LAT revisits Proposition 8

In an editorial today, the LAT charges that pro-8 forces are responsible for starting the nasty get-even tactics and intimidation that have characterized the post-election reaction to the passage of Proposition 8. According to the LAT, before the election the Yes-on-8 campaign sent letters to some California businesses saying that if the businesses contributed to the No-on-8 campaign they would need to make an equal contribution to the Yes-on-8 campaign or "risk being publicly outed as opponents of 'traditional marriage' (the implication being that they would then face a boycott)."

The LAT says boycotting is a "time-honored method of expressing opinions and pushing for social or political change," but suggests that the Yes-on-8 campaign's letter-writing was either uglier than the tactics used by the other side or came earlier and therefore justified the ugly post-election negative reaction to Prop. 8.

The LAT editors must not have watched the demonstrations much on TV. People have been threatened and perhaps injured by anti-8 demonstrators, streets and intersections have been shut down, demonstrators have blocked access to Mormon temples and churches. Anti-8 forces have mailed white powder to church officials; not letters to businesses. The LAT doesn't mention the violence but does acknowledge that some people have lost their jobs because they contributed to the Yes-on-8 campaign.

In the end, the LAT rightly argues that citizens ought to be able to vote and contribute without fear of intimidation. If only the editors were a little more evenhanded and objective in their view of Prop. 8 reactions.

Bush the lame duck

Bush isn't active enough, they say. Obama hasn't been sworn in yet but he's the only one doing anything. Saying we have only one president at a time may be overstating the number of presidents we have, according to Barney Frank.

Congressional Democrats are crafting a bill to offer a $15 billion bail out to the Big Three carmakers. They're crafting it in such a way as to gain Bush's approval. Barney Frank is intimately involved in the crafting.

Treasury Secretary Henry Paulson has handed out $335 billion to financial institutions since October 1. Paulson works for Bush.

Apparently, Bush has been more active and influential than people think.

Breaking news: LAT critical of Bush

The LAT's Peter Nicholas, of the crack, nonpartisan Washington bureau, reports today that Bush "detractors" say the following have marred the Bush presidency: "the collapse of the housing market and major financial services companies, the flawed intelligence in the run-up to the Iraq war, the federal response to Hurricane Katrina or the abuse of prisoners at Abu Ghraib."

If that's the best Bush's "detractors" can come up with then Bush should leave office with a high approval rating. He won't but he should.

Washington awash with bail outs

According to today's WaPo:

With Congress poised to vote on a rescue for the nation's auto industry and President-elect Barack Obama promising to launch a massive public spending program, Capitol Hill has once again become the scene of a lobbying free-for-all, with industry and local governments alike seeking some of the billions in taxpayer dollars that Congress is likely to spend in the not-too-distant future.

It figured.

Sack Wagoner

The Wall Street Journal reports this morning on the demand that GM management be replaced as a condition of the proposed $15 billion short-term bailout currently being considered by Congress. The WSJ reporting included the following:

"On Sunday, Jerome B. York, an adviser to billionaire investor Kirk Kerkorian who served as a GM director in 2006 when Mr. Kerkorian owned a stake in the company, called publicly for sweeping change at GM. 'Aside from a failure of leadership at the most senior executive management level, GM has five long-serving directors who have been on the board 10 years or more,' Mr. York said in a telephone interview. 'They have approved of and overseen many of the moves that have contributed to the company's troubles. They should also resign.'"

Yup.

Money and money grabbers

Barack Obama's stimulus plan could cost $700 billion. That's in addition to the $700 billion Congress authorized for the TARP program. The carmakers want$34 billion and may get $15 billion this week. They may need as much as $125 billion according to one estimate. The states want a bail out estimated at $125 billion or more. The Federal Reserve has pumped more than $1 trillion into credit markets.

The sources of all this money are: (1) borrowing and (2) money creation. Both are inflationary. When will this inflation be reflected in the economy? Soon is a good guess. Does this mean we could replicate the 1970s when the economy suffered from stagflation -- inflation and stagnation? Could be.

When will the demand for bail outs subside? As long as there are bail outs, someone will want one and will justify the need for one the same way the carmakers and the states are justifying their demands.

Save the Big Three; unionize all carmakers

That's the theory of a sociology professor at Wesleyan University whose op-ed piece was published in today's LAT. The professor wants to unionize Toyota, Honda, Nissan, BMW and other auto makers manufacturing in the U.S. That would make GM, Ford and Chrysler competitive, the professor writes. Looney left newspaper publishes looney left professor.