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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!

Wednesday, November 24, 2004

JOKE OF THE DAY   

Posted by Donald L. Luskin at 1:04 AM | link  


Tuesday, November 23, 2004

AH, SO NOW WE KNOW WHAT WENT WRONG    John Kerry, from an interview in the Harvard Political Review in the Winter 2001 issue:
"I think Americans want truth, they want vision, they want clarity of purpose. But that sometimes gets obfuscated by the advertisements, the money, the polling, the consultants and the focus groups. So, I think they just want somebody to get rid of that stuff, to tell them what they think and why we need to do something."
Thanks to reader "Irrational Exuberance" for the link.

Posted by Donald L. Luskin at 10:10 PM | link  

ACADEMIC AID AND COMFORT TO THE ENEMIES OF CAPITALISM    Our anti-antitrust guru Skip Oliva chimes in with a trenchant observation on Henry Manne's Wall Street Journal op-ed blasting Eliot Spitzer:
I also enjoyed Professor Manne's column. But I would note that one of Manne's successors as dean of the George Mason Law School, former Federal Trade Commission chairman Timothy Muris, was every bit the sociopathic destructive regulator that Mr. Spitzer is. When academics stop giving quarter to people like Muris, such people will have a lot less credibility with the public at large.

Posted by Donald L. Luskin at 10:03 PM | link  

MORE SPAM I NEVER FINISHED READING    "Show your support for our brave men & women overseas with a high quality 'Support Our Troops' magnet."

Posted by Donald L. Luskin at 3:40 PM | link  

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DO AS THE TIMES SAYS, NOT AS THE TIMES DOES   
From the Village Voice: The New York Times Company's sale this month of its 43rd Street headquarters at least doubled the profit its executives predicted when they prodded city and state officials for tens of millions of dollars in tax breaks to build a new office tower, records show.

The surge of extra cash from the $175 million sale on November 7 was so large that it wiped out the need for much, if not all, of the taxpayer money the Times asked for. The company said it needed the money to help construct more spacious corporate offices in Times Square and thus avoid moving 750 workers to New Jersey.

..."I think it's pretty outrageous," said Scot Cohen, who runs his family's B&J Fabrics, which had to move from a store rented since 1958 so that the Times could demolish a 16-story building against its owners' will. "That money should go back to the taxpayers, because that's where that money came from in the first place. I don't feel that the Times has any more right than anyone else to have the taxpayers buy them a new location and then profit from it."

I can't improve on reader Jill Olson's take: "Hmmmm. The New York Times Company made big profit (evil profits!) when they sold their headquarters earlier this month...but before they knew they would make such a profit they had asked for tax breaks (evil corporate welfare!)...what hypocrites."

Posted by Donald L. Luskin at 3:27 PM | link  

KRUGMAN SPIDERHOLE WATCH 2    Paul Krugman speaks to the College Democrats and Students for Ecological and Environmental Development at Northwestern University -- a friendly crowd, to be sure. For two hours, reportedly, he prattles on about how "There is a vast right-wing conspiracy. It's out there, you just have to do a little digging" and how "It's going to be a very grim period...In particular it's a huge blow to those of us who see ourselves as part of the reality-based community."

The "reality-based community"? I know that's what idiot-fringe leftist bloggers like Atrios call themselves. But what reality, exactly, are we talking about? The one in which Democrats always win high turn-out elections?

Thanks to reader Chris Retford for the link.

Posted by Donald L. Luskin at 1:17 PM | link  

DAN RATHER "STEPPING DOWN"    Just how much further can he go?

Posted by Donald L. Luskin at 1:16 PM | link  

BAD BUSINESS    Here's an example of classic anti-business mentality. Timothy Karr at Mediachannel.org is griping that Verizon succeeded in killing a Philadelphia government initiative that would "provide citywide wireless access at little or no charge." On and on Karr goes about "large corporations" and "lobbyists" and "average Americans" and "working class communities" -- all the cliches. Not one word about why Verizon should sit still for having the government that is subsidized by its own tax dollars crowd it out of its own markets. Why do people like Karr always assume that collective action in the form of government is good -- while collective action undertaken in the form of corporations is bad?

Posted by Donald L. Luskin at 11:52 AM | link  

JOKE OF THE DAY   

Posted by Donald L. Luskin at 9:05 AM | link  

KRUGMAN SPIDERHOLE WATCH    Paul Krugman has stopped writing his Times column through the end of the year, in shock and awe after the election. But reporters manage to find him in his secure and undisclosed location, and he keeps taking their calls. And he's up to all his old tricks. From an interview with Reuters yesterday:
The most immediate worry for Krugman is that Bush will simultaneously push through more tax cuts and try to privatize social security, ignoring a chorus of economic thinkers who caution against such measures.

"If you go back and you look at the sources of the blow-up of Argentine debt during the 1990s, one little-appreciated thing is that social security privatization was a important source of that expansion of debt," said Krugman.

What Krugman never mentions is that in all his own writings on Argentina's crisis, he himself was one of a chorus of economic thinkers who never even so much as mentioned the matter of social security. For that matter, he never particularly emphasized that Argentina's debt was an issue. For Krugman, a currency specialist, it was all about Argentina's rigid "currency board" mechanism (well, if all you have is a hammer, the world is a nail). But now Krugman doesn't care about currencies so much any more. Social Security reform is on the docket -- so now that's what Argentina's problems were all about.

Thanks to reader Jill Olson for the link.

Posted by Donald L. Luskin at 8:56 AM | link  


Monday, November 22, 2004

YO DA MANNE!    Always a lonely but brilliant voice for free enterprise, Henry G. Manne has another inspiring must-read op-ed in today's Wall Street Journal. Manne's long commentary is full of carefully reasoned arguments that you should read, but here is his ringing conclusion:
In an era of general acceptance of deregulation and privatization, Mr. Spitzer has introduced the world to yet a new form of regulation, the use of the criminal law as an in terrorem weapon to force acceptance of industry-wide regulations. These rules are not vetted through normal authoritative channels, are not reviewable by any administrative process, and are not subject to even the minimal due-process requirements our courts require for normal administrative rule making. The whole process bears no resemblance to a rule of law; it is a reign of force.

...Since Mr. Spitzer wins his cases in the media, where business is now all but defenseless, the best hope is for the American business community to develop its own public voice. The free-market scholarship needed for this purpose is available, though it is rarely availed of in these fights. Too often the corporate defenders conclude, out of ignorance to be sure, that the opposition really has the better case.

But make no mistake: Eliot Spitzer represents, wittingly or not, an attack on the entire corporate free-enterprise system. Clearly we need new or invigorated institutions to defend industries and companies publicly when they come under unwarranted or disproportionate attack. Responsible leaders of the business community should make it a high priority to develop these capabilities before more harm is done.


Posted by Donald L. Luskin at 8:58 AM | link  

DEFLATED AIR AMERICA    I was on a long drive this morning in a rental car with Sirius satellite radio, so I listened to Air America for an hour or so. I'd never heard it before. The host was some Brit named Laura Flanders, taking call-ins, and interviewing a political cartoonist and a performance artist -- seeking their expert opinions on foreign affairs and other matters not normally thought to be within the sphere of knowledge of such people. It was so stunningly poorly produced and so profoundly boring that I simply can't imagine anyone listening to it, no matter how rabid a liberal one might be. I get the impression that, in fact, no one is listening. Over the entire hour I was tuned in, there was not one single solitary paid advertisement -- it was all public service announcements (and those mostly about drug abuse). If George Soros ever stops underwriting this turkey, it's off the air in a heartbeat. And no one will even miss it.

Posted by Donald L. Luskin at 1:46 AM | link  

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CHARLOTTE SIMMONS -- A REGRETFUL REVIEW   
I truly hate to say this -- but I've just read Tom Wolfe's new novel, I Am Charlotte Simmons, and it's simply terrible. This pains me. Wolfe is my favorite writer. His non-fiction books -- The Electric Kool-Aid Acid Test and The Right Stuff -- are masterpieces, and models of how reporting should be done: intense research, evocation of a milieu, original point of view, deep context, and exciting style. His novel Bonfire of the Vanities was imperfect but brilliant: the extension of his non-fiction technique into fiction (a personal note: Bonfire marvelously contradicted my most deeply held tenet about journalism: that anything you read about a subject you know well will be perceived as full of errors; it was a brilliantly accurate portrayal of Wall Street in the 1980s, a world I know very, very well -- and my inscribed copy in Wolfe's own flowery calligraphy is one of my most treasured possessions). These books all offered profound insights into particular eras in American culture, and so I had especially high hopes that Charlotte Simmons -- the story of a red state girl going to a blue state university -- would shed Wolfe's special light on our present cultural divide. Sadly, this book lacks the light stuff.

The story is set in fictional Dupont University -- an environment that Wolfe utterly fails to bring to life for the reader. The scenes of Bonfire -- the bond trading floor, the Bronx courthouse, the midtown co-op -- were bursting with the color and texture of life, the product of both Wolfe's extraordinary research and erudition, and his bravura style. In Simmons, nothing but clichés. Apparently Wolfe did extensive research on various campuses (in fact, I ran into him one evening out here in Silicon Valley during his six months research mission to Stanford) -- but there's nothing in Simmons that you couldn't have cribbed by renting "Animal House."

There are no insights into the cultural or religious conflicts that arise when small-town dirt-poor red state girl Charlotte Simmons is dropped into the fast-money secular world of the children of the Northeastern elite. On his recent book tour, Wolfe has spoken repeatedly of the centrality of religiousness to the red state/blue state cultural divide -- yet this issue simply doesn't surface in Simmons. It is mentioned that Charlotte's family are Baptists, but as she confronts the rampant substance abuse and sexual promiscuity on campus, there is not the slightest element of religious concern in her response. There's really no element of anything, actually, except Charlotte's sheer naiveté and -- de rigueur for a Wolfe character, the concern for her status.

There are no special insights into the motivations or milieus of any of the other main characters, either. The frat boy is just a boozing preppy frat boy. The basketball star is just a basketball star. The scholarly nerd is just a nerd. The politically correct professor is just a politically correct professor. None is larger than life. None symbolizes anything larger than himself.

Wolfe's usual attention to detail fails in Simmons. Has Wolfe simply gotten too old to grasp even the fundamental nomenclature of today's world? He writes of frat boys watching "DVD television" and a girl doing "instant message e-mail." Supposedly Wolfe wrote this book in longhand -- but after years of research, surely he should know what DVDs are and what instant messaging is. Am I quibbling? No -- because these details are precisely what Wolfe brags about getting right, and in the past he always has. Throughout his oeuvre, he has used the accumulation of the details of everyday life to evoke scenes with uncanny realism and vividness. But when the details are wrong, they puncture any realism he might have aspired to.

Wolfe's trademark bravura style falls flat in Simmons, too. There's precious little of the acrobatic wordsmanship for which he is famous -- and what of it there is, is mostly self-plagiarized from Wolfe's earlier works and then repeated endlessly throughout Simmons: how many times are we expected to delight in having eyes called "optic chiasmas" and women's private parts referred to as "loamy loins"?

I don't know what happened here. Maybe Wolfe just decided to phone one in. Maybe he's just getting old. Or maybe he finally found a milieu that was resistant to detailed research (just how much would a drunken frat boy or a corrupt NCAA coach reveal to a 70 year old man in a white double-breasted peak-lapel suit?). Or maybe he just screwed up. I forgive him. He's still my hero. But I'm very disappointed.

Posted by Donald L. Luskin at 1:31 AM | link