At today’s rate of decline (1%) the Dow Jones Industrial Average should cross the 5,000 mark on Tax Day (April 15) and 3,000 by Independence Day (July 4).
Beyond that I’m afraid to go.
[Update} The comment: “Once the Titanic is under water, does it really matter how much farther it sinks?”
Thank you. That made my day!
Monday, March 09, 2009
Sunday, March 08, 2009
BRAIN DRAIN?
They're Taking Their Brains and Going Home.
Vivek Wadhwa is concerned about a “reverse brain-drain” – foreign nationals taking their degrees in the US and then going home. According to Wadhwa, that’s bad:
Why is that bad? In the past, the US has taken the best and brightest from third-world countries, educated them, and kept them in the US, depriving those countries of the very people most likely to move those countries to first-world status.
Why is it bad to deny the third world the opportunity to move up to first world status? According to Wadwha,
Well, for starters, perhaps it will spur the US to take a long, critical look at our incredibly lousy feelings-based elementary and secondary school systems and fix them. It wouldn’t hurt to do the same at the university level as well.
Vivek Wadhwa is concerned about a “reverse brain-drain” – foreign nationals taking their degrees in the US and then going home. According to Wadhwa, that’s bad:
When smart young foreigners leave these shores, they take with them the seeds of tomorrow's innovation. Almost 25 percent of all international patent applications filed from the United States in 2006 named foreign nationals as inventors. Immigrants founded a quarter of all U.S. engineering and technology companies started between 1995 and 2005, including half of those in Silicon Valley. In 2005 alone, immigrants' businesses generated $52 billion in sales and employed 450,000 workers.
Why is that bad? In the past, the US has taken the best and brightest from third-world countries, educated them, and kept them in the US, depriving those countries of the very people most likely to move those countries to first-world status.
Why is it bad to deny the third world the opportunity to move up to first world status? According to Wadwha,
[A]lthough immigrants accounted for only 12 percent of the U.S. workforce, they made up 47 percent of all scientists and engineers with doctorates. What's more, 67 percent of all those who entered the fields of science and engineering between 1995 and 2006 were immigrants.
What will happen to America's competitive edge when these people go home?
Well, for starters, perhaps it will spur the US to take a long, critical look at our incredibly lousy feelings-based elementary and secondary school systems and fix them. It wouldn’t hurt to do the same at the university level as well.
ON THE MARK
Saturday, March 07, 2009
BREAKING NEWS ...
The headline in today's Washington Post: Job Losses Could Drown Stimulus
Gee, ya think?
Gee, ya think?
Friday, March 06, 2009
ANOTHER JOHN GALT
From the Letters to the Editor page of the Los Angeles Times, another taxpayer goes Galt:
Michelle Malkin reported on this letter on her website, eliciting the following comment:
Uh, sorry lgm, although I have no direct knowledge of its authenticity, the letter is quite likely real. My wife and I are “going Galt” on much less income. With a $300,000 pre-tax income and a marginal tax rate approaching 70%, I’m rather certain that Kay Santos, like myself, can find more rewarding things to do in the time it would take to earn the 30 cents that marginal dollar is worth.
You might want to consider re-taking Economics 101 at your local community college.
I have employed about 50 people during the last 20 years, and my family’s taxable income is about $300,000. In order to avoid paying a higher percentage of taxes on all of my income, I will decrease output, lay off some staff and still end up keeping the same amount.
I have no incentive to hire people or expand my business, because the more I make, the more President Obama will take to expand government. This discourages expansion of the private sector. It will backfire with disastrous consequences for all.
It is repulsive that Obama is being allowed to take this country backward by pickpocketing the very people who run the private sector through their energy, money and creativity.
Kay Santos
Diamond Bar
Michelle Malkin reported on this letter on her website, eliciting the following comment:
Comment #11 on March 4th, 2009 at 2:00 pm
lgm said: Both you and the LATimes have been punked. This letter is a hoax. As long as his marginal return is positive he has an incentive to make more money. If he really were in business he would know that.
Uh, sorry lgm, although I have no direct knowledge of its authenticity, the letter is quite likely real. My wife and I are “going Galt” on much less income. With a $300,000 pre-tax income and a marginal tax rate approaching 70%, I’m rather certain that Kay Santos, like myself, can find more rewarding things to do in the time it would take to earn the 30 cents that marginal dollar is worth.
You might want to consider re-taking Economics 101 at your local community college.
EMBRACE THE FAILURE
Following the attacks on Rush Limbaugh, David Harsanyi asks “Is it inherently unpatriotic or immoral to want to see a president fail?”
Embrace the failure. It's patriotic.
Nothing personal.
After eight years of seething hatred -- plenty of it deserved -- for George W. Bush, this brand of contrived indignation touches a new level of creative dishonesty.
[M]any of us are hoping that all those in power fail, because those in power have a grating habit of being annoyingly self-righteous, hopelessly corrupt, resolutely incompetent and completely apathetic about the freedoms that they have sworn to protect.
Embrace the failure. It's patriotic.
Nothing personal.
THE DOW WOKE UP
Unfortunately.
DJIA is down 75 points at 1 pm. I expect it to close down around 120 points.
I hope I'm wrong.
[Update @ 4:30 pm] Whew! that was close. The DJIA rose almost 150 points in the last half-hour of trading to close up 30 points for the day. Never have I been happier to have guessed wrong.
DJIA is down 75 points at 1 pm. I expect it to close down around 120 points.
I hope I'm wrong.
[Update @ 4:30 pm] Whew! that was close. The DJIA rose almost 150 points in the last half-hour of trading to close up 30 points for the day. Never have I been happier to have guessed wrong.
Thursday, March 05, 2009
ANKLE-BITING DEMOCRATS
From The Fix in the Washington Post.
Read what Limbaugh actually said:
I was under the impression that the Democrats were the ones who were sophisticated and nuanced [And you believed them? – Ed. C’mon, Shadow, let it be.] but they seem to have trouble understanding the difference between wanting Obama to fail and wanting Obama’s agenda to fail.
On this one, I’m with Rush Limbaugh. I hope ... no, pray ... that President Obama fails to push his agenda through Congress.
The full text of Limbaugh’s CPAC address is here.
I AM AN AMERICAN. I WILL NOT GIVE UP MY LIBERTY.
"Rush is the bloated face and drug-addled voice of the Republican Party," said Paul Begala, a longtime Democratic strategist who rose to prominence during Bill Clinton's presidency. "Along with lots of others, I intend to continue to turn up the heat until every alleged Republican either endorses or renounces Rush's statement that he hopes our President fails."
Read what Limbaugh actually said:
This notion that I want the President to fail, folks, this shows you a sign of the problem we've got. That's nothing more than common sense and to not be able to say it, why in the world do I want what we just described, rampant government growth indebtedness, wealth that's not even being created yet that is being spent, what is in this? What possibly is in this that anybody of us wants to succeed?
So what is so strange about being honest to say that I want Barack Obama to fail if his mission is to restructure and reform this country so that capitalism and individual liberty are not its foundation? Why would I want that to succeed?
I was under the impression that the Democrats were the ones who were sophisticated and nuanced [And you believed them? – Ed. C’mon, Shadow, let it be.] but they seem to have trouble understanding the difference between wanting Obama to fail and wanting Obama’s agenda to fail.
On this one, I’m with Rush Limbaugh. I hope ... no, pray ... that President Obama fails to push his agenda through Congress.
The full text of Limbaugh’s CPAC address is here.
I AM AN AMERICAN. I WILL NOT GIVE UP MY LIBERTY.
IF THIS GOES ON ... PART II
This shows the closing values of the Dow Jones Industrial Average from September 2, 2008 through today's closing. It's divided into three sections; the last months of the Bush administration, the 2-1/2 month transition, and the first month of the Obama administration.
According to the data, the end of the world is now sometime in late September, up a bit from my first estimate.
Liberals, I suppose, can argue that Obama has delayed the end of the world by about 4 months, but the interesting part of the chart is the interim between election and inauguration.
I'm reminded of a Peter, Paul, and Mary concert I attended many, many years ago: Peter Yarrow came to center stage to announce "we're going to play a song ... you're really, really going to want to sing ... please, DON'T!"
That, I think, is what's going on here. Both administrations really, really want to meddle and the stock market is crying "Please, DON'T!"
There's a lesson here, if only the Government would take notice.
According to the data, the end of the world is now sometime in late September, up a bit from my first estimate.
Liberals, I suppose, can argue that Obama has delayed the end of the world by about 4 months, but the interesting part of the chart is the interim between election and inauguration.
I'm reminded of a Peter, Paul, and Mary concert I attended many, many years ago: Peter Yarrow came to center stage to announce "we're going to play a song ... you're really, really going to want to sing ... please, DON'T!"
That, I think, is what's going on here. Both administrations really, really want to meddle and the stock market is crying "Please, DON'T!"
There's a lesson here, if only the Government would take notice.
WHAT IS HE THINKING?
Colbert I. King has his panties in a twist.
In a commentary on WTOP radio yesterday, King urged a “NO” vote on the bill now in Congress to grant Washington DC a vote in the House of Representatives. Not because it is clearly unconstitutional, but because the Senate inserted a rider severely restricting DC gun laws.
King is concerned that (a) DC will no longer be able to ban “assault weapons” and (b) the police will be unable to use gun registration information to trace weapons used in criminal activities.
Uh, Colby, did someone forget to remind you that “assault weapons” are straight out of Grimm’s Fairy Tales? Repainted black, the Remington semi-automatic .22 from my youth would be considered an “assault weapon.”
And do you really, really, really believe that criminals are going to register their weapons? In DC, or anywhere for that matter?
In a commentary on WTOP radio yesterday, King urged a “NO” vote on the bill now in Congress to grant Washington DC a vote in the House of Representatives. Not because it is clearly unconstitutional, but because the Senate inserted a rider severely restricting DC gun laws.
King is concerned that (a) DC will no longer be able to ban “assault weapons” and (b) the police will be unable to use gun registration information to trace weapons used in criminal activities.
Uh, Colby, did someone forget to remind you that “assault weapons” are straight out of Grimm’s Fairy Tales? Repainted black, the Remington semi-automatic .22 from my youth would be considered an “assault weapon.”
And do you really, really, really believe that criminals are going to register their weapons? In DC, or anywhere for that matter?
HERE WE GO AGAIN
Obama pledges to slash wasteful spending.
Oh, boy. Look, I’ve got no love for the Government’s contracting process. I lived with it for years as a defense contractor.
But.
I was active in the defense industry when outsourcing began, and guess what the rationale for outsourcing was? It was supposed to be “less expensive” for the Government.
Well, is it? Or isn’t it?
Obama will say that his administration will stop outsourcing to private contractors many services that should be performed by government employees.
Oh, boy. Look, I’ve got no love for the Government’s contracting process. I lived with it for years as a defense contractor.
But.
I was active in the defense industry when outsourcing began, and guess what the rationale for outsourcing was? It was supposed to be “less expensive” for the Government.
Well, is it? Or isn’t it?
UPDATING SOME FAMOUS THINKERS
Updating William F. Buckley, Jr.: I’d rather be governed by the first 2000 callers to Rush Limbaugh’s show than by the faculty of Harvard.
Or perhaps it’s better to channel Pogo: We have met the enemy and he is us. [Well, America did vote for him. - Ed. Don't remind me, Shadow.]
Or perhaps it’s better to channel Pogo: We have met the enemy and he is us. [Well, America did vote for him. - Ed. Don't remind me, Shadow.]
READ ON THE WEB
Democrats want to ban Barbie in West Virginia.
Barbie is a lot smarter than Democrats, so this should be a one-sided fight.
Barbie is a lot smarter than Democrats, so this should be a one-sided fight.
SEEN IN THE ELEVATOR
A co-worker was seen in the elevator carrying the book Measuring Performance in Public and Nonprofit Organizations.
That’s a no-brainer. How many ways are there to say “zero”?
That’s a no-brainer. How many ways are there to say “zero”?
GOING JOHN GALT
Don Surber’s column is up:
We get to pick up the tab.
Which is why I’m going John Galt.
Which is why I’m going John Galt.
Oh, did I mention? I’m going John Galt.
Under the Obama administration, the people who played by the rules will reward the rule-breakers.
We get to pick up the tab.
This is the Leona Helmsley administration. She once said: "We don't pay taxes. Only the little people pay taxes."
Which is why I’m going John Galt.
This administration serves the tax cheats and mortgage deadbeats first.
Which is why I’m going John Galt.
Oh, did I mention? I’m going John Galt.
SIGN OF THE TIMES?
At 10:13 am
DOW down 93.11 (1.35%)
Wal Mart up 2.03 (4.19%)
Noon update: DOW now down 3.3%; Wal Mart up 1.6%
2:30 PM update: DOW now down 3.9%; Wal Mart up 2.3%
Market close: DOW closes down 4.1% (281 pts); Wal Mart up 2.6% (1.2 pts)
DOW down 93.11 (1.35%)
Wal Mart up 2.03 (4.19%)
Noon update: DOW now down 3.3%; Wal Mart up 1.6%
2:30 PM update: DOW now down 3.9%; Wal Mart up 2.3%
Market close: DOW closes down 4.1% (281 pts); Wal Mart up 2.6% (1.2 pts)
LISTEN UP!
T. Coddington Van Voorhees VII speaks:
Will Republicans listen?
Via Iowahawk.
"We've tried, Mr. President," I explained. "But there are unsavory elements within the party who keep bringing them back in."
My reference, obviously, was to the self-styled luminaries of "populism" who hang like a millstone around the Republican neck -- the Sarah Palins, the Plumbing Joes, the Bobby Jindals, the Rush Limbaughs, the motley middlebrow state college pretenders to the conservative throne.
Will Republicans listen?
Via Iowahawk.
HOW 'BOUT THAT?
President Obama saved my job!
[Update and bumped] On the other hand - there's always an other hand - does President Obama get credit for creating a new job when a retiree has to go back to work in order to make ends meet?
[Update and bumped] On the other hand - there's always an other hand - does President Obama get credit for creating a new job when a retiree has to go back to work in order to make ends meet?
Wednesday, March 04, 2009
IF THIS GOES ON ...
The world will end on October 5, 2009.
At least that's when the Dow Jones Industrial Average will go to zero at the current rate of decline.
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