May 2010

Florida independent senate candidate Charlie Crist flip flops again on an issue. This time it is the “don’t ask, don’t tell” policy on gays in the military. The video below shows Democrat Kendrick Meek attacking Crist who has come over to Meek’s position that the policy should be changed.

Meek is right that if voters want a consistent liberal candidate they should vote for Meek. Voter who want a conservative candidate should vote for Marco Rubio. If you vote for Crist, you may find out the day after the election that Crist has changed his position on the issues that led you to support him, if you can even figure out what he stands for prior to the election.


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Saturday evening, we heard from British Petroleum that their attempt to stop the Deepwater Horizon oil leak via the “top kill” method has failed. They are working on other options and, again, the absence of leadership from the Obama administration was painfully obvious.

On Thursday, President Obama, in his first press conference in almost a year, tried unconvincingly to convey that plugging the oil leak is his top priority. After a photo opp visit to the Gulf on Friday, Obama went on vacation to Chicago over the Memorial Day weekend.

In Thursday’s press conference he even quoted his daughter, Malia, asking him: “Did you plug the hole yet, Daddy?”

We hope that Malia’s faith in her father is not shaken by Obama continued incompetence in dealing with this crisis. After all, we have no reason to doubt that he is a good father even if he is a lousy president.

Bringing your children into political discussions usually doesn’t turn out too well. Here is a flashback to Jimmy Carter who invoked his daughter’s thoughts about disarmament in a debate with Ronald Reagan just before he lost the presidency to Reagan:


In the previous post, we featured entrepreneur Steve Wynn discussing the uncertainty created by the Obama administration and how China today has a more stable business environment. This is an important point and reminds us of a recent discussion of the causes of the Great Depression by Amity Shlaes.

In The Forgotten Man: A New History of the Great Depression, Shlaes identifies one of the key factors that prolonged the Great Depression throughout the 1930s: the uncertainty created by the continued experimentation of Franklin Roosevelt’s New Deal. Not only did the government pursue policies that hurt the economy. Business leaders also never knew what crazy policy would come next. The failure of Roosevelt’s New Deal is often obscured by the fact that Roosevelt stayed in power long enough to lead the United States into World War 2 and, ultimately, to victory over Nazi Germany. A byproduct of the the war was that it finally ended the Great Depression.

Wynn’s point that China’s business policies are more predictable today than America’s is important. Despite the fact that China is still nominally communist and is an authoritarian country that oppresses many of its people, its leaders have learned that having predictable rules for foreign and domestic investors is essential for economic growth.

We still much prefer to live with the freedoms we still have in the United States than living in authoritarian China, but if we do not restore a stable direction away from ever expanding government and increasing taxes, our freedoms will erode and we may create conditions similar to those that transformed what should have been a normal recession into a decade-long Great Depression.


Nothing is as disappointing as when American business leaders cut deals with the Obama administration rather than speak up about the abuse of power in Washington.

Entrepreneur Steve Wynn is a refreshing exception. In an interview with CNBC he doesn’t hesitate to criticize Washington: “Common sense has disappeared in Washington, DC.”

He talks about the unpredictability of the US government when asked about the business climate in Macau, China where he will relocate a portion of his business: “Macau has been steady, the shocking, unexpected government is the one in Washington. That’s where we get surprises every day. That’s where taxes are changed every five minutes. That’s where we don’t know what to expect tomorrow.”

He is frightened about “the next crazy idea coming from Washington. … The financial institutions, the cars, … the taxes, the health care. Everything is cuckoo in Washington and God knows what’s next.”

Obamacare “is going to produce the exact opposite of what they said. … When demand goes up and the supply of doctors goes down what happens to the price?”

“The uncertainty of the business climate in America is frightening, frightening to everybody. And it’s delaying a recovery. We are on our way to Greece in the hands of a confused and foolish government.”

He quotes Alexis de Tocqueville: “The American system of democracy will prevail until that moment when the politicians discover that they can bribe the electorate with their own money.”

We need more leaders of American businesses like Steve Wynn unafraid to speak out about the frightening developments under Obama’s rule.