The Occupy Wall Street demonstrators are demanding "people before profits" — as if profit motivation were the source of mankind's troubles — when it's often the absence of profit motivation that's the true villain.
First, let's get both the definition and magnitude of profits out of the way. Profits represent the residual claim earned by entrepreneurs. They're what are left after other production costs — such as wages, rent and interest — have been paid. Profits are the payment for risk taking, innovation and decision-making. As such, they are a cost of business just as are wages, rent and interest. If those payments are not made, labor, land and capital will not offer their services. Similarly, if profit is not paid, entrepreneurs won't offer theirs. Historically, corporate profits range between 5 and 8 cents of each dollar, and wages range between 50 and 60 cents of each dollar.
MSNBC congressional correspondent Luke Russert today refused to parrot MSNBC host Martin Bashir's left-wing talking points about House Republicans and their proposal to boost the economy and spur job creation.
"This week, Eric Cantor will introduce a jobs bill of his own, so what exactly should we expect?" Bashir rhetorically asked viewers as he introduced his "Divided We Fall" segment, featuring MSNBC congressional correspondent Luke Russert live via satellite from the U.S. Capitol.
"Luke, aside from trickle-down economics, is there anything in Mr. Cantor's proposal -- and you're not allowed to say 'cut taxes and remove regulations' -- now answer the question," Bashir demanded of Russert.
Yesterday, in what appears to have been a not particularly sweat-breaking research enterprise, blogger Don Surber at the Charleston Daily Mail demonstrated that the Richard Muller, a Berkley scientist who the Washington Post's Brad Plumer declared to be a "cliimate skeptic," has been a believer in human-caused global warming -- since the 1980s.
Muller convinced Plumer that as a result of looking at matters more closely, he has now become convinced that his skepticism was unwarranted. In Plumer's words, "Muller’s team appears to have confirmed the basic tenets of climate science." Surber smelled insincerity, and found supporting evidence quite quickly, which of course makes one wonder why Plumer didn't even bother to look for it, or was so clumsy that he failed to find any (bolds are mine):
On his Thursday program, MSNBC's Martin Bashir collaborated with pro-abortion Rep. Diana DeGette to bash pro-life conservatives as "misogynists" during a seven-and-a-half minute long segment. Bashir claimed that it's "hardly surprising" that the proposed Protect Life Act, which would protect the conscience rights of health care workers, "has earned the moniker the 'let women die act.'"
During the segment, the host repeatedly railed against Republicans for putting the bill up for a vote while "fourteen million Americans out of work." Bashir also adopted the pro-abortion lobby's own talking points from the very start [video clips from the segment below the jump]:
It's enough to make all tree-hugging, EPA-loving, spotted owl seekers weep.
In August, armed federal agents raided the offices and factories of the legendary Gibson Guitar Corp. in Nashville and Memphis. It was the second time the feds had ransacked the renowned Tennessee guitar-maker since President Barack Obama took office. And what were they going after? Dirty laundering monies? Gun smugglers? Cocaine cargo that could make cartels quiver?
Somebody needed to give Calvin Woodward and Christopher Rugaber at the Associated Press Five-Hour Energy drinks or some other boost before Tuesday night's GOP debate. Their brains must have totally turned off late in the afternoon without re-engaging before they filed their late-evening post-debate report.
Behold how the AP pair "proved" that excessive government regulation doesn't kill jobs (bolds are mine throughout this post):
Former House Speaker Newt Gingrich during Tuesday's Republican presidential debate once again went after one of his favorite targets - the media.
In response to a question about the Occupy Wall Street protests, Gingrich said, "Everybody in the media who wants to go after the business community ought to start by going after the politicians who have been at the heart of the sickness which is weakening this country (video follows with transcript and commentary, file photo):
As shown in Part 1, this afternoon's report on long-term unemployment at the Associated Press by Sam Hananel attempted to create the impression but provided no actual evidence for the notion that complaints by many who have been unemployed for an extended time period that many employers are reluctant to consider and sometimes even refuse to consider their employment inquiries and applications equals support for provisions in President Obama's American Jobs Act which would for all practical purposes make them another protected class.
The AP reporter also completely failed to tell readers why the problem has reached an unprecedented post-Depression level, namely that the economy, largely due to failed public policy choices, has thus far taken three times as long to recover from its recession than it did during any other post-recession period after World War II. The following single paragraph is as close as Hananel got:
In a report filed at the Los Angeles Times's Politics Now blog earlier today, Washington Bureau reporter James Oliphant relayed a number of whoppers delivered by Vice President Joe Biden without anything resembling a challenge. In Part 1, I noted how Biden, who in August described Tea Party sympathizers as "terrorists" and in September as "barbarians," today spoke in complimentary terms of how much the Occupy Wall Street crowd has in common with them. In Part 2, I dealt with the Veep's hit at financially struggling Bank of America for having the nerve to try to recover some of what the Dodd-Frank "financial reform" legislation took away by charging some customers a $5 monthly fee for debit-card use.
This final part will deal with Biden's rendition of how the "bank bailout" portion of TARP operated, which is quite different from the reality. The relevant excerpt from Oliphant, which necessarily overlaps the first two parts, follows (bolds are mine throughout):
In a report filed at the Los Angeles Times's Politics Now blog earlier today, Washington Bureau reporter James Oliphant relayed a number of whoppers delivered by Vice President Joe Biden without anything resembling a challenge. In Part 1, I noted how Biden, who in August described Tea Party sympathizers as "terrorists" and in September as "barbarians," today spoke in complimentary terms of how much the Occupy Wall Street crowd has in common with them.
This part will deal with Biden's hit at Bank of America and its $5 monthly fee for debit-card use. The relevant excerpt from Oliphant's writeup follows the jump (bolds are mine throughout):
As young, foolish, unemployed Americans Occupy Wall Street, liberals in the media have predictably cheered the protests.
Some, like schlockumentarian Michael Moore, participated in the goings on, telling the crowd last week that the folks inside the buildings surrounding them were solely responsible for the nation’s economic woes (video follows with transcript and extensive commentary):
CNN's Jessica Yellin, reporting on President Obama's virtual townhall Monday afternoon, noted two wealthy persons who wish to pay higher taxes – but didn't mention the small businessman who during the townhall complained to the President about regulations and taxes.
Yellin focused her brief report on a member of the audience who claimed to be a wealthy retiree and asked for higher taxes. CNN ran Obama's response to him, and Yellin added that the CEO of LinkedIn, the sponsor of the townhall, would be "open" to tax hikes on the rich.
New York Times columnist Joe Nocera last made headlines for his August 2 rant comparing the Tea Party to terrorists. He later apologized in print. Now he's accusing the congressional G.O.P. of food terrorism. Nocera preemptively blamed Republicans in Congress for the next E.coli outbreak in his Saturday column, “Killing Jobs And Making Us Sick.”
“In January, Mr. Obama signed a food safety law that provides broad new authority to the Food and Drug Administration,” wrote Robert Pear in Friday’s Times, in an article about the Congressional appropriations mess. But House Republicans, he added, had voted “to cut the agency’s budget.”
The public learned on September 3 from William McQuillen at Bloomberg (possibly earlier elsewhere) that now-bankrupt Soyndra's private investors restructured the company's finances in January by lending the company "$75 million." As a condition of doing so, they convinced the government to give the new loan senior status over all other creditors. Now taxpayers face a likely loss of hundreds of millions in Department of Energy loans, perhaps over $500 million.
But if you haven't stayed with or are unfamiliar with the story and read the Associated Press report this evening by Matthew Daly and Jack Gillum, you would think that the wire service did all of the dirty work to learn these things (credit-hogging language in bold):
The Washington Post is no opponent of economic regulation. But dare to touch the largely unregulated abortion industry and it's quite a different story.
In a 23-paragraph Metro section front-pager entitled "Stricter Va. rules on abortion gain,"* Post staffer Anita Kumar --see our archive on her bias here -- noted in her lead paragraph that "the Virginia Board of Health overwhelmingly approved far-reaching regulations for abortion clinics" yesterday that "some operators say could shut down many of the state's 22 facilities" when they go into effect at the end of the year.
What's more, "another two thirds (67%) believe that regulations have increased over the past few years. These percentages include majorities of all partisan affiliations, with 91% of Republicans, 75% of Independents and 58% of Democrats saying businesses/consumers are over-regulated," the polling firm noted in a press release.
When I first saw a brief Associated Press report asserting that Rick Perry, at an event in Des Moines, Iowa today claimed, in AP's words, that "he's created 1 million jobs while governor of Texas," I thought to myself, "Wow, that's a pretty egotistical thing to say -- as if he did it all by himself."
Then I remembered that I was reading an AP report. Of course Perry didn't say that, and, oddly enough (no, not really), a longer AP report proves it.
It often amazes that liberals in this country revere New York Times columnist Paul Krugman as being an expert economist.
Take for example Friday's intellectually challenged piece entitled "Bernanke's Perry Problem" in which the Nobel laureate accused prominent Republicans such as the Texas governor and Wisconsin Congressman Paul Ryan of preventing the Federal Reserve chairman from enacting monetary policy that would save the economy:
Editor's Note: What follows is a statement Mr. Bozell released earlier today regarding the FCC's decision yesterday to remove the so-called Fairness Doctrine from the regulation books.
The FCC deserves a one-handed round of applause for this move. Years ago, striking the Censorship Doctrine – and that's exactly what the Fairness Doctrine was – would have actually meant something.
But since the FCC started playing with policies of ‘localism,’ ‘media diversity’ and a nebulous requirement to ‘serve the public interest,’ with yet another unelected and unconfirmed "Diversity Czar" to implement these proposed regulations, the spirit of the Censorship Doctrine has remained very much alive. The path to censor radio airwaves is being paved through the back door.
As NewsBustersreported, America's media last week gushed and fawned over billionaire Warren Buffett's call for higher taxes on the rich.
On Monday, Harvey Golub, the former CEO of American Express, responded to the Oracle of Omaha in a Wall Street Journal op-ed that reveals a side of this tax story media refuse to share with the American people:
ABC Highlights Complaints That 'There is Little Heart' in Rick Perry's Texas
On Saturday's World News on ABC, correspondent Jim Avila filed a report in which he focused mostly on aspects of Texas's economy that receive praise, but he ended up warning that things may not really be as good as they seem, as the ABC correspondent highlighted claims that, "deep in the heart of Rick Perry's Texas, there is little heart."
As government spending supporters in the media press for a new, bolder stimulus plan to get the economy going, they love to refer to the Depression Era Hoover Dam as a shining moment in Keynesian economics.
When this surfaced on ABC's "This Week" Sunday, George Will marvelously noted, "You couldn't build the Hoover Dam today because they'd discover a snail darter in the Colorado River and would stop it" (video follows with transcript and commentary):
New York Times environmental reporter John Broder, who in February 2010 called skeptics of global warming “deniers” and “relatively uninformed,” warned on Thursday’s front page that worrisome “Republican orthodoxy” on the evils of the Environmental Protection Agency “may prove a liability in the general election, pollsters and analysts say.” The headline had loaded language: “Bashing E.P.A. Is New Theme In G.O.P. Race.”
Opposition to regulation and skepticism about climate change have become tenets of Republican orthodoxy, but they are embraced with extraordinary intensity this year because of the faltering economy, high fuel prices, the Tea Party passion for smaller government and an activist Republican base that insists on strict adherence to the party’s central agenda.
Texas, we have a problem. Your GOP governor is running for president against Barack Obama. Yet, one of his most infamous acts as executive of the nation's second-largest state smacks of every worst habit of the Obama administration. And his newly crafted rationalizations for the atrocious decision are positively Clintonesque.
In February 2007, Texas Gov. Rick Perry signed a shocking executive order forcing every sixth-grade girl to submit to a three-jab regimen of the Gardasil vaccine. He also forced state health officials to make the vaccine available "free" to girls ages 9 to 18. The drug, promoted by manufacturer Merck as an effective shield against the sexually transmitted human papillomavirus (HPV) and genital warts, as well as cervical cancer, had only been approved by the Food and Drug Administration eight months prior to Perry's edict.
President Barack Obama has called for a luxury tax on corporate jets as a means to generate revenue to fight federal deficits. The president's economic advisers ought to be fired for not telling him that doing so is unwise and counterproductive. They might have already told him so, only to have the president say, "Look, I know you're right, but I'm exploiting the public's envy of the rich!" Let's look at what happened when Obama's predecessor George H.W. Bush signed the Omnibus Budget Reconciliation Act of 1990 and broke his "read my lips" vow not to agree to new taxes.
When Congress imposed a 10 percent luxury tax on yachts, private airplanes and expensive automobiles, Sen. Ted Kennedy and then-Senate Majority Leader George Mitchell crowed publicly about how the rich would finally be paying their fair share of taxes. What actually happened is laid out in a Heartland Institute blog post by Edmund Contoski titled "Economically illiterate Obama, re: Corporate Jets" (7/12/2011).
Washington Post staffer Juliet Eilperin portrayed proposed new federal regulations on heavy-duty trucks and buses as having hearty agreement by both environmentalists and trucking industry lobbyists.
Unfortunately Eilperin left out the dissenting remarks of the Owner-Operator Independent Drivers Association (OOIDA), which blasted the rule change as harmful to the small-business truckers it represents.