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Aside from the factually challenged nature of
Ira's post which you pointed out, I thought there was a ban on posting that kind
of political drivel.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Norman
Winski
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, July 09, 2003 1:13
AM
Subject: Re: [RT] GEN: VON MISES &
THE ECONOMY
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.
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