Two More Strikes

Kudlow's Money Politic$: "Two More Strikes
The storm clouds keep rolling in over the embroiled Grey Lady without any sign of silver linings.

“For the second time in less than a week, The New York Times today admitted to a serious error in a story. On Saturday it said it had misidentified a man featured in the iconic 'hooded inmate' photograph from Abu Ghraib prison in Iraq. Today it discloses that a woman it profiled on March 8 is not, in fact, a victim of Hurricane Katrina--and was arrested for fraud and grand larceny yesterday.” (From Editor & Publisher, “Another Bad Slip for 'NY Times': Katrina Victim Unmasked”)

At the rate they’re going, the New York Times will need to devote an entire section to correcting their errors."

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Kudlow's Money Politic$

Kudlow's Money Politic$: "Tonight's Lineup
On CNBC's 'Kudlow & Company' tonight:

A market panel with CNBC commentator Herb Greenberg; Barry Ritholz of of Ritholtz Capital; and John Rutledge of Rutledge Capital.

Bill Zollars, Chairman/CEO of YRC Worldwide.

Cody Willard will be on board to discuss tech, including the 'Slingbox' and iPod's battle with France.

Also, a FCC censorship discussion with Kim Strosell from the Wall Street Journal; Yaron Brook, Ayn Rand Insitute; and Dr. Janice Crouse, author/Senior Fellow at the Beverly LaHaye Institute, the think tank for Concerned Women for America.

TONIGHT'S QUESTION:

Is the FCC's censorship of certain programming going too far, just right, not far enough?"

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Smoot-Hawley Buried In the Energy Bill

http://www.state.gov/r/pa/ho/time/id/17606.htm

http://msnbc.msn.com/id/8659492/

Smoot-Hawley have the dubious distiction of being the doormen that ushered in the Great Depression. Once again, the smoot-hawley threat has reared it's ugly head, but this time it's hidden in the energy bill. "Estimates of the savings in energy consumption were based on figures compiled in the 1970s". It seems small and innocuous, but it's really a deadly economic time bomb - the new DST standard. For those who understand, they remember the panic of the y2k bug in computers, that would effect every machine that was dependent on the clock and an accurate time standard. To deal with y2k, they began work in 1997 (three years a head of y2k). DST is planned for Oct.2005 and no work has been done to patch and repair all the computers dependent on the clock.

Here's what's at stake and the cost;

1. bank time codes and door locks
2. commodity, stock, futures - time code stamps and trading system clocks
3. All delivery and supply chain systems
4. All travel systems
5. All consumer and business electonics with clock have to be replaced
6. All utility systems (computer based clocking systems)
7. All telecommunication systems (military and civilian)
8. All media systems (TV, advertizing, etc.)
9. Any system, business, service with a computer

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A view from Canada and the left

Democrats often point to the Liberals and NDP of Canada - so here is a Canadian view.

Spending at such a breath-taking pace would be understandable if Paul Martin were a John A. Macdonald with a transcontinental railway to build, a Wilfred Laurier with millions of acres of western wilderness to fill with homesteaders, a Mackenzie King with a war to fight, or a Lestor Pearson with a welfare state to contemplate and create. ---- He has thrown a whack of money at health care under the guise of fixing the system for a generation, but does anyone believe that it will suddenly become easier to find a family doctor or to have surgery performed promptly? He has lavished money on the provinces and done little more than create a lineup of premiers and special interests demanding ever more.

Martin came to office as a successful businessman and a deficit-breaking finance minister who restored some sanity to the federal government's finances. As prime minister, he has become just another Liberal advocate of activist and expansionist government. Like every Liberal prime minister from Mackenzie King to Jean Cretien, he believes it his duty to redistribute the wealth of the nation in order to enhance the security of the citizenry. This is his great failing.

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If Paul Martin were a leader of vision, he would see that Canada sorely needs a new approach for a new century. He would be a visionary prime minister dedicated to the creation of wealth rather than the redistribution of wealth. His government would put forward policies and programs to promote proprietorship and encourage entrepreneurialism.

["Martin proves himself old-fashion Liberal", D'Arcy Jenish - jenish@businessedge.ca, June 9, 2005 , p.28, Business Edge]

One should note that wealth redistribution is required because Canada's economic policies are highly projectionist - like what Smoot-Schumer is proposing.

Larry - it's very hard to argue with blind ignorance. Don't worry your Smoot-Schumer analogy is correct!

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