Liberals look at Iraq, "torture," and now domestic spying, and can taste full public vindication. And therein lies their problem. If Iraq is Vietnam, it will soon enough confer great political advantage on the Democrats. But the Democrats (Hillary Clinton aside) are psychologically incapable, after so long in the wildnerness, of "letting the game come to them." Or perhaps they understand that Iraq is not Vietnam. Thus, they overreach -- being too quick to compare Iraq to Vietnam, to eager to insist that we are failing there, and too quick to cry foul over domestic spying that targets mass murderers, not Larry O'Brien and Daniel Ellsberg. And the public recoils.
It's not surprising that the failure of many liberals to have learned anything truly new since 1974 constitutes a huge political disadvantage. But I'm fascinated by the ways in which this failure continues to confound them.
Musings about music, culture, religion, politics, and other themes of life taking place under the stars
Friday, December 30, 2005
For Democrats It's Still 1974
Misplaced Hate
Hello?
I can think of another religion whose adherents are currently responisible for starting regional wars, blowing up teenagers in pizza parlors, beheading innocent civilians, shooting civilian aid workers in the head (at least they left hers attached to her body), the unprovoked firing of rockets into a neighboring country (guess which one), committing genocide against Chistians in Sudan, violently attempting to subdue infidels (i.e. everyone else) in order to reestablish the Caliphate, stamping out free speech, outlawing Western music, murdering playwrights, issuing fatwas for the death of an author that has "offended" them, slitting the throat of innocent young girls to salvage "family honor,"gang raping women, and a host of other atrocities.
It's odd, but when I think of a "force of evil" in this world Christians don't come to mind.
Also, Little Green Footballs does an excellent job of keeping tabs on the "Religion of Peace."
Wednesday, December 28, 2005
Chicago Tribune: Bush Didn't Lie
On Nov. 20, the Tribune began an inquest: We set out to assess the Bush administration's arguments for war in Iraq. We have weighed each of those nine arguments against the findings of subsequent official investigations by the 9/11 Commission, the Senate Intelligence Committee and others...After reassessing the administration's nine arguments for war, we do not see the conspiracy to mislead that many critics allege.
Read the whole inquest here.
Here's an interesting post that expands on the same issue.
Tuesday, December 27, 2005
Christmas Recap
Afterward, we go home and open one gift. Then, my wife and I get the house ready for Santa. As with most families with young kids, Christmas morning comes early. Needless to say, the kids were so excited.
It was especially fun for our little one, since she could finally understand what was happening.
Here's a picture of Little Man's joy upon getting a new robe.
The two oldest girls were pretty happy, too.
This year we had some special guests at our house, which was really fun.
The kids spent most of the rest of the day playing with their toys. Little Man couldn't wait to get outside and try out his new skateboard.
At night, my sister cooked an incredible Turkey dinner and we had a marvelous feast. It was a wonderful time. I just wish it hadn't raced by so fast this year.
Friday, December 23, 2005
The Birth of a Known Fact
Known Facts™, as you may well know, are things which are not really facts at all, but are clung to by the left with all the force and tenacity of runaway religious fervor. It is common for conservatives to express amazement at how liberals come to believe in ridiculous things like War-for-Halliburton, and even more, to simply assume that the rest of the world shares in their delusion. If you ever ask a liberal to provide you with evidence for one of these bizarre conspiracy theories, they will likely respond in amazment, "Everyone knows that - it's a Known Fact™ that (Bush lied, we went to Iraq for oil, or whatever the liberal conspiracy theory du jour might happen to be). It's less often analyzed how these Known Facts™ come to be, but the recent bru-ha-ha over the NSA wiretaps is slowly but surely giving birth to another Known Fact™ - namely, the Known Fact™ that Bush broke the law by authorizing these NSA wiretaps. We are therefore provided with a unique opportunity to study the phenomenon as it occurs.The whole study is worth the read.
Thursday, December 22, 2005
Different Perspective on Small Blogs
Nation of Jihad and Martyrdom
MEMRI sent out a report the other day that got my attention. It translated the ravings of a sheikh saying that the Palestinians "are a Nation of Jihad and Martyrdom." This is more telling than he probably realizes. Many observers dismiss Palestinian nationalism as fictitious, promoting a non-existent people invented only after 1967. As true as that was, the Palestinians are now a real nation in the hearts and minds of its people, the only way that counts -- but a nation which exists solely to extirpate the Jews. In other words, the Palestinians really are a "nation of jihad" because, unlike the Chinese nation or American or Persian or Mexican or Russian, Palestine has no past, no distinctiveness, no commonality other than being the negation of Israel, the anti-Israel -- anti-matter, if you will, on the periodic table of nations. (I'll accept nominations for which nation is which element -- I vote for France as helium, an inert gas.) I don't mean that every Arabic-speaking person from the old British mandate of Palestine is a killer, but that Palestinian nationhood as an idea is inextricably tied to the liquidation of Israel. And this is why they need to be walled off.
Merry Xmas From The Religious Left
Here's the Rev. Chloe Breyer, priestess of the Episcopal Church USA (and daughter of SCOTUS justice Stephen Breyer), explaining why Jesus might really have been born a bastard, and why it's good for women if we were to believe that his mother had conceived him with a man not her husband. Meanwhile, over on the Catholic side, the Jesuit-published America magazine is in hot water for running an advertisement for an, ahem, work of art featuring a statue of the Virgin Mary swathed in a condom. Diogenes at the Catholic World News blog doesn't buy the Jebbies' sham explanation for this sacrilege.
Wednesday, December 21, 2005
The Liberal Bubble
Thankfully, some people are seeing things in a new light.
In Defense of Christmas
NY Times Lying About Spying?
John Hinderaker at Powerline posts his very interesting e-mail exchange with Eric Lichtblau of the New York Times, one of the reporters who broke the story about the NSA's overseas intercept program, asking why his reporting appears to have tried to create the impression that the NSA's overseas intercept program is, or may be, illegal. It's worth the read.
Do you ever wonder why we never heard such an outcry when the Clinton and Carter administrations authorized electronic surveillance without a court order?
Ann Coulter adds her two cents here.
Swingin' Back to Canada?
Something's Missing In Economic News
The Ironic Virtue of Holocaust Denial
The need to deny the Holocaust establishes the importance of the Holocaust. Ahmadinejad and his ilk need to call it a myth because if such a horrror actually happened the moral consequences would be too enormous to ignore. Why else say it's a myth? Denying the historical reality of the Holocaust concedes the moral arguments which flow from it. In much the same way hypocrisy is the homage vice pays to virtue, Holocaust denial is the homage evil men pay to absolute standards of good and evil.
The Chronic of Narnia
Tuesday, December 20, 2005
The Shrink's Christmas Song Book
***PSYCHIATRISTS' CHRISTMAS CAROLS FOR EVERY DIAGNOSIS
Schizoprenia --- Do You Hear What I Hear?
Multiple Personality Disorder --- We Three Queens Disoriented Are
Dementia --- I Think I'll Be Home For Christmas
Narcissistic --- Hark The Herald Angels Sing About Me
Manic --- Deck The Hall and Walls and House and Lawn and Streets and Stores and Office and Town and Cars and Buses and Trucks and Trees and Fire Hydrants and.........
Paranoid --- Santa Claus Is Coming To Get Me
Borderline Personality Disorder --- Thoughts Of Roasting On An Open Fire
Personality Disorder --- You Better Watch Out, I'm Gonna Cry, I'm Gonna Pout, Maybe I'll Tell You Why
Obessive Complusive Disorder --- Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells, Jingle Bells
ADHD -- Hark the herald angels sing ba-rum-pa-pum-pum in the little town of Bethlehem up on the housetop in a winter wonderland one foggy Christmas Eve hey how bout them Bears no I don't want to switch to Sprint but thank you for shopping at K-Mart.
Monday, December 19, 2005
Do You Believe In Magic?
Liberal Democrats do. They believe that our economy can roar along producing prosperity and millions of new jobs no matter how over-regulated and over-taxed its participants are. They believe that if we properly salute all the gods of political correctness, our enemies will finally recognize our fundamental goodness and lay down their arms. Until that day, they believe we can discover our enemies' plans without properly funding our intelligence agencies and without allowing them to engage in serious spying. Al Qaeda may use our public libraries to figure out how to make their attacks more lethal. It may communicate with their agents in the U.S. through cell phones. But we must not aggressively spy on these activities. We are expected to thwart al Qaeda through magic.
(Via Powerline).
Sunday, December 18, 2005
Media Bias Is Real, Finds UCLA Political Scientist
"Overall, the major media outlets are quite moderate compared to members of Congress, but even so, there is a quantifiable and significant bias in that nearly all of them lean to the left," said co‑author Jeffrey Milyo, University of Missouri economist and public policy scholar."This is so blatantly obvious that it's almost not worth repeating. I just thought it interesting that a formal, long-term academic survey confirmed it. It's so important to be informed about the political leanings of the media outlets from which we get our information to maintain a healthy level of skepticism.
Naturally, some news sources are better than others. My home town paper is the ultra-liberal LA Times. Saying that the LA Times has a strong liberal bias in its news reporting is like saying Jeanene Garafolo is bitter and unfunny. It's self evident. Every once in a while they hit a home run (like their recent multi-part series on the massive problems and incompent management of
the King-Drew medical center), and their sports page is great. But, oftentimes the paper has such an obvious political ax to grind that the value of the news story almost gets lost.
That's why I wasn't surprised to see this article on Page 1, above the fold. The article is about how the U.S. military covertly pays Iraqi newspapers to publish favorable stories about the war effort. You can agree or disagree with the military's use of propaganda during a war, but some of the reporting in this article is a joke, particularly considering the paper's own bias. The Times states,
"Many of the articles are presented in the Iraqi press as unbiased news accounts written and reported by independent journalists."Talk about the pot calling the kettle black. For those of us treated to daily doses of the LA Times, this sentence could easily read, "Many of the articles are presented in the LA Times as unbiased news accounts written and reported by independent journalists."
Here's another laugher:
"Though the articles are basically factual, they present only one side of events and omit information that might reflect poorly on the U.S. or Iraqi governments, officials said."I couldn't have described the "reporting" at the Times better...in reverse. Anything to harm the Bush administration--from the negatively declarative headlines, to the breakneck speed in which they brush past the positive news to quote what "critics of the administration say..." (these critics are virtually always anonymous, of course). At least the Times grudginly admits that the military's articles are factual before immediately proceeding to discount them.
This is not just one article. This happens everyday in the Times. In fact the aforementioned study reportedly took into account news articles (it excluded op-ed pages) over the past 10 years and found,
"Of the 20 major media outlets studied, 18 scored left of center, with CBS' "Evening News," The New York Times and the Los Angeles Times ranking second, third and fourth most liberal behind the news pages of The Wall Street Journal."Look. I don't care if the Times has a liberal op-ed page. I just expect to see it on the op-ed page, not on the front page under a thin disguise of news reportage. Just report the facts and quit insidiously shading the meaning and context in an attempt to tell me what I should believe about them. It's disengenuous for a professional organization like the LA Times to claim that they are providing objective news when it's so shamelessly biased. What an embarrassment.
Thursday, December 15, 2005
Napolean Who?
Talking Past Each Other
Truth becomes elusive when words lose their meaning, which occurs when language is used improperly. Irresponsible people eviscerate the meaning of certain words and ideas-to the detriment of their own argument-when they employ hyperbole while engaging in highly-charged, emotional debates.
"Evil" is a word/idea that is often misapplied in today's political discourse (e.g. Bush = Hitler; Guantanamo Bay = Soviet Gulag; America = snake pit of fascism, etc.). In this excellent, must-read article, Dennis Prager discusses how the improper application of "evil" throughout the last century has made it more difficult for liberals and conservatives to reach consensus on truth (that this has implications today beyond the philosophical is evidenced by the apocalyptic tone heard in Washington D.C. about every other week). Read the whole article. It's a reminder that the capricious use of language in political debate causes truth and civility to become the primary casualties in the war of ideas.
Wednesday, December 14, 2005
Considering Another Side
Everything I thought I knew was wrong.
Read the whole thing.
Great Christmas Gift Idea for Moonbats
Sure, you played it as a kid - hell, if you’re enough of a geek, you’ve probably played it as an adult. Line up your army to take on the opposing army and capture their flag, leaving a trail of bloodshed in your wake.
Well, we’ve got the new Stratego for Democrats - fight the War on Terror in the Dim-O-Crack tradition of undercutting, faux “supporting the troops” and a turncoat mainstream press! It worked in Vietnam, it can work in the War on Terror!
When you play traditional Stratego, do you furrow your brow at where to place your high ranking officers? Do you gnash your teeth over how best to protect your flag? Stratego for Democrats relieves you of these worries.
Just like congressional Dim-O-Cracks work in consort with the mainstream press to tie our troops hands in combat, your hands are tied from the very beginning with Stratego for Democrats! All you’ve got are low ranking game pieces and a lot of white flags that you’ve got no way to protect.
And that leaves you wide open, since the enemy in the War on Terror is an ever changing mix of goat-raping islamofascists who hide behind women and use children as human shields. You’re going to have a hell of a time getting through the car bombs on your way to capture their non-existent flag. In other words, you better hope you get the blue team because this war is unwinnable.So this Christmas, have your own war, the Dim-O-Crack way. Get Stratego for Democrats. Rooting against the home team is always fun, but losing a war has never been this much fun - or this fulfilling! Wage peace and raise the white flag over and over again with your friends. It’s the gift that keeps on giving, all year long!
Fun for the whole family - right up until the beheading!
(hat tip:Michelle Malkin).
Tuesday, December 13, 2005
America Beckons
For instance, a few months ago I applied for a work visa for Myke. After about a week, I received a correspondence from the INS--a rather quick response, I thought. The letter confirmed receipt of my application and stated that, due to laws that have been passed since 9/11 and the existing backlog, they'd begin processing my request in...oh...9 to 10 months.
I understand and appreciate that we are living in the post-9/11 era, which requires much greater scrutiny of individuals' backgrounds for security purposes. But, the massive amount of bureaucratic red tape does not make it easy for people like us who want to honor the system and follow our immigration laws properly. After going through the process, one begins to understand why so many people migrate illegally.
In any event, in doing some research for this post, I happened upon this article in the Denver Post, which I found of interest. According to the article,
The nation's foreign-born population has topped 35 million after five years of the fastest immigration growth on record, much of it illegal, according to a study released Monday. The Center for Immigration Studies based its study on U.S. Census Bureau data. Today, the report said, 12.1 percent of U.S. residents were born abroad, up from 5 percent in the 1970s and approaching the peak of 14.7 percent in 1910.
The study confirmed what most people already know--that we have a signficant problem with illegal immigration in this country (this is particularly noticeable in Southern California where I reside). But the study also struck me as remarkable, considering the fact that we live in an era in which it is fashionable to be anti-American, even for some of our historical allies. I must admit to being mildly surprised that people are migrating to the U.S. in such large numbers. What is it that makes so many people want to leave their homelands and come to a country that some of our own political leaders view as a snake pit of fascism? I don't know...I guess I'll have to ask Myke.
Shifting Sands
Some pundits will now qualify their past analysis to say that predictions America would be defeated in Iraq did not really mean a military defeat like Vietnam, when NVA tanks rammed down the presidential palace gates in Saigon, but a more subtle political defeat, still certain, yet to come. One of the nice things about discussing post-modern warfare is that definitions of defeat and victory have become so elastic that the one may be impersonated by the other. Yet historical revisionism cannot amend the fact that once doubt has entered into the church of defeat there is no return to perfect faith. Honest men of the Left must recognize that the US might actually have already won the military battle, a horror in itself; and even worse, might actually win the political fight ahead.
Here's some insightful analysis from an Iraqi voter named Betty Dawisha:
"Anybody who doesn't appreciate what America has done, and President Bush, let them go to hell!"
Watch the video at The Political Teen.
Monday, December 12, 2005
More Good News From Iraq
I don't know what's more surprising: the level of optimism in Iraq or the fact that ABC News reported it.Surprising levels of optimism prevail in Iraq with living conditions improved, security more a national worry than a local one, and expectations for the future high. But views of the country's situation overall are far less positive, and there are vast differences in views among Iraqi groups — a study in contrasts between increasingly disaffected Sunni areas and vastly more positive Shiite and Kurdish provinces.
An ABC News poll in Iraq, conducted with Time magazine and other media partners, includes some remarkable results: Despite the daily violence there, most living conditions are rated positively, seven in 10 Iraqis say their own lives are going well, and nearly two-thirds expect things to improve in the year ahead.
Sunday, December 11, 2005
What To Do About Ahmagonnakillu?
...it would be heartening if the rest of the world could muster a serious response to the guy. How one pines for a plain-spoken tell-it-like-it-is fellow like, say, former U.N. Secretary-General Boutros Boutros-Ghali? As he memorably said of Iran, "It's a totalitarian regime." Oh, no, wait. He said that about the United States. On Iran, he's as impeccably circumspect and discreet as the State Department.
Look at the broader picture. The State Department's Ereli noted that President Ahmageddon's comments appear "to be a consistent pattern of rhetoric that is both hostile and out of touch with values that the rest of us in the international community live by."Is that even true? That the Iranian president is "out of touch" with the "values" of the "international community?" The Hudson Institute's lively "Eye On The U.N." Web site had an interesting photograph of how the "international community" marked Nov. 29 -- the annual "International Day Of Solidarity With The Palestinian People." Kofi Annan and other bigwigs sat on a platform with a map flanked by the "Palestinian" and U.N. flags. The map showed Palestine but no Israel. The U.N., in other words, has done cartographically what Iran wants to do in more incendiary fashion: It's wiped Israel off the map.
There has always been a slightly post-modern quality to sovereignty in the transnational age: We pretend the Syrian foreign minister is no different from the New Zealand foreign minister, and in so doing we vastly inflate the status of the former at the expense of the latter. But with Ahmadinejad we're going way beyond that. If a genocidal fantasist is acceptable in polite society, we'll soon find ourselves dealing with a genocidal realist.
Today's Christmas Play
I sang Changes by David Bowie and Maybe I'm Amazed (also the title of the presentation) by Paul McCartney. I've been fighting a cold/flu and was sub-par during Saturday's practice. But, I spent a lot of time warming up this morning and felt really good about the performance. Lots of people applauded and encouraged me afterward, which was really nice. My friends and I had so much fun singing together.
Iraq Update
Here's another bit of good news.
FALLUJA/RAMADI Iraq (Reuters) - Saddam Hussein loyalists who violently opposed January elections have made an about-face as Thursday's polls near, urging fellow Sunni Arabs to vote and warning al Qaeda militants not to attack.
In a move unthinkable in the bloody run-up to the last election, guerrillas in the western insurgent heartland of Anbar province say they are even prepared to protect voting stations from fighters loyal to Abu Musab al-Zarqawi, leader of al Qaeda in Iraq.
Saturday, December 10, 2005
Plush: A Rush
The acoustic format was not only refreshing from a sonic standpoint, but also because I wasn’t a slave to my equipment. There were no pedals to push or other things to worry about—just playing the music and letting the songs stand on their own merit. We were more relaxed than ever, I think. As a result, so many aspects of our personalities came through as we played. There were moments of subtlety and poignancy, as well as times of laughter and mischief. This gig was definitely a rush.
I feel so fortunate to be part of two great bands (the other being Lower Than Angels) with my best friends.
Friday, December 09, 2005
Chuck Norris Is a Badass
1. Chuck Norris's tears cure cancer. Too bad he hasnever cried.
2. Chuck Norris once roundhouse kicked someone so hard that his footbroke the speed of light, went back in time, and killed Amelia Earhart while she was flying over the Pacific Ocean.
3. Chuck Norris doesn't read books. He stares them down until hegets the information he wants. 4. When Chuck Norris has sex with a man it is not because he isgay but because he has run out of women.
5. If you ask Chuck Norris what time it is, he always says, "Two seconds till." After you ask, "Two seconds till what?" he roundhouse kicks you in the face.
6. Rather than being birthed like a normal child, Chuck Norris instead decided to punch his way out of his mother's womb. Shortly thereafter he grew a beard.
7. Chuck Norris sold his soul to the devil for his rugged good looks and unparalleled martial arts ability. Shortly after the transaction was finalized Chuck roundhouse kicked the devil in the face and took his soul back. The devil, who appreciates irony, couldn't stay mad and admitted he should have seen it coming. They now play poker every second Wednesday of the month.
8. Chuck Norris lost his virginity before his dad did.
9. Chuck Norris built a time machine and went back in time to stop the JFK assassination. As Oswald shot, Chuck met all three bullets with his beard, deflecting them. JFK's head exploded out of sheer amazement.
10. Chuck Norris does not sleep. He waits.
11. Chuck Norris once lined up to kick the winning field goal of a high school football game. When the football went flat, he persuaded the referees to let him kick the field goal with a 3 month old child. Chuck roundhoused kicked the baby 60 yards through the uprights and then proceeded to bang every girl in the stadium.
12. Chuck Norris was the fourth Wiseman. He brought baby Jesus the "gift of beard." Jesus wore it proudly to his dying day. The other Wisemen, jealous of Jesus's obvious gift favoritism, used their combined influence to have Chuck omitted from the Bible. Shortly after, all three died of roundhouse kick related deaths.
13. To prove it isn't that big of a deal to beat cancer, Chuck Norris smoked 15 cartons of cigarettes a day for 2 years and acquired 7 different kinds of cancer only to rid them from his body by flexing for 30 minutes.
14. It was once believed that Chuck Norris actually lost a fight toa pirate. But that is a lie created by Chuck Norris himself to lure more pirates to him.
15. The chief export of Chuck Norris is pain.
16. A man once asked Chuck Norris if his real name was "Charles". Chuck Norris did not respond. He simply stared at the man until he exploded.
17. The original theme song to the Transformers was actually, "Chuck Norris--more than meets the eye, Chuck Norris--robot in disguise," and starred Chuck Norris as a Texas Ranger who defended the earth from drug-dealing decepticons and could turn into a pick-up. This was far too awesome for a single show, however, so it was divided.
18. Chuck Norris once shot a German plane down with his finger, by yelling "Bang!"
19. When Chuck Norris plays Oregon Trail his family does not die from cholera or dysentery but rather roundhouse kicks to the face. He also requires no wagon, since he carries the oxen, axles, and buffalo meat on his back. He always makes it to Oregon before you.
20. Chuck Norris can make a woman climax by simply pointing at her and saying "Booya!"
21. Before each filming of Walker: Texas Ranger, Chuck Norris is injected with five times the lethal dose of elephant tranquilizer. This is, of course, to limit his strength and mobility in an attempt to lower the fatality rate of the actors he fights.
22. When Chuck Norris's wife burned the turkey one Thanksgiving, Chuck said, "Don't worry about it honey," and went into the backyard. He came back five minutes later with a live turkey, ate it whole, and when he threw it up a few seconds later it was fully cooked and came with cranberry sauce. When his wife asked him how he had done it, he gave her a roundhouse kick to the face and said, "Never question Chuck Norris."
23. Chuck Norris took my virginity, and he will sure as hell take yours. If you're thinking to yourself, "That's impossible. I've already lost my virginity," then you are dead wrong.
24. Chuck Norris is currently sueing NBC, claiming "Law" and "Order" are trademarked names for his left and right legs.
25. If you can see Chuck Norris, he can see you. If you can't see Chuck Norris, you may be only seconds away from death.
Thursday, December 08, 2005
Afterall @ Plush Cafe
Some Observations as Iraqis Prepare to Vote
The Armed Forces have acquired capabilities they never had before. Bill Roggio in Patrolling Haqlaniyah describes three-tour veterans who can talk politics with Iraqis. For many individual Americans Iraq is now something less than home and something more than a foreign country. For America as a whole, one thing that no politician will dispute in 2008 is that aside from being a European and Pacific power -- which it has been since the end of the Second World War -- the US is now a part of the strategic landscape of the Middle East and Central Asia.
Thought for the Day
If you consider that there have been an average of 160,000 troops in the Iraq theater of operations during the last 22 months, and a total of 2112 deaths, that gives a firearm death rate of 60 per 100,000. The rate in Washington D.C. (among others) is 80.6 per 100,000. That means that you are about 25% more likely to be shot and killed in our Nation's Capitol, which has some of the strictest gun control laws in the nation, than you are in Iraq.
Conclusion: We should immediately pull out of Washington D.C.
Tuesday, December 06, 2005
'Tis the Season
I hope everyone is well and enjoying the beginning of the holiday season.
Friday, December 02, 2005
Credibility Gap
And just in case you think media bias is restricted to coverage of the Iraq War, check this out (subscription required).
(hat tip:Instapundit)During a quarter century of analyzing and forecasting the economy, I have never seen anything like this. No matter what happens, no matter what data are released, no matter which way markets move, a pall of pessimism hangs over the economy. It is amazing. Everything is negative. When bond yields rise, it is considered bad for the housing market and the consumer. But if bond yields fall and the yield curve narrows toward inversion, that is bad too, because an inverted yield curve could signal a recession.
If housing data weaken, as they did on Monday when existing home sales fell, well that is a sign of a bursting housing bubble. If housing data strengthen, as they did on Tuesday when new home sales rose, that is negative because the Fed may raise rates further. If foreigners buy our bonds, we are not saving for ourselves. If foreigners do not buy our bonds, interest rates could rise. If wages go up, inflation is
coming. If wages go down, the economy is in trouble.
The Economy
Johah Goldberg @ The Corner sees a more far-reaching impact.
One point that doesn't get enough play is that [the] US economy is keeping the world afloat. We do hear this fact fairly often, but it's always couched in bad news rhetoric, particularly in terms of trade with China. But the reality is the Japanese economy is only now (maybe, sorta) emerging from decades of suckiness. We create more jobs by accident than all the industrial planners in Europe have been able to create in years of hard strategizing around mahogany tables festooned with clever cheese. Everyone likes to gripe about American capitalism, but if it weren't for American capitalism the Frenchies would be eating Hamburger Helper a couple times a week and millions more Third Worlders would be in total poverty.