Posts Tagged ‘1980s’

Japan Ends Negative Interest Rates

Monday, March 25th, 2024

The Bank of Japan just ended 8 years of negative interest rates.

Indeed, this is the first interest rate hike for Japan in 17 years.

According to Keynesian economics, Japan should have experienced an economic boom from all that monetary stimulus. It did not. Prices were stagnant. Wages were stagnant. GDP growth was anemic.

Japan spent more than 1.2 quadrillion yen in deficit spending trying to boost its economy, and all they have to show for it is a debt that’s over 200% of its GDP.

Yet deficit spending remains the preferred policy solution of just about every damn country in the world.

Back in the dim mists of time (i.e., the 1980s), Japan Inc. was going to take over the world. That didn’t happen either. Instead, the Japanese bubble, based in huge measure on wildly unsustainable real estate valuations (“At the peak of the bubble economy, Tokyo real estate could sell for as much as US$139,000 per square foot, which was nearly 350 times as much as equivalent space in Manhattan. By that reckoning, the Imperial Palace in Tokyo was worth as much as the entire US state of California.”) popped. There then followed three decades of economic stagnation.

Many will point out that Japan’s shrinking demographics make it an economic outlier, but a whole lot of Western nations aren’t too far behind.

You can’t deficit spend your way to prosperity, and attempts to do so end in disaster.

Ugly Campaign Against Dan Patrick Gets Uglier

Monday, May 19th, 2014

Someone should contact the David Dewhurst campaign and inform them the the calendar doesn’t read 1989 anymore.

There’s been yet another attack on Dan Patrick dating (like all Dewhurst’s attacks) from the golden age of hair metal. After Jerry Patterson endorsed David Dewhurst, he released documentation to reporters indicating Patrick sought hospitalization for depression.

It’s impossible for an outsider to determine whether Patterson released the records on his own against Dewhurst’s wishes or whether Dewhurst is using the time-honored method of using surrogates to do his dirty work. However, the revelations obviously fit into the overall Team Dewhurst “stuck in the 1980s” attack strategy.

So ham-handed and irrelevant are these latest attacks on Patrick that even people who aren’t wild about him are turned off by the tactics. “If anything, David Dew­hurst is only ensuring that Dan Patrick will win by a larger margin than he might have otherwise.”

Even before the mental health revelations, Evan of Perry vs. World said that David Dewhurst did not deserve re-election This is significant in that he has been very critical of Dan Patrick throughout the campaign.

In some future political science class, Dewhurst’s 2012 campaign against Ted Cruz and 2014 campaign against Dan Patrick are going to be dissected as outstanding examples of how not do negative advertising…

A Look at the Dewhurst/Patrick Runoff

Tuesday, May 6th, 2014

With so much Obama Administration scandal, sleaze and general fail, I haven’t devoted as much time to the statwide primary runoffs as they deserve. The Lt. Governor’s race in particular offers up the interesting dynamic of well-funded incumbent David Dewhurst getting trounced in the primary by state senator Dan Patrick. So here’s an update on the latest race news, which is lamentably heavy on who did what while owning a Houston business in the 1980s.

The two debated:

There has also been a lot of back and forth on two Dewhurst attack ads against Patrick:

There’s the little problem of Dewhurst accusing Patrick of having changed his name to “hide from debts.” In fact, Patrick had used the name Dan Patrick as a his working name since 1978, discharged all his debt in bankruptcy filings in 1987, and legally changed his name from Dannie Gobe to Dan Patrick in 2003. This is a case where the Dewhurst campaign connected two dots that simply weren’t connected for the sake of an attack ad. No wonder the claim got rated “Pants on Fire.” (On the other hand, Politifact also dings Patrick for suggesting they rated the entire ad as untrue, rather than just that one part of it.)

Politico also noted that Patrick discharged the payroll taxes debt in 1989. (Consider this your periodic reminder that Politico is considerably more trustworthy when the issue in question features no favored Democrats to protect…) Here are Patrick’s responses to the charges, where he also touches on tax problems Dewhurst’s companies had in the 1980s as well, and his own response ad:

Speaking of that second Dewhurst ad, Dewhurst supporter David Jennings dings Dewhurst for shirtless picture of Dan Patrick taken at a charity event. In fact, all the unflattering photos in that ad strike me as more than a little bush league.

As for the “hiring illegal aliens” charge Dewhurst has leveled:

  • Jerry Patterson tried using it in the primary, and it got him nowhere.
  • The idea that a restaurant or club owner in Houston might have hired illegal alien help shocks absolutely no one these days.
  • While if true, it does show a certain amount of hypocrisy on Patrick’s part, the charge is stale enough, and documentation of it so scanty, that I don’t see it being a successful line of attack for Dewhurst.
  • Dewhurst also spent an additional $600,000 on attack ads. It’s strange to see Dewhurst doubling down on the same tactic that backfired so badly in his race against Cruz. While there’s a bit more meat to the Patrick charges than the Cruz ads, I just don’t see the payoff putting so much money into attacks over business decisions Patrick made a quarter-century ago during the oil bust.

    Other race news:

  • Patterson endorses David Dewhurst. That’s a good pickup for Dewhurst (certainly a lot better than the Craig James endorsement in the 2012 Senate race), but I don’t think it moves the needle.
  • Dewhurst picks up the endorsements of Battleground Tea Party of Texas (who I don’t know much about, except they’re from the Clear Lake area) and the Pearland Tea Party.
  • 1980s Savings and Loan scandal figure W. Harold Sellers was involved in helping Patrick buy a radio station. Patrick says he didn’t know about Sellers loan issues, which were eventually settled.
  • I’d love to bring you news on this race that doesn’t revolve around business decisions in the 1980s, but I’m not seeing much…