Free Markets, Free People
If you’re wondering where all this nonsense about Bain Capital is coming from and why, Jen Rubin of the WaPo gives you the low down:
The Obama team knew months ago that the economy would not sufficiently improve before Election Day to justify his reelection. Its polling showed simply blaming President George W. Bush wouldn’t be sufficient. The president and his political hacks concluded that it was too late and too risky to adopt a whole new second-term agenda. (It would risk offending either the base or centrists and reveal his first-term agenda to have been entirely inadequate.) So what to do?
Extend the Republican primary by running ads hitting Romney and encouraging Democrats to vote against Romney in Michigan and elsewhere. Then, before Romney could fully get his bearings, unload a barrage of negative attacks, scare mongering and thinly disguised oppo attacks through the mainstream media, taking advantage of many political reporters’ relative ignorance about the private equity field and their inclination to accept whole-hog President Obama’s version of “facts.”
We here at Q&O have addressed the problem of media ignorance many times in the past. I’ve seen in manifested in both the military reporting and, of course, economic reporting. In fact, what that ignorance produces is a steno pool that pretty much reports what it is told vs. having the knowledge and experience to spot inaccuracies or disingenuousness put out in press releases or talking points.
When you add a bias, this becomes a very dangerous but potent means of accomplishing the twin goals of discrediting your opponent and distracting the public from the real issues (economy) and the President’s record (abysmal).
Obviously our latest attempt at distraction is Bain Capital. With the 800 pound twin gorillas of 8.2% unemployment and multi-trillion dollars of debt, you can bet that this is really the only avenue open to the Obama campaign and, as soon as they’ve gotten all they can get from this distraction, they’ll have another lined up and ready to go (my guess is it will have something to do with the Mormon faith).
Rubin is of the opinion that the Obama campaign has “shot its wad”. They don’t have the money the Romney campaign has, the Bain nonsense isn’t resonating with voters and the polls have not moved significantly since they’ve started it. I say, not so fast.
When you have a compliant media ready, willing and able to be your stenographer, money really isn’t a problem. Romney’s campaign may have more money by you can bet it won’t get as much free press engaged in taking down Obama. In fact precisely the opposite will be true.
It is a mistake to believe that the Obama campaign is pretty much done with its apparent failure to see Bain swing the voters to their side. They know they have to stay away, as much as possible, from unemployment and the economy. My guess is we’ll see the new line of attack begin to unfold within days, if not weeks. Because here’s what they’re faced with (according to a Democratic strategist):
On the one hand, the last round of Bain attacks has clearly rattled the Romney campaign, and a smattering of survey evidence suggests that the sustained ad campaign in swing states has scored some points. On the other hand, the Pew survey found no shift since May in swing-state voter preference.
But it’s not too early to say that Obama’s vital signs look dicey. Over the past 33 months, his job approval has been lower than George W. Bush’s at a comparable time in his presidency for all but one week. Bush averaged above 50 percent in the quarter before his successful reelection campaign, while Obama has been stuck in the 46-48 percent range for months. And the famous “wrong track” measure now stands at 63 percent, versus 55 percent in the days preceding the vote in 2004. If these two numbers don’t improve for Obama, his presidency will be in jeopardy. And they probably won’t — unless the economy perks up noticeably.
The economy won’t perk up noticeably by November. And that means they’re not done with the distraction campaign … it’s all they have. That means it is only going to get nastier and nastier.
Mark my words.
The smell of desperation in the air is clear and significant.
Wow … just that thought should make you cringe and wish both Obama and Biden a long life (or at least a “long enough life”).
Jennifer Rubin, as usual, has an excellent update on the disasterous Pelosi presser yesterday. I’ve got to tell you, watching this woman at work almost makes you pine for good old incompetent and inept Denny Hastert.
UPDATE: CIA Director Leon Panetta, in a memo to members of the CIA, implies Ms. Pelosi is being less than honest about what she knew about waterboarding:
Panetta, President Obama’s pick to run the clandestine agency and President Clinton’s former chief of staff, wrote in a memo to CIA employees Friday that “CIA officers briefed truthfully on the interrogation of Abu Zubaydah, describing ‘the enhanced techniques that had been employed,’” according to CIA records.
“We are an agency of high integrity, professionalism and dedication,” Panetta said in the memo. “Our task is to tell it like it is — even if that’s not what people always want to hear. Keep it up. Our national security depends on it.”
This guy was a Constitutional Law professor?
Yesterday, Obama laid out these requirements for the replacement for Justice Souter:
I will seek someone who understands that justice isn’t about some abstract legal theory or footnote in a case book. It is also about how our laws affect the daily realities of people’s lives — whether they can make a living and care for their families; whether they feel safe in their homes and welcome in their own nation.
I view that quality of empathy, of understanding and identifying with people’s hopes and struggles as an essential ingredient for arriving as just decisions and outcomes. I will seek somebody who is dedicated to the rule of law, who honors our constitutional traditions, who respects the integrity of the judicial process and the appropriate limits of the judicial role.
Jennifer Rubin, at Commentary, makes the following point:
The making of laws, which is a legislative function, is all about “the daily realities of people’s lives — whether they can make a living and care for their families; whether they feel safe in their homes and welcome in their own nation.” Federal judges decide what those laws mean and whether they conflict with the Constitution.
So it would seem that, as with many on the left, Obama is seeking someone who would be more comfortable in Congress and would certainly be seen as a “activist” justice appointed to legislate from the bench.
Rubin also deftly identifies the real meaning of Obama’s use of the word “empathy” :
You see, empathy is a code word for favoring criminal defendants, plaintiffs, labor and other groups which happen to match up with the liberal policy agenda. It’s a peculiar sort of empathy, otherwise known as bias for litigants based on their identity rather than the merit of their claims.
I believe she’s exactly right – what Obama has outlined as his requirements for the position is a liberal’s wet dream come true but completely confuses the role of the court, judges and legislators to the detriment of the citizens of the United States.
Unfortunately, due to their own failings, about all Republicans can do is, as Martin McPhillips said, whoop, holler and dance around the rim of the volcano for a while. That’s a pity, because given the “requirements”, this and subsequent appointments to the SCOTUS may be critical to our survival as a relatively free people.
That is, why it isn’t the solution it is touted to be. Jeffrey Sachs of the Financial Times:
The Geithner-Summers plan, officially called the public/private investment programme, is a thinly veiled attempt to transfer up to hundreds of billions of dollars of US taxpayer funds to the commercial banks, by buying toxic assets from the banks at far above their market value. It is dressed up as a market transaction but that is a fig-leaf, since the government will put in 90 per cent or more of the funds and the “price discovery” process is not genuine. It is no surprise that stock market capitalisation of the banks has risen about 50 per cent from the lows of two weeks ago. Taxpayers are the losers, even as they stand on the sidelines cheering the rise of the stock market. It is their money fuelling the rally, yet the banks are the beneficiaries.
If you’ve been wondering why the stock market had a short rally upon its announcement, there’s your explanation. You need to read the whole thing as Sachs uses a simple example to explain his point. He concludes with:
Tim Geithner, Treasury secretary, and Lawrence Summers, director of the White House national economic council, suspect that they cannot go back to Congress to fund their plan and so are raiding the Federal Reserve, the Federal Deposit Insurance Corporation and the remaining Tarp funds, hoping that there will be little public understanding and little or no congressional scrutiny. This is an inappropriate institutional use of the Fed, the FDIC and the Tarp. Mr Geithner and Mr Summers should at the very least explain the true risks of large losses by the government under their plan. Then, a properly informed Congress and public could decide whether to adopt this plan or some better alternative.
But, of course, we’re just in too big of a hurry and the situation is too dire to actually discuss and debate the situation or do it properly through Congressional action. Instead we’ve been sold a bill of goods which, disguised as a way out, is simply a rip off of the taxpayer – again. As Jennifer Rubin notes:
So to avoid the overwhelming popular objection to perpetual bailouts and expenditures, the Obama administration will do this all “off budget” and with no hearings, Congressional debates, or votes. Not very transparent and quite imperious, when you get right down to it.
Yeah, not very “hopey changey” is it?
I’m warming more and more to my suggestion that government officials be compensated the same way they think CEOs should be compensated. If this ends up being a big loss to the taxpayer, Geithner and Summers should receive zero compensation for the outcome. And that would also go for anyone else in the administration or Congress who had a hand in implementing this plan.
What is going on with the Charles Freeman nomination, and is it an indicator of a overwhelmed administration losing control? Who, exactly, is in charge there?
Frankly, approaching 45 days into this administration, the transition process, at least as it pertains to critical nominations, has been an unmitigated disaster. But it is the Freeman nomination which begs the question “who is in charge”. Charles Freeman has been nominated for the chairmanship of the National Intelligence Council (NIC), the organization in charge of preparing our most sensitive intelligence estimates.
Obama’s Director of National Intelligence Dennis C. Blair apparently never ran the nomination by the White House. That means Freeman has never been formally vetted. Now this may all fall back on Blair, but you have to wonder what sort of guidance or lack thereof provided him with the belief that this was the way things worked?
More importantly, why did Blair decide Freeman was the man for the job? A former ambassador under George H. W. Bush, to Saudi Arabia and senior envoy to China, Freeman is seen by many as having very serious conflicts of interest which were apparently ignored. Freeman was also a board member the China National Offshore Oil Corp (CNOOC) owned in majority by the Chinese government and other Chinese government agencies. And there are other financial ties which are suspect. Freeman is president of the nonprofit educational organization Middle East Policy Council (MEPC), which paid him $87,000 in 2006, and received at least $1 million from a Saudi prince. You can read about the ramifications of those connections here.
But its not just who Freeman has been connected with, but some of the statements he’s made that make one wonder about his objectivity and, frankly, his moral and ideological foundation. This is a person who remarked that the Chinese government had shown too much “restraint” when putting down the Tiananmen Square protests in 1989. And in testimony before the 9/11 Commission, he advocated the use of a national identity card. After all the wide-spread panic from the left concerning the Bush years and the claim that he was leading us down the path to totalitarianism, this seems like the type of person the left would really find unacceptable for a position.
Then there is the Congressional side of the question. Jennifer Rubin asks:
Does Diane Feinstein think Freeman is an acceptable pick? It is interesting to note how lacking in — what’s the word? ah yes — “oversight” the government is now that Congress and the White House are controlled by the same party. Imagine if George W. Bush had nominated someone whose earnings depended on the largess of the House of Saud or who advocated crushing Chinese dissidents — indeed faster than the Chinese government.
And she further asks, is this the type of person who will give the administration “the “unpoliticized” advice they are looking for?”
Given what we know, I’d say no. However, this nomination is just one more in what can only be characerized as a shambles – Commerce, HHS, Treasury, questions about his housing czar and nominees for other Treasury posts jumping ship – that is the nomination process.
This points to a very inexperienced administration learning on the job in one of the more turbulent times in our history. That is not a good thing, folks, but exactly what was predicted given his lack of a resume. We’ve now seen the result of a campaign based on vacuous slogans. A campaign that was part demonization of the opposition and part beauty pageant. A campaign in which few focused on what the responsibilities of the office entailed and whether the candidate had the qualifications to fulfill them. We’re now “enjoying” what that brings.
UPDATE: Politico reports that Charles Freeman has withdrawn his nomination. Heh … that’s the fastest reaction I’ve ever had to one of my posts.