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Posted on 05.14.08 by Lisa Mancini @ 1:09 pm
The Federal Home Loan Mortgage Corporation, a Washington D.C.-based socialist institution, has lost $151 million this quarter. Doh! Who knew that putting taxpayer money into a venture to manipulate the market in ways that it was never meant to be would be a bad idea? FHLMC and all its alphabet soup ilk should be abolished. Give this business to Countrywide or a similar private company. Filed under: Financial News and Opinion Comments: 1 Comment |
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Posted on 05.06.08 by Stephen Covington @ 11:47 pm
Petroleum is fast becoming an even more valuable commodity than usual as prices are currently hovering at $120, and there is no probable end in sight. With India and China both growing at phenomenal rates, oil is realistically set to go to $200 in the next two years, and beyond, according to analysts at Goldman Sachs. Drilling in ANWR is often brought up as a possible solution, but as one oil field out of many, this would be a drop in the bucket - and, that oil would not go exclusively to the United States. It would be sold on the open market like any other commodity. Oil shale, liquid coal and ethanol are also popular subjects. As we’re seeing now, corn ethanol production is highly inefficient and is great at producing global famine. There seems to be growing indications from the market that petroleum is simply becoming impractical as a long-term, large-scale energy solution. Its growing rarity makes it expensive, and it requires substantial amounts of infrastructure (pumping wells, pipelines, tankers, refineries, etc) for distribution purposes. All of these infrastructure points are highly susceptible to attacks from terrorism - as an example, consider the recent attacks in Nigeria. A continuing dependence on this shaky source of energy makes us highly vulnerable to the whims of the world. It’s time that everyone - especially those concerned about national security - accept that we would be best served by hurrying along new forms of energy as soon as possible. Electric engines are inherently more efficient than the gasoline-driven variety; an engine that moves a car with electric power generated through the use of a small gasoline engine is actually more efficient than using a single gasoline engine. The main advantage of electric-only cars is that electricity, unlike gasoline or ethanol, is available from a nearly infinite number of sources; if the grid is compromised, people can charge their cars using a backup battery, solar panels, treadmill, etc. This shift to a new energy paradigm is going to happen anyway, so it’s better that we define how energy technology evolves, rather than following behind Japan or China. The transition may be painful, but plugging in every day can’t possibly have as bad of an economic impact as shelling out $10 for a gallon of gasoline. Filed under: Financial News and Opinion and The Economy Comments: 1 Comment |
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Posted on 04.28.08 by Stephen Covington @ 3:54 am
Zimbabwean security forces beat members of the opposition demonstrating in Harare.Almost a month after Zimbabwe’s recent presidential election ended, the results still have not been released. In the meantime, a Robert Mugabe’s supporters have waged a fierce campaign of violence and intimidation against the opposition, often blaming it on the opposition themselves. There have even been rumors that the African nation is headed for civil war. The United States has been pressing Zimbabwe through diplomatic channels, and calling for its neighbors to decry the violence. Still, little seems to be happening. Mugabe is not the type of person to let go of power without a considerable struggle. In addition to a long history of violence against political opposition, he has publicly compared himself to Adolf Hitler:
Some experts believe that Mugabe will not be prosecuted for his role in war crimes, instead living out his days in a relative degree of luxury, in exchange for releasing his grip on political power - although if he does not go soon, he risks incurring enough wrath by his opponents to make that all but impossible. A larger question is why Mugabe feels comfortable that he can remain a despotic dictator and not have to eventually answer to the citizenry. One possibility is that the Chinese government is running around the world with a torch, glorifying the mistreatment of its own people as some sort of “unity”. All the while, they still continue to sell massacre-bound weapons to Zimbabwe. Curiously, the Chinese government’s argument of “it’s just a business transaction and nothing more” reason for a large shipment of arms strangely echoes the “it’s just a sporting event and nothing more” justification given for the holding the Olympics in a nation where most of the principles of the Olympics are banned. More than likely, China’s government doesn’t see this as anything more than a “business transaction” because for them, like Mugabe, killing citizens is business as usual. Only the immediate future will tell if Zimbabwe’s government will really change. If so, maybe Mugabe will get acquainted with his own brand of Hitler justice, tenfold. Filed under: Foreign affairs and Opinion Comments: None |
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Posted on 04.08.08 by Stephen Covington @ 12:54 am
The recent protests along the route of the Olympic flame have involved Tibetans, citizens of the respective countries, local and national officials, and even the torch-bearers themselves. In London, Konnie Huq both carried the flame and voiced her opposition to Chinese policy; San Francisco is scheduled to receive the torch on April 9, but in possibly the only backbone-requiring task committed in decades, the Board of Supervisors has expressed their disdain for China’s disgraceful human rights record. These disruptions will almost certainly continue and may increase, and will likely occlude the importance of the Olympics as a sporting event. Chinese officials have repeatedly expressed that the Olympics are an athletic event for international peace as an excuse for why Tibet should not be an issue. What has not been discussed is that the Chinese government itself is responsible for tainting the Olympics - not Tibet. Communist Party officials have committed egregious acts both against their own people, and against people in areas that they consider their own. Holding an international sporting event in such a place would be somewhat akin to having daycare in a whorehouse. Since the Maoists took over, official Chinese government policy has completely gone against the spirit of the Olympics and anything resembling a free society. Capitalism has unfortunately not brought China any closer to democracy, although it has helped to bring about a more slick image. China has worked carefully for the last decade to sculpt an international image as a benign giant, becoming a significant trading partner in many areas and obtaining leadership roles in intergovernmental organizations. Hopefully the 2008 Summer Olympics will serve as a wakeup call to the world to see the pig behind the lipstick. Related links: Filed under: Breaking News and Foreign affairs and Opinion Comments: 5 Comments |
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Posted on 03.17.08 by Stephen Covington @ 7:16 am
The Chinese government has apparently decided that all climbing on Mount Everest must stop from May 1 to the 10th - so that they can send some climbers up for an Olympics-themed promotion. Enlisting the cooperation of neighboring Nepal, China intends to televise the entire event, and doesn’t want any nosy Tibetans getting in the way. Things have gotten rough in Tibet recently, with Tibetans declaring that their historically separate nation is, in fact, a separate nation. Much as with the situation in Taiwan, the Chinese government doesn’t take this very well, and has responded with a significant amount of police and military action to put down the Tibetan independence movement. The head of the IOC has expressed concern over the recent crackdowns, and the added closure of the mountain will mostly serve to bring more attention to the issue than there would have otherwise been.
These instances point to a much larger issue - with China emerging as a major world power, how can it be expected to act? The Chinese government seems to have an unerringly paternalistic attitude when it comes to quashing ideas that it doesn’t like. While often unsuccessful (such as with the heavily flawed “Great Firewall of China”), the basic attitude is a monopolar “Daddy knows best” way of looking at situations involving adult members of the public. What will happen as China expands its influence? Will their attitude towards foreign affairs continue to revolve around a complete disinterest in talking about any remotely uncomfortable topics? Fortunately, Western values have entropy on their side - it’s no doubt easier to break down a carefully crafted view of pseudo-authority, than it is to build it up. Only time will tell how this will turn out. China’s government will need to lose some of its obsession with issuing commands if it intends to work with the West on any level besides that of a trading partner. Filed under: Foreign affairs and Opinion Comments: None |
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Posted on 03.09.08 by Stephen Covington @ 9:21 am
History has shown us that government is addicted to power, and will often abuse it when given the chance. This isn’t anything specific to government, per se - it’s a predictable aspect of human nature. Take any group of people, make them feel special, give them power over others, and with enough time, they’ll find a way to misuse it. This is almost something that can be taken for granted - so much so, that the Founders wrote the Constitution specifically to curb such abuses of power. Oh, THAT’S what those Amendments were for? It’s too bad someone didn’t tell us that, before we legislated them away. This footage is a few years old, but I had not seen the ABC News clip until recently. Here we see oppression being put into practice on a local scale - surreal video of military troops patrolling American neighborhoods, and with the assistance of local law enforcement, running willy-nilly through houses, disarming people and trampling on multiple Constitutional rights. Now follows another video from the NRA about some law-abiding people who got stepped on by their own government. Filed under: Opinion and Social issues Comments: 9 Comments |
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Posted on 01.30.08 by Austin Cassidy @ 11:26 pm
With John McCain on the verge of capturing the Republican Presidential nomination, many conservative talk radio hosts are digging in. For some reason, people like Rush Limbaugh have as much of a hatred for Senator McCain as they do for liberal Democrats. They charge that McCain is somehow a phony conservative who doesn’t represent family values or conservative beliefs. Indeed, many of McCain’s harshest critics claim that he lacks the “conservative credentials” that they posses. Some people see that logic as particularly odd coming from Limbaugh, himself a childless, thrice-divorced, former prescription drug abuser. If the election comes down to a McCain vs. Obama or McCain vs. Hillary race… what will happen then? Will Sean Hannity actually advocate that people don’t vote or that they support a spoiler third party candidate? It seems unlikely, but it’s hard to image how these personalities will reverse course. As Republican voters continue to embrace Senator McCain as their choice for President, these radio talk show hosts are in danger of being left behind. No longer the voice of the conservative movement, they become merely an amusing sideshow. What is the alternative? Will Limbaugh ever fully embrace McCain’s candidacy? Sound off in the comments! Filed under: Campaign 2008 and John McCain and Opinion and Talk Radio Comments: 13 Comments |
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Posted on 01.26.08 by Austin Cassidy @ 5:05 am
The death of actor Heath Ledger is certainly a sad story, and it’s easy to understand why the public might be interested in finding out what happened. But Fox News Channel takes it to an entirely new level, giving the story massive amounts of coverage that reach far beyond it’s relative importance. Worse yet, reporting is replaced with random speculation and gossip mongering that doesn’t even resemble news. The anchors and reporters of Fox News have as much journalistic integrity as a pack of 14 year old girls. On the day of Ledger’s death, CNN reported the basic facts of the story and then moved on to other things until more details became available. Fox News went with the story full time. Reporters excitedly repeated every salacious internet rumor they could get their hands on. That Ledger had been depressed, that the death occurred in Mary Kate Olsen’s apartment, and that he had been addicted to drugs. Some of it was true, some totally false. But the truth was obviously not their main concern, it was reporting as much exciting quasi-information as they could. Fox News is attacked by liberals as a conservative mouthpiece, and some of the personalities do skew toward the right. But there’s nothing conservative about gossip-mongers exploiting the unfortunate death of a talented actor. Or reporting more in-depth information about the adventures of Britney Spears than a Middle East peace mission. That’s just lousy journalism and it’s time for conservatives to stop defending this sensationalistic trash once and for all. Filed under: Media and Opinion Comments: 1 Comment |
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Posted on 01.25.08 by Ginger West @ 11:27 pm
Since the 2008 Republican primary race began, Rudy Giuliani’s consistent message to the American public has been that his personal experience with 9/11 makes him the best candidate for the highest office in the land. Seemingly as an afterthought has been his history of cutting taxes 23 times while serving as mayor of New York. Hs main focus has been on the terrorists’ efforts against the United States, and how he is best suited to keep the nation safe. However, in recent days, and in light of a looming recession, Giuliani has apparently changed his focus from national security to domestic economics. Now, in addition to reminding us how he cut taxes in New York, and turned a multi-billion budget deficit into a multi-billion dollar surplus, he’s driving home a message of taking decisive action on our current economic problems. The former New York mayor is in favor of making the Bush tax cuts permanent and his tax cut plan is the largest in modern American History. In addition, Rudy has proposed a new form for tax filing and wants to give Americans a choice of either using the old tax forms or using the new “Fair And Simple Tax form”, or F.A.S.T. The new form only has three rates allowing Americans to save substantially in taxes. Rudy Giuliani’s tax plan is extensive, touching on all areas of the economy normally encountered by the average American. He intends on repealing the death tax, cutting the corporate tax rate, cutting the capital gains tax, and indexing the AMT for inflation and eventually he will eliminate it altogether. One thing’s for sure, America needs a fiscal conservative and Rudy Giuliani is unlike both John McCain, who has voted more than 50 times not to cut taxes, and Mitt Romney who not only failed to cut taxes but actually raised them in many cases. Florida may be Rudy’s last stand. For the sake of the economy, let’s hope he pulls off a win finally. Filed under: Campaign 2008 and Florida Primary and Opinion and Rudy Giuliani and Taxes and The Economy Comments: 4 Comments |
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Posted on 01.24.08 by Stephen Covington @ 9:04 pm
Republicans and Democrats in the House, along with the White House have come together on an economic stimulus deal totalling around $150 billion, which may provide one-time payments of between $300 to $1200 per household. This agreement comes at a time when housing sales are at their lowest levels since 1982, and may soon fall even further, according to many economists. The effort to boost economic activity is largely aimed at increasing short-term consumer spending, but whether a net effect will result remains to be seen. The government will mostly be borrowing money and recirculating it through taxpayers - not exactly pumping new blood into the system. Unfortunately, the housing bubble began as the result of the Federal Reserve manipulating interest rates to increase demand in the mortgage market and drive the economy following the slowdown after the dot com bust and 9/11 attacks. This is a fantastic example of why the government should allow natural market corrections to take their own course and adapt to changing conditions, rather than trying to force changes on the market. The knee-jerk reactions that characterize many government actions are driven not by common sense, but by a feeling that they should be “doing something” rather than allowing things to run their course. Rather than blowing money around in a circle, Congress should resolve to trust in the economy to solve its own problems. The housing market will eventually correct itself once demand catches up to supply. People who got themselves into mortgages that they couldn’t afford will either find a way to pay, or get out of them - through foreclosure, transfer, or refinance. The best way to promote economic health is to allow the economy to improve itself. Filed under: Opinion and The Economy Comments: None |
