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Chronicle of the Conspiracy
Join us as we discover, document, expose and challenge the bad people, the bad institutions and the bad ideas that stand in the way of wealth creation -- and show you how to fight back!

Saturday, November 20, 2004

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ONCE BURNED, TWICE BRUCE   
Here's a super column by Bruce Bartlett, blowing away the pandering, populist economic lies used by the media to attack Wal-Mart. Bruce's current target is a recent PBS "Frontline" show blasting Wal-Mart, despite having worked extensively with correspondent Hedrick Smith in the show's preparation. Bruce's lesson learned: "I will know better the next time they call me for an interview." Okay, now let's generalize that. Bruce, how about those interviews with Jonathan Weisman of the Washington Post and Ron Suskind for the New York Times Magazine? Bruce has become so quotable by the liberal media, lately, that even Paul Krugman has cited him! My advice, Bruce -- just have your phone disconnected. These guys are using you.

Posted by Donald L. Luskin at 1:33 PM | link  


Friday, November 19, 2004

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DELAY DECLARES VICTORY   
Triumphalism isn't pretty (or smart). But after the way the GOP has been treated by the media during the election season, I suppose House majority leader Tom DeLay deserves to get a few licks in:
"The next two years will provide the Republican Party an opportunity our parents never had, and our children may never have — to reform and re-form our government around our principles," he says.

Mr. DeLay also takes jabs at TV personalities and others who seemed disappointed in the outcome of the Nov. 2 election.

"Setting aside the anecdotal evidence of Katie Couric wearing black the following morning on the 'Today' show, just look at the absolute nonsense that has been said," Mr. DeLay says. He points specifically to a column that novelist Jane Smiley wrote for Slate.com in which she said, "Ignorance and bloodlust have a long tradition in the United States, especially in the red states," and she said ignorance works when "they put the fear of God into you."

"That's funny, because the way I heard it, here is how ignorance works: First they give you a column on Slate.com," Mr. DeLay says.

The Texan then turns his attention to the New York Times and columnist Paul Krugman, who wrote that he does not "hope for worse scandals and failures during Mr. Bush's second term, but I do expect them."

Then the counterpunch: "In Mr. Krugman's defense, I suppose if anyone can speak with authority about scandals and failures over the last four years, who better than a writer for the New York Times."


Posted by Donald L. Luskin at 8:41 AM | link  


Thursday, November 18, 2004

JOKE OF THE DAY   

Posted by Donald L. Luskin at 11:10 AM | link  

BURNING MYSTERY 2    A professor of economics at Princeton. Frequently writes for the New York Times. Says "the gap between rich and poor will widen and budget deficits will escalate if President Bush fulfills some of his economic goals." His name begins with "K". Who can it be? Not who you think.

Thanks to reader Jill Olson for the link.

Posted by Donald L. Luskin at 3:22 AM | link  

BURNING MYSTERY    The AP reports, "WASHINGTON — A man set himself afire Monday just outside a White House gate and repeatedly yelled "Allah Allah" after Secret Service (search) officers put out the flames and one held him facedown on the sidewalk." Reader Martin Shimp wants to know, "No word yet on whether this man is a morbidly obese, unkempt, erstwhile Hollywood radical Leftist 'documentarian' asshat who has been known to make a complete buffoon of himself at various awards ceremonies...but we are hopeful..."

Posted by Donald L. Luskin at 3:20 AM | link  


Wednesday, November 17, 2004

KRUGMAN BLOWS 9-11 AGAIN    Paul Krugman just can't seem to get 9-11 right. He recently wrote of President Bush, that "Without the fading but still potent aura of 9/11, when the nation was ready to rally around any leader, he wouldn't have won at all." But in his column on January 20, 2002, he had written "I predict that in the years ahead Enron, not Sept. 11, will come to be seen as the greater turning point in U.S. society."

Now reader Rick Gaber points out a column by Walter Williams, in which we learn that economist Krugman can't even get the economics of 9-11 right:

The broken-window fallacy was seen in a column written by Princeton University professor Paul Krugman after the terrorist attack on the World Trade Center, "After the Horror" New York Times (Sept. 14, 2001). He wrote, "Ghastly as it may seem to say this, the terror attack -- like the original day of infamy, which brought an end to the Great Depression -- could do some economic good." He went on to point out how rebuilding the destruction would stimulate the economy through business investment and job creation. Again, do the smell test. If Krugman is right, wouldn't the terrorists have done us a bigger economic favor if they had destroyed buildings in other cities?

Posted by Donald L. Luskin at 1:58 PM | link  


Tuesday, November 16, 2004

A JONES FOR DR. STRANGELOVE    After forty years, James Earl Jones still can't remember his lines. In a reminiscence about the making of "Dr. Strangelove" in today's Wall Street Journal, the actor who played bombardier Lothar Zogg, complains of being "stripped of the lines that made the role attractive to me in the first place" --

"In the original script, the bombardier's role included pointed questioning of the authenticity of Gen. Ripper's command-orders to nuke Russia. But as 'Dr. Strangelove' evolved into a satire, Zogg's voice of reason shrank to essentially a single question: 'Sir, do you think this might be some kind of loyalty test or security check?'"

In fact, Jones' line was:

"Major Kong, is it possible that this is some kind of loyalty test? You know, give the go-code and then recall, and see who would actually go?"

Ironic, then, that Jones goes on in the article to chide the film's director, the late Stanley Kubrick, for treating him harshly for forgetting his lines on the set. Of considerably broader interest is Jones' revelation of how Kubrick coaxed some of the greatest comedic moments ever recorded on film from George C. Scott:

"George C. Scott had some really difficult experiences with the director. George was headstrong by nature. It is what fueled his particular talent. Stanley was very much the same kind of man. The irresistible force met the immovable object when Stanley asked George to do over-the-top performances of his lines. He said it would help George to warm up for his satiric takes. George hated this idea. He said it was unprofessional and made him feel silly. George eventually agreed to do his scenes over-the-top when Stanley promised that his performance would never be seen by anyone but himself and the cast and crew. But Kubrick ultimately used many of these 'warm-ups' in the final cut. George felt used and manipulated by Stanley and swore he would never work with him again."


Posted by Donald L. Luskin at 9:09 AM | link  


Monday, November 15, 2004

MORE SPAM I NEVER FINISHED READING    "Hello,

"I am the volunteer administrator for the Acne Resource Center..."

Posted by Donald L. Luskin at 2:21 PM | link  

COVER OF THE YEAR   

It's never too late for a conversion -- and it's certainly cheaper. A Krugman Truth Squad t-shirt can be had for about a millionth the price.

Thanks to several readers inclusing Jill Olson for forwarding this.

Posted by Donald L. Luskin at 9:36 AM | link  

ANYTHING ON THE FRET BOARD?    The New York Times frets this morning about what will happen to Google's stock when 36 million shares come off lock-up and potentially hit the market. Fair question, although not an original one nor especially unique in this situation. A better question would be this: what does it mean that this highly publicized IPO took place at virtually the day of the bottom in the stocks this year? Doesn't that mean that the conventional wisdom about big IPO's signifying market tops is wrong? Wouldn't that explain some of the rise in Google's shares? But no... the Times doesn't deal in unconventional wisdom, nor consider why anything in the markets could ever go right.

Thanks to reader Jill Olson for the link.

Posted by Donald L. Luskin at 9:14 AM | link  

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THE SPITZER QUESTION   
The Wall Street Journal edit page asks a sensible question:
"...while society is served by holding individuals accountable for fraud, a bigger mystery is who gains from Mr. Spitzer's more sweeping assault on basic industry practices. So far as we can see, the answer is that these anti-corporate campaigns largely end up benefiting politicians and their allies in the trial bar. The mutual back-scratching between those two camps, conducted in full view on a growing number of public policy issues, deserves far more scrutiny."
So here's another sensible question. When is the Bush administration and the Republican majority in congress going to do something about the Spitzer outrage?

Posted by Donald L. Luskin at 9:00 AM | link  

MAKIN WRONG ON THE DOLLAR    John Makin has one correct sentence fragment in his op-ed in the Wall Street Journal this morning: "By virtue of the Chinese currency peg to the dollar, China and the U.S. have the same central bank -- the Federal Reserve..." But then he ruins it by completing the sentence with: "...but need very different monetary policies." No, any nation at any time needs exactly the same monetary policy: one that preserves the value of its currency versus some objective benchmark such as gold. If any one nation's central bank did that, then all other central banks could peg their currencies to that one nation's currency, and it would be equivalent to pegging to gold. But no -- Makin continues to spread the myths that currency values are somehow a function of economic growth rates, external debts, and so on. Sigh. The falling dollar really is a problem, and the last thing we need is for there to be more "experts" like Makin misdiagnosing the problem and proposing the wrong cures. It's so simple: the Fed is printing too many dollars, and needs to raise interest rates to prevent printing more.

Posted by Donald L. Luskin at 8:53 AM | link  


Sunday, November 14, 2004

MORE INSCRUTABLE SPAM    "The new "Taoism Philosophy" Armor

"A. Advantages
"The "Taoism Philosophy" Armor is a brand new accessory armor. Different in concept from the various armors currently existing, this new armor is designed by applying the core concept of ancient Chinese Taoism philosophy..."

Posted by Donald L. Luskin at 11:48 PM | link  

SPAM WE NEVER FINISHED READING    "To Whom It May Concern,

"We have learned from the Internet that you are interested in tents..."

Posted by Donald L. Luskin at 9:12 PM | link