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The Election Results and Gridlock
From The Daily Capitalist
How is your day going so far? Mine is pretty good.
The Republicans have taken the House. This will put up a roadblock for the Progressive train of the Democratic Party and the Obama Administration. The Senate race has the Republicans up to 47 seats, with 2 still not called. The Republicans won 239 seats in the House, which is more than the 210 needed for control.
The other good news is that Slate (via Zero Hedge) is reporting that Ron Paul will be the new Chairperson of the U.S. House Financial Services Subcommittee on Domestic Monetary Policy and Technology:
The subcommittee’s jurisdiction includes domestic monetary policy, and agencies which directly or indirectly affect domestic monetary policy, multilateral development lending institutions such as the World Bank, coins and currency including operations of the Bureau of the Mint and the Bureau of Engraving and Printing, and international trade and finance including all matters pertaining to the International Monetary Fund and the Export-Import Bank.
This makes sense since Paul is the ranking minority member of the subcommittee. Paul is a hard money libertarian who has called for the Fed to be dismantled and that we go back on a gold standard. Before I am dismissed as some kind of antediluvian nut case, let me say that this idea has wide acceptance in the libertarian and Austrian theory end of the political spectrum. It apparently has some viability in the Tea Party movement as well. This isn't some off-the-wall idea, but a carefully thought out position based on solid economics to control inflation and to end the boom-bust cycles we've been having. I don't see us getting rid of the Fed any time soon, but Paul will be a formidable opponent of Ben Bernanke.
I am not a big fan of the Republican Party. I view them as Mini Me Democrats. While all the talk this morning is about the great future, my faith in the Republican leadership is quite low. My cynicism tells me that the Republican victory is based solely on the failure of the Democrats to make the economy better. If the economy was fine, the Democrats would have won and would continue their Progressive steamroller. But that's not how the economy works and voters have expressed their frustration. As angry as the Tea Party is now, if things were just fine, I doubt they would have gotten off the ground. Which makes me suspicious of the ability of the Republicans to accomplish anything meaningful. Perhaps I underestimate them.
If the Republicans continue their "as usual" economic policies, then we are in trouble. If they eschew monetary and fiscal stimulus, propose across-the-board spending cuts, and reverse some of the worst aspects of recent legislation, then we might get somewhere. I view "regime uncertainty" as a major factor now hindering the economy. This is the idea that businesses hold back expansion because they are uncertain about the impact of the new legislation and they fear that continued Progressive legislation will harm their future. This is another reason I believe gridlock isn't a bad thing.
But I digress. Wait and watch.
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Gridlock is bad at this juncture. There is legislation that needs to be passed, and even more that needs to be repealed, like the Patriot Act, Obamacare, numerous social welfare laws and regulations that reward sloth, many tax breaks for corporations that they do not deserve on the other side. We could certainly use a congress that has at least ideas for some kind of jobs program, though I haven't heard that idea floated either in the campaigns or since yesterday. It would be good to have a congress and a president that does good for the American public, however, they don't seem capable of doing that.
I have little faith in government's ablity to do anything well, and even less in this current crop, who will deliver to the American people, two years of bickering and partisanship and the worst depression this country has ever experienced. Our only hope lies with the Tea Partiers; if they have enough courage and enough support to do what's right, they could force the rest of the miscreants to go along or get rolled.
The American public was voting for somebody to do something in this election. Get the govrenment out of our lives, stop spending every last dime and borrowing more, stop passing laws that are a detriment to the general public. Rand Paul and his father, Ron, can forge a powerful force in the congress and actually move the entire body. It's time people got off their backsides and start making some choices. I would love to see a Paul-Paul presidential run. Ron as president and his son, Rand, as VP. A father-son thing. Actually, as corny as it sounds, it's wholly American and might just fly. I wonder if they've thought of it?
Now that would be world class cool. Paul-Paul.
Don't despair on the gridlock. There was no way Republicans could win enough seats to change everything right now. Let's see what they try to do win or lose. They can at least stop more bad stuff. Gotta wait two more years and change the top dog, too. Who knows what the situation will be then?
Can't wait to see how Obamatron will justify becoming the President of "NO", when he starts vetoing legislation. Hilarity would ensue if the results weren't so detrimental to the World!
You need 218 for the majority in the house. There are 435 members.
Given that Republicans still have many RINO's they will need the extra memebers.
I am looking for signs that the Tea Party is following the lead of the NRA. I suspect there will be efforts made to work with the Blue Dog Democrats to develop that second leg... then use the same methodology. A step right if that works, a step left if that works.
Why should the banksters be the only party that can dance?
The electorate hasn't been voting for either party for years. They've just been voting against incumbents, hoping beyond hope to land upon a group of adults who will govern responsibly.
People in DC see everything through the lens of two-party politics, so they continue to argue this is about rejecting one party, and being enthused about the other.
What the electorate wants is a group of people who actually seem to believe that governance and stewardship of the country are the primary reasons that they are in DC.
No, I'm not holding my breath either.
Gridlock is good.... now lets have a Real Investagation
on the 911 attack...
911 was an inside job....
We owe it to all the people of New York ...
What is happening now is to do everything they can to poison the well for Obama and who is left supporting him in the Senate and Congress for the 2012 elections.
I, too am very cautious. I remember the last GOP midterm slaughter, and how little that accomplished, re. Clinton. Welfare reform, that costs MORE money than welfare? I guess postponing ObamaCare was a good thing, tho.
I also remember the Bush II era late term DNC slaughter, on the promise to get us out of Iraq. That was pathetic, regardless of how you felt about getting out. Maybe you lose moral authority when you vote for a policy, and pretend you never never never did.
The DNC humiliated their followers that time. At the same time, the GOP elites and the Corps were pushing amnesty for illegals, but they backed off when the grassroots threw a fit.
Honestly, I expect nothing of consequence to happen soon. Both parties are working for the elites. Only on the social issues is there real difference. Luckily, those are my main concerns.
I am reprinting with some changes something I wrote on another thread, but here's my take:
After listening to Baynor's speech this morning I became more concerned about any meaningful change.
The reason I am not optimistic is because he and others really do not reject our government as it is nor propose any profound reforms. To say you want to return spending to 2008 levels is okay on a budgetary level but it really changes nothing. Now saying you want to eliminate several departments, Education, EPA, Agriculture, or end subsidies, audit the Fed, reform entitlements, pass a balanced budget amendment...that's real reform. To say you want to go back to 2008 is to say, "I am actually OK with our government as it is structured and all it promises to do. I just want a little cheaper version."
That is how the damn (can I say f**ing?) idiot establishment Republicans get coopted and spanked by the Dems. They fundamentally play by the rules and priniciples of the Dems/collectivists. As long as you leave the government as it is all will be okay for the modern liberals-Dems-collectivists-neofascist-corporatists. Not one progam or department will be demolished, including the Fed. If I were Obama, Reid and Pelosi I would be laughing my ass off right now and thinking or saying, "Stay tuned. We'll be back and continue where we left off!" Did anyone listen to Obama this morning? If you boil it down I think he said he's not giving an inch. He got Frank, Pelosi, Reid and others back and the largest states like CA and NY stayed blue.
This is a time I hope I am wrong and the Republicans will look to their libertarian principles or the Pauls and do some fundamental change. I ain't taking odds on it, though.
Correction: Boehner as in John Boehner of Ohio, future Speaker of the House and third from the Presidency.
The ebb and flow towards equilibrium is in all things in the universe. The corrupt bankers will always play the sides against the middle but it's always a decreasing arc and in amongst those Republicans are Libertarians who see the Fed as another extension of the US govt so... it's got to go.
Yeah, watch for the following:
1) Massive deficit tax cuts - more Two Santa Claus RepubliKeynesianism than ever.
2) Massive raising of the debt ceiling - Rand "Kabuki" Paul, notwithstanding.
3) No dismantling of ObamaCare, ONLY dismantling of PAYING for ObamaCare - from the "fiscal responsibility" folks who brought you Medicare Part D
4) Defense spending? - Duh.
5) Massive rollbacks of any regulations unpleasant to Banksters.
6) More RepubliKeynesian useless bureaucracy as all spending is concentrated among corrupt programs protected by large lobbying interests.
7) Zero investment in anything that promotes general economic efficiency.
In other words, 2000-2008, lather, rinse, repeat.