Category: media and media people

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education and schooling free trade & free markets general freedom ideological culture media and media people national politics & policies privacy property rights responsibility too much government U.S. Constitution

According to Economics

Tom Woods, Contra Krugman, podcast, healthcare, welfare,

“Everywhere you look, economics is despised,” writes Tom Woods in his Tuesday email letter.

You know what isn’t despised? A daily email letter.*

But I digress; back to economics.

“The gimme-​free-​stuff people hate it because they don’t like being told that there might be undesirable side effects from seizing other people’s things.”

Well, true enough. But turn it around: many people demand free stuff at least in part because they do not understand the bigger picture … which Mr. Woods ably provides in his daily podcast and on his weekly Contra Krugman podcast with economist Bob Murphy.

“Politicians hate it, because it imposes logical constraints on what political activity can accomplish.”

True, but, like many in the general public (from whence they come), politicians’ prior lack of economic knowledge also leads, in part, to their hubris.

“Even some folks in the business world hate it, because (1) they’d rather agitate for special privileges than hear the case for free markets, and (2) they’d rather have low interest rates than be warned about the causes of the business cycle.”

Yes, too true. But, again, business people are generally just people, most of whom haven’t even been exposed to something beyond boring and misleading textbook econ, if that. Mr. Woods knows that, since that’s what his mission is, exposing more folks to ideas beyond what he calls “the index card of allowable opinion.”

Well, I’m all about allowing the unallowable — if it’s right!

This is Common Sense. I’m Paul Jacob.

 

* Historian Woods is now doing what I’ve been doing since 1999, providing a daily common-​sense thought that is short and easy-​to-​read and dropped into your email box every weekday. Mine goes up online at ThisIsCommonSense​.com; I don’t see his on his website … but I do see a lot of books and podcasts!

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Accountability folly free trade & free markets ideological culture media and media people national politics & policies

Next Bubble to Pop?

bubble, Paul Krugman, recession, student loans, debt, folly, David Stockman

There was a great and wondrous moment, a decade and a half ago, when economist Paul Krugman, Nobel Laureate and New York Times’s unregistered shill for the Democratic Party, suggested that what the economy really needed was another housing bubble. 

What he wrote, specifically, was this: “To fight this recession, the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.”

Krugman later reinterpreted that statement in a clever (if not convincingly honest) way. After the subprime loan industry collapsed in 2008, he attributed that bust to financial market malfeasance, not the Fed-​inflated bubble we got … and that he had previously called for.

Now we are looking at several ready-​to-​burst bubbles:

  • The student loan debt problem seems scary. 
  • The sovereign debt problem is undoubtedly more dangerous and far larger, but is perhaps still able to take on more fake money — all the world’s 1s and 0s have to go somewhere! 
  • So the current bets seem to be on a huge auto loan industry bubble, about to pop.

Loan terms have increased in duration, and the average amount new car buyers are financing has jumped over 17 percent in five years. The idea has been “to continually lower monthly payments,” says David Stockman, “so people can get behind the wheels of vehicles they can’t really afford.”*

Which bubble does Krugman favor? I don’t have the stomach to check.

But, be certain, as we play pop goes the bubble, he’ll play pop goes the weasel.

This is Common Sense. I’m Paul Jacob.

 

* Stockman seems to be echoing warnings made by Eric Peters, of Eric Peters Autos.

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folly ideological culture media and media people meme national politics & policies

CNN, You’ve Been Trolled

CNN, Trump, meme

The Cable News Network, known popularly and un- as CNN — and satirically as the “Clinton News Network” and “Fake News” — so hysterically hates the president that it has become completely unhinged.

Well, unhinged from decency and journalistic standards, anyway.

The latest slips downward? 

First, some pseudonymous guy* on Reddit created a little gif** that placed a CNN-​logo on the head of a wrestler whom Donald Trump “took down” in some weird bit of nonsense publicity the entertainer-​entrepreneur was prone to, pre-​presidency. Trump then retweeted a version of the gif, calling CNN (once again) “fake news.” This made CNN look silly,*** so CNN tracked the originator down and pressured him to make a humiliating apology — for it and other, more tasteless contributions. He deleted most of what he had done on Reddit.

CNN looks petty: a bully. And clueless about the free-​for-​all that is the Internet. 

The Twitterverse erupted against the news outfit.

This went super-​viral on July 4, the same day that CNN tried to humiliate Mr. Trump by tweeting a quote from Abraham Lincoln: “Let the people know the facts, and the country will be safe.” 

How apt!

And yet … Lincoln did not say it. Not exactly. The “fake news” network faked a presidential quote.

CNN apparently doesn’t understand that responding to trolls feeds the trolls and makes you look bad, to boot.

I suppose you could blame Trump for all this. His ridiculous tweets and whoppers have so corrupted the culture that his enemies (CNN being the obvious media leader) have adopted his methods.

But I won’t. Not this time.

Just blame the people at CNN.

This is Common Sense. I’m Paul Jacob.

 

* He referred to himself as a “shitposter,” which is what satirists and trolls on the Web are called.

** A “gif” is an image file, and has been around since the beginning of the World Wide Web. Nowadays, when we talk about “gifs” we usually are referring to brief animated gifs.

*** Frankly, it made the president look silly, too.

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CNN, Trump, meme

 

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Accountability crime and punishment government transparency media and media people national politics & policies responsibility

A Handy Evasion

Susan Rice, National Security Advisor, Obama, Trump, Russia, spying, surveillance

Susan Rice, National Security Advisor in President Barack Obama’s administration (2013 – 2017), is being picked on, she speculates, for reasons pertaining to her race and gender.

Handy evasion.

At issue is not her infamous prevarication in the Benghazi affair. We are used to being lied to about foreign policy, so that was barely a shock.

What is news now? The Trump-​Russia story. 

Background: Ever since her defeat to Donald Trump, former Secretary of State Hillary Clinton has provided the very model of how to deflect attention from one’s own defects. She’s blamed FBI Director James Comey, the vast right wing conspiracy, and, of course, Russia.*

Amusingly, the Russia biz still boils down to how Russian hackers, apparently directed from high in the hierarchy of the Eastern warlord state, illegally liberated information from private servers. Those revealed emails showed Mrs. Clinton and her campaign in a negative light. Excuse-​makers call this “hacking the election.”**

It turns out, the biggest crimes committed during the campaign, and somewhat regarding Russia, were engaged in by the Obama Administration, perhaps especially by Rice herself. She is accused of illegally surveilling the Trump campaign and those around it by “unmasking” their identities in the course of surveillance reports, which are legally required to be anonymous … when catching in the net folks tangential to the target. 

The law requires FISA court go-​aheads for such identifications. And the Obama administration was roundly reprimanded by a FISA court for not following protocols.

In any case, the idea that only women and African-​Americans are hounded by opposition parties and the press does not hold up to scrutiny.

Nixon, anyone?

This is Common Sense. I’m Paul Jacob.

 

* Her team has also blamed President Barack Obama

** A private server was hacked, not an election.

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ideological culture incumbents local leaders media and media people national politics & policies

Monied Hopes Dashed

elections, Democrats, Republicans, left, right, CNN, Obamacare

Democrats had high hopes. Their come-​back after the 2016 defeats seemed near at hand. After all, Trump is proving increasingly erratic and incompetent, and the Republican mis-​handling of the ObamaCare repeal appears to be a disaster of ginormous proportions.

How could they not start taking seats in Congress back? 

There were four open seats requiring new votes this late Spring. “Democrats tried an inoffensive moderate message in Georgia,” CNN’s Eric Bradner informs us. “They ran a banjo-​strumming populist in Montana. They called in the cavalry in South Carolina and tried to catch their foe sleeping through a long-​shot in Kansas.”

Democrats failed, 0 – 4.

Why? Well, the congressional vacancies were made by the new president’s appointments, and he may have targeted those districts that were especially safe. Nevertheless, CNN notes, “[t]he party got closer than it has in decades to winning some of the four seats — a sign they’ve closed their gaps with Republicans in both suburban and rural areas.…”

But there is a lesson here that CNN did not draw from the debacle. The much-​lamented Georgia race, in which Jon Ossoff lost to Republican Karen Handel, was a race in which Ossoff out-​spent Handel six to one in what is called “the most expensive House race in history.” And yet, somewhat oddly and perhaps hypocritically, Ossoff, the bigger spender, went on air complaining about money in politics.

All that moolah did not push him over the top. Ossoff and the Democrats — as well as the feckless Republican majority — might look for fewer excuses and stand for something voters actually want.

This is Common Sense. I’m Paul Jacob.

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Accountability crime and punishment folly general freedom media and media people moral hazard nannyism responsibility too much government

Another Push for Censorship

Great Britain, Tory, Prime Minister, PM, censorship, terrorism, internet, web

It’s almost as if politicians are hell-​bent on expanding government at the expense of our freedoms … and grandstanding to ‘look like they are doing something.’

The two proclivities are not unrelated.

Take Theresa May, Great Britain’s Tory Prime Minister. After yet another terrorist attack in her country, this time on the London Bridge, she re-​iterated her party’s intent to censor the Internet.

“We cannot allow this ideology the safe space it needs to breed,” May said on Sunday. But this “safe space,” she went on, “is precisely what the Internet, and the big companies that provide Internet-​based services, provide.”

Now, blaming ISPs and social platforms is a crude form of business scapegoating — something I would expect from her opponent in the upcoming elections, Jeremy Corbyn, the much-​loathed (but inching ahead in the polls) top banana of Labour. 

As a conservative, May should understand markets and the limitations of government interventionism a bit better than a near-communist. She might recall that previous attempts to regulate the means of communication almost never to work, and, in those few cases when they do, never stay scaled to the original target issue. 

They expand. To cover more than just terrorism, as in this case.

What’s more, Jim Killock of the Open Rights Group makes the case that such a move would likely “push these vile networks into even darker corners of the web, where they will be even harder to observe” — scuttling the alleged purpose of the Conservative Party’s longed-​for censorship. 

May knows this. But she is a politician. She has power, and she wants to keep it.

It’s almost as if power corrupts or something.

This is Common Sense. I’m Paul Jacob.

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