Well done, and in convenient video form. Put together by the folks at Minnesota Majority, based on original work by the folks at Ace of Spades.
Obama by the Numbers
October 4th, 2011Cruz, Dewhurst Trade Punches
October 4th, 2011I think it’s safe to say that Ted Cruz now has David Dewhurst’s attention.
First came the Chupacabra ad, then news of the National Review cover. Then yesterday, the Cruz campaign noted that Dewhurst floated the idea of a wage tax (i.e., a thinly disguised income tax) back in 2005.
Today the Dewhurst campaign stepped down from the Ivory Tower to punch back, calling attention to a story that Cruz, in his career as a private appellate lawyer, represented a Chinese firm in a patent dispute with an American firm, and to an interview with Laura Ingraham in which he expressed opposition to a Senate bill that seeks sanctions against China for currency manipulation. (A complete transcript of the Ingraham show appearance can be found here.)
Here’s the exact language from Steven Cheung of Dewhurst for Texas:
The day after Texas Monthly’s Paul Burka reported on Ted Cruz acting as legal counsel to a Chinese company accused of patent infringement against an American inventor, Cruz again showed his true colors by again defending China’s interests on the Laura Ingraham Show. To check out our latest video that has highlights, please click here.
By standing on the same side as President Barack Obama, a fellow elitist, Harvard attorney with zero business experience, Cruz and Obama strongly oppose a bill that would curb China’s predatory trade and currency practices in a time when they are taking over ownership of the American economy.
“It’s about holding China accountable for what China is doing that is completely without integrity and subverting the principles of free trade,” said Ingraham. Moments later, Ingraham correctly declared, “Obama’s with you on this bill!”
At a time when millions of Americans are without jobs, why does Ted Cruz consistently put the needs of China before America?
To my mind, this is fairly weak sauce by the Dewhurst campaign, and the tone is overreaching. Representing clients is what lawyers do, and it’s not like Cruz is working pro bono for convicted terrorists.
And I happen to be on Cruz’s side on the China bill, as are (as far as I can tell) the vast majority of conservitive commentators and economists. Sure, China manilpulates it’s currency…but so do we, Europe, and just about everyone else. Protectionism is still loser economics, and starting a trade war in the midst of a recession is not a great idea.
Whether these criticisms will play with Republican primary voters is another question. Tom Leppert’s been using the lawyer line of attack on Cruz without any notable effect for months now, but China bashing is seldom unpopular; it’s also, as far as I can tell, seldom an effective wedge issue, either.
But it’s interesting to note that the gloves have finally come off for the Dewhurst campaign. I don’t think his soi distant Ivory Tower approach was going to tide him over until he could carpet-bomb the primary with big direct mail and ad buys. Despite Dewhurst’s status as presumptive frontrunner, Cruz continues to make noise and rack up conservative endorsements both locally and nationally.
The Dewhurst campaign seems to have finally realized they have a fight on their hands.
“Greece is not salvagable”
September 30th, 2011That’s the rather bracing judgment from this Stratfor overview of Greece’s problem. Moreover, they’re saying that about its existence as a nation-state, even absent the European debt crises. Also: “Greece has to be kicked out of the Eurozone if the Eurozone is to survive.” Problem? They don’t have enough “firebreak” funds to do it. “Until the Europeans have 2 trillion Euro in funding stashed away, they can’t kick Greece out of the system.”
I’m not sure I share the pessimism about Greece in the long run. After all, nation-states can exist for an awful long time, despite crappy conditions (see, for example, Haiti). Of course, that assumes that a newly Islamic Turkey doesn’t decide to settle old scores by conquering them outright. (Assuming, of course, that Turkey is still predominately Turkish rather than Kurdish. Claire Berlinski is a little more sanguine about that prospect.)
Honestly, of the two, I think Greece will outlast the Eurozone by a good measure. The question isn’t the whether Eurocrats can prevent the Eurozone from breaking up, but rather how long they can delay the inevitable, how much sovereign debt can they put taxpayers on the hook for, and how much harder will the inevitable market correction be when it comes? It seems to be a race between how much European taxpayer money can be wasted propping up Europe’s bankrupt welfare states vs. how much of American taxpayer money can the Obama administration waste channeling payouts to well-connected Democratic cronies. The Eurocrats may be winning the race to insolvency, if only due to the lack of a European Tea Party.
In other Euro Debt Crises news:
Is there any other place desperate Eurocrats can get money to prop up their falling welfare states? Are they perhaps hoping that Obama will bail them out? After all, what’s a few more trillions in unsupported debt between friends?
Texas Senate Race Update for Thursday, September 29, 2011
September 29th, 2011
LinkSwarm for September 27, 1011.
September 27th, 2011More Greek Default Rumblings
September 25th, 2011Actually, less rumblings than the roar of an approaching train. And since I temporarily seem to be ahead of the latest Ace of Spades Doom roundup, I’m going to try and give you a nice clear view of the coming crash.
“No longer a question of if, but when – that is the tone of discussions over Greece which has dominated the summit of finance ministers in Washington over the weekend.” Former Britain’s former finance minister Alistair Darling agrees, calling default “only a matter of time.”
The talk now is of how to put in a “firewall” to prevent the contagion of an inevitable Greek default from spreading throughout the European banking system.
The Euroskeptics have been completely vindicated:
Very rarely in political history has any faction or movement enjoyed such a complete and crushing victory as the Conservative Eurosceptics. The field is theirs. They were not merely right about the single currency, the greatest economic issue of our age — they were right for the right reasons. They foresaw with lucid, prophetic accuracy exactly how and why the euro would bring with it financial devastation and social collapse.
I think at this point UK residents should be feeling vrey glad indeed that they didn’t abandon the Pound for the Euro.
Bret Stephens talks about the long line of deceit and fraud that lead Europe to the current crises. “What is now happening in Europe isn’t so much a crisis as it is an exposure: a Madoff-type event rather than a Lehman one.”
Mark Steyn, using the ever popular music and political metaphor gambit, compares the breakup of the Eurozone with the breakup of R.E.M. while bringing the usual Steyn goodness: “Attempting to postpone the Club Med welfare junkies’ rendezvous with self-extinction will destabilize internal German politics (which always adds to the gaiety of nations).” And this:
As its own contribution to the end of the world as we know it, the Obama administration has just released a document called “Living Within Our Means and Investing in the Future: The President’s Plan for Economic Growth and Deficit Reduction.” If you’re curious about the first part of the title — “Living Within Our Means” — Veronique de Rugy pointed out at National Review that under this plan debt held by the public will grow from just over $10 trillion to $17.7 trillion by 2021. In other words, the president’s definition of “Living Within Our Means” is to burn through the equivalent of the entire German, French, and British economies in new debt between now and the end of the decade. You can try this yourself next time your bank manager politely suggests you should try “living within your means”: Tell him you’ve got an ingenious plan to get your spending under control by near doubling your present debt in the course of a mere decade. He’s sure to be impressed.
Germany is near the limit of their willingness to bail out Greece.
There may even be a taxpayer revolt brewing in the Aegean.
And if the other PIIGS are doing better than Greece, it is only a matter of degrees: “Italy is the new Lebanon, Portugal the new Venezuela, Spain the new Vietnam, Ireland the new Argentina and nothing is more risky than Greece, according to today’s credit default swap market.”
But it’s not just Greece and Europe that are hitting the wall. China’s housing bubble may finally be bursting. Worse still: “growth in China may be zero [and] China has ‘European kind of numbers’ when it comes to debt.”
And the Chinese housing bubble isn’t just affecting China. It’s also affecting Canada.
And at least one observer has drawn parallels to a certain hopemonger currently residing in the White House:
Obama has no intention of really solving the debt crisis. And that brings us back to Greece. That government has been doing the same thing for a decade and the chickens have now come home to roost. Greece’s debt is 150 percent of its Gross Domestic Product. Our debt has just reached 100 percent of GDP and the debt is accumulating faster than it ever has. If we were looking out the windshield down the road, we could see the crash that’s just up around the bend.
But rather than put on the brakes, the president has chosen to pick a fight with the other passengers in the car he is driving. Talk about distracted driving! He is gambling that this fight will convince the passengers to let him stay behind the wheel for another four years. But we certainly can’t wait that long. He’s turned up the radio in hopes we won’t hear the ambulance sirens.
It looks like its going to be another rough week for world markets…
Texas Senate Race Update for September 23, 2011
September 23rd, 2011Interview With Texas Senate Candidate Tom Leppert
September 21st, 2011After my interview with Ted Cruz, I was contacted by the Tom Leppert campaign in late August and asked if I wanted to do an interview with Leppert. And they did this despite my very public doubts over several aspects of Leppert’s record. Leppert’s comments on the campaign trail have always been very solidly conservative; my doubts have been over how much Leppert’s actions match his rhetoric. So I agreed to do an interview, after which is was just a matter of finding a date and time when he would be in Austin, which turned out to be Monday, September 19.
From shortly after each of them jumped into the campaign, Cruz and Leppert have been neck and neck in who has the most effective campaign organization, with both seeming very polished and professional. (David Dewhurst’s start was late enough that I haven’t yet collected enough data to make a determination. So far I’m more than little skeptical that the “Ivory Tower” strategy of avoiding the candidate forums is the right choice.) Early on, I sought to get interviews with all of the major Republican Senate candidates, starting in the order they joined the race. I heard absolutely nothing back from the campaigns of Roger Williams, Michael Williams, or Elizabeth Ames Jones, not even the polite “our candidate is really busy but we’ll see if we can work something in” blogger brushoff. By contrast it’s been very easy and hassle free to get information out of the Cruz and Leppert campaigns.
As I mention in the interview itself, this was designed so be a mixture of general and specific questions, as well as mixture of softball and hardball questions.
A few observations:
I expect to have more information on Leppert (both positive and negative) in the next week or so.
Texas State Senator Steve Ogden Won’t Seek Another Term
September 20th, 2011According to the Texas Tribune. Ogden is my state Senator, and it was something of a surprise that he ran in 2010. House District 52 Rep. Larry Gonzalez sent out a press release saying he was running for re-election to the House, but wasn’t looking to run for Ogden’s seat in the Senate. Conversely, Rep. Charles Schwertner of Georgetown announced he’s running for Ogden’s seat. Given how geographically sprawling and diverse Senate District 5 is, it wouldn’t surprise me to see other candidates jump into the race.
LinkSwarm for Saturday, September 17, 2011
September 17th, 2011A few links for Saturday: