Things I’d Like to Post About Today ….. (052708, Morning)

But I Don’t Have Time For:

• Write it down, because I don’t believe it, and I want to remember this one from Bloomberg News — “There is no indication that things are improving,” said Christopher Low, chief economist at FTN Financial in New York, who forecast sales would drop to a 4.9 million pace. “Inventories will stay out of balance at least until the end of 2009 and prices will keep falling.” I’ll betcha my prediction is closer to the truth than Mr. (appropriately named) Low’s — most of the decline is behind us. I still believe that, especially after today’s Case Schiller report for the first quarter.
• I’m not totally up on the legal nuances involved here, but my sense of smell tells me that the congressional effort to muzzle the military is an attempt by the majority to prevent a possible defeat of Al-Qaeda in Iraq, and its attendant lower casualty rate, from becoming visible. IBDeditorials.com agrees. One of the members of that Democratic majority says that that “(we) didn’t say it, but we implied it — that if we won the congressional elections, we could stop the war.” That’s too kind. Around here, Vic Wulsin’s unsuccessful campaign was riddled with “get out now” types, as was Sherrod Brown’s Senate campaign. Anyone who looked closely enough knew that Vic Wulsin wanted us out ASAP, regardless of the consequences — and probably still does this time around.
• Also from IBDeditorials.com — “It’s curious how so many lawmakers enter office with little, yet accumulate tens of millions in assets over the years. Nothing wrong with building wealth, but cashing in while serving the public looks bad.” It doesn’t just look bad.
• IBDeditorials.com has been on a roll. This idea is great — “With the prospect of an oil shortage and $12 gas, the energy crisis is turning into a national emergency. One solution: Give states the option to develop offshore tracts.” It beats the heck out of inducing people to gamble more.
• Al Franken, 17-state tax cheat, sexual fantasist — and, of course, the apparently best candidate the Democrats have to offer for US Senate in Minnesota.
• Oh, for cryin’ out loud — “Members of Russia’s Communist Party are calling for a nationwide boycott of the new Indiana Jones movie, saying it aims to undermine communist ideology and distort history.” Two words: Venona Program.
• Per the brilliant George Reisman, it’s the same in 2008 as it was in 2006 for oil execs in front of Congress — “In the U.S. Senate the Guilty Repeat Their Interrogation of the Innocent.”