The Final Minority Report

Because Even Minorities Oppose Liberalism & Statism

Pension costs can ruin cities and states

Indeed.

California has exerted a weird, hypnotic pull lately, as Americans have watched the Golden State roll toward what might just be financial Armageddon. The state government is facing a $24 billion deficit, but Democrats and Republicans in Sacramento, Calif., are showing very little ability to get the problem solved.

As a result, California is “less than 50 days away from a meltdown of state government,” the state controller said last week.

It’s hard to know whether to stare in horror or avert your eyes.

Our advice: Stare. Because in California’s example, there are lessons for Minnesotans and North Dakotans to learn.

One such lesson has to do with public-employee pensions and a state’s fiscal health. California faces unfunded public employee retirement benefits of somewhere between $300 billion and $1 trillion, a panel discussion at the Milken Institute’s State of the State Conference concluded in May.

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06/23/2009 Posted by | Economy, Government Debt, Liberal Business, Redistribution of Wealth, Strange but True, Useful Idiots | Leave a comment

Person to Head GM Restructuring is a Thirty-Something Law Student

Trust your government
They know better than you

Imagine you had to pick someone to shepherd a gigantic multinational corporation through a bankruptcy in order to salvage it. Would you look for someone with extensive experience in the firm’s industry, or would you prefer someone with demonstrated savvy on Wall Street in turning around troubled firms? If the firm made cars, perhaps you could think of it as a choice between a Lee Iacocca or a Mitt Romney.

Or, maybe, you’d just pick someone from the mail room, as Barack Obama apparently has in the GM bankruptcy:

It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism.

But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry.

Nor, for that matter, had he given much thought to what ailed an industry that had been in decline ever since he was born. A bit laconic and looking every bit the just-out-of-graduate-school student adjusting to life in the West Wing — “he’s got this beard that appears and disappears,” says Steven Rattner, one of the leaders of President Obama’s automotive task force — Mr. Deese was thrown into the auto industry’s maelstrom as soon the election-night parties ended.

“There was a time between Nov. 4 and mid-February when I was the only full-time member of the auto task force,” Mr. Deese, a special assistant to the president for economic policy, acknowledged recently as he hurried between his desk at the White House and the Treasury building next door. “It was a little scary.”

Scary? Well, yes, and not just for Mr. Deese, whose executive experience actually is less than Obama’s. He’s never run any business, let alone worked in the auto industry. He joined the Hillary Clinton campaign by taking a hiatus from law school, which he began after working as an assistant to Gene Sperling, now an advisor to Tim Geithner. His entire resume consists of campaign work.

Perhaps Deese will do a good job, but I’m not terribly sanguine about the prospects of GM prospering under the guidance of someone who hasn’t ever met a payroll or sold a car. A President who took his own job seriously would never have appointed a second-tier adviser to this position. A national media who took their jobs seriously wouldn’t let him get away with it, and don’t count this NYT piece in their favor. They give a glowing report to this political-hackery appointment.

06/04/2009 Posted by | Economy, Going green, Government Debt, Liberal Business, Obama - Domestic Policy, Redistribution of Wealth, Useful Idiots | , | Leave a comment

Another “Conservative” in the UK Parliament

In his speech to party conference in Bournemouth, Liberal Democrat Shadow Chancellor Vince Cable argues that government should do fewer things well, rather than many things badly, freeing up the resources to give tax cuts to ordinary people.

03/28/2009 Posted by | Economy, Free Market Economics, Government Debt | , , | Leave a comment

Coack K to Obama: “Shut Up and Play Ball (i.e., Do Your Job)”

Money Quote:

WASHINGTON (CNN) – Duke basketball coach Mike Krzyzewski isn’t thrilled his team got snubbed by the leader of the free world.

“Somebody said that we’re not in President Obama’s Final Four, and as much as I respect what he’s doing, really, the economy is something that he should focus on, probably more than the brackets,” Krzyzewski told a reporter from the Associated Press on Wednesday.

Related: Obama’s Final Four picks revealed

The president filled out his NCAA bracket for ESPN on Tuesday, and the Blue Devils weren’t among his Final 4 picks. Instead, he has Coach K’s squad falling to Pittsburgh in the Elite 8.

Obama’s pick to win the Big Dance? Duke’s archrival, the University of North Carolina

03/19/2009 Posted by | Economy, Obama - Spending Bills, Obama - Stimulus Bill | , , | Leave a comment