WEDNESDAY,  DECEMBER 24,  2008

TOUGH TIMES - AT 2:21 P.M. ET:  From The Washington Times:  Recession worries have put a monumental chill on holiday sales, which are on track to be the worst in at least four decades, raising the possibility of many retail bankruptcies next year.

COMMENT:  With those bankruptcies will come unemployed workers, and, in keeping with the morality of the season, those are the people we should be thinking about. 

LIKE THE BAD OLD DAYS - AT 1:21 P.M. ET:  From, incredibly, Britain's left-wing Guardian: Russia has thrown down a new gauntlet to Barack Obama with an announcement that it will sharply increase production of strategic nuclear missiles.  In the latest of a series of combative moves by the Kremlin, a senior government official in Moscow said the Russian military would commission 70 strategic missiles over the next three years, as part of a massive rearmament programme which will also include short-range missiles, 300 tanks, 14 warships and 50 planes.

COMMENT:  This comes despite the large drop in the price of oil, a major Russian export.  It demonstrates that militant regimes will always find the means to stay militant and militarily strong.

A GREAT QUOTE - AT 9:09 A.M. ET:  From Democratic Congressman Gary Ackerman of New York, on Caroline Kennedy's qualifications to be a U.S senator:  “DNA in this business can take you just so far.  Rembrandt was a great artist. His brother Murray, on the other hand, Murray Rembrandt, wouldn’t paint a house.”

COMMENT:  Murray Kennedy.  Sounds good to me. 

MORE HEAT ON WARMING

Posted at 8:26 a.m. ET

One of the most popular pieces we've published recently was Professor Frank Tipler's debunking of the global-warming scare.  Today, conservative economist Walter Williams continues that theme, attacking those who deny the validity of any skepticism about global warming:

Americans have been rope-a-doped into believing that global warming is going to destroy our planet. Scientists who have been skeptical about manmade global warming have been called traitors or handmaidens of big oil. The Washington Post asserted on May 28, 2006 that there were only "a handful of skeptics" of manmade climate fears. Bill Blakemore on Aug. 30, 2006 said, "After extensive searches, ABC News has found no such (scientific) debate on global warming." U.N. Framework Convention on Climate Change Executive Secretary Yvo de Boer said it was "criminally irresponsible" to ignore the urgency of global warming.

My, my, my.  How far did ABC News look?

Recently, more and more scientists are summoning up the courage to speak out and present evidence against the global warming rope-a-dope. Atmospheric scientist Stanley B. Goldenberg of the Hurricane Research Division of the National Oceanic and Atmospheric Administration said, "It is a blatant lie put forth in the media that makes it seem there is only a fringe of scientists who don't buy into anthropogenic global warming."

I like the term "blatant lie."  But in too many universities, a lie is simply called "an alternative narrative."

Dr. Goldenberg has the company of at least 650 noted scientists documented in the recently released U.S. Senate Minority Report: "More Than 650 International Scientists Dissent Over Man-Made Global Warming Claims: Scientists Continue to Debunk 'Consensus' in 2008." The scientists, not environmental activists, include Ivar Giaever, Nobel Laureate in physics, who said, "I am a skeptic … Global warming has become a new religion." Dr.

Kiminori Itoh, an environmental physical chemist, said warming fears are the "worst scientific scandal in the history … When people come to know what the truth is, they will feel deceived by science and scientists."

But here is the key, the money quote:

Atmospheric physicist James A. Peden, formerly of the Space Research and Coordination Center in Pittsburgh, said, "Many (scientists) are now searching for a way to back out quietly (from promoting warming fears), without having their professional careers ruined."

Destruction of careers is one of the most potent weapons of the global-warming lobby.

Geologist Dr. David Gee, chairman of the science committee of the 2008 International Geological Congress, currently at Uppsala University in Sweden asks, "For how many years must the planet cool before we begin to understand that the planet is not warming? For how many years must cooling go on?"

Dr. Gee, the answer may lie in the financial interests involved in the global-warming industry.  Al Gore could comment on that.

That's a vital question for Americans to ask. Once laws are written, they are very difficult, if not impossible, to repeal. If a time would ever come when the permafrost returns to northern U.S., as far south as New Jersey as it once did, it's not inconceivable that Congress, caught in the grip of the global warming zealots, would keep all the laws on the books they wrote in the name of fighting global warming. Personally, I would not put it past them to write more.

More and more, though, people like Walter Williams are speaking out.  They are up against the religion of global warming, whose main cathedrals are filled with believers from Manhattan, Beverly Hills, and the cocktail circuit in Georgetown. 

Winning will be hard.  But win we must.

December 24, 2008.      Permalink          

POLITICS AT ITS WORST

Posted at 7:03 a.m. ET

We've said here that the possible appointment of Caroline Kennedy to the U.S. Senate, succeeding Hillary Clinton, is a national and international story.  The very day she enters the Senate she becomes a potential presidential candidate, someone who can short circuit any ambitions Hillary Clinton still has.

Now John Fund of The Wall Street Journal gives us a brief, but hard-hitting report on the politics behind the politics, and it is ugly.  As we've suggested here, the president-elect's office is not an innocent bystander:

It wasn't his idea. He may be irritated at being pressured into it. But it appears New York Governor David Paterson is moving towards appointing Caroline Kennedy to the U.S. Senate seat being vacated by Hillary Clinton.

And...

Normally, Mr. Paterson would have selected someone like Andrew Cuomo, the state's attorney general. Not only would that have removed Mr. Cuomo as a possible primary challenger to Mr. Paterson when he seeks a full term in his own right in 2010. Appointing Mr. Cuomo also would have given New York a proven operator with instant clout and credibility in the Senate.

But Mr. Cuomo's supporters were blindsided by the Kennedy boomlet, which was pushed by allies of Barack Obama and New York Mayor Michael Bloomberg. Within days it was made clear to Governor Paterson that if he appointed Ms. Kennedy, he would have no trouble raising money against any possible primary opponent and would be looked on with great favor by an Obama White House.

And that's the heart of it.  Obama wants an ally in the Senate to replace Clinton, who's being sent off to the State Department.  The Kennedys were instrumental in seizing the presidential nomination for the president-elect.  This is hardball, inside politics at its worst.

All of this leaves both Mr. Cuomo and allies of Hillary Clinton sputtering. They are unhappy with the blitzkrieg campaign waged on behalf of Ms. Kennedy but realize there's little they can do to thwart it.

It comes at a time when the Obama camp exonerates itself in the seat-for-sale scandal in Illinois, issuing its "not guilty" report yesterday, while Mr. Obama shows off his star-quality torso while vacationing in Hawaii.  This is all change we can believe in.

The only thing that could gum up the works now is Ms. Kennedy's possible overexposure in coming weeks -- i.e., if she answers too many questions. The perils of having this political Greta Garbo reveal too much about her opinions showed up even in the tentative answers she gave to Politico.com about some key policy positions.

Her answers had to be carefully calibrated to navigate the turbulent waters of New York special interest politics.

Nice, huh?  And apparently Caroline's chances haven't been hurt by her spokesman's blunt announcement that she will not release any financial data - a fundamental requirement these days in politics.  Remember the ridicule Sen. McCain received regarding his wife's wealth?

She has far, far less experience that does Sarah Palin, but note the silence from those who bashed Gov. Palin.

The hypocrisy flows.  If a Hollywood scriptwriter wrote this, the script would be turned down as unrealistic.

December 24, 2008.      Permalink           

TUESDAY,  DECEMBER 23,  2008

DISGRACE

Posted at 7:51 p.m. ET

No one could accuse Investor's Business Daily of being anti-business.  It is a symbol of pro-business journalism.  So, when IBD goes after businessmen, it's a story.

In a superb editorial, IBD does just that - going after the phonies in business who pay, or are paid, ridiculous "bonuses" for results not achieved or goals not met.  We have said here at UA for months that this is a major scandal within capitalism, and the people who created this scandal seem to have learned nothing, which is usually the case.  There is a corrupt culture in part of American industry, and it must be rooted out.  We who believe in free enterprise should be in the lead.  IBD:

In any real crisis, everyone sacrifices to weather the storm. But the panicky $700 billion bailout that Congress approved for 116 banks in the fall shows an entirely different sense of urgency.

On Sunday, the Associated Press found that $1.6 billion of bailout cash was converted to gravy for 600 bankers. They got bonuses, club dues, financial planners, corporate jet travel, daily limousines and home security systems, courtesy of the taxpayers.

This is a bad sign of what's ahead if failure continues to be rewarded and government keeps propping up uncompetitive companies and industries in crisis.

Well said, and not a moment too soon.

It's obvious these banker bonuses had no correlation to productivity or performance. In the real world, enterprises provide such benefits only when executives produce results — that is, profits.

And there are examples of sound practices.  For example:

On Monday, for example, executives of Caterpillar gave up compensation to ensure that their firm would survive. The banks — especially investment banks — seem to play by different rules.

They certainly do.  I've lived in towns where the investment bankers congregate.  It's a different, often amoral culture, one most Americans wouldn't recognize. Some of them don't make money the old fashioned way, to put it mildly.

AP asked 21 bank spokesmen how their companies were spending their taxpayer money and got only evasive answers. Goldman Sachs told AP it needed to retain and motivate its talent to ensure its "continued success," not mentioning where this talent is threatening to migrate in a global and industry downturn.

The nerve of them.  Unbelievable, isn't it?

To take bailout money, even a mere $1.6 billion, and blow it on bonuses is a violation of the public trust.

It is good to see a business publication writing about the public trust.  For too many years we've put up with the argument that we must never question "the market," even when that market is distorted by corrupt or inferior practices.  No, we can question.  It's our responsibility.

Maybe Goldman's $600,000 earners can make do on the $400,000 salary of a U.S. president or the $200,000 salary of a senator to show some sort of leadership. At a time like this, they should be marshaling all their resources to invest in viable growth.

Sadly, they probably won't.  It's their culture, the culture of grab fast, grab big, grab often, and make sure you have the right golfing partners.  Their lives revolve only around money, and around no other value. 

There are some wonderful people on Wall Street, like Felix Rohatyn, who earned his considerable keep and served society.  But, sadly, their number seems small these days.  We have some rethinking to do, and IBD has helped us do it.

December 23, 2008.      Permalink          

THE BRIGHT SPOT - AT 7:09 P.M. ET:  From AP:  Oil prices tumbled below $38 a barrel Tuesday on fresh evidence of weakness in the U.S. housing market and a shrinking gross domestic product that suggests the recession may be worsening.  A report by the Commerce Department showed that sales of new homes fell in November to the slowest pace in nearly 18 years, while new home prices dropped by the biggest amount in eight months.

COMMENT:  Low oil prices are a bright spot.  Millions of Americans must drive to work or heat their homes.  They deserve a break.

BULLETIN AT 7:04 P.M. ET:  The Obama transition team has found itself not guilty of any inappropriate contact with the governor of Illinois regarding the naming of a successor to fill the Senate seat being vacated by the president-elect.

COMMENT:  Well, that settles everything.

THIS JUST IN - AT 9:39 A.M. ET:  Headline today from Gannett News Service:  CONFLICTS LOOM FOR OBAMA

Just wanted to rush you that news.

MADNESS

Posted at 9:33 a.m. ET

Seattle, naturally, supplies us with a classic example of environmentalism run amuck, creating a dangerous situation.  Seattle, it seems, is a bit delicate about snow removal.  People?  Who cares about people?  The Seattle Times explains:

...it turns out "plowed streets" in Seattle actually means "snow-packed," as in there's snow and ice left on major arterials by design.

Oh, I can't wait to drive.  Wait.  Let me check my collision insurance.

The city's approach means crews clear the roads enough for all-wheel and four-wheel-drive vehicles, or those with front-wheel drive cars as long as they are using chains...

The other cars are owned by despicable clowns who don't understand the way better people live and think.

The icy streets are the result of Seattle's refusal to use salt, an effective ice-buster used by the state Department of Transportation and cities accustomed to dealing with heavy winter snows.

Why do anything that works?  That's for the capitalists and their middle-class lackeys.

"If we were using salt, you'd see patches of bare road because salt is very effective," an official said. "We decided not to utilize salt because it's not a healthy addition to Puget Sound."

And people killed in road accidents aren't healthy additions to cemeteries.  Anyone think of that?

Seattle also equips its plows with rubber blades. That minimizes the damage to roads and manhole covers, but it doesn't scrape off the ice, Wiggins said.

Manhole covers over man.  What a concept.

The city's patrol cars are rear-wheel drive. And even with tire chains, officers are avoiding hills and responding on foot, according to a West Precinct officer.

So what?  Just don't get robbed or have a heart attack when there's snow on the ground.  This answer is so obvious.

Seattle's stand against using salt is not shared by the state Department of Transportation, which has battled the latest storms in Western Washington with de-icer, 5,800 tons of salt and 11,500 cubic yards of salt and sand mix, said spokesman Travis Phelps.

Techno-fascists!  They probably voted for BUSH.

Wiggins, of Seattle's transportation department, said the city's 27 trucks had plowed and sanded 100 percent of Seattle's main roads, and were going back for second and third passes.

"It's tough going. I won't argue with you on that," he said. But here in Seattle, "we're sensitive about everything we do that impacts the environment."

Why not send Wiggins, on foot of course, to notify families whose loved ones have been hurt, or worse, when cars went out of control on the ice?  Maybe he can explain environmentalism to them, or give them autographed copies of "Silent Spring."

Unbelievable. 

December 23, 2008.      Permalink          

THE BUILDER - AT 8:13 A.M.:    From The New York Times:  WASHINGTON — Even before taking office, Hillary Rodham Clinton is seeking to build a more powerful State Department, with a bigger budget, high-profile special envoys to trouble spots and an expanded role in dealing with global economic issues at a time of crisis. 

COMMENT:  The question is what she will allow Obama to do.

"THE ONE" PREPARES

Posted at 7:52 a.m. ET

The news today (see our "snippets" page) that Barack Obama will use the same Bible at his inauguration that Lincoln used at his first - something no other president has dared to do - reminds us that Obama is being draped in greatness even before he sits at the presidential desk. 

Bret Stephens of The Wall Street Journal has noticed.  He points out that Obama has been anointed "person of the year" by Time, which describes The One in almost religious terms:

"His genome is global, his mind is innovative, his world is networked, and his spirit is democratic," gushes Time magazine's David Von Drehle in his "Person of the Year" profile of Mr. Obama. Time betrays its parochialism by almost invariably choosing the American president-elect for the honor every fourth or eighth year. But although the selection of Mr. Obama was predictable, Time's choice for a cover is instructive. The Che Guevara-esque, eyes-to-the-far-distance portrait by "street artist" Shepard Fairey is a throwback to the magazine's earliest days, when hero worship was considered an honest form of journalism.

But it was a bit more cautious then:

Still, there's a difference. Charles Lindbergh was 1927's Man of the Year only after he had flown across the Atlantic. The man preceded the myth (even if the myth did not survive the man). Abraham Lincoln became a patron saint to all kinds of political movements and social causes not necessarily his own, but only after April 15, 1865. The cult of George Washington was well advanced by the time of his death in 1799. But it was a peculiar republican cult that grew in proportion to its object's disdain for it.

No caution with Obama:

With Mr. Obama, by contrast, the myth precedes the man. Time's profile waxes long about the president-elect's "simple competence" -- the central evidence for which was the skill with which he and his advisers ran their campaign and the transition process. But if getting oneself elected president can predict executive competence, what do Time's editors now make of their choice of Mr. Carter in 1976, or of George W. Bush in 2004?

Maybe we should just build the monument now.  But who will it honor?

There's a case to be made that even if Mr. Obama turns out to be a mediocre or bad president, the very symbolism of his election is a historic achievement unto itself, a reflected monument to America, its promise, and every prejudice it has overcome. In this account, Mr. Obama is merely the guy who walked through weighty doors opened by others.

But that wouldn't be a monument for Mr. Obama. That monument will be to a presidency we already know will be great, because its greatness rests fundamentally on how it makes us feel about ourselves -- intelligent, broad-minded, good-hearted -- and bears only an abstract relation to whatever objective results it might achieve. It is a monument to a cult of personality in the making, a personality that will bear the name of Barack Obama but whose central character is -- who else? -- you. Imagine an interior space, with lots of mirrors, and you've got the basic design.

Well said.  Give Mr. Obama a chance, but no greater chance than any other president.  The stakes are too high.

December 23, 2008.      Permalink          

MORE CHANGE WE CAN BELIEVE IN - AT 6:33 A.M. ET:  We are only hours away from one of the great political events of modern times - the release by the Obama camp of its own internal investigation, tough as nail polish, of contacts with the corrupt governor of Illinois.  The report will be released in Chicago, while the president-elect is in Hawaii on a vacation.  Now, it's perfectly fine for Mr. Obama to take some time off.  He probably needs it.  But the appearances here are less than worthy.  No one expects the report to reveal anything embarrassing.  And The One will not be present to answer questions.  Ah, the aroma of reform. 

We understand that department stores will be closed, and no Christmas shopping will be permitted, so that citizens can concentrate their full attention on the report.  Just kidding.