Daily Readings 07-18-2012

By: admin
Published: July 18th, 2012

Energy Dept. ‘Unable to Locate’ $500,000 in Equipment Bought With Stimulus Money - WHO IS STEALING OUR MONEY?

An audit conducted by the Energy Department’s Office of Inspector General was “unable to locate” $500,000 worth of equipment purchased with stimulus money by a recipient of funds distributed through the deparment’s “Advanced Batteries and Hybrid Components Program,” according to an audit report published by the OIG.

The DOE said it would not be “appropriate” to release the name of stimulus-money recipient where the $500,000 worth of equipment could not be located.

Hoyer: Food Stamps, Unemployment Insurance 2 ‘Most Stimulative’ Things for Economy

House Minority Whip Steny Hoyer (D-Md.) said Tuesday that food stamps and unemployment insurance are the two “most stimulative” t things you can do for the economy.

During a pen and pad briefing with reporters on Capitol Hill, Hoyer was asked if any Democrats are “reconsidering the wisdom” of letting the Bush tax cuts expire at year’s end for the top income earners given the still struggling U.S. economy.

“I haven’t talked to any who are of that mind,” said Hoyer. “If you talk to economists, they will tell you there are two things that are the most stimulative that you can do — one’s unemployment insurance, the other’s food stamps, okay?”

‘You Didn’t Build That’

This burst of ideological candor is already resonating like nothing else Mr. Obama’s said in years. The Internet is awash with images of the President telling the Wright Brothers, Thomas Edison, Henry Ford, Steve Jobs and other innovators they didn’t build that. Kevin Costner’s famous line in “Field of Dreams,” as adapted for Mr. Obama: “If you build it, we’ll still say you didn’t really build it.”

Beneath the satire is the serious point that Mr. Obama’s homily is the soul of his campaign message. The President who says he wants to be transformational may be succeeding—and subordinating to government the individual enterprise and risk-taking that underlies prosperity. The question is whether this is the America that most Americans want to build.

You’re Wrong President Obama, Howard Johnson Built His Business

Over the weekend, President Obama sent a message to all American entrepreneurs and potential entrepreneurs. The message was, “Nothing special about you!”

At a campaign event Friday evening in Roanoke, Va., Obama laid out his contempt for business men and women who somehow thought they earned their wealth. ‘If you’ve got a business — you didn’t build that,” he proclaimed to the crowd. “Somebody else made that happen.”

Obama and our government have hurt me, not helped me, every step of the way

I was President Obama’s college classmate at Columbia University, Class of ’83. Almost every one of my classmates were openly socialist or Marxist, with many of these leftist radicals calling for an end to capitalism and “bringing down the system” by destroying the U.S. economy with entitlements, debt, and crisis.

That’s why I have predicted in thousands of media interviews from the first days of Obama’s presidency that Obama is a radical, with a deep-seated hatred of business owners, a desire to demonize us and destroy America’s faith in capitalism, and a plan to bring down the system by overwhelming our economy with debt and crisis — just as we all learned and discussed at Columbia in our college days.

Well, it’s no longer a theory. Obama has decided to come clean with his plans for a second term. In a matter of 48 hours he gave us two hints so big you couldn’t miss his intentions.

The Bullet Train Fiasco Reminds Us That California Is Our Greece

But why should this even be a public project? Why should it be subject to public vote? What of the 47% who didn’t support it? Why should they have anything to do with it? If the project were commercially viable – and the greens were kept at bay – it would be built by the private sector. Only politically is it viable – which means it entails lots of payoffs, bribes and graft for the politically-connected in the state. Construction is supposed to begin later this year, in the Central Valley, near Merced, with 300 miles of track to be laid from there, over 10 years, to the northern outskirts of Los Angeles. Thereafter a northern link is to be built to San Francisco, but it wouldn’t be finished until 2028.  Why would it take a whole decade to lay that initial track? I count 300 miles over 3650 days, which is less than 500 feet per day. Really?  No one but Obama-friendly political cronies can do this project faster, cheaper, and better? Today it remains about $55 billion short of the total funds needed – and that’s before cost overruns. It’ll likely end up a half-finished scheme.

California, look to Wisconsin

Golden State cities hoping to avoid bankruptcy should look east for ideas.

Are Millennials the Screwed Generation?

Today’s youth, both here and abroad, have been screwed by their parents’ fiscal profligacy and economic mismanagement. Neil Howe, a leading generational theorist, cites the “greed, shortsightedness, and blind partisanship” of the boomers, of whom he is one, for having “brought the global economy to its knees.”

US West Coast to receive dangerous levels of Fukushima radiation

Researchers have released the findings of an intense study into the aftermath of last year’s Fukushima nuclear disaster and warn that the United States isn’t exactly spared just yet. In fact, scientists now fear that incredibly contaminated ocean waters could be reaching the West Coast of the US in a matter of only five years, and the toxicity of those waves could eventually be worse than what was seen in Japan.

The Essential Lesson of the Auto Bailout

What do companies get when they act responsibly? Government-subsidized competition.

 Obama has investments in companies that ship jobs overseas

President Obama has accused Mitt Romney of raking in profits from investing in companies that ship American jobs overseas, but according to his most recent financial disclosure, he and First Lady Michelle Obama have hundreds of thousands of dollars in a mutual fund that has large holdings in corporations that outsource jobs.

“(Romney) invested in companies that have been called ‘pioneers’ of outsourcing,” Obama said at a Saturday campaign event in Glen Allen, Va. “I don’t want a pioneer in outsourcing. I want some insourcing.”

But Obama’s own portfolio shows a willingness to invest in American corporations that have shifted employment overseas.

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