Chronicle of the Conspiracy
Saturday, November 04, 2006MORE KUDLOW REPLAYS Here are YouTube videos of my October 17 and October 20 appearances.
Posted by Donald L. Luskin at 4:00 PM | link
JOKE OF THE DAY
Posted by Donald L. Luskin at 1:56 PM | link
Friday, November 03, 2006REPLAY OF LUSKIN ON KUDLOW Here's a YouTube clip of my appearance on CNBC's Kudlow & Co. yesterday. Be sure to watch election-eve at 8:00 pm when I'll be live in Washington DC with Larry.
Posted by Donald L. Luskin at 7:30 PM | link
FISHER ADMITS FED ERROR Yes, Dallas Fed president Richard Fisher blames it on bad numbers. But it is remarkable nevertheless to hear a Fed official admit the central bank has erred in any way, ever.
In late 2002 and early 2003, for example, core PCE measurements were indicating inflation rates that were crossing below the 1 percent "lower boundary." At the time, the economy was expanding in fits and starts. Given the incidence of negative shocks during the prior two years, the Fed was worried about the economy's ability to withstand another one. Determined to get growth going in this potentially deflationary environment, the FOMC adopted an easy policy and promised to keep rates low. A couple of years later, however, after the inflation numbers had undergone a few revisions, we learned that inflation had actually been a half point higher than first thought.Bret Swanson has the correct response:
Referring to the CPI and PCE price indeces, which constantly disappoint, Fisher says, "The point is ... we need better data." But we've already got much better data -- right in our grasp. This data streams across our Bloomberg screens and CNBC tickers every moment of every day. In real time. The data is called the price of commodities, the value of the dollar, bond yields (somewhat less useful), and most importantly, the price of gold. It's real time market data. No sampling. No revisions. No lags.
Posted by Donald L. Luskin at 10:59 AM | link
Thursday, November 02, 2006REPLAY OF LUSKIN ON KUDLOW Here's a YouTube video of part of my appearance on Monday. I'm still learning to do this video-on-the-web thing. Thanks to readers Timothy Roe, Perry Eidelbus, and Gary Gagliardi for their assistance.
Posted by Donald L. Luskin at 2:51 PM | link
KRUGMAN DECIDEDLY INDECISIVE I guess Paul Krugman has finally come to terms with the reality that his forecasting record -- forecasting of just about anything -- sucks. At a recent presentation in Princeton he proclaimed about the coming election, "The Kerry bumper stickers are still on and passions are high ... the perfect storm is here." Ahh, but is the perfect storm perfect enough? Maybe not. He continued, "Whether it's enough? We just don't know." And how about this for indecisive?
"There's a Democrat storm surge that's heading for the Republican levee... The question is whether the surge is high enough to pass that levy."In other words, "who knows?" And how about this?
"If I had to guess right now, I think the Democrats will take the House, but it's not going to be close... They will either fail or win by a large margin."In other words, "who knows?" And this, concerning what would happen if the Dems win:
"There's a real question of whether they'll be able to hold on... Perhaps when people feel that the Republicans have been punished, they'll go back to voting Republican again."Frankly, this worries me. If Krugman were crowing about a certain Dem victory know, I'd feel a lot more comfortable that a GOP upset was in store.
Reader Rick Gaber makes an excellent point:
You gotta give the Krugster credit for this one. His saying "Perhaps when people feel that the Republicans have been punished, they'll go back to voting Republican again." -- is the FIRST time I've ever seen ANYONE associated with the MSM even come close to acknowledging that the GOP's low approval ratings don't all come from people who agree with the MSM agenda (wishing the government were bigger, more powerful, more intrusive and more expensive).
Posted by Donald L. Luskin at 12:17 PM | link
FAKE BUT ACCURATE KERRY VOTER SIGHTING From Classical Values:
Posted by Donald L. Luskin at 12:07 PM | link
Wednesday, November 01, 2006ONLY IN AMERICA Or Guantanamo, at least:
A library in a drab double-wide - its stacks of books available in 16 languages, including Arabic and Chinese - is among the perks U.S. military officials promote as they seek to put a friendlier face on the controversial camp, which has been the subject of international protests over the detention and treatment of detainees.Perhaps as part of the US government's avowed program of torture of detainees, they should be forced to read the New York Times.
Posted by Donald L. Luskin at 12:21 PM | link
TECHNICAL QUESTION FOR THE BRAIN TRUST Hey all you web-heads out there... Got a tech question for you. I want to post video clips of my Kudlow appearances on YouTube. That site requires MPEG4 files. I capture my appearances on Tivo, and from there I archive them onto DVD's via a Sony DVD recorder. Does anybody know how to make MPEG4 files from a finsihed DVD? One workaround would be to transfer the shows saved on Tivo to digital tape -- I know how to make MPEG4 files from that medium. But I want to avoid that extra step. I'm already making the DVDs, so how do I use those as my source for the MPEG4 files? Any ideas or references would be greatly appreciated. Thanks!
Update... Within minutes, reader Timothy Roe had the answer. Love the web! Love my readers!
Posted by Donald L. Luskin at 11:51 AM | link
OKAY, SO WHAT'S YOUR ARGUMENT? The New Republic's Jonathan Chait asks leftist economist Peter Orszag a tough question. In essence, it is: how can the Bush tax cuts be blamed for growing pre-tax income inequality? In essence, Orszag's answer is: well, uh, gee... I just feel that it does.
[Chait:] Now, how about this problem we've been seeing, this wedge between rising productivity and median wages where workers are being more and more productive and aren't getting wage gains commensurate with their productivity. That doesn't seem to be connected to tax cuts or any other public policy, does it?Thanks to reader Jameson Campaigne for the link.
Posted by Donald L. Luskin at 9:49 AM | link
ANOTHER TROJAN HORSE Democrats continue to pretend to be pro-growth in the run-up to the election. The party that made Sarbanes Oxley necessary, and has done so much to promote an environment that supports strike suits by the trial bar and depredations by states attorneys general, now wonders why the US is losing ground in global capital markets. Here Chuck Schumer (with a GOP co-author, Michael Bloomberg), write an op-ed for the Wall Street Journal:
First, what lessons can we learn from other nations' regulatory systems? Currently, there are more than 10 federal, state and industry regulatory bodies in the U.S. The British have only one such body. Industry experts estimate that the gross financial regulatory costs to U.S. companies are 15 times higher than in Britain. Beyond cost savings, the British enjoy another advantage: While our regulatory bodies are often competing to be the toughest cop on the street, the British regulatory body seems to be more collaborative and solutions-oriented.Reader Robert Paci wonders why the article so conspicuously fails to mention the name of Eliot Sptizer...
Posted by Donald L. Luskin at 9:19 AM | link
Tuesday, October 31, 2006JOKE OF THE DAY
Posted by Donald L. Luskin at 5:33 PM | link
Monday, October 30, 2006WAS GEORGE SOROS A COLLABORATOR? Read it yourself...
Posted by Donald L. Luskin at 9:10 PM | link
GREAT LINE The AP reports:
Without referring to her by name, Bush mocked House Democratic Leader Nancy Pelosi for saying Democrats love tax cuts. "Given her record, she must be a secret admirer," the president said to laughter, reeling off a list of tax cuts he said she opposed.Thanks to Perry Eidelbus for the link.
Posted by Donald L. Luskin at 8:31 PM | link
NO ONE CAN SAY IT WASN'T FAIR! Concerning Michigan's controversial anti-affirmative action initiative (emphasis added):
Several organizations filed lawsuits attempting to block the MCRI [Michigan Civil Rights Initiative] from getting on the ballot, arguing the groups violated the Voting Rights Act of 1965 through intentional manipulation and misrepresentation when acquiring signatures. U.S. District Court Judge Arthur Dannow agreed that the MCRI engaged in voter fraud in his statement, but declined to remove the proposal from the ballot, writing that the MCRI defrauded all voters, regardless of their ethnicity, and such, did not violate the Civil Rights Act.
Posted by Donald L. Luskin at 7:24 PM | link
IF THIS IS "UNQUALIFIED," I'D HATE TO SEE "QUALIFIED" From a New York Times editorial today:
Mr. Menendez has a history of ethical lapses that have been all too common for Democratic officials in New Jersey, especially for those, like him, who continue to take an active part in local party politics. ...Our unqualified endorsement goes to Robert Menendez.Thanks to reader Robert Paci for the link.
Posted by Donald L. Luskin at 3:58 PM | link
ACTUALLY, I WASN'T WONDERING Krugman this morning on the purported bursting of the purported housing bubble:
In case youíre wondering, I donít blame the Bush administration for the latest bad economic numbers. If anyone is to blame for the current situation, itís Mr. Greenspan, who pooh-poohed warnings about an emerging bubble and did nothing to crack down on irresponsible lending.
Posted by Donald L. Luskin at 10:10 AM | link
Sunday, October 29, 2006I NEVER HAD ENERGY INDEPENDENCE WITH THAT WOMAN! The former president tells a big lie to support California's Proposition 87 -- designed to put a tax squeeze on oil producers. From IBD:
"Imagine if we stop being dependent on foreign oil. Brazil did it. They made a simple switch to their cars. Switched to ethanol, grown from their own crops. And it's 33% cheaper than gas," Clinton said, neglecting one key detail: cars must use three times as much ethanol as gas.Thanks again to reader "Zoogler."
Posted by Donald L. Luskin at 8:48 PM | link
BIG BRO' LIVES And the Brits seem to be able to do all this without even having a Patriot Act:
Families who live in desirable areas face massive increases in their council tax bills under plans being drawn up by Labour, it was revealed...Thanks to mysterious reader "Zoogler" for the link.
Posted by Donald L. Luskin at 8:41 PM | link
A VERY DIFFERENT WAY OF THINKING ABOUT THE "SCIENTIFIC CONSENSUS" ON GLOBAL WARMING
Check out this lecture by visionary physicist David Deutsch, presented on the TedTalks site. The heart of it is a fascinating inquiry into the uniqueness of human life and human knowledge, but it includes -- almost incidentally -- with some real wisdom on the global warming debate. As I was listening, and I could hear the subject turn to global warming, I rolled my eyes -- okay, I thought, here comes the politically correct part. But I was most pleasantly surprised. Here's a really unique pro-growth and pro-freedom angle on it:
Posted by Donald L. Luskin at 2:24 PM | link