November 9, 2012

AP Explains Week’s Market Decline Which Began on Wednesday as Entirely Due to ‘Fiscal Cliff’

DJIAwkended110912Wide

Those in the press who claim to completely understand why stock market indices containing 30, 500, or thousands of individual companies went up or down on any given day are at best theorizing and at worst dissembling. The way the press handled this week’s market decline by blaming it all on the “fiscal cliff,” as if it only became relevant on Wednesday morning, definitely fits in the latter category. Leading the pack, as usual, was the Associated Press, aka the Administration’s Press.

The Dow, S&P 500, and Nasdaq all advanced modestly on Monday and Tuesday, fell sharply beginning with Wednesday’s opening bell through the end of Thursday before recovering a tiny bit on Friday. But if one is to believe the AP’s Steve Rothwell, the large tax increases facing the U.S. on January 1 explain the entire week’s results, even though the declines didn’t begin until this little thing called a presidential election was concluded on Tuesday evening after a Monday and Tuesday when no one really knew which candidate would win:

(more…)

Don’t Let the Screen Door Hit You on the Way Out, Steve LaTourette

Filed under: Taxes & Government — Tom @ 8:24 am

At Politico:

Steve LaTourette: Tea party claim is ‘crap’

Republican Rep. Steve LaTourette slammed the Tea Party on Thursday and said the GOP needs to start acting like a national party.

“There’s a one-word phrase we use in Ohio for that: ‘crap,’” LaTourette said on CNN’s “Starting Point,” when asked whether he bought a Tea Party leader’s line that that group is the nation’s “last best hope” to “restore America’s founding principles.”

“That’s nonsense,” LaTourette continued. He said that a number of congressional losses Tuesday underscore the dangers facing the GOP.

Unanswered by the retiring LaTourette, whose district was eliminated in redistricting: Well then, who is?

The Ohio GOP delegation has just lost its squishiest member (2011 Club for Growth rating, 42%; lifetime 45%). With that kind of record, I suspect that even establishment Republicans, who by their actions show that they despise the Tea Party even more than they detest Democrats, aren’t saddened by his departure.

Halvorsen at American Thinker: ‘What Was Lost’

Filed under: Economy,Taxes & Government — Tom @ 7:17 am

I’m not ready to concede that they’re “lost,” but they’ve surely been misplaced.

Greg Halvorsen at American Thinker has compiled a pretty good list:

-Religious liberty and the Constitutional protection of moral conscience;
-Abundant, affordable energy–the key to economic prosperity and growth;
-An American military capable of protecting our national interests and projecting power, when and where necessary, around the globe;
-Affordable, accessible, and innovative health care based, increasingly, on transparent pricing, choice and competition;
-A federal budget that averts Fiscal Calamity the result of massive debt;
-Education policies that prioritize parental wishes and that which is best, in respective states, for each child;
-Tax rates that encourage individual initiative and entrepreneurial risk, as opposed to crushing, punitive taxes that stymie opportunity and discourage endeavor;
-Courts – including the Supreme Court – ideologically oriented toward upholding the Bill of Rights;
-An immigration policy that values LEGAL citizenship and creates disincentives to hire aliens who take Americans’ jobs;
-The sanctity of Human Life as a national priority;
-The sanctity of Marriage as a heterosexual institution;
-The sanctity of religious expression as a bulwark of American Life.

… the idea that monopolistic Federal Power, run by a Fourth Rail of bureaucrats, will create wealth is absurd. Barack Obama is to Freedom – to the Constitution and to individual rights – a disease. Those who think otherwise, who either are unaware of or in support of this unprincipled, anti-American demagogue, are a danger to the country. <

And, to themselves.

And every time they fail, their answer is “We just need more power; then it will work.” No it won’t.

Friday Off-Topic (Moderated) Open Thread (110912)

Filed under: Lucid Links — Tom @ 6:05 am

Rules are here. Possible comment fodder may follow later. Other topics are also fair game.

__________________________________________

Positivity: Boston cardinal lauds rejection of assisted suicide bill

Filed under: Activism,Life-Based News,Positivity — Tom @ 6:00 am

From Boston:

Nov 7, 2012 / 02:38 pm

Cardinal Seán O’Malley of Boston applauded the defeat of a Massachusetts ballot measure to legalize physician-assisted suicide, calling for more compassionate care of those who are seriously ill.

“It is my hope and prayer that the defeat of Question 2 will help all people to understand that for our brothers and sisters confronted with terminal illness we can do better than offering them the means to end their lives,” said the cardinal in a statement responding to the vote.

He said that the results show that “the people of the Commonwealth recognize that the common good was best served in defeating Question 2.”

The so-called “Death with Dignity” initiative on the Nov. 6 Massachusetts ballot would have allowed doctors to prescribe lethal drugs to terminally ill patients who were given six months or fewer to live.

Proponents of the measure conceded defeat early on Nov. 7. With 96 percent of precincts counted, the initiative was rejected by a 51-49 percent margin.

The ballot measure had been vocally opposed by Cardinal O’Malley, who led a Twitter campaign against it. He warned that the proposal failed to value and respect the lives of those who are severely ill.

The initiative was also opposed by disability rights groups, the Massachusetts Medical Association and the Boston Herald, as well as major newspapers in numerous other cities. …

Go here for the rest of the story.