MORE BRITISH NEWS – AT 5:19 A.M. ET:  Since we're on the subject of Britain (see post just below), we note a sharp warning issued to the UK by a major executive:

HSBC's Hong Kong-based chief executive has launched an attack on the growth of the public sector in the UK as he called on politicians to re-establish Britain's credentials as a business friendly country.

Speaking at a Chatham House meeting on Friday, Michael Geoghegan, chief executive of HSBC, said much of the growth in public sector employment relative to private was down to the move of jobs overseas to more attractive countries in Asia, such as India.

"The reality is that it may be good to have full employment, but if that employment is driven by public employment it's telling you something very clearly... something is not functioning in your society," said Mr Geoghegan.

COMMENT:  Now, what other country do you think needs a warning like that?  I'll give you a hint.  Its president was seen as godlike only a year ago, and goatlike today.  You guessed it.

The dramatic growth in public-sector jobs in the U.S., and the fact that a public employee here is now paid more than his private-sector equivalent, are causes of extreme worry.  Each day we become more and more like the nanny states of Europe.  And states like California, Illinois and New York, symbolic of liberal government, are on the verge of bankruptcy.

The problem, of course, is that much of the Obama class and its journalistic syncophants think Europe is just fine.  A message must be sent.

July 10, 2010