Economy

The U.S. and Russia Compete Again

Apparently, there’s not much difference between the way in which a democratic republic (the United States) and an oligarchy (Russia) handle “economic crisis”. According to an article in The Moscow Times:

Former Soviet leader Mikhail Gorbachev accused the government on Friday of bailing out billionaires at taxpayers’ expense in a letter co-signed by four businessmen and economists.

Gorbachev has until now been supportive of the Kremlin, and by speaking out he has joined a small but growing chorus of influential Russians who say the government’s tight control of the economy and politics is making the slowdown worse.

“The Russian authorities have turned their back on structural reform and instead satisfied themselves with inventing a mythical model of an ‘energy superpower,’” said an open letter whose signatories included Gorbachev.

Is It Time to Close the Government Money Hole?

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This video would be much funnier if it wasn’t fairly accurate. But this satirical argument addresses a very real issue in DC. There’s no discussion on whether money should be taxed, borrowed and spent, just how it will be wasted by our irresponsible, ineffecient government.

Why Has The FED Acted As If The World Is About To End? Here’s Why:

Since the middle of the 20th Century, when the Federal Reserve started compiling this measurement of non-borrowed bank deposit reserves there has been little short term deviation from its normal levels. Long Story short - Bank reserves, other than those achieved through loans (usually FED funds market, or discount window) have evaporated.

H/T Fincial Ninja.

Announcing “Our Biggest Bailout Ever”!

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This “commercial” by PBS’s Nightly Business Report would be far more amusing if wasn’t so close to reality.

In case you can’t read the fine print at the end-

This offer depends on the willingness of the Chinese government to continue buying U.S. government debt.  Terms and conditions depend on the whim of Congress and may be changed without notice.  U.S. Taxpayers may not apply.

 

 

 

John Stossel’s Politically Incorrect Guide to Politics

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The first of six videos, John Stossel does an excellent job of explaining why government interference and central planning does more harm than good.

“Most of life works best, when you are in charge. Maybe the government should do… nothing.”  John Stossel

 

The FED’s Role in the Crisis and Bailout

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A fairly good and simple explanation of what the Federal Reserve is and the part it played in the current economic crisis and bailout.

Feeling the Bern, Hillary Turns to Bill on Economy

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Poor Hillary is feeling the Bern. It wasn’t supposed to be like this.

It was supposed to be a coronation, not a dogfight. Her primary battle with socialist curmudgeon Bernie Sanders was supposed to be political Kabuki theater, with her dispatching the hapless but loveable (insofar as one can be loveable while embracing an ideology responsible for the deaths of a hundred million people in the last century) Sanders in a display of feminist power, the glass ceiling of patriarchal oppression shattered once and for all. Finally, a Uterus-Enabled American at the pinnacle of power!

Her path to the Democrat nomination was rocky from the start, having won Iowa by a hair’s breadth (0.3%), and then getting blown out in New Hampshire by Sanders. She and Sanders have since then traded blows, with Hillary leading the contests 27-20. With the Democrat super-delegates firmly in her corner the process was rigged for her from the beginning, but her inability to put Sanders away makes for poor optics, as they say, leading up to the general election.

That might explain why she is starting to get gimmicky in an effort to shut down Sanders and lock up the nomination.

Her latest gambit came this past Sunday when Hillary, speaking before a group of voters in Kentucky, said that she would put her husband, former President Bill Clinton “in charge of revitalizing the economy, because, you know, he knows how to do it.”

Obama’s plan to regulate the Internet will hurt our economy

Obama's Internet Takeover

It’s no mystery why the Democratic Party lost big in this year’s election: “The party of economic despair will always lose.” President Obama has presided over six years of lackluster economic growth. “Progressive Democratic policies on Keystone, power-plant closures and oils exports crushed younger, unionized job seekers.”

This week, the President doubled down on his bad economic policies when he announced his plan to impose net neutrality through ‘Title II’ price regulation of Internet broadband providers — a plan that will discourage investment in new communications infrastructure and threaten our economic recovery.

Over the last three years, America’s broadband providers have been the brightest source of economic hope during a particularly gloomy recession.

The Progressive Policy Institute (PPI) ranks AT&T, Verizon, and Comcast among the top ten U.S. “investment heroes” — the companies who are investing the most capital in the United States. These three companies alone have invested nearly $125 billion in the U.S. over the last three years, with AT&T and Verizon topping the list on an annual basis.

Big Business and big government cronyism is bad for taxpayers and consumers: Let the free market work

capitalism

There’s a common misconception that people in favor of free markets love corporations. That isn’t the case.

There’s nothing wrong with a business being highly successful and expanding operations. The question becomes what happens when their operations end up getting involved in government and when government tries to influence business.

This is an issue a lot of groups have struggled against. Both the original Tea Party and Occupy Wall Street protests were against the government-big business bailout of 2008/2009. The solutions were much different. The Tea Party wanted the government and businesses to be separated and not mix with each other. Occupy (outside of it’s not-top hits) wanted businesses taxed to eternity and capitalism destroyed.

The problem with Occupy’s solution is it expands the role government has in people’s lives. The idea of using higher taxes against businesses and “the rich” doesn’t work (just look at France). Burger King is also an example because of their plan to leave the U.S. if they merge with Tim Hortons. Paying taxes isn’t patriotic, despite what President Barack Obama thinks.

Inversion Controversy Is about Whether Company Profits Should Flow to Shareholders or Government

Since I’ve been in Washington for nearly three decades, I’m used to foolish demagoguery.

But the left’s reaction to corporate inversions takes political rhetoric to a new level of dishonesty.

Every study that looks at business taxation reaches the same conclusion, which is that America’s tax system is punitive and anti-competitive.

Simply stated, the combination of a very high tax rate on corporate income along with a very punitive system of worldwide taxation makes it very difficult for an American-domiciled firm to compete overseas.

Yet some politicians say companies are being “unpatriotic” for trying to protect themselves and even suggest that the tax burden on firms should be further increased!

In this CNBC interview, I say that’s akin to “blaming the victim.”


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