Free Markets, Free People
WW1 started when Gavrilo Prinzep shot Franz Ferdinand. Germany's ban on naked short selling yesterday may be the financial equivalent. #
Dow closes -376.51. 10-year Treasury Yield drops 95 basis points. There's no way to come up with a positive spin on today. #
Ask yourself a question: if the economy is recovering so nicely, then why has the Dow dropped 800 points in the last month? #
Both the Dow and NASDAQ are essentially where they were during the "flash crash" low last week. Dow 4000 doesn't seem as silly as it did. #
The good news: Treasury prices rise, sending interest rates down. Bad news: weekly claims jump, leading indicators decline, Dow -200. #
Hawaii 5-0 is coming back. The old show had the best credits: With Zulu as Kono…and Kam Fong as Chin Ho. #
Anyone who reads this blog for more than a day or so is probably familiar with the fact that I’m not a big fan of hypocrisy. Especially when it presents itself as self-righteously as it did yesterday in the words of Mexican President Calderon. Specifically, this paragraph:
In Mexico, we are and will continue being respectful of the internal policies of the United States and its legitimate right to establish in accordance to its Constitution whatever laws it approves. But we will retain our firm rejection to criminalize migration so that people that work and provide things to this nation will be treated as criminals. And we oppose firmly the S.B. 1070 Arizona law given in fair principles that are partial and discriminatory.
Take sentence one – a country that allows the wholesale illegal immigration of a large part of its citizenship into the United States is respectful of nothing concerning the internal policies of the US or it’s “legitimate right” to establish its laws.
Second sentence: pure bovine feces. It’s a strawman – no law that I know of, either federal or state “criminalizes migration”. It make it a crime to try to immigrate ILLEGALLY. I.e. not go through the proper procedures as outlined in those law Calderon claims to so highly “respect”.
Last sentence – SB 1070 does not introduce “partiality’ or “discrimination”. It enforces federal laws already on the record (for instance, federal law requires all legal immigrants to carry their immigration identification paperwork with them at all times).
The real hypocrisy, however, comes from Mexico’s own immigration laws. If Arizona’s SB 1070 is “draconian” come up with a good description of these:
• Mexico welcomes only foreigners who will be useful to Mexican society:
- Foreigners are admitted into Mexico “according to their possibilities of contributing to national progress.” (Article 32)
- Immigration officials must “ensure” that “immigrants will be useful elements for the country and that they have the necessary funds for their sustenance” and for their dependents. (Article 34)
- Foreigners may be barred from the country if their presence upsets “the equilibrium of the national demographics,” when foreigners are deemed detrimental to “economic or national interests,” when they do not behave like good citizens in their own country, when they have broken Mexican laws, and when “they are not found to be physically or mentally healthy.” (Article 37)
- The Secretary of Governance may “suspend or prohibit the admission of foreigners when he determines it to be in the national interest.” (Article 38)
• Mexican authorities must keep track of every single person in the country:
- Federal, local and municipal police must cooperate with federal immigration authorities upon request, i.e., to assist in the arrests of illegal immigrants. (Article 73)
- A National Population Registry keeps track of “every single individual who comprises the population of the country,” and verifies each individual’s identity. (Articles 85 and 86)
- A national Catalog of Foreigners tracks foreign tourists and immigrants (Article 87), and assigns each individual with a unique tracking number (Article 91).
• Foreigners with fake papers, or who enter the country under false pretenses, may be imprisoned:
- Foreigners with fake immigration papers may be fined or imprisoned. (Article 116)
- Foreigners who sign government documents “with a signature that is false or different from that which he normally uses” are subject to fine and imprisonment. (Article 116)
• Foreigners who fail to obey the rules will be fined, deported, and/or imprisoned as felons:
- Foreigners who fail to obey a deportation order are to be punished. (Article 117)
- Foreigners who are deported from Mexico and attempt to re-enter the country without authorization can be imprisoned for up to 10 years. (Article 118)
- Foreigners who violate the terms of their visa may be sentenced to up to six years in prison (Articles 119, 120 and 121). Foreigners who misrepresent the terms of their visa while in Mexico — such as working with out a permit — can also be imprisoned.
• Under Mexican law, illegal immigration is a felony. The General Law on Population says,
- “A penalty of up to two years in prison and a fine of three hundred to five thousand pesos will be imposed on the foreigner who enters the country illegally.” (Article 123)
- Foreigners with legal immigration problems may be deported from Mexico instead of being imprisoned. (Article 125)
- Foreigners who “attempt against national sovereignty or security” will be deported. (Article 126)
There are scads more you can read through that make what Calderon is squealing about seem like child’s play.
Calderon and Mexico are part of the problem, not part of the solution. And feting this crew who come here and mischaracterized immigration in general and what is going on in Arizona while doing nothing to stop the problem is simply nonsense. Until they begin to be part of the solution, they don’t deserve the time of day, much less a state dinner. Until they step up to stem the tide of ILLEGALS we owe them nothing. And the irony of having a immigration code of their own that is much more draconian than anything we have shouldn’t be lost in this either. They don’t put up with what they demand we put up with and we ought to call them on that.
But we won’t. Instead this administration will call out Arizona which has only attempted to enforce the laws the federal government refuses to do all the while Obama smiles and fetes the source of the problem and refuses to demand Mexico do anything on its end.
When the office of President was created in 1787, its primary function was to be the face and voice of the nation to the world. Above all else, the executive branch represents Americans in the diplomatic and, when necessary, martial contexts to friend and foe alike. Given the foregoing, what exactly are we to make of Obama aligning himself with Mexican President Felipe Calderon against citizens of the United States?
Mexican President Felipe Calderón, arriving at the White House for a state visit, wasted no time today criticizing Arizona’s new immigration law as unfair and discriminatory.
The law makes it illegal to be in the United States without permission, and requires police to demand documentation from anyone suspected of doing so [ed. - Wrong, on both assertions]. Such a law, Calderón asserted at a Rose Garden news conference with President Barack Obama, will subject Mexican citizens to discrimination and was created so that people who “work and provide things to this nation will be treated as criminals.”
Obama also condemned the law, and left open the possibility he’ll try to block it.
Leaving aside the editorializing about Arizona’s law in this “reporting,” it’s a bit puzzling as to what Calderon is even complaining about. First of all, his country has far more draconian laws regarding illegal immigration than the U.S. Secondly, there is a real question regarding whom he thinks he represents. As Allahpundit noted:
I’m not sure which Mexicans Calderon’s presuming to speak for. If he means Mexican citizens who are in the country legally, fair enough. If he means illegals, i.e. if he’s actually complaining on behalf of people who aren’t even supposed to be here, his balls are even brassier than I thought. And if he means Americans of Mexican descent, he’s belittling Obama’s own authority. Last time I checked, if anyone’s going to do any diplomatic conveying on behalf of U.S. citizens, it’s the president of the United States.
What’s really sad is that, of the two heads of state, Calderon is the only one actually looking for the interests of his own people. For his part, Obama stood firmly against his own citizens and with the interests of another country:
President Obama left little doubt Wednesday that his administration will challenge Arizona’s divisive new immigration law, saying the measure “has the potential of being applied in a discriminatory fashion.”
After a private meeting with Mexican President Felipe Calderon in the Oval Office, Obama denounced the state law cracking down on illegal immigration, and he also sent a clear message that a review led by Justice Department lawyers is likely to culminate in legal action.
Obama said that “a fair reading of the language of the statute” suggests those who appear to be illegal immigrants could be “harassed or arrested.”
Er, wouldn’t a “fair reading” involve, y’know, actually reading the law? To date, no one in the Obama Administration has bothered to do so, although they have all been quite ready to castigate it anyway.
The truly disturbing thing, however, is the sheer abdication loyalty (not to mention responsibility) on the part of our chief executive, by taking a hostile stance against those whom Obama (nominally) represents, all in support of the interests of the foreign nation most responsible for our border mess in the first place. It’s almost as if Obama thinks he represents the rest of the world in its dealing with Americans.
Perhaps, when Obama finally gets around to reading SB-1070, someone should slip a copy of the Constitution in there as well. He seems to have forgotten about … if he ever cared in the first place.
Who would have ever thought to see the day the US was lectured on its economic policy by the Red Chinese? Even worse, who would have believed the Chinese would be right?
Sovereign debt troubles in Europe underscore how important it is for the United States to control its own borrowing as its indebtedness reaches concerning levels, a senior Chinese official said on Thursday.
With China facing criticism for holding its currency in a de facto dollar peg, assistant finance minister Zhu Guangyao shifted attention to Beijing’s own worries about U.S. policies, especially its soaring deficit, ahead of high-level bilateral meetings next week.
China will look to coordinate its economic policies with the United States as a buffer against the turbulence and would also like the G20 group of nations to play a role in strengthening the global response, Zhu said.
But the United States needs to take a hard look at its own fiscal situation in the light of what has happened in Europe, he said.
We continue to hear from those like Paul Krugman that debt is fine in conditions like this, that in fact, we haven’t spent enough. Obviously that’s not worked out too well, has it? And, as we’re seeing in Europe, especially Greece, when debt reaches a certain proportion of GDP, it becomes unsustainable. Guess what China, a country holding almost a trillion dollars of our debt, is worried about?
“We hope that the U.S. deficit will fall as a proportion of GDP as the economy recovers and reach a sustainable level,” Zhu said.
Well, Mr. Zhu, if you look at the projected 10 years of budgeting the Obama administration has forecast, you’re not going to get a very warm and fuzzy feeling about that.
But here’s a promise – you will get all the lip service to that end that you can stomach. And, as most Americans are learning, this administration considers talking about something akin to doing something about it. In the meantime watch closely as they continue to spend us into oblivion and eventually erode the value of the treasury holdings you hold.
All the while they’ll continue to say to anyone who will listen – “we’ve got to address this debt, it is unsustainable” all as trillions in borrowed money continue to go flying out the door.
If you said jobless claims, you’d be right:
Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said.
Analysts polled by Reuters had expected claims to fall to 440,000 from the previously reported 444,000, which was revised marginally up to 446,000 in Thursday’s report.
The four-week moving average of new claims, which is considered a better measure of underlying labor market trends, rose 3,000 to 453,500.
To give you an idea of what the nation is facing in unemployment, a little chart to make the point:
Remember, President Obama continues to claim that without his pork laden “stimulus” package (something the “party of ‘no’” voted against as a bloc), things would have been much, much worse. Really?
And also remember that when he touted that “stimulus” he promised it would halt the unemployment slide at 8%. I assume the GOP sees his strategy, given the numbers and the promised results as an effective counter to his claim the “stimulus” worked.
On a non-political note, this week’s claims simply point out that we still have a long way to go before we begin to see a steady improvement in the unemployment rate. And, with the European crisis festering, we may see it get worse again, before it gets better.