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Funny, I thought it was pathetic propaganda
and many of the supposed facts are false. For example, Sammy Sosa is on the
Chicago Cubs. Given Andrew Jackson's very checkered life, if he didn't have a
criminal record, he should have, and I don't think James Baker is Goerge
Bush's Uncle as it would have to be on his mother's side for the name to be
different and Mama B's maiden name was Pierce, and the final count in
Florida showed Bush won Florida by about 500 votes. By the way, I think
he is doing a good job and I didn't vote for
him. (I voted Libertarian.)
As for Bush's lack of success until entering
public life, go read the life of US. Grant or Harry Truman. It could be
that George Bush found his niche in govt. service. To quote Henry
Kissinger, "when we consider the alternatives..." just think we could have had
anal retentive Al Gore still analyzing what to do about 9-11 and what impact
those options would have on the spotted owl.
Regards,
Norman
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Ira
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, July 09, 2003 1:34
AM
Subject: Re: [RT] GEN: VON MISES &
THE ECONOMY
Funny, I just got this in the mail
Subject: ResumeGeorge Walker Bush:Past work experience: I ran
for congress and lost. I produced a Hollywood slasher B movie. I bought
an oil company, but couldn't find anyoil in Texas; company went bankrupt
shortly after I sold all my stock. I bought the Texas Rangers baseball
team in a sweetheart deal that took landusing taxpayer money. Biggest
move: Traded Sammy Sosa to the Chicago WhiteSox. With my
father's help and nearly the same name, was electedGovernor of
Texas.Accomplishments: I changed pollution laws for oil and power
companiesand made Texas the most polluted state in the nation.
I replaced LosAngeles with Houston as the most smog ridden city in
America. I cut taxesand bankrupted the Texas government in billions
in borrowed money. I setrecord for most executions by any governor
in American history. I became president after losing the popular
vote by over 500,000 votes, withthe help of Republican appointments to the
Supreme Court.Accomplishments as president: I attacked and took over
two countries.I spent the country's surplus and bankrupted the
treasury. I shatteredthe record for biggest annual deficit in
history. I set economic recordfor most private bankruptcies filed in
any 12 month period. I setall-time record for biggest stock market
drop in its history. I am thefirst president in decades to execute a
federal prisoner. I am the firstpresident in US history to enter office
with a criminal record. Inmy first year in office set the
all-time record for most vacation daystaken by any president. After taking
the entire month of August off forvacation, I presided over the
worst security failure in US history. I setthe record for most
campaign fund-raising trips of any other president in US history. In my
first two years in office over 2 million Americans lost their jobs. I
cut unemployment benefits for more out of work Americans than any
president in US history. I set the all-time record for the
most mortgage foreclosures in a 12-month period. I appointed more
convicted criminals to administration positions than any president in US
history, set the record for the lowest number of press conferences
thanany president since the invention of television. I signed more
laws and executive orders amending the Constitution than any president
in US history. I presided over the biggest energy crises in US history
and refused to intervene when corruption was revealed. I presided over
the highest gasoline prices in US history and refused to use the
national reserves as past presidents have. I cut healthcare benefits for
war veterans. I set the all-time record for most people worldwide to
simultaneously take to the streets to protest me (15 million people),
shattering the record for protest against any person in the history of
mankind. (<A
href="">http://www.hyperreal..org/~dana/marches/)I
dissolved more international treaties than any president in US history.
My presidency is the most secretive and unaccountable of any in US history.
Members of my cabinet are the richest of any administration in US history.
(The 'poorest' multimillionaire, Condoleeza Rice, has a Chevron oil
tankernamed after her). I am the first president in US
history to have all 50 states bankrupted at the same time. I presided over
the biggest corporate stock market fraud of any market in any country in
the history of the world. I am the first president in US history to
order a US attack and military occupation of a sovereign nation. I
created the largest government department bureaucracy in the history of
the UnitedStates. I set the all-time record for biggest annual
budget spending increases,more than any president in US history, while at
the same time proposingtax cuts. I am the first president in
US history to have the United Nations remove the US from the human
rights commission. I am the first president in US history to have the United
Nations remove the US from the elections monitoring board. My
administration has the least amount of congressional oversight than any
in US history. I withdrew from the World Court of Law. I
refused to allow inspectors access to US prisoners of war, as prescribed
by the Geneva Convention. I hold the record for most corporate
campaign donations. My biggest lifetime campaign contributor, who is
also one of my best friends, presided over one of the largest corporate
bankruptcy frauds in world history (Kenneth Lay, former CEO of Enron
Corporation). I spent more money on polls and focus groups than
anypresident in US history. I am the first president in US
history tounilaterally attack a sovereign nation against the will of
the United Nations and the world community. I am the first US president in
history to have a majority of the people of Europe (71%) view my
presidency as the biggest threat to world peace and stability. I
changed US policy to allow convicted criminals to be awarded government
contracts. I set all-time records for the number of
administration appointees who violated US law by not selling huge
investments in corporations bidding for government contracts. I
failed to get Osama Bin Laden 'dead or alive'. I failedto capture the
anthrax killer who tried to murder the leaders of ourcountry at the United
States Capitol building. After 18 months I have noleads and zero
suspects. I removed more freedoms and civil liberties forAmericans
than any other president in US history. In a little over two years I
created the most divided country in decades, possibly the
mostdivided the US has ever been since the Civil War. I entered office
with thestrongest economy in US history and in less than two years every
economiccategory plunged.Records and References: I have at least
one conviction for drunkdriving in Maine (Texas driving record has
been erased and is not available).I was AWOL from National
Guard. Records from my tenure as governor ofTexas are in my father's
library, unavailable for public view. All records of any SEC
investigations into my insider trading or bankrupt companies are sealed
and unavailable for public view. All minutes of meetings for any public
corporation I served on the board are sealed and unavailable for public
view. Any records or minutes from meetings I (or my VP) attended
regarding public energy policy are sealed and unavailable for public
review. For personal references please speak to my daddy or
uncleJames Baker (They can be reached at their offices of the
Carlyle Group forwar-profiteering).
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Mark Simms
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Tuesday, July 08, 2003 4:44
PM
Subject: RE: [RT] GEN: VON MISES &
THE ECONOMY
EXACTLY, THE
GOVERNMENT IS GETTING IN THE WAY.
<FONT color=#0000ff
size=2>
Look at what
Bush did for the steel industry. He's holding them "bums" up with the import
tariffs and restrictions.
<FONT color=#0000ff
size=2>Interestingly, the OPPOSITE is true for the IT services industry with
the multitude of H-1B and the L-1 visa issuance of the past 2
years.
That industry
in the US has declined to nothingness....never to
return.
What gives ?
Why this UN-EVEN treatment ?
Answer: dumb,
poorly thought-out legislation and more importantly, slow reaction
time to correct these "mistakes".
<FONT color=#0000ff
size=2>
If everyone
in business for themselves took as long as the government to correct their
business "mistakes",
there would
be no commerce, everyone would be out-of-business !
<FONT color=#0000ff
size=2>
<BLOCKQUOTE
>
<FONT face=Tahoma
size=2>-----Original Message-----From: Charles Meyer
[mailto:chaze@xxxxxxxx]Sent: Tuesday, July 08, 2003 9:55
AMTo: REAL TRADERSSubject: [RT] GEN: VON MISES &
THE ECONOMY
----- Original Message -----
From: <A
title=article@xxxxxxxxx href="">Mises Daily
Article
To: <A title=article@xxxxxxxxxxxxxxxxx
href="">Mises Daily Article
Sent: Tuesday, July 08, 2003 8:12 AM
Subject: Recovery or Boomlet?
<A
href="">http://www.mises.org/fullstory.asp?control=1265
<FONT color=#002864
size=1>
<FONT
color=#002864>Recovery or Boomlet?
by William L. Anderson
[Posted July 8, 2003]
<IMG src=""
align=right border=0 NOSEND="1">In recent weeks, the stock market has
staged a mild rally. Though the most recent unemployment numbers are well
over six percent, Republicans, as well as a few market analysts, are
claiming that the long overdue economic recovery has arrived. While I wish
that were the case, the facts demonstrate otherwise; this is not a
recovery, but simply an unsustainable mini-boom that makes the long-term
economic picture even worse.
That is not how we hear things from the government, not
surprisingly. Administration officials, hopeful that a strong economy next
year will boost George W. Bush's election chances, have been trumpeting
the end to the longest economic downturn in this country since the Great
Depression of 70 years ago. His media supporters, such as <A
href=""><FONT
size=2>Larry Kudlow, and <A
href=""><FONT
size=2>Neil Cavuto also agree and have called
for the Federal Reserve System literally to open the money spigots.
According to Kudlow:
No matter what the investment -- be it corporate profits
paid out as dividends, or capital gains, or new capital-goods orders and
shipments by large and small businesses, or new high-risk venture
start-ups -- higher after-tax investor-class returns will place new
liquidity demands on the financial system. The Fed must accommodate
them.
A shock-and-awe liquidity-expansion policy from the Fed
will counter our underperforming economic recovery, offset the forces of
worldwide deflation and recession, and stomp out deflation fears at
home. An aggressive liquidity stance will also accommodate rising
transaction demands following the latest Bush tax cut. And it will even
counter the negative effects of any potential breakdowns in the
investment portfolios of Freddie Mac and Fannie Mae, the troubled loan
institutions.<A title=""
href=""
name=_ednref1>[i]<FONT
size=2>
Of course, "liquidity expansion" in Kudlow-speak is
nothing more than a burst of inflation, and the Federal Reserve has
followed suit, lowering its discount rate to something not much above
zero. (Kudlow and the other inflationists wanted the Fed to cut its rates
by more than what was actually done, but it would seem that the next
logical step for the Fed would be simply to dump money from helicopters or
hand it to passers by at the street corners.)
Kudlow is hardly the only offender here, and while his
"shock and awe" analogies are over the top, the truth is that economists
and pundits, both left and right, have been calling for basically the same
solution: inflation, and more inflation. This not only reflects the total
misunderstanding of the current economic situation by both the economic
mainstream and political pundits (Well, what would we expect?), but also
demonstrates ignorance both of business cycles and of money
itself.
As Murray Rothbard and Ludwig von Mises tirelessly pointed
out, an economic recovery occurs when consumers and investors begin to
direct investment into sustainable lines of production. A recovery can
only happen after the malinvestments that accumulated during
the previous boom are substantially liquidated. Of course, <A
href=""><FONT
size=2>a liquidation must be permitted to
occur in the first place, something that the Bush Administration and the
Fed have fought at every turn, which <A
href=""><FONT
size=2>I note in previous articles.
Given that the government has done everything in its power
to prevent the full liquidation of malinvested capital, and given that the
Bush Administration and Congress have substantially increased the burden
of government that must be borne by individuals, it seems clear that the
U.S. economy is not poised for a recovery. Indeed, from airlines to
manufacturing, the liquidation has a long way to go before the economic
downturn hits bottom.
Thus, any upturn whether in economic statistics or in the
stock market is almost certain to follow the patterns not of economic
recovery but rather a mini-boom. I say "mini" because there is no way that
this particular boom, as pathetic as it is, can be sustained for a long
time, unlike the boom of the late 1990s. In fact, the Fed's recent actions
can only force more malinvestments which themselves will have to be
liquidated in the future.
There is historical precedence for a mini-boom. During the
early days of the Franklin D. Roosevelt Administration, which were marked
by the passage of legislation like the <A
href=""><FONT
size=2>National Industrial Recovery Act and
the Agricultural Adjustment Act, the economy also experienced a small
boom. In fact, the rate of unemployment, which stood at about 25 percent
when FDR took office in 1933, fell to about 15 percent two years
later.
The Roosevelt Administration was not the only active
entity in Washington. The Federal Reserve System had lowered its discount
rates to near-zero and the government was trying to force up the inflation
rate, using tactics like destroying the gold standard and confiscating all
gold money that individuals possessed.
The strategy worked, sort of. As noted earlier, some
people were put back to work (although thousands also found employment
doing government-sponsored tasks), but the boom was only temporary.
Government was growing quickly, along with the tax burden, the regulatory
state was taking form, and FDR openly savaged businessmen and his
comments, as <A
href=""><FONT
size=2>Robert Higgs has written, had a
dampening effect upon the private investment needed to bring real
recovery.
Roosevelt's mini-boom came to a screeching halt by late
1937, as the economy fell into the trenches again, the unemployment rate
zooming to about 20 percent. To put it another way, FDR achieved a first:
he helped to create a depression within a depression.
One hopes that the Bush Administration does not seek to
emulate FDR, although, like Roosevelt, this administration has forced
through huge increases in government expenditures and with the recent
Medicare bill, has dumped a gargantuan unfunded liability upon U.S.
taxpayers. (At least FDR did not send the armed forces all over the world
– at least during the 1930s. In the 1940s he helped launch the biggest and
most destructive war in world history.)
As we hear the political pundits and mainstream economists
debate the current economic climate, perhaps terms like "shock and awe"
truly are appropriate. One is shocked at the economic ignorance that is
demonstrated time and again by the "experts," who are still stuck in a
Keynesian time warp that while discredited, still seems to rule the
intellectual roost. And one is in awe of the truly bad policy
prescriptions that emanate from the White House, Congress, and the
mainstream press.
Yes, 2004 is an election year, and the Bush Administration
is desperate to make voters believe that the long-awaited recovery finally
is here. Furthermore, there is no shortfall of Republican pundits trying
to publicly make the case that the economic policies of Bush II really are
better than the policy disasters of Bush I.
However, there simply is no way that the policies of the
Fed and the Bush Administration are going to give us an economic recovery.
As Mises and Rothbard wrote time and again, an economic recovery within a
free market economy occurs as a matter of course once the government
steps out of the way. That clearly has not happened for the past
three years, and now that Bush is desperate to manipulate the economy in
order to pave the way for re-election, it is not politically possible for
this president and his underlings to take the needed hands-off approach to
the economy.
Instead, we will be given the news that the wise policies
of the Fed and the meager and back loaded tax cuts that the Republicans
have given us will be enough to bring recovery. However, pay no attention
to the man behind the curtain (whether it be George W. Bush or Alan
Greenspan), for he does not know what he is doing. We are not in recovery;
it is nothing more than a little boom that ultimately will turn into a
bigger bust.
William Anderson, an adjunct scholar of the Mises
Institute, teaches economics at Frostburg State University. Send
him <FONT color=#000080
size=2>MAIL. See his Mises.org <A
href=""
target=_blank>Articles
Archive.
<A title=""
href=""
name=_edn1>[i] Larry Kudlow, “Pour it
On,” <FONT
size=2>www.townhall.com, June 17, 2003.
<SPAN
class=567591613-06062002><A
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