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Mark Steyn thinks Obama is trying to turn us into Europe.
Back during the election campaign, I was on the radio and a caller demanded to know what I made of the persistent rumor that Barack Obama was born in Kenya. “I doubt it,” I said. “It’s perfectly obvious he was born in Stockholm. Okay, maybe Brussels or Strasbourg.” And the host gave an appreciative titter, and I made a mental note to start working up a little “Barack Obama, the first European prime minister to be elected president of the United States” shtick for maybe a year into the first term.
But here we are 20 minutes in, and full-scale Europeanization is already under way: Europeanized health care, Europeanized daycare, Europeanized college education, Europeanized climate-change policy . . . Obama’s pseudo-SOTU speech was America’s first State of the European Union address, in which the president deftly yoked the language of American exceptionalism to the cause of European statism. Apparently, nothing testifies to the American virtues of self-reliance, entrepreneurial energy, and the can-do spirit like joining the vast army of robotic extras droning in unison: “The government needs to do more for me.” For the moment, Washington is offering Euro-sized government with Euro-sized economic intervention, Euro-sized social programs, and Euro-sized regulation. But apparently not Euro-sized taxation.
Hmm. Even the Europeans haven’t attempted that trick. But don’t worry, if that pledge not to increase taxes on families earning under $250,000 doesn’t have quite the Continental sophistication you’re looking for in your federal government, I doubt it will be operative very long.
Most Americans don’t yet grasp the scale of the Obama project. The naysayers complain, Oh, it’s another Jimmy Carter, or It’s the new New Deal, or It’s LBJ’s Great Society applied to health care. You should be so lucky. …
If that the case, asks Claudia Rosett, who is going to defend Europe, or invent stuff, or . . .
Europe — sclerotic, bureaucratized and social-democratized – has for decades enjoyed the protection, inventions and security afforded by its more laissez-fair, strapping, and exuberant cousin across the Pond, the United States. America, with its free markets, its market incentives, and its relatively large private sector, has been the engine of global growth. America’s system, based fundamentally on individual risk and responsibility, has been the great incubator of innovations that have become the staples of the modern age — from medical advances, to computers, to the internet and beyond. Around the world, people have benefited in ways beyond measure. …
Director Blue, a new blog for us, has an interesting picture postcard way of explaining the sub-prime mess.
Steve Forbes faults a couple of Treasury regs for a lot of the banking troubles.
… The most disastrous Bush policy that Mr. Obama is perpetuating is mark-to-market or “fair value” accounting for banks, insurance companies and other financial institutions. The idea seems harmless: Financial institutions should adjust their balance sheets and their capital accounts when the market value of the financial assets they hold goes up or down.
That works when you have very liquid securities, such as Treasurys, or the common stock of IBM or GE. But when the credit crisis hit in 2007, there was no market for subprime securities and other suspect assets. Yet regulators and auditors kept pressing banks and other financial firms to knock down the book value of this paper, even in cases where these obligations were being fully serviced in the payment of principal and interest. Thus, under mark-to-market, even non-suspect assets are being artificially knocked down in value for regulatory capital (the amount of capital required by regulators for industries like banks and life insurance).
Banks and life insurance companies that have positive cash flows now find themselves in a death spiral. …
Politico reports on the president’s training wheels – the telepromptors.
The textbook-sized panes of glass holding the president’s prepared remarks follow him wherever he speaks.
Resting on top of a tall, narrow pole, they flank his podium during speeches in the White House’s stately parlors. They stood next to him on the floor of a manufacturing plant in Indiana as he pitched his economic stimulus plan. They traveled to the Department of Transportation this week and were in the Capitol Rotunda last month when he paid tribute to Abraham Lincoln in six-minute prepared remarks.
Obama’s reliance on the teleprompter is unusual — not only because he is famous for his oratory, but because no other president has used one so consistently and at so many events, large and small.
After the teleprompter malfunctioned a few times last summer and Obama delivered some less-than-soaring speeches, reports surfaced that he was training to wean himself off of the device while on vacation in Hawaii. But no such luck. …
Jeff Jacoby suggests, since it’s been so cold lately, maybe some of the global warming folks could climb down from some of their extreme rhetoric.
… But considering how much attention would have been lavished on a comparable run of hot weather or on a warming trend that was plainly accelerating, shouldn’t the recent cold phenomena and the absence of any global warming during the past 10 years be getting a little more notice? Isn’t it possible that the most apocalyptic voices of global-warming alarmism might not be the only ones worth listening to?
There is no shame in conceding that science still has a long way to go before it fully understands the immense complexity of the Earth’s ever-changing climate(s). It would be shameful not to concede it. The climate models on which so much global-warming alarmism rests “do not begin to describe the real world that we live in,” says Freeman Dyson, the eminent physicist and futurist. “The real world is muddy and messy and full of things that we do not yet understand.”
But for many people, the science of climate change is not nearly as important as the religion of climate change. When Al Gore insisted yet again at a conference last Thursday that there can be no debate about global warming, he was speaking not with the authority of a man of science, but with the closed-minded dogmatism of a religious zealot. Dogma and zealotry have their virtues, no doubt. But if we want to understand where global warming has gone, those aren’t the tools we need.
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