Tag Archives: Economy
Maybe I pick on Obama too much but, sheeez. After his NLRB shuts down a Boeing plant in South Carolina and the 5000 jobs that go with it, his Justice Department raids the Gibson Guitar company. Gibson guitars are made in the USA. The frets are made of imported rosewood which may be illegal to harvest in India. Under the Lacy Act of 1900 it would be illegal to violate another country’s law. Except India isn’t complaining. In fact if Gibson exported its manufacturing to India and imported the finished guitars here there would be no problem!
The president celebrated his birthday in style while the stock market suffered its worst week since March 2009. Here’s an exchange between ABC’s Jake Tapper and press secretary Jay Carney over the collapsing stock market on Thursday.
There was something for everyone in Obama’s speech last week – a new brand for Israel, 1967 Classic, and a new work ethic for the rest of the Mideast.
Bobbing along with the president’s verbal flotsam of Egyptian debt relief, enterprise funds, and IMF / World Bank schemes was this proclamation:
“Prosperity also requires tearing down walls that stand in the way of progress -– the corruption of elites who steal from their people; the red tape that stops an idea from becoming a business;”
Demand is up for used cars because people are poorer. Supply is down because last year’s Cash for Clunkers program turned used cars into scrap. The scrapped used car market was, according to George Will, “an important mechanism for redistributing wealth to low income persons”. In the Boston Globe, Jeff Jacoby sums up the program as, “a deplorable exercise in budgetary wastefulness, asset destruction, environmental irrelevance, and economic idiocy”.