A Rising Tide Rolls All Cars

The First Economist lays out his theories about growth and income inequality in an interview:

“If the economy is growing, everybody feels invested. Everybody feels as if we’re rolling in the same direction.”

The tide is high and he's holding on...

Will this prioritization of growth over stability and low inflation terrorize Wall Street?

Addressing for the first time one of his most anticipated decisions, Mr. Obama said he had narrowed his choice to succeed Ben S. Bernanke as chairman of the Federal Reserve to “some extraordinary candidates.” With current fiscal policy measurably slowing the recovery, many in business and finance have looked to the Fed to continue its expansionary monetary policies to offset the drag.

Mr. Obama said he wanted someone who would not just work abstractly to keep inflation in check and ensure stability in the markets. “The idea is to promote those things in service of the lives of ordinary Americans getting better,” he said. “I want a Fed chairman that can step back and look at that objectively and say, Let’s make sure that we’re growing the economy.”

This does not have to be bad news for Wall Street. QE Forever may boost asset prices forever. Let's see what gold does next week now that we know that Obama is looking for a Fed chairman (or woman!) who won't be watching inflation.

WHY WOULD THEY THINK THAT? This shows a certain Obamaesque oblivion to the impact of Affirmative Action pseudo-quotas:

A few days after the acquittal in the Trayvon Martin case prompted him to speak about being a black man in America, Mr. Obama said the country’s struggle over race would not be eased until the political process in Washington began addressing the fear of many people that financial stability is unattainable.

“Racial tensions won’t get better; they may get worse, because people will feel as if they’ve got to compete with some other group to get scraps from a shrinking pot,” Mr. Obama said.

If people think they are competing with "other groups" rather than other job applicants (most of whom are still human), it is because of the sort of race-based diversity hiring Obama enthusiastically supports.

Comments

[narciso]

You mean like this bit of wisdom in the LUN

[narciso]

Just like this result was 'unexpected'

http://www.foxnews.com/politics/2013/07/27/military-experts-say-us-losing-leverage-in-iraq-as-violence-escalate/

[narciso]

I know what difference does it make, right;

http://www.longwarjournal.org/archives/2013/07/the_same_gun_was_use.php

[narciso]

This is a companion piece to the Malanga one;

http://dailycaller.com/2013/07/24/in-detroit-racial-rhetoric-concealed-corruption/

[Jeff Dobbs]

And Congress can go pound sand:

And if Congress thinks that what I’ve done is inappropriate or wrong in some fashion, they’re free to make that case. But there’s not an action that I take that you don’t have some folks in Congress who say that I’m usurping my authority. Some of those folks think I usurp my authority by having the gall to win the presidency. And I don’t think that’s a secret. But ultimately, I’m not concerned about their opinions — very few of them, by the way, are lawyers, much less constitutional lawyers.

While Congressmen are by definition (that is, Constitutional definition) charged with writing the laws, Obama really thinks their opinions on the laws are of little concern.

Being a Constitutional lawyer to Obama means he gets to ignore the Constitution when it will benefit him. Of course, what he really means is that Being Obama means he gets to play by his own rules - the Constitutional lawyer thing is just his cover.

[narciso]

To which McLuhan's reply in 'Annie Hall 'you teach a course in this, you know nothing (of my work, seems superfluous).

[Janet --- -... .- -- .- ... ..- -.-. -.- ...]

OT. I put this on the other thread -

My church has James Brown (the sportscaster) as a visiting pastor today. He was great. "Break the Huddle, Run the Play".
The next service is at 10:45 & can be viewed live here - http://live.mcleanbible.org/

(a good chance to peek inside one of those big, evangelical churches & see what goes on!)

[Captain Hate]

But ultimately, I’m not concerned about their opinions — very few of them, by the way, are lawyers, much less constitutional lawyers.

Sixty percent of the Senate and 37% of the House are lawyers. The President is a 100% dumbass.

[narciso]

How true is this;

http://twitchy.com/2013/07/28/chris-wallace-offers-hard-truth-about-middle-class-under-obama-makes-jack-lew-squirm-pic-video/

[bgates]

Yes, CH, but none of them are much less a constitutional lawyer than Obama.

[Jeff Dobbs]

.

[narciso]

It's really clear when you have an Ed Schultz like lunkhead in Maduro, down south in Mark Lloyd's 'wonderful democratic' revolution,

[pagar]

If one no longer has a law license, is one still a lawyer?

[Gus]

Obama doesn't have a law license, neither does his ugly wife.
I watched a few minutes of THIS WEEK on ABC. Unfortunately, I'll never get those minutes of my life back, Katrina Vanden Heuvel is a clown. But she doesn't know it. She is editor and part owner of THE NATION. I'm not sure which nation she lives in, but she's not on the same planet as me.
She blamed THE REPUBLICAN WRECKING CREW for Obama's dismal record. HOLY SHIT these Commies are deluded. Vanden Heuvel believes that MORE SPENDING is the answer, we just haven't SPENT ENOUGH via government.
In the 5 calendar years Obama has been in charge, 2009-2013, our "NATION" has spent more than a TRILLLLLLLLLLLION dollars more than any admin in HISTORY.....EACH YEAR. WTF? How do dumbfux like this broad come to their conclusions??? I don't give a fiddlers fux what PRINCETON degree she has, she's a fuxing clown.

[narciso]

Nothing like a MCA heir, to tell us about how 'us folks' should feel.

[Janet --- -... .- -- .- ... ..- -.-. -.- ...]

The Lew/Wallace interview - http://www.youtube.com/watch?v=PgbTDo9Fk_8&feature=youtu.be&a

[MarkO]

I would be proud to be blamed for stopping Obama.

[peter]

So it seems that Axel-forehead listened to Dan Hicks and His Hot Licks in the 70s. LUN

[OldTimer]

Lew evaded questions and prevaricated throughout the interview. I found him surly, arrogant and one of the most repugnant of Barry's dhimmi's.

Typical Obama administration prog....

[Janet --- -... .- -- .- ... ..- -.-. -.- ...]

One thing in that Lew interview....I'm sick of the federal govt. always whining about needing more money for education. Why do we pay local property taxes? Ol' phony Cherokee Warren campaigned on more money for education.

I don't think some LIVs even understand the different levels of govt. & how there is so much overlap & repetition.

[jimmyk]

Reposting from the previous thread, MarkO linked this:
http://legalinsurrection.com/2013/07/zimmerman-redux-the-breaking-louisiana-self-defense-case-of-merritt-landry//#more

The most interesting thing is that if the neighbor had done a George Zimmerman and called the police earlier when seeing a black youth behaving suspiciously, that youth might not in the hospital with a gunshot to the head. He didn't, he says, because he didn't want to be accused of "profiling."

No doubt Sharpton and JJ are en route to N'Orlins as we speak.

[MarkO]

If I were to call the police, I would say I could not tell the race of the suspects and only say that if pressed by the dispatcher.

[Manuel Transmission]

Janet, that might have been the church Nancy took us to after the 9/12 march. All I remember was driving up river in that direction. My first mega church experience.

[pagar]

" I would say I could not tell the race of the suspects and only say that if pressed by the dispatcher."

What difference does it make,what their race is, if some one is trying to break in to your home?

[MarkO]

"What difference does it make,what their race is, if some one is trying to break in to your home?"

That idea is so last year.

[Janet --- -... .- -- .- ... ..- -.-. -.- ...]

Cool, MT. I thought some of the sports lovin' JOMers might enjoy hearing James Brown preach (I think he works for CBS).

[pagar]

"— very few of them, by the way, are lawyers, much less constitutional lawyers."

http://legalinsurrection.com/2013/07/the-supreme-courts-9-0-rulings-against-obama-reveal-disregard-for-the-constitution/

Even leftist judges can't put up with his
"disregard for the Constitution".

[twin falls]

"While Congressmen are by definition (that is, Constitutional definition) charged with writing the laws, Obama really thinks their opinions on the laws are of little concern."

Considering approval ratings for Congress hover in the low-teens, he's got some company.

[twin falls]

Lawyers in Congress? HA! Don't even go there. How many voted against the Patriot Act (Thank you Feingold)?

It seems none of them are Constitutional lawyers; Maybe correspondence school and internet classes.

[Danube of Thought]

much less constitutional lawyers

Obama taught a course on the equal protection clause. That's it. He never taught constitutional law.

James Brown is a Harvard alum, Janet.

[narciso]

When he's without his prompter;

http://blogs.telegraph.co.uk/news/nilegardiner/100228232/president-obama-calls-the-united-states-and-europe-developing-countries-in-latest-embarrassing-gaffe/

What is somewhat amusing is James Warren's piece, about how Obama's brilliance was overshadowed by the Zimmerman jury and the royal family birth, facepalm with a Cthluthu

[narciso]

And his course were basically crib notes by Derrick Bell, the Jeremiah Wright of Academia.

[Frau Argwohn]

Phony scandals?
Jack Lew - how can a simple cheese sandwich and apple for lunch, religious man sell his soul to a political party? Did he check his integrity when he signed on as an Obama enabler? After a day's work for the WH, does Lew go home and vomit or does he sit down with his family and enjoy his simple dinner? Is it like being a member of the Mafia?

[narciso]

Yes, it worked out, about as expected;

http://hotair.com/headlines/archives/2013/07/28/rob-portmans-unfavorable-rating-jumped-by-double-digits-in-ohio-stronghold-after-gay-marriage-announcement/

[Danube of Thought]

It appears that Obama believes that "income inequality" is (a) bad, and (b) a circumstance that can and should be addressed by the national government.

He is an economic illiterate.

[narciso]

And you thought this would work out better this time, why;

http://legalinsurrection.com/2013/07/anthony-weiners-campaign-manager-calls-it-quits/

[NKonIPad]

In all seriousness, it is correct to say 'Growth is good' because a stagnant economy causes much ugliness as people compete for a shrinking pie (see EU euro nations the past 20 years). Course that dumbass Obummer has done everything possible to strangle growth -- obummercare, continual tax increases threats of moar and moar increases on producing classers. Obummer has killed the job market and is strangling GDP growth -- it may be zero 2Q. So Bernanke has to pump to at least countact Obummer stagnation, and QE does that,but in order to avoid broadbased inflation, BenB puts tight collars on use of the QE thereby limiting its GDP growth effectiveness. So all this proves is that Obummer is an effin" ignorant prat and or a patholical liar. To get low inflation growth,do a reagan /haer, slash federal spending as a %of GDP, cut marginal tax rates and allow the Fed to monitor inflation. The opposite of what obummer is doing.

[NKonIPad]

reagan/harper (canada)

[Danube of Thought]

Just because it feels so good, here's A. Weiner as a yute:

[narciso]

Vizzini just facepalms, twice;

http://www.rightwingnews.com/economy/obama-will-evaluate-keystone-xl-solely-on-its-climate-change-effects/

[Dana, Prince Of Fools]

But it's cool to have our first black POTUS, right?

[rse]

He is doing this because the radicals blame the very real economic stagnation due to too much previous governmental intervention and regulatory overreach on "growing economic inequality" instead.

Which of course simply requires additional governmental intervention to correct. And the spiral continues, all the while being blamed on capitalism. So then you get demands for a new economic system to solve the problem of so many unmet job expectations.

As with ed, the remedy is more of what caused the problem in the first place because what doesn't get reported or incorrectly couples with Orwellian language so that few but the benefiting connected insiders see the overall picture.

[Threadkiller]

Danube, this may help explain Vizzini:

http://www.youtube.com/watch?v=U_eZmEiyTo0

It has an equal chance of making things worse...

[twin falls]

Capitalism running riot with little to no oversight, is what brought us to this condition.

But you like re-runs because you find them entertaining.

[narciso]

True, you take the Russian collapse, in the 90s, interesingly one of the movers in this was Larry Summer's pal Scleifer, who was cited in Malanga's journal piece, re the noxious effects of ethnic politics on city governance, typified by Coleman Young,

the state's monopoly were transferred from the public sector, to many of the same figures in private hands, similar circumstance obtained in privatization in Argentina, Venezuela, et al, hence capitalism itself is implicated, although it is the inefficient state that is the problem.

[Ignatz]

--Capitalism running riot with little to no oversight...--

Only a person who has been perched in the ivory tower and never been subjected to the overwhelming regulatory gauntlet even the smallest businesses have to run could say that with a straight face.

[narciso]

This is like like the whizzo chocolate assortment, each more cringeworthy then the last,

http://althouse.blogspot.com/2013/07/obama-says-racial-tensions-wont-get.html

[twin falls]

Rules for living are inconvenient, but necessary because there are those who think rules don't apply to them.

[Jeff Dobbs]

Obama thinks income inequality in general terms is bad.

Obama thinks the tax code is the place to reduce income inequality

Obama hires very well-paid experts that spend countless hours ensuring that Obama takes advantage of every tax break he's got coming to him to keep Uncle Sam's hands off of every last dollar he can keep for himself.

Obama has issued himself an income inequality waiver.

He can do that. He's Obama.

[Danube of Thought]

Capitalism running riot with little to no oversight, is what brought us to this condition

Can we all agree that this is such ill-informed twaddle that it ought not to be debated here?

[Danube of Thought]

.

[Thomas Collins]

DOT and Ignatz, I'm just sure that twin falls' computer inadvertently deleted the phrase "big government sponsored crony pseudo" before the word "capitalism" in twin falls' 1:12 PM post. With that emendation of twin falls' text, the statement makes sense. As to the statement without the emendation, one has to be studiously ignorant not to understand that the 2007-2013 period could not possibly have played out as it has and is playing out if capitalism had run amok.

[twin falls]

'the 2007-2013 period could not possibly have played out as it has and is playing out if capitalism had run amok."

Now THAT's some discursive twaddle worthy of immortality in bronze.

[Thomas Collins]

Sure, twin falls. As an example, capitalism running amok would have produced the same kind of lending practices as occurred under the framework of the mortage market distortions caused by Fannie and Freddie. Perhaps you need the comfort of your delusions, so believe that if you must.

[Gus]

Dana, why don't make love to yourself.

[twin falls]

"market distortions." Heh, if you need the comfort of your delusions, and it sure seems you're stickin' with the one that brung ya.

[Thomas Collins]

Just sticking to reality, twin falls. If you are really a poly sci prof, surely you must have the intellectual integrity to make the case directly that a government regulated economy is better than capitalism, as opposed to making believe that a government regulated economy is capitalism running amok.

[Gus]

When does the RECOVERY start? We've had 5 TRILLLLLLLLLION dollar stimulus attempts. And we've got less than 1/2% GDP growth last quarter. Is it POSSIBLE, that MARXISM doesn't work?
Maybe Dana in Twin Falls can weigh in?

[Linus]

You can't fault his screwy ideas anymore than you could blame a chimpanze.

You want to blame someone for this catastrophe?

Blame the flaky college kids, even flakier women and batshit crazy Jews who elected that monkey to do a man's job. providing the necessary votes that put him over the top.

Stupid cunts!

[Thomas Collins]

But don't you know, Gus, that Obama's stimulus and green energy programs are capitalism running amok?

[twin falls]

" If you are really a poly sci prof,"

As usual it's the wrong-headed premise which forms the foundation of so-called argument, and thusly runs the industrial mechanism of yesteryear. "Best dang buggy-whip I ever bought"

[Gus]

""ignorant prat and or a patholical liar""
Yes and yes.
Capitalism is the ONLY THING that creates wealth. Even the fucking Russians and Chinese get that. But leave it to some limp dicked former College Teacher to get it wrong.

[Gus]

Thomas, LIBTARDS believe taking a dollar bill, and handing half of it to the GOVERNMENT, so that the government can grow is somehow WISE.
It's like giving a bottle of gin to a drunk and expecting the drunk use it wisely.

[twin falls]

There you go again. Obama IS a capitalist, like to the 10th magnitude. That you don't get that says volumes.

[Captain Hate]

I thought some of the sports lovin' JOMers might enjoy hearing James Brown preach (I think he works for CBS).

A fellow DeMatha Stag who probably would've been a Terp (one of Lefty's early recruiting targets he didn't land) were it not for the interference of the Chappaquiddick breast stroker.

[Thomas Collins]

Ah, twin falls, you're being very clever. You're embedding cronyism in your definition of capitalism, notwithstanding that embedding cronyism goes against Adam Smith's view of capitalism. And if you are Dana Ward, I know from your background that you have the intellect to figure that out. So I can only conclude that you still haven't gotten over the notion that undermining modern technological societies with the techniques of anarchism produces a more just society, as opposed to a more statist, crony oriented one. But if you are Dana Ward, I guess we are just rehashing ground we covered a few years ago.

[Captain Hate]

Has Althouse disabled all comments from her royal pronouncements?

[Gus]

Hahahahahahahahahahaahah!! Obama is a capitalist!!! Hahahahahaahahahahahahahaahahaahahaaa.
That's like saying a shit sandwich tastes like roast beef.
Hahahahhahahahahahahahahah Dana, you're cracking me up you effeminate douche bag!!

[MarkO]

"Chappaquiddick breast stroker"

Cold. Accurate on many levels, but cold.

[Gus]

Cold. Mary Jo Kopechne has been at room temperature or lower for 40 plus years. Think about it MARK O, libtards hate George Zimmerman for shooting someone who was viciously assaulting him, and they love Ted Kennedy for killing a woman.
Only a ex-Pitzer would be so stupid.

I don't see anything cold about making sport of Ted Kennedy.

[MarkO]

Excuse me while I whip this out.

Drudge: WEINER VOWS TO STICK IT OUT

[henry]

CH, profs don't accept criticism from the unwashed.

[MarkO]

"Has Althouse disabled all comments from her royal pronouncements?"

I think her exact words were, "We are not amused."

[twin falls]

I've seen nothing untoward spoken about cronyism here pre-2009, so I'm not sure you have any credibility invoking Smith when it suits your purposes.

Cue the Alien and Sedition Act so you can see how cronyism is a by-product of Federalism just as any other ideology.

[Ignatz]

--Obama IS a capitalist, like to the 10th magnitude.--

Not sure what a like 10th magnitude capitalist is, but if you define a capitalist as one who uses the coercive power of govenment to grab private capital to dispense it to his cronies both in and out of government then I guess you're not far off.

If you define it as one who through private means invests capital in ventures to induce other persons to enter into voluntary and mutually beneficial transaction then you're far off indeed.
There is little Barry perceives as voluntary or mutually beneficial and close to nothing of that nature he wishes anyone to be allowed to engage in.

[MarkO]

From today's Althouse, a glimpse into the superior mind:

"Blogger Ann Althouse said...

I accidentally left the comments display available, and some comments came in, so I published them.

What have we learned?"

[Gus]

Chris Wallace and Juan Williams.
Juan Williams says the GOVERNMENT needs to get in the game and that GOVERNMENT spending helps the economy. (total nonsense that my 6th grader could easily refute)
Wallace says. Well we spent $800 BILLION on the STIMULUS and it didn't change thins.
HELLO?? We have spent that stimulus plus interest FIVE TIMES. There is a reason why the Senate never passed a budget.

Is it sinking in yet friends??

[Gus]

I'm sorry, but Ann Outhouse is useless as Dana Gilbert Ward.

[Linus]

a rising tide lifts all ships, except ones that
were already sunk before the tide went out.

[Ignatz]

Can we have a voluntary ban on the term "selfie"?
And while we're at it how about a ban on them period; unless pre-approved by, say, me. :)
Dudes and those that will not be pre-approved please refrain from substituting samples.

[MarkO]

Will there be a fee, Iggy?

[Ignatz]

Only for ones I find unworthy.

[Jeff Dobbs]

Ig:
Can we have a voluntary ban on the term "selfie"?
And while we're at it how about a ban on them period

I am happy to self-ban myself so that any pictures of myself won't be given the name selfie, at least by myself.

Just note that a pic of my nose will probably be on the pages of JOM at some point in the next seven days.

[Dana]

Imagine if there were just three sock puppets here?
But wait, Ignatz, Mark and Gus are all that ARE here.
Watch, I'll poke Gus, and all three will grunt.
Whenever one speaks, my hand will be up his ass.

[Ignatz]

That would be fine if it was just your nose and not some flatware or countertop kitchen appliance protruding through it.

[Ignatz]

--Whenever one speaks, my hand will be up his ass.--

To each his own I suppose, but personally I am less than inclined to humor your inclinations.

Suggest you approach WeeDavey if you've got your mind made up. He seems to be similarly fixated.

[Ignatz]

Yike! That 3:16 of mine was directed at H&R's 3:13 not Anne's 3:15. :)

[Dana]

Ignatz @ 3:20PM - LOL Better to be thought
a fool than to speak and prove it.

[Frau Kommunismus verrecke!]

There's capitalism and then there is crony capitalism that is acceptable to communists. See New Zeal's article about Coleman young, the commie who killed Detroit.
LUN

[peter]

You can't fault his screwy ideas anymore than you could blame a chimpanze.

You want to blame someone for this catastrophe?

Blame the flaky college kids, even flakier women and batshit crazy Jews who elected that monkey to do a man's job. providing the necessary votes that put him over the top.

Stupid c*@ts!

I am guessing that the above post was sock puppeted by Dana.

[Frau Kommunismus verrecke!]

Duda bowed out until the 2014 election. You mean he lied?

These neo-coms will be the death of us all-- those of us who evade the death panels, that is.

[Ignatz]

That's the delightful Anne, peter.

[Frau Kommunismus verrecke!]

FWIW - Iggy, I liked the picture of MarkO on his horse. Is that part of the proposed ban?

[twin falls]

Scaphism would be just desserts for our modern-day 'Federalists'.

[Ignatz]

Certainly not, Frau.
A boy and his horse; such a love story will always have a place.

[narciso]

Both the Malanga piece, I excerpted earlier, and the Bellamy piece, illustrate the Detroit m.o, that Loudon describes.

[Danube on iPad]

A succession of administrations and congresses cajoled, provided incentives, and ultimately coerced developers and lenders int transactions that never would have occurred in a free market (otherwise the cajoley, incentives and coercion would not have been necessary). The result was gross distortion of prices and, in the end, a bursting bubble. This is not capitalism.

I don't think anyone who calls himself an anarchist has the foggiest inkling about what would occur in a modern anarchy. It's just an intellectually lazy means of trying to appear iconoclastic.

[Cecil Turner]

A succession of administrations and congresses . . .

I don't think you meant to imply an equally shared culpability for this mess, but it seems to me you did . . . and that's simply not on. A couple of favorable mentions from GWB does not equal enabling legislation, blocking reform, and outright obstruction of oversight by our friends on the left.

[Frau Kommunismus verrecke!]

C!eo can call himself anything he wishes. He's as much an anarchist as Barry was "down for the struggle." Imposters...
Pfui!

[Danube on iPad]

I do indeed hold the GOP responsible - though certainly not on the scale of the Dems. The GOP never took any opportunity to put a stop to the depredations of Fannie and Freddie, although Bush did propose to have Treasury oversight of them.