Bug Or Not To Bug Abu Zubaydah’s Cage (That’s Not The Question)

Iraq, John McCain, Just War, Neoconservatism, Republicans, Terrorism, The Military

The excerpt is from this week’s column,“To Bug Or Not To Bug Abu Zubaydah’s Cage (That’s Not The Question),” now on Taki’s Magazine:

“…torturing the torture issue has thrown the country off-scent, to the great advantage of the puppet masters.

The torture kerfuffle is secondary to – and subsumed within – the broader category of an unjust war, waged by George Bush with Democratic assent. Talk about a bipartisan effort; a pox on both Houses!

You can make the case for harsh interrogation techniques in desperate, dire circumstances. But how on Earth do you justify lugging an army across the ocean to occupy a third-world country that is no danger to you and has not threatened you? You don’t, and you can’t.

Forgotten in the faff over “enhanced interrogation” tactics is the invasion of Iraq. Of this war crime, most Democrats are as guilty as Republicans. The torture fracas is like manna from heaven for both parties and their media lapdogs, who cannot be coaxed out of a coma.

Whether to bug Zubaydah’s cage or not: This is a limited, small, relatively safe distraction that allows complicit journalists, jurists, politicians and pointy heads to skirt the real issue – the need to prosecute Bush, Cheney, Clinton, Kerry for invading Iraq.”

Read the complete column, “To Bug Or Not To Bug Abu Zubaydah’s Cage (That’s Not The Question).”

Update I (April 24): Some of you have asked about Abu Ghraib. The thesis of the column applies equally to the “GI JOE MEETS GI HO” episode. Get them all on the prosecution of an unjust and illegal war. Incidentally, it goes with out saying that a pox ought to be visited on both Houses—Congress and the Senate.

Update II (April 25): A note to the neoconservatives who frequent this site, and post their ill-formulated fulminations vis-a-vis the war on Iraq: That war is not going to be adjudicated again here, not ever. I chronicled the invasion of Iraq at great length, applying fact and every ounce of reason in my possession to repudiate and denounce that war crime. The case is closed! Neoconservative ideologues stand in the dock for aiding and abetting a war crime. The lazy neoconservative can read my archive on the topic. While I can imagine these ideologues urgently need to make peace with their maker, or consciences, for their role in a crime of such moral and material magnitude, they will not do so on my private property!

Update II: To Bug Or Not To Bug Abu Zubaydah’s Cage (That’s Not The Question)

Iraq, John McCain, Just War, Neoconservatism, Republicans, Terrorism, The Military

The excerpt is from this week’s column,“To Bug Or Not To Bug Abu Zubaydah’s Cage (That’s Not The Question),” now on Taki’s Magazine:

“…torturing the torture issue has thrown the country off-scent, to the great advantage of the puppet masters.

The torture kerfuffle is secondary to – and subsumed within – the broader category of an unjust war, waged by George Bush with Democratic assent. Talk about a bipartisan effort; a pox on both Houses!

You can make the case for harsh interrogation techniques in desperate, dire circumstances. But how on Earth do you justify lugging an army across the ocean to occupy a third-world country that is no danger to you and has not threatened you? You don’t, and you can’t.

Forgotten in the faff over “enhanced interrogation” tactics is the invasion of Iraq. Of this war crime, most Democrats are as guilty as Republicans. The torture fracas is like manna from heaven for both parties and their media lapdogs, who cannot be coaxed out of a coma.

Whether to bug Zubaydah’s cage or not: This is a limited, small, relatively safe distraction that allows complicit journalists, jurists, politicians and pointy heads to skirt the real issue – the need to prosecute Bush, Cheney, Clinton, Kerry for invading Iraq.”

Read the complete column, “To Bug Or Not To Bug Abu Zubaydah’s Cage (That’s Not The Question).”

Update I (April 24): Some of you have asked about Abu Ghraib. The thesis of the column applies equally to the “GI JOE MEETS GI HO” episode. Get them all on the prosecution of an unjust and illegal war. Incidentally, it goes with out saying that a pox ought to be visited on both Houses—Congress and the Senate.

Update II (April 25): A note to the neoconservatives who frequent this site, and post their ill-formulated fulminations vis-a-vis the war on Iraq: That war is not going to be adjudicated again here, not ever. I chronicled the invasion of Iraq at great length, applying fact and every ounce of reason in my possession to repudiate and denounce that war crime. The case is closed! Neoconservative ideologues stand in the dock for aiding and abetting a war crime. The lazy neoconservative can read my archive on the topic. While I can imagine these ideologues urgently need to make peace with their maker, or consciences, for their role in a crime of such moral and material magnitude, they will not do so on my private property!

Update II: The ANC "Slipping"? (& On What Raw Democracy Has Wrought)

Africa, Colonialism, Communism, Democracy, South-Africa, The West

The consistently moronic mainstream media’s angle on the forthcoming elections in the One-Party state that is South Africa: The ANC “is finally starting to slip.”

Let’s correct this bit of remedial revisionism. That my homeland is only now collapsing irretrievably into a black hole is a testament to the strength of the institutions and infrastructure—economic and civil society—planted there by the founders of South Africa, Boer and British.

Zimbabwe also took time to crumble; and that was not because Mugabe “started to slip,” although the same morons who castigate him now, cheered him on initially, and looked surprised when another African Big Man shifted into savage mode.

A strong economy and institutions take time to collapse. Zimbabwe was once an oasis in the desert that is Africa because of the phantom Ian Smith, prime minister of Rhodesia, RIP.

The ANC has not “slipped”; they’ve always been a scourge on the face of the earth.

As to what’s afoot, here’s an excerpt from my upcoming book, Into the Cannibal’s Pot: Lessons For America From Post-Apartheid South Africa:

“Having spent most of his adult life abroad in exile, Mbeki’s mannerisms are those of an English gent, not a man of the people. But the baton has been passed from the pukka proper Mbeki to the populist polygamist Jacob Zuma, who dances half naked in tribal dress. In one of his Noble-Savage moments, Zuma promised, disarmingly, after forcing sex on an HIV-positive acquaintance, that he took a shower as a prophylactic against AIDS.”

Our friend, Dr. Dan Roodt, founder of the Pro-Afrikaans Action Group (PRAAG), has a different angle. It’s interesting and certainly congruent with his perspective on the destructive role the Anglo axis–American and British—played in his country.

I’m skeptical.

Update I (April 22): Election day has arrived. Or as Dan Roodt calls it, Racial Census Day. The CSM is chirpy:

High turnout could favor the ANC, since the vast majority of South Africa’s population are poor and black, and while voters criticize the ANC for failing to deliver on its election promises, they see the ANC as the strongest voice for their demands.

The higher turnout seems to be driven as much by public enthusiasm for (or revulsion toward) the ANC’s new populist leader, Jacob Zuma, as it is by a palpable desire for dramatic change, a sentiment expressed by all social and economic levels here.

Update II (April 23): What raw democracy has wrought. A one-party state it is with no protection for minorities; this is raw, ripe, rank democracy.

From the SABC:

As general election results keep trickling in, the ANC has passed the two-thirds mark, which, if sustained, will enable it to change the South Africa’s Constitution. However the ruling party has said it has no desire to do so.

With 74% of the voting districts declared, the ANC has captured 66.85% of the vote. The Democratic Alliance is a distant second [at] 16%.

Third-placed Congress of the People has so far managed to get only 7.7% of the vote.

Meanwhile, ANC President Jacob Zuma has thanked party supporters for helping them win the general election by a landslide. He was addressing supporters during a victory celebration outside Luthuli House in Johannesburg. Zuma says credit must go to volunteers and others who ensured the ANC was returned to power.