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In his weekly WSJ column, Karl Rove reviews the White House campaign film.
… The film is riddled with other inaccuracies and misleading claims. For example, the United Auto Workers may not have gotten “money” in the bailout, but as an unsecured creditor, the union received a 17.5% ownership interest in General Motors and 55% of Chrysler, while the companies’ bondholders got hosed.
The film asserts that the auto companies “repaid their loans.” But they still owe taxpayers $26.5 billion, and the Treasury Department’s latest report to Congress noted that nearly $24 billion of the bailout money is gone forever.
The film includes Mr. Obama’s 2008 claim that the death of his mother, Stanley Ann Dunham, from cancer “could have been prevented” if only she “had good, consistent insurance.” But earlier this year, a biography of Dunham by Janny Scott, “A Singular Woman,” revealed that she had health insurance that covered most all her medical bills, leaving only a few hundred dollars a month in deductibles and uncovered costs. For misleading viewers, the Washington Post fact checker awarded this segment of the film “Three Pinocchios.”
The film also offers up numerous straw men. For example, opponents of Mr. Obama’s auto industry bailout, we’re told, just wanted to “let it go,” as if an orderly bankruptcy of GM and Chrysler in the courts rather than by presidential fiat was never an option. It was. …
WSJ has a profile on one of Rove’s big donors.
Few people want to defeat President Barack Obama more than billionaire Harold Clark Simmons, who is willing to spend many millions of dollars in the quest. As it happens, campaign rules now give him the opportunity.
Watching a TV news report that Republican presidential candidate Rick Santorum was rising in polls last month, Mr. Simmons wondered about the prospects of the former Pennsylvania senator. He called his personal political muse, Republican strategist Karl Rove.
Harold Simmons, who has donated more than $18 million to conservative super PACs to beat President Obama, aims to double that amount by November. WSJ’s Monica Langley spoke with Jerry Seib about her interview with the press-shy Texas billionaire.
“Is he worth investing into his super PAC?” Mr. Simmons asked. He rose from his leather recliner in the den and stood at a bay window overlooking swans gliding on a lake encircled by 17,000 tulips. “Does he have a chance?”
“Yes, I wouldn’t count him out,” Mr. Rove said. Mr. Simmons’s wife, Annette, who was keen on Mr. Santorum, promptly donated $1 million to his super PAC, cash badly needed for an ad blitz ahead of the Super Tuesday primaries.
The 80-year-old Texan, who heads Contran Corp., a chemicals and metals conglomerate, gave hefty donations to the super PACs supporting other GOP candidates during similar moments in the spotlight: Rick Perry’s optimistic entry into the race last summer, and after the debate-driven surge of Newt Gingrich. Mr. Simmons has so far given $800,000—including $500,000 this week—to super PACs backing former Massachusetts Gov. Mitt Romney, who won the Illinois primary Tuesday and contends no rival can catch him in the GOP delegate race.
It isn’t particularly important which man wins the nomination, for Mr. Simmons simply wants to defeat the president and reduce the reach of government. “Any of these Republicans would make a better president than that socialist, Obama,” said Mr. Simmons during two days of rare interviews at his Dallas home and office. “Obama is the most dangerous American alive…because he would eliminate free enterprise in this country.”
The tall, lanky, soft-spoken industrialist has given more than $18 million to conservative super PACs so far, making him the 2012 election’s single largest contributor—ahead of billionaires Sheldon Adelson, Mr. Gingrich’s financial patron, and Foster Friess, Mr. Santorum’s biggest donor.
Sipping lemonade iced tea made with lemons grown on his California estate east of Santa Barbara—next door to Oprah Winfrey’s place in Montecito—Mr. Simmons said he planned to spend $36 million before the November election.
Unlike some big donors—including Mr. Adelson—Mr. Simmons isn’t driven by an attraction to a specific candidate or policy. His motivation is broader: to elect Republicans up and down the line in the hopes they will change the overall U.S. tax and regulatory approach.
That helps explain why the biggest chunk of his political contributions in this election cycle have gone not to individual candidates but to Mr. Rove-advised super PAC American Crossroads—its stated mission to defeat Mr. Obama and elect “majorities in both the House and the Senate that are 100% dedicated to rescuing our economy from the Obama agenda.”
Mr. Simmons has some businesses that are heavily regulated, which helps explains his interest in deregulation. He also pushes for tort reform. One of his companies, NL Industries Inc., has fought lawsuits from school districts and businesses over lead paint that it made before Mr. Simmons acquired it.
More broadly, he said, he and other individuals need to contribute to match the “unlimited amounts from labor unions” that benefit liberal candidates.
“I’ve got the money, so I’m spending it for the good of the country,” …
There’ll be a lot of buzz this weekend about the opening of the movie Hunger Games. John Tamny has a libertarian take.
It’s said about The Hunger Games, Suzanne Collins’ blockbuster novel that will be released in movie form this Friday, that it appeals to a broad demographic ranging from teens to senior citizens. If so, it’s fair to assume that a not insignificant portion of the book’s devotees see a political message within. Cue up the hateful comments, but my libertarian instincts tell me the novel is a boisterous comment about the certain horrors of big government.
To provide background for those who’ve not yet read the book, The Hunger Games takes place in a post-modern North America where society has collapsed thanks to drought, famine and war. The country is Panem, which has a major city called Capitol run by the governing elite. Those in power oversee twelve districts.
Each year at the pleasure of brutal politicians desperate for sadistic entertainment, two representatives from the twelve districts engage in a televised game of survival whereby only one person comes out alive. Though the novel has a variety of characters, most of the story centers on Katniss Everdeen and Peeta Mellark, Hunger Games representatives from District 12 (presumably West Virginia), and their efforts to emerge from the games alive.
On its face the book reveals the oppressive cruelty that is big government. Indeed, while the global political class and their enablers in the media to this day try to explain away droughts and the resulting famines from an “Act of God” point of view, the simple truth is that economically free countries don’t suffer them.
Though food is surely the most essential, life-enhancing good on the planet, it’s plentiful in the most barren of climates where it’s not grown or farmed owing to the free-trade truth that we trade products for products; all manner of non-perishable items exchanged for food with great regularity. Simply put, visitors to Arizona don’t witness distended bellies among the citizenry due to a lack of farmers, instead Arizona is prosperous and its citizens well fed for the latter pursuing all manner of work the product of which enables them to freely exchange the fruits of their labor for other goods, including groceries.
Joel Kotkin says while it lays waste to the rest of the country, one city is booming – Washington, DC.
… Boom times in the capital — particularly amid a weak recovery elsewhere — are driving this growth. Since 2007, notes Stephen Fuller at George Mason University, the D.C. region’s economy has expanded 14 percent compared with a mere 3 percent for the rest of the country. Washington’s unemployment never scaled over 7 percent, well below the national average, and is now down to around 5.5 percent, about the lowest of any major metropolitan area. Unemployment of course is much higher, reaching 25 percent, in some of the district’s poorer neighborhoods.
This prosperity is rooted largely in the steady growth of the federal workforce, as federal spending accounts for one-third of the region’s economy. Over the past decade 50,000 bureaucratic jobs have been added in the area while local federal spending grew 166 percent. The D.C. region, with 5 percent of the nation’s population, garners more than three times that percentage in payroll and more than four times that percentage in procurement dollars.
This debt-financed gusher has helped expand the economy beyond simply federal workers. You think California is the biggest beneficiary of the current tech boom? Think again. Washington’s tech sector employment , according to an analysis by Economic Modeling Systems Inc., has expanded by more than 5 percent since 2009, more than twice the national and California average of barely 2 percent. California may have Facebook, Google and Apple, but Washington tech has federal agencies, the defense establishment, a growing media sector and the lobbying industry to feed upon.
Washington also ranks fourth in middle-income job growth, with employment in that category expanding at four times the national average over the past two years. The relatively higher salaries — and far better benefits — propel even modestly educated workers into middle incomes. The recession may have been brutal for the middle class, but not those who work for Uncle Sam. Not surprisingly, according to Gallup, Washingtonians are the most optimistic in the country about the improvements in the economy. …
LA Times reports on monster container ship that docked at Long Beach.
The largest cargo container ship to ever dock in the Americas made a fog-shrouded first voyage into the Port of Long Beach on Friday morning, sending a message to competitors that Southern California can handle the giant vessels most others can’t welcome for at least two more years.
Out by the breakwater, it looked as though a man-made island had sprung up overnight, but the dark shape was a vessel called the Fabiola, gliding very slowly toward port.
The Fabiola is one of a new generation of vessels that can carry 11,000 or more containers, favored by ocean cargo lines because packing more freight boxes onto each ship lowers costs.
“She’s way beyond our previous record for size,” said Dick McKenna, executive director of the Marine Exchange of Southern California, which logs the arrival and departure of all ships calling at the ports of Los Angeles and Long Beach, the nation’s largest seaport complex. “This is quite a significant jump for us.”
The Fabiola, owned by Geneva-based Mediterranean Shipping Co., can carry 12,500 containers. The ship is just 30 feet shorter than the Empire State Building is tall, as wide as a 10-lane freeway and big enough to carry the contents of eight 1-million-square-foot warehouses.