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Chronicle of the Conspiracy Saturday, November 20, 2004
Posted by Donald L. Luskin at 1:33 PM |
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Friday, November 19, 2004
"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. Posted by Donald L. Luskin at 8:41 AM |
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Thursday, November 18, 2004 JOKE OF THE DAYPosted by Donald L. Luskin at 11:10 AM |
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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 |
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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 |
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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 |
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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 fact, Jones' line was:
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:
Posted by Donald L. Luskin at 9:09 AM |
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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 |
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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 |
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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 |
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"...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 |
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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 |
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Sunday, November 14, 2004 MORE INSCRUTABLE SPAM "The new "Taoism Philosophy" Armor
"A. Advantages Posted by Donald L. Luskin at 11:48 PM |
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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 |
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