Thứ Bảy, 4 tháng 9, 2010

Keith Olbermann and Nate Silver at 538.com get faced by former Car Czar Steve Rattner -- Chrysler closings were politically motivated

With word that former White House 'car czar' Steve Rattner's tell-all book is on the way, it's worth revisiting the 'Dealergate' controversy that broke in May of 2009.

Late that month, after receiving an anonymous tip, I began researching the list of nearly 800 Chrysler dealerships targeted for closure by the Obama administration. What I found, and what another excellent researcher named Joey Smith also discovered, was stunning: the closings benefited certain Democrat donors and minorities and had little correlation to sales, service or regional need.

We found anomalies like four Democrat-friendly dealer groups, representing 40 (forty) Chrysler dealerships, that actually gained dealerships while their in-market competition got wiped out across the board.

We found dealers that, despite having numerous judgments, defaults and fines levied against them, kept their dealerships -- no doubt completely unrelated to the fact that they had maxed out donations to Democrat candidates.

We found that minority-owned dealerships, in urban areas and with diminishing sales, should have been closed if any reasonable, business-centric metrics had been applied. Instead, only a small fraction of these dealerships actually were shuttered.

In short, it was obvious, even after a cursory examination, that the process was more political than economic in nature. It smacked of favoritism, revenge and skulduggery -- to the point that even legacy media had to pick up the story.

The Media Jumps In


Leading conservative pundits like Michelle Malkin and Jim Hoft ran the legacy media gauntlet with the Dealergate story. I was startled to find out from my college roommate that Ms. Malkin had mentioned me on a morning talk show one day.

Mark Tapscott at the invaluable Washington Examiner also ran with the ball, adding a Reuters report that the White House itself was apparently deciding which dealerships were to be closed.

Progressives were none-too-happy to see their infallible, messianic president assailed. MediaMatters and Nate Silver's 538.com came rushing to the defense of Obama. Their argument, such as it was, boiled down to this: Of course more dealerships with GOP donors were shuttered -- Republican donors are more likely to own dealerships, therefore that should be expected!

Apparently awakened from a bathtub slumber by his RSS feed from Media Matters, Keith Olbermann leaped into the fray. He cribbed Silver's story, with its completely half-assed 'methodology' and reported that, yes, more GOP-contributing dealers were closed because there were simply more GOP-contributing dealers.

Silver reported that self-described "car dealers" donated to the GOP by a 3-to-1 margin. But he omitted the most telling stat -- intentionally. Dealers that were forced to close by the White House 'Car Czar' had donated to the GOP by a 42-to-1 margin.

Weird how they forgot to report that statistic.

Enter 'Car Czar' Steven Rattner's Tell-All Book


Steve Rattner's newly published Overhaul is a brutal examination of the Obama administration's handling of the auto companies during the takeover.

-When Obama was told of the plan to pay GM CEO Rick Wagoner a $7.1 million severance package after Obama ordered that he be sacked, Rattner writes: "Suddenly I felt that I was indeed in the presence of a community organizer..."

- Rattner describes presidential political adviser David Axelrod coming to car meetings armed with poll data to support the takeover and Chief of Staff Rahm Emanuel identify Congressmen in whose districts large Chrysler facilities were located.

-"[Obama's economic team] veered dangerously close to having the government take control of the two most troubled banks, Bank of America and Citigroup."

-"If his team had linked arms with the outgoing administration, as President Bush's advisers had proposed, billions of dollars could well have been saved."

In fact, a recent Inspector General report confirmed that the premature and bizarrely orchestrated closures needlessly cost the American economy tens of thousands of jobs. And this was Obama's own I.G.!

With its takeover of the American auto industry, putting taxpayers on the hook for more than $80 billion, the Obama White House "pushed the car companies to eliminate thousands of jobs - with unjustified haste using dubious economic models." The Inspector General's report concluded:

"(A)t a time when the country was experiencing the worst economic downturn in generations and the government was asking its taxpayers to support a $787 billion stimulus package designed primarily to preserve jobs, Treasury made a series of decisions that may have substantially contributed to the accelerated shuttering of thousands of small businesses and thereby potentially adding tens of thousands of workers to the already lengthy unemployment rolls - all based on a theory and without sufficient consideration of the decisions' broader economic impact."

Stated simply, the Obama administration's central planners failed in this situation, just as they failed on the Stimulus, the jobs bill, and the 'financial reform' effort. But don't worry: I'm sure they can run the entire health care system, which only represents one-sixth of the entire U.S. economy.

Where's my apology, Olbermann and Silver?


While additional details aren't yet available -- Rattner's book is slated to be published in the next few weeks -- it's clear that every aspect of the takeover was politically motivated.

David Axelrod brought polling data to car meetings?

Rahm Emanuel identified Congressional districts with Chrysler facilities?

Oh, yes, it would appear that this administration acted lawlessly, as it has in so many matters.

That is why it is critical to take over the House in November. So we can begin investigating this perverse behavior.

And speaking of perverse, Keith, ...oh, never mind. I'll withhold descriptions of the emails we receive every so often from your former girlfriends. I have a family audience, after all.


Linked by: Michelle Malkin, Weasel Zippers, Verum Serum and Memeorandum. Thanks!

Larwyn's Linx: Big Labor's Legacy of Violence

Have a great link you'd like me to review? Drop me an email. You can also install a Larwyn's Linx blog widget.

Nation

Big Labor's Legacy of Violence: Malkin
Smells Like Teen Dispirit: Ace
The Delaware Senate Primary Electric Kool-Aid Acid Test: RSM

More Incursions by Mexican Military: Moonbattery
Dems up in 2012 can stop lame-duck agenda: PJM
Obama spends Labor Day with real thugs: Malkin

Economy

By the people, for the people… oh, never mind: AutoExtremist
Obamacare: Congress surrenders to the Executive branch: AT
Oregon state union workers get 5% raises as taxpayers lose jobs: GWP

Tax Increases We Cannot Afford: RWN
Proof that Obama is engaged on the economy: Pundette
The Obama-Pelosi Toll: 7.5 Million Jobs Lost: GWP

Climate & Energy

Human sacrifice, dogs and cats living together, mass extinction!: RWN
Heh: Jesse Jackson's Escalade Stolen At 'Green Jobs' Rally: GWP

Media

AP Calls Obama A Liar: LegalIns
Media Bias Gets Dangerous: Minimizing the Ecoterror Threat: PJM
'He had it in for the automakers from the beginning': BlogProf

Fear of Palin Exposes Feminists as Useful Idiots: iOTW
Confirmed: Pretty much everyone offended by Vanity Fair hit piece on Palin: Hot Air
The Media's Bigotry is Showing: AT

Reforming our Universities: an Academic Bill of Rights: RWN
Proposals for an Educational Renaissance: Zombie

World

Harry Reid Campaign: Saying ‘War is Lost’ Helped Win the War!: Malkin
Gun Dealer Gets 6 Months For Selling To Illegal With Valid ID: RWN
U.S. Muslims Ask Army to Deny Soldier’s Request for Conscientious Objector Status: He’s a 'Traitor' and a 'Coward': WZ

Tony Blair: Radical Islam is World’s Greatest Threat…: WZ
Suspended for Teaching the Holocaust: Moonbattery
Direct Israeli-Palestinian Talks Will Lead Directly to Failure: PJM

Iranian Protesters Carry US Coffin & Torch US Flags at Quds Day Protests: GWP
Our distracted commander in chief: WaPo (Krauthammer)

SciTech

20,000 Genes Under the Brain: Al Fin
The Ultimate Answer to the Question that Absolutely No One is Asking: AutoExtremist
Android gains on Apple in U.S. mobile Web use: CNet

Cornucopia

"Hobo With A Shotgun" -- The scariest horror movie premise in history.: Ace
Grand slam wham bam! Moment spectator brawl interrupted play at U.S. Open: London Daily Mail
Pak Minister wants Obama to be ”leader of all Muslims”: iOTW

Image: Maktoob: English Defence League Protest.
Today's Larwyn's Linx sponsored by: Help Out Christine O'Donnell in Maryland!

Thứ Sáu, 3 tháng 9, 2010

Consumer Metrics Institute: Economy Is Like Michael Moore Bungee-Jumping Off the Golden Gate Bridge Without the Bungee Cord Part

So, the ConsumerIndexes people emailed me earlier today asking for help. They were like: "Dude, what do we do? The economy is melting down!"

So I was like, "Dudes. I'm just a blogger. Show me the charts."

So after checking out this disastrous chart, I said, like, dudes: This is crazy.

The economy is in freefall.

And they were like, yeah, we know. So I was like, maybe we should elect some people who know what they're doing in November.

And they were like, yo, that's some righteous G-2 you're layin' down.

So I closed the chat window. And posted this. To lay down some G-2 to my peeps.


Hussman: Fed setting the stage for a dollar collapse

He's no 'doom-and-gloomer', but Dr. John P. Hussman -- founder of Hussman Funds -- is decidedly pessimistic about the American economy. The elevator summary: uhm, shpoink!

A week ago, the Federal Reserve initiated a new program of "quantitative easing" (QE), with the Fed purchasing U.S. Treasury securities and paying for those securities by creating billions of dollars in new monetary base. Treasury bond prices surged on the action. With the U.S. economy predictably weakening, this second round of quantitative easing appears likely to continue. Unfortunately, the unintended side effect of this policy shift is likely to be an abrupt collapse in the foreign exchange value of the U.S. dollar.

...the Federal Reserve has begun to play with fire, the effects of which I doubt Bernanke fully appreciates... My impression is that Ben Bernanke has little sense of the damage he is about to provoke. A central banker who talks about throwing money from helicopters is not only arrogant but foolish. Nearly a century ago, the great economist Ludwig von Mises observed that massive central bank easing is invariably a form of cowardice that attempts to avoid the need to restructure debt or correct fiscal deficits, avoiding wiser but more difficult choices by instead destroying the value of the currency...

...Good policy is not rocket science. It begins with the refusal to make people pay for mistakes that are not their own. This economy continues to struggle with a fundamental problem, which is that debt obligations exceed the ability to service them. While policy makers have done everything to preserve the patterns of spending and consumption that created the problem in the first place, we have done nothing to restructure those obligations.

To the extent that we observe fresh credit problems, we should not pursue the same policies. Instead, we should focus on restructuring debt. Let the bank bondholders fail, and defend depositors and customers through the standard procedures that the FDIC has followed for decades. Deal with the debt of Fannie Mae and Freddie Mac by asserting that there is no explicit government guarantee, and let the holders of the mortgage pools receive precisely what they are entitled to receive without public funds. At the same time, expand the role of the FHA to provide explicit government guarantees for future mortgages in return for actuarily fair risk-based premiums, and require mortgage originators to retain a piece of the mortgage loan, along with appropriate capital requirements, and the stipulation that this retained portion bears the first loss if the mortgage goes bad. Finally, refuse to trot self-interested bank and Wall Street executives in front of the public to extort the nation through fear of the word "failure." Banks fail all the time and customers don't lose a cent. The only implication of failure is that stock and bondholders of reckless institutions aren't rewarded for their malinvestment at public expense.

Shhh... quiet, please! Don't tell the 'progressives' that Goldman Sachs and other 'too big to fail' bankers gave the majority of their campaign donations to Obama and the Democrats.


Breaking: Newsweek's Howard Fineman Is a Birther!

Newsweak's numbskull-in-chief, Howard Fineman, appeared on PMSNBC the other day. If it hadn't been for Mark Levin's producer, no one would have even known, since the network's ratings are slightly behind airport radar and the test pattern on channel 4000.

Fineman's incoherent rant, transcribed here for your amusement, accused Rush Limbaugh and Levin of being... birthers. That's right. Let's listen in.

And then you have the health care law, which -- because Obama set it up in such a way that many of its important features don't come into play 'til 2013 or 2014 -- it's hard for voters to see immediate benefit from it. Ironically, one of the first immediate benefits is, uh, uhm, eh, is a category of things that Mitch Daniels and others are signing up for right now.

That's, that's what they're going to campaign on.

Meanwhile, the cooks of the world, Rush Limbaugh and, you know, Mark Levin, and these people are going to talking about birth certificates and Kenya and Christianity and that stuff, so.. .in the House, and in the Senate will try to keep the high ground (sic), while the others do the dirty work...

Now, Howard, let me tap you with the metaphorical clue hammer.

Levin is the head of Landmark Legal Foundation. He's a former Justice Department official. He's a Constitutional attorney who is helping to defend the states of Arizona and Virginia against the illegal machinations of the hard left administration apparatchiks. In other words, he's a patriot.

I've listened to every broadcast for years and he's never mentioned Obama's birth certificate. Never.

As for you Fineman, well, we know what you are. You're a writer with no readers, appearing on a network with no viewers, who has failed at pretty much everything he's done, with a huuuge chip on his shoulder and a brain-pan full of ignorant.

Because Levin and Limbaugh have never -- ever -- talked about birth certificates or Kenya. So something must be bugging you. Really eating away at your psyche. Messing with your thimble-sized brain.

So, Howard: why are you a birther?


Incredible: after weeks of careful analysis, using stuff like charts and graphs, I just spotted evidence of the Summer o' Recovery™!

Calculated Risk always has some of the best graphs around. Its latest charts, focused on unemployment trends, offered ample opportunity for study by yours truly. First, the raw graphs:

The red line represents the percent of the civilian workforce that has been unemployed for half-a-year or more.

This chart represents the percent of jobs lost since peak employment was reached. The dashed line is supposed to compensate for Bureau of Census "make-work" jobs.

Now, let's examine these charts using an electron microscope.

Check it out: I tagged the Summer o' Recovery! They're celebrating in the tent cities!

Now, let's review the change in employment from peak employment. This should be rising and... oh. Hmmm. Oops.

My bad.


Larwyn's Linx: Democrats Approach the Tipping Point

Have a great link you'd like me to review? Drop me an email. You can also install a Larwyn's Linx blog widget.

Nation

Democrats Approach the Tipping Point: LegalIns
'October Surprises, Maybe Every Day and All Day': Driscoll
On McConnell's Leadership Assurance: RWN

Feds Sue Sheriff Arpaio, Investigate Chuck E. Cheese!: Malkin
Black conservatives blast Sharpton protesters on 8/28: BlogProf
Vets for the Constitution take on IL Leftist Phil Hare: GM

Economy

Obama Administration Considers Real Stimulus: Tax Cuts: NRO
Z-Street's Complaint Against the IRS: LogMon
Is your state college a five star resort?: WyBlog

Cali Unions Already Spent $14M on Elections: RWN
In Pursuit of Cultural Hegemony: Zombie
Injustice Department Backs Slacker Muslims: RWN

Mush for Brains in California: Mish
Docs4PatientCare: Carpe Diem
Are Housing Numbers Being Cooked?: Denninger

Climate & Energy

James Lee Is The Environmentalist Movement’s Scott Roeder: RWN
Legacy Media Somehow Forgets to Report Upon Discovery Gunman's Motivations: Greenroom
Al Gore's poison: Lee wasn't the first: AT

Media

Al Sharpton Gets Destroyed on C-Span: WZ
Dems Divided Over Vanity Fair Hit Piece: Con4Palin
NYT Reports (Sorta) On Brooklyn College’s Indoctrination: Kesler

Hugh Hewitt Interviews NYT's Nicholas Kristof: Hewitt
Why the Vast Majority of Americans Miss Bush: Hanson
The Legacy Will Not Be Betrayed: RWN

World

The Confidence Game: Wizbang
"...what happens when this narrative isn't true?": Wizbang
Paris Authorities Look Other Way as Muslims Illegally Block Streets for Weekly Prayers: BlogProf

Human Rights Through the Looking Glass: Cashill
Another White House lie about Islam: RWN
The Siren Song of Arab Rejectionism: RWN

SciTech

IETF: AT&T's Net neutrality claim is 'misleading': CNet
What it takes to shut down a Botnet: Infoworld
Samsung: Galaxy Tab has leg up on Apple iPad: CNet

Cornucopia

My Morning Run: Deadly
Tim Blair’s Right, This T-Shirt Is Palin-Riffic!: RWN
What it looks like to fall from space: Ace

Images: Maktoob, Apple's new-look Nano.
Today's Larwyn's Linx sponsored by: Help Christine O'Donnell Win in Maryland!