Free Markets, Free People

Media

Stray Voltage

A very interesting piece in the LA Times about some European muslims who failed at the job of “holy warrior – or did they?


Pakistan is discovering that their unwelcome guests in the Swat Valley are harder to get rid of than cockroaches.


Apparently Rep. Collin Peterson (Minn.), the outspoken Democratic chairman of the Agriculture panel, isn’t happy with the Waxman/Markey Cap-and-Trade bill and is promising trouble.


It seems even the NY Times is catching on to the Obama rhetorical devices.  Helene Cooper points out that some of Obama’s “enemies” are “straw men” and Sheryl Gay Stolberg notes that many of Obama’s “nuanced” positions would be flip-flops if it was anyone else.  Of course both articles were published in the Saturday NY Times, so its not like they’re really calling Obama to task.


The Washington Post, examining Venezuela strong man Hugo Chavez’s latest attempt to destroy any domestic opposition, wonders if the Obama administration’s silence on the matter constitutes sanction by silence.  Well if that’s the case, what does Nancy Peolsi’s silence about the use of waterboarding constitute?


A porn star is considering a run for the US Senate from Louisiana.  Given the fact  that she’s only worked in a different type of porn than what goes on in the US Senate, she ought to fit right in.


The NY “bomb plot” has apparently degenerated into an “aspirational” one.


And finally, it looks like Brits are finally fed up.  According to reports, a big “vote the bums out” movement is taking shape in the UK.  We should be so lucky.

Welcome To Bizarro World

Sy Hersh, not yet ready to leave the evil cabal of Bush/Cheney alone, has concocted a real beaut this time and is peddling it on Arab TV (what other media outlet would be open to this stuff?), just in time to inflame the unwashed masses in the Middle East:

Former prime minister of Pakistan Benazir Bhutto was assassinated on the orders of the special death squad formed by former US vice-president Dick Cheney, which had already killed the Lebanese Prime Minister Rafique Al Hariri and the army chief of that country.

The squad was headed by General Stanley McChrystal, the newly-appointed commander of US army in Afghanistan. It was disclosed by reputed US journalist Seymour Hersh while talking to an Arab TV in an interview.

Hersh said former US vice-president Cheney was the chief of the Joint Special Operation Command and he clear the way for the US by exterminating opponents through the unit and the CIA. General Stanley was the in-charge of the unit.
Seymour also said that Rafiq Al Hariri and the Lebanese army chief were murdered for not safeguarding the US interests and refusing US setting up military bases in Lebanon. Ariel Sharon, the then prime minister of Israel, was also a key man in the plot.

A number of websites around the world are suspecting the same unit for killing of Benazir Bhutto because in an interview with Al-Jazeera TV on November 2, 2007, she had mentioned the assassination of Usama Bin Laden, Seymour said. According to BB, Umar Saeed Sheikh murdered Usama, but her words were washed out from the David Frosts report, he said.

Got that? Bhutto was killed at Cheney’s behest (he apparently was the secret chief of the JSOC) by Gen. McChrystal and the boys (McChrystal soon to be the commander in Afghanistan headed the “squad”) because Bhutto blurted out that bin Laden was dead and that, unfortunately for her, undermined the given reason for the US being in A’stan.

Wow. How this guy gets even the coverage he does (The Nation and Arab TV) amazes me. At least The Nation jabbed Hersh with the “reputed journalist” tag. Arab TV, though, will eat it up with a spoon.

~McQ

Your Saturday Morning Laugh

This is pure political analysis, but I found it to be hilarious. It’s from today’s “Mike Allen Playbook” at Politico (Allen does this daily) in which he is discussing the appointment of Republican Gov Jon M. Huntsman Jr as ambassador to China by the Obama administration. His concludes it is a brilliant political move (and it may be) since it has been said that Huntsman has 2012 aspirations. And, of course, this effectively removes him from the spotlight.

But that’s not what I found hilarious. It was this:

The appointment is freighted with intrigue, and looks like political genius by the White House: It’s like John Edwards or John Kerry joining the Bush administration in 2001. And the GOP is left with no leading moderate voice. Huntsman was talking about immigration, the environment and gay rights in ways that would have gotten him endless elite media coverage in the run-up to 2012. Some Huntsman advisers realized that GOP primary voters might be more prepared to accept his views in 2016, after a 1964-like cataclysm in 2012. But at the White House Correspondents’ Association Dinner, it was clear he was interested in running this time.

“Endless elite media coverage”? Anyone remember what happened to the GOP darling of the elite media this last election? Mr. Moderate was savaged by the elite media after he put away the other Republican contenders.

And you have to love the Allen implication that a candidate can enjoy “endless elite media coverage” if he happens to talk about wedge issues in a certain ‘way’. What does that say about the ‘elite media’ and journalism in general?

The 2012 presidential campaign has already begun, and like he did in his IL Senatorial race, Mr. Obama is finding ways to remove potential opponents from the ballot. That’s politics .

More disturbing, but certainly not at all surprising, is the Allen admission that the “elite media” will give a candidate “endless” coverage if he or she discusses the issues in a way that conforms with the media’s ideas of how they should be discussed.

~McQ

The “Fifth Estate”

Interesting term being thrown around to describe the emerging “new media” alignment:

I recently heard the term “Fifth Estate” used at a Poynter conference to describe an emerging landscape for news, information, community and citizenship. It has also been used to describe the work of bloggers, but that circle may be too small for such a big term.

In my head, the Fifth Estate includes the Fourth Estate, the idea and value of a professional press corps as a way of informing and engaging the populace, and holding the powerful accountable. This vision of a Fifth Estate sees the Fourth Estate as necessary but insufficient for democratic life. The Fifth Estate could express what Jay Rosen has described as a “pro-am” model for the future of news, a frame that sees that the freedoms and responsibilities of the First Amendment empower not just a professional caste of news gatherers and distributors, but potentially every citizen.

I think it needs some tweaking but essentially, what was the “fourth estate”, i.e. professional journalism with a relative monopoly on the news reporting function (they still mostly enjoy a monopoly on the news gathering side although that is changing too) has now become what Rosen describes as “pro-am” in some fairly telling ways.

This trip I’m on, for instance, has driven that point home. Yesterday, I stood beside a reporter from Forbes and Reuters in a couple of exclusive press conferences and asked questions after a panel discussion that included the folks I mentioned yesterday. I was joined by 10 other bloggers. In my estimation our questions were more pointed and dug deeper than did those of the news organizations. It was an interesting experience. The guy from Forbes thought it was cool. They guy from Reuters didn’t. That’s pretty much indicative of the “MSM’s” perception of bloggers I think – but the interesting thing was my press credentials were just as valid as theirs. Heh …

Anyway, as I told one of the MSM members yesterday as we chatted, I’m not a journalist and will never pretend to be. I write opinion pieces, and I don’t pretend to be “fair and balanced” . I also said I thought that there was room for both of us in all of this to which he agreed. And, as I pointed out, blogging seems to have become pretty mainstream since most newspapers now have journalists blogging on site.

I really haven’t had a chance to put my thoughts together on the 3 hour panel we sat in on yesterday, but the short version of it was “hey, we need to have a non-partisan dialog about energy planning and we need to find a way to engaged the consumer in the conversation” all the while also saying, “legislation is heading down the track like a freight train and it isn’t very well thought out”.

Anyway, more today if I get the chance.

~McQ

“Cram Down” Bill Defeated By Senate

An moment of sanity prevailed in the Senate today:

For the second time in two years, a provision to allow bankruptcy judges to modify mortgages died in the Senate today, handing the Obama administration a significant defeat in its plans for arresting the foreclosure crisis.

Supporters argued the measure would keep 1.7 million borrowers in their homes, but it ultimately foundered in the face of fierce financial industry and Republican opposition. The bankruptcy modification provision, which was offered an amendment to a broader housing bill, failed by a vote of 45 to 51.

I love how this is reported by the WaPo. The measure failed because of ‘fierce financial industry and Republican opposition?”

Apparently it failed because 14 Democratic Senators said “no”.

Of course, passage of such a measure would make legal contracts in this country subject to review by the courts and arbitrarily changed based on political concerns. Certainly, in this case, such power is only being given for changing mortgage amounts – but as we all know, precedent is what courts operate under, and such a precedent would just as certainly be used to attempt to give the court similar power with other types of contracts.

It’s a phenomenally bad idea, but one you can expect to see attempted again and again, as promised by Dick Durbin:

“I’ll be back. I’m not going to quit on this,” said Senate Majority Whip Richard J. Durbin (D-Ill.), who sponsored the measure.

[…]

“At some point the Senators in this chamber will decide the bankers shouldn’t write the agenda for the United States Senate. At some point the people in this chamber will decide the people we represent are not the folks working in the big banks, but the folks struggling to make a living and struggling to keep a decent home.”

You’ve got to love the populist rhetoric and the absolute misrepresentation of what he and those that were trying to get this monstrosity passed were attempting. A fundamental change in how this country has operated since its inception. If courts can arbitrarily change the terms of a contract for social/political reasons, we’re doomed. And that’s precisely what Durbin and his ilk are proposing.

Unfortunately I have no confidence that he won’t manage, at some future time, to push this piece of legislation through. But at the moment, it’s where it needs to be – in the virtual garbage heap of bad legislation.

~McQ

Newspeak Update

Remember: billions in earmarks are insignificant but, millions in bonuses are outrageous; “bi-partisan” actually means “one-party rule”; and now “bankruptcy” means “strong.” From Jake Tapper’s Twitter feed:

POTUS says bankruptcy “not a sign of weakness”…

Can’t you just see the White House Press Corps (excepting Tapper, of course) looking like the bunch of lapdogs that they are in response to that statement?

Ruh?

Ruh?

What's he talking about?  And where's Bo?  Less econo-stuff, more water dog hotness!

What's he talking about? And where's Bo? Less econo-stuff, more water dog hotness!

Bankrupt = strength? R'okay!

Bankrupt = strength? R'okay!

MORE: Tom Maguire is less than impressed with the President’s reasoning about shared sacrifice with respect to the Chrysler bankruptcy:

Uh, hello, how about the US taxpayer? Any props, exhortations, or acknowledgment of their role here? Sorry, MY role?

The Congress – yeah, they have to sacrifice an endless stream of donations from the UAW.

Operation Blame GOP in Full Force

Swine flu, the topic du jour, was in need of a villain (per the usual MSM narrative), and right on cue, John Nichols delivers in the Nation:

GOP Know-Nothings Fought Pandemic Preparedness

posted by John Nichols on 04/27/2009 @ 08:00am

When House Appropriations Committee chairman David Obey, the Wisconsin Democrat who has long championed investment in pandemic preparation, included roughly $900 million for that purpose in this year’s emergency stimulus bill, he was ridiculed by conservative operatives and congressional Republicans.

Obey and other advocates for the spending argued, correctly, that a pandemic hitting in the midst of an economic downturn could turn a recession into something far worse — with workers ordered to remain in their homes, workplaces shuttered to avoid the spread of disease, transportation systems grinding to a halt and demand for emergency services and public health interventions skyrocketing. Indeed, they suggested, pandemic preparation was essential to any responsible plan for renewing the U.S. economy.

But former White House political czar Karl Rove and key congressional Republicans — led by Maine Senator Susan Collins — aggressively attacked the notion that there was a connection between pandemic preparation and economic recovery.

Now, as the World Health Organization says a deadly swine flu outbreak that apparently began in Mexico but has spread to the United States has the potential to develop into a pandemic, Obey’s attempt to secure the money seems eerily prescient.

And his partisan attacks on his efforts seem not just creepy, but dangerous.

According to this theory, if not for GOP opposition to one particular line item in the stimulus bill, everything would be perfectly hunky-dory right now. The leftosphere, having received their marching orders, responded dutifully:

Daily Kos: Collins, Republicans, Killed Off Enhanced Pandemic Preparedness

Think Progress: In Attempt To Placate The Right Wing, Collins and Specter Endorsed Pandemic Flu Funding Cut

Christy Hardin Smith: “Pandemic preparedness? Another GOP casualty. Dude, where’s my planning?”

Washington Monthly: GREAT MOMENTS IN POLITICAL INSIGHT (“On Feb. 5, the same as Collins unfortunate remarks, Karl Rove had an op-ed in the Wall Street Journal complaining about stimulus package, in part because it included money for ‘pandemic flu preparations.’

Sometimes, these folks just don’t think ahead.”)

It’s hard to know where to begin with this sort of nonsense. Competing for most ridiculous premise is the idea that a couple of remarks from Susan Collins and Karl Rove (who does not vote in Congress) were able to back off the entire Democratic Party. You know, the ones who control the House and Senate? I mean, how spineless do you have to be if you control the House, the Senate, and the White House, but you can’t stand up to one little old lady from Maine and a former politico? Pretty wimpy I’d say.

We’re also apparently expected to believe that pandemic flu was a big issue during the days of stimulus debate, instead of the impending financial collapse unless Congress did something (anything!). My recollection of those heady days in January and February conjures up much back-and-forth about whether the bill would save jobs, but nothing about whether we should do more to prevent a flu pandemic. Come to think of it, isn’t that why it was called the “stimulus bill” in the first place, as in to stimulate the economy? And wasn’t there a bunch of hullabaloo about so much pork being in the bill? Yes, I’m sure I read about that somewhere. Indeed, even Chuck Schumer was calling appropriations for pandemic preparations “porky”:

He [Chuck Schumer] said the compromise hammered out between Senate Democrats and moderate Republicans – which has enough support to get it past any threat of a filibuster – was far better than that passed by the House on Jan. 29.

All those little porky things that the House put in, the money for the [National] Mall or the sexually transmitted diseases or the flu pandemic, they’re all out,” Schumer said.

Clearly, beefing up the federal government’s response to a flu outbreak was not the priority during the stimulus debate.

The “GOP did it” analysis also seems to suffer from that problem of time beginning on the day Obama was elected. It’s further complicated by the fact that, even if Obey’s appropriation had been included in the stimulus bill, it wouldn’t have the government in any better of a position than it is now (a fact which the legislators seem to understand since they had exempted Obey’s provision from the requirements that the money appropriated be used within 30 to 90 days (i.e. section 1103)). Regardless, the idea that the money appropriated less than two months ago would save our bacon today is unrealistic at best.

But doesn’t that just beg the question: what preparations have been made for a flu pandemic? Seeing as it’s so frightfully important that we are ready and eager to blame an entire political party for potential ill health, why is it that we’re only hearing about it now? What took Congress so long? Well, nothing actually:

What’s scarier in Washington, the prospect of a flu virus that could kill millions or the possibility that voters will toss out any politician who fails to prepare the nation for such a disaster? A pandemic could be a true global catastrophe, of course. But along the Potomac the second threat is also very real. That’s a big reason why both the White House and Congress are rushing to boost America’s capacity to produce vaccines and drugs against flu and other diseases.

On Oct. 18 the Senate Health, Education, Labor & Pensions Committee hurriedly passed a bill that would offer vaccine makers new liability protections and incentives for research. And the Administration is about to issue a flu pandemic plan expected to be extremely aggressive. “There is a sense of urgency on both sides of Pennsylvania Avenue,” says Senate Budget Committee Chairman Judd Gregg (R-N.H.).

That would be an article from October 2005 when the “White House” referred to President Bush, and “Congress” referred to the Republican controlled body. Seems like the Republicans were worried about a flu outbreak after all. How worried? Enough to spend gobs of money on it which, although comparatively paltry in these post-bailout days, completely dwarfs the proposal from Rep. Obey:

In 2004, Congress approved Project BioShield, a plan that would spend $5.6 billion over 10 years to jump-start production of vaccines and drugs to counter bioterror threats.

Again, that would be a GOP-controlled Congress. Of course, the GOP hasn’t always been in control. Many will recall that the Democrats swept into power in 2006. This was heralded as the harbinger of great change, and the first wave of the Democratic majority. What fun! Seeing as how important legislating against a flu pandemic is to the Democrats, surely they did something to improve upon the meager sum approved under the reign of the hated Republicans:

The fiscal 2008 Consolidated Appropriations Act working its way through Congress this week allocates only $76 million for pandemic influenza preparedness funding for the Health and Human Services Department, though the Bush administration requested a budget of $870 million for it.

The bill also chopped in half requested funding for the HHS office managing efforts to develop a national electronic health record system.

While House and Senate appropriations committees said they continue to support HHS pandemic flu preparation efforts, they indicated in the bill that they decided to cut the 2008 pandemic preparation budget because approximately $1.2 billion remains available from funds provided in previous appropriations.

Oops … I wonder how much of that $76 million is still left? It kinda makes you think that preventing and/or preparing for a flu pandemic wasn’t really such a big priority for the Dems, now doesn’t it? Yet somehow, in the heat of the debate over whether it was a good idea to mortgage the future of a few generations of Americans, it’s Susan Collins’ and the GOP’s fault that a swine flu outbreak has occurred, and the federal government may not be prepared for it. Yeah, that makes sense.

Well, I guess we should just chalk it all up to another crisis that Rahm doesn’t want to go to waste. Nothing like the good ole game of playing politics with people’s fears of becoming deathly ill. Not that any of the leftosphere would ever approve of such tactics, seeing as how moral and sanctimonious they seem to get. [/eyeroll]

MORE: I wonder which would be more effective in dealing with the swine flu outbreak — appropriating hundreds of millions more dollars on pandemic preparations, or staffing the HHS that would be in charge of actually spending the money? I know how John Nichols and the Nation (and, therefore, the leftosphere) would answer. For them, this must just be an inconvenient distraction:

The Obama administration declared a “public health emergency” Sunday to confront the swine flu — but is heading into its first medical outbreak without a secretary of Health and Human Services or appointees in any of the department’s 19 key posts.

President Barack Obama has not yet chosen a surgeon general or the head of the Centers for Disease Control and Prevention. His choice to run the Food and Drug Administration awaits confirmation.

Smoothest transition EVAH!

EVEN MORE: I’m guessing that the fact-checkers at the Nation have been sacked:

(1) It’s a good point to make that Collins somehow thought pandemic preparation money was not an economic issue deserving of inclusion in the stimulus package. But Collins was for the money being included in some other form. Now, I think her reasoning is stupid — pandemic prevention is part of a recovery plan. But it’s not like she was against the very idea of it.

In fact she has voted for a number of bills that included pandemic prevention in the past, including the war funding bill of 2007. This undermines her point about which basket the funding is in, but also proves that she’s not against the idea of it.

(2) Relatedly, this money is actually the tail end of money ($7.1 billion worth) that President George W. Bush pushed for in 2005. So this is actually Bush money! To pin all this on the GOP is, thus, a little silly.

[…]

(4) Importantly, the vast majority of the pandemic prevention money was passed in March’s omnibus bill, which passed the Senate by (uncounted) voice vote.

And that’s from a Kosmonaut [via: MM].

Couldn’t Happen To A Nicer Guy

Patterico brings us some good news about Ted Rall:

I don’t normally gloat when someone loses their job, but for this tool, I’m willing to make an exception. Especially given that his “job” consists of comparing U.S. soldiers to suicide bombers; mocking widows of terror victims; profiting from Pat Tillman’s death; assuming the voice of Iraqi soldiers talking about killing American soldiers; making leftist political hay out of the Nick Berg beheading; lying about lefty blogger vitriol; and suing a guy for making him appear to be a “rude, petty, self-absorbed writer/cartoonist” (which is what he is).

I normally don’t celebrate anyone being laid off – but in Rall’s case I’ll make an exception.

Rall will reemerge, unfortunately, but for the time being, he hasn’t the well funded platform from which to spread his crap. I personally find that to be a net positive.

~McQ

Cap & Trade: Even More Expensive Than Thought

Sometimes math is actually pretty easy. For example, when someone, say some MIT professors, writes a report claiming that a tax on certain businesses will raise a specific amount of revenue for the government ($366 Billion to be exact), and that revenue is divided by an estimated number of American households (117 Million), there isn’t any doubt about how much money per household that tax represents ($366 b./117 m. = $3,128.21). Unless, that is, there are politics involved. Then the math becomes Bistromathic, which allows one of the progenitors of the original numbers to declare “you’re doing it wrong!” and almost everyone will believe him. Unfortunately for them, real math operates on real facts, and thus reality is destined to intrude upon their fantasy.

That, in a nutshell, is basically how the argument over costs of the Obama Administration’s cap and trade policy has unfolded. MIT’s John Reilly co-authored the original study, Republicans used the numbers to derive a cost per taxpayer, Reilly balked, and the media/leftosphere went into paroxysms of outrage about how the GOP were all a bunch of liars. But that was just the main course. For dessert, there will be crow (my emphasis):

During a lengthy email exchange last week with THE WEEKLY STANDARD, MIT professor John Reilly admitted that his original estimate of cap and trade’s cost was inaccurate. The annual cost would be “$800 per household”, he wrote. “I made a boneheaded mistake in an excel spread sheet. I have sent a new letter to Republicans correcting my error (and to others).”

While $800 is significantly more than Reilly’s original estimate of $215 (not to mention more than Obama’s middle-class tax cut), it turns out that Reilly is still low-balling the cost of cap and trade by using some fuzzy logic. In reality, cap and trade could cost the average household more than $3,900 per year.

The $800 paid annually per household is merely the “cost to the economy [that] involves all those actions people have to take to reduce their use of fossil fuels or find ways to use them without releasing [Green House Gases],” Reilly wrote. “So that might involve spending money on insulating your home, or buying a more expensive hybrid vehicle to drive, or electric utilities substituting gas (or wind, nuclear, or solar) instead of coal in power generation, or industry investing in more efficient motors or production processes, etc. with all of these things ending up reflected in the costs of good and services in the economy.”

In other words, Reilly estimates that “the amount of tax collected” through companies would equal $3,128 per household–and “Those costs do get passed to consumers and income earners in one way or another”–but those costs have “nothing to do with the real cost” to the economy. Reilly assumes that the $3,128 will be “returned” to each household. Without that assumption, Reilly wrote, “the cost would then be the Republican estimate [$3,128] plus the cost I estimate [$800].”

In Reilly’s view, the $3,128 taken through taxes will be “returned” to each household whether or not the government cuts a $3,128 rebate check to each household.

In short, Reilly’s claim of “you’re doing it wrong!” amounts to parsing of direct vs. indirect costs. Yes, the cap and trade taxes will be passed onto the consumers in some way, but those aren’t the “real costs” to the economy. Only those direct expenditures made necessary by the policy (the “but for” costs) are “real costs.” As long as the federal government provides a benefit to the taxpayers with the cap and trade taxes, then those higher utility bills are a wash:

In Reilly’s view, the $3,128 taken through taxes will be “returned” to each household whether or not the government cuts a $3,128 rebate check to each household.

He wrote in an email:

It is not really a matter of returning it or not, no matter what happens this revenue gets recycled into the economy some way. In that regard, whether the money is specifically returned to households with a check that says “your share of GHG auction revenue”, used to cut someone’s taxes, used to pay for some government services that provide benefit to the public, or simply used to offset the deficit (therefore meaning lower Government debt and lower taxes sometime in the future when that debt comes due) is largely irrelevant in the calculation of the “average” household. Each of those ways of using the revenue has different implications for specific households but the “average” affect is still the same. […] The only way that money does not get recycled to the “average” household is if it is spent on something that provides no useful service for anyone–that it is true government waste.

He added later: “I am simply saying that once [the tax funds are] collected they are not worthless, they have value.”

Essentially, Reilly is making the pernicious claim that a dollar in the taxpayer’s hand is the same as one in the government treasury. But we all know that’s not true, including (I’ll bet) Mr. Reilly.

No matter how efficient the government is, it will never be able to take $X from me and return exactly $X of benefit. Indeed, at least some portion of that $X will be needed just to support the system of taking the money and providing the benefit. Already the taxpayer is at a loss.

Moreover, there is an implicit assumption in Reilly’s explanation that, in exchange for this de facto tax, the government benefits provided would be returned in proportion to their costs. But that would defy all historical precedence when it comes to the federal government which, once the money is received, tends to dole it back out to suit its own purposes. As Merv aptly states:

I really doubt the government will return any cost of cap and trade dollar for dollar. If they did it would be just an expensive money swap. To the extent the government does return any money you can bet that it will be based on conduct they want from people and not unconditionally. They will be imposing their choices on American families and their lifestyles.

To be fair, Reilly tacitly acknowledges this fact when he explains what use of his numbers would be acceptable to him:

“If the Republicans were to focus on that revenue, and their message was to rally the public to make sure all this money was returned in a check to each household rather than spent on other public services then I would have no problem with their use of our number.”

The fact is, cap and trade is going to cost taxpayers significantly more than the measly $13/week tax cut that the Democrats and the left are so excited about. While the $3,900 cost cited by John McCormack above is an accurate accounting of what Reilly’s study portends, even that is probably an unrealistically low estimate. Consider how the same policy has affected Europe:

Europe’s experiment with cap and trade has turned into a bureaucratic mess that has failed to live up to its initial expectations. A report by the GAO reveals that the supply of carbon permits has exceeded the demand causing allowance prices to fall substantially. This policy failure has caused the European economy to suffer and expectations to reduce CO2 emissions have been lowered.

Additionally, Europe’s cap and trade experiment has led to decreased employment opportunities and higher energy prices across the continent. In France manufacturers have packed up and left for Morocco. In the Netherlands factories are forced to close early to meet emissions standards. In Germany energy prices have risen 5% each year sparking widespread outrage. All across Europe evidence shows that cap and trade has hurt the economy. If the United States implements a European style cap and trade system, estimates show that it could wipe out between 1.2-1.8 million American jobs by 2020.

So the 95% of you who received a “tax cut” from Obama had better start saving that extra money up. You’re going to need every penny to service the debt required to pay for your costs of cap and trade.

NYT: Spectacularly Wrong … Yet Again

Will someone please buy these people a subscription to Google or something? In trying to compare TANF and TARP spending, Nancy Folbre makes a rather glaringly error:

Robert Rector and Katharine Bradley of the Heritage Foundation, a conservative research organization, estimate that federal welfare spending amounted to $491 billion in fiscal 2008. (They don’t explain what specific programs they included in this estimate, and I’ll try to unpack it in a future post.) Even their extremely high estimate remains far below estimates of the total of $2.5 trillion spent on financial bailouts this year. The libertarian Cato Institute often emphasizes the issue of corporate welfare, but it’s remained remarkably quiet so far on the topic of bailouts.

David Boaz begs to differ:

Excuse me?

Since she linked to one of our papers on corporate welfare, we assume she’s visited our site. How, then, could she get such an impression? Cato scholars have been deploring bailouts since last September. (Actually, since the Chrysler bailout of 1979, but we’ll skip forward to the recent avalanche of Bush-Obama bailouts.) Just recently, for instance, in — ahem — the New York Times, senior fellow William Poole implored, “Stop the Bailouts.” I wonder if our commentaries started with my blog post “Bailout Nation?” last September 8? Or maybe with Thomas Humphrey and Richard Timberlake’s “The Imperial Fed,” deploring the Federal Reserve’s help for Bear Stearns, on April 14 of last year?

Boaz goes onto reproduce a video compilation of Cato scholars denouncing bailouts on “more than 90 radio and television programs.” He also produces an impressive list of papers, articles and media appearances which seriously challenge Folbre’s notion of “remarkably quiet.”

Folbre doubles down here:

You’re right. The Cato Institute website has not been silent. It just didn’t meet my expectations of adequate noise.

Yeah. Too bad her post didn’t meet reality’s expectations for factual.