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NASA has released a vivid and heartbreaking account of the Columbia astronauts’ final moments aboard their doomed craft. Moving faster than MACH 20 and flying above 200,000 feet, Columbia disintegrated as super-heated air poured into the damaged left wing. Insulating foam had broken loose from the external fuel tank on lift-off some 81 seconds into the flight, punching a 10-inch hole in the [...]
Posted by Jerry Pomeroy as Government Blunders, Government Waste, Video at 3:15 PM UTC
The American economy has certainly entered a difficult period. Factory orders are down for the second month running and ongoing jobless claims have reached a 26-year high. Banks and other financial institutions are still reeling from the effects of the subprime mortgage debacle, and the resulting credit tightening has slowed commerce in all sectors. [...]
Posted by Jerry Pomeroy as American Dependence, Best Of the Web, Economics, Government Blunders at 1:52 PM UTC
The video is a few weeks out of date, but remains a good indictment of the inherent unfairness of bailouts. Happy viewing:
When facing a crisis, government officials have developed a troubling tendency. Instead of carefully weighing the situation and then developing thoughtful, meticulously planned strategies to deal with the situation, politicians and their economic advisors plunge headlong into often conflicting plans [...]
Posted by Jerry Pomeroy as Best Of the Web, Economics, Government Blunders, Video at 6:06 PM UTC
At the risk of tooting my own horn, I’d like to point out that a prediction I made in my last post has already come true. Writing just two days ago, November 24, 2008, I prognosticated that President Obama would defend failed economic policies — specifically these bailout plans that grow larger and more [...]
Posted by Jerry Pomeroy as Economics, Government Blunders at 4:21 PM UTC
Question: What do AIG, California and New York State, Philadelphia and Atlanta and New York City and Phoenix, Ford and Chrysler and General Motors, American Express and goodness knows how many other companies and governments have in common?
Answer: They believe in the famous aphorism, “There’s a sucker born every minute.” Or in this case, “There’s a new [...]
Posted by Jerry Pomeroy as Economics, Government Blunders at 3:48 PM UTC
Here’s the reliable Barney Frank spewing the socialist line: more taxes and more spending.
One of America’s best and brightest economic minds has just weighed in on how to fix the world’s financial mess. Paul Krugman, recently anointed with “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” and eminent columnist regularly featured in the [...]
Posted by Jerry Pomeroy as Campaign 2008, Cultural Insanity, Economics, Government Blunders, Taxation at 11:40 AM UTC
Ron Paul on the bailout and overall financial crisis. Well worth a listen.
The federal government is mismanaging the current financial crisis. Operating according to long-established patterns of bureaucratic bullheadedness, Congress and the President are borrowing money in the hopes of solving a problem caused by too much borrowing. They are extending more credit to institutions [...]
Posted by Jerry Pomeroy as Budgets, Current Affairs, Economics, Government Blunders, Video at 3:16 PM UTC
The video is worth watching if you want to catch Barack Obama in his biggest lie this week:
Drunk with power, bursting with hubris, and overcome by the irresistible lure of controlling mind-boggling amounts of money, the President, both Presidential candidates, 74 Senators, and 263 Representatives have pulled off the biggest money grab in our nation’s history. This largest [...]
Posted by Jerry Pomeroy as Campaign 2008, Current Affairs, Economics, Ethics, Government Blunders, Video at 11:44 AM UTC
While the great bulk of financial leaders are clamoring for a massive bailout of our tottering monetary system, some are taking a difference stance. One such dissenter is Jeffrey A. Miron, a “senior lecturer in economics at Harvard University. A Libertarian, he was one of 166 academic economists who signed a letter to congressional [...]
Posted by Jerry Pomeroy as Best Of the Web, Budgets, Current Affairs, Economics, Government Blunders, Video at 6:39 PM UTC
The proposed $700 billion bailout bill has been defeated in the House of Representatives, thank God. About the only other sane thing I’ve heard about the financial debacle and any proposed solution is that the problem is much to complex to cobble together a proper remedy in a few days. Crafting carefully considered judicious legislation is never accomplished overnight, especially [...]
Posted by Jerry Pomeroy as Budgets, Current Affairs, Government Blunders, Limiting Government, Media, Video at 4:25 PM UTC