When it seemed that Britain’s Labour Party might turn the United Kingdom into a failed state during the 1970s, Margaret Thatcher transformed the Tories into a genuine conservative party and won election as Prime Minister. The Iron Lady’s tireless work reversing British socialism and returning England to freedom and prosperity remains an inspiration:
Is there an American Maggie Thatcher waiting in the wings to reverse our decline?
Outside the White House on election night:
Fleeing socialist Hungary during the 1956 uprising against the Soviet occupation, Thomas Peterffy immigrated to the United States and went on to help develop the electronic trading of securities and found Interactive Brokers, an online discount brokerage firm. After spending the last four years watching Barack Obama’s policies lead to economic stagnation, Peterffy spent his own money on a self-narrated television ad warning the United States to stop following the path of socialism and return to its historical freedom to succeed:
In my book Never Allow A Crisis To Go To Waste, I detail the human cost of Barack Obama’s nationalization of General Motors and Chrysler – from seizing auto company assets from secured creditor police and teacher retirement funds to destroying dozens of profitable dealerships and unemploying tens of thousands of their workers. The purpose of these two acts was impose President Obama’s mandate of “shared sacrifice” on stakeholders of which the socialist administration disapproved.
There was more.
The shadowy Obama Auto Team led by United Steel Worker union hostile takeover artist Ron Bloom directed the nationalizations of GM and Chrysler. During this process, the Auto Team bought billions of dollars in assets from the automakers’ secured creditors for pennies on the dollar and then gave them away to the United Auto Workers union to support their retired members. At the same time, 20,000 non-union retirees of the Delphi auto parts manufacturing company nearly lost their entire pensions.
Bloom and former Treasury official Matthew Feldman testified under oath to Congress that the Pension Benefit Guarantee Corporation (PBGC) (an independent government sponsored entity meant to insure pensions) and not the Obama administration terminated the Delphi pensions.
This testimony appears to be perjured.
The Daily Caller has obtained emails suggesting that the Secretary of the Treasury Timothy Geithner and his department led the administration effort terminate the Delphi pensions specifically because these retirees were non-union. Contrary to the testimony of Bloom and Feldman, Treasury shut the PBGC out of the Delphi pension decision and later demanded that PBGC “rubber stamp” the Treasury plan.
Go to the Daily Caller link and read the full story.
Socialism is an inherently corrupt system where the government redistributes wealth from those who earned it to those the government bureaucracy prefers. During its nationalization of Chrysler and GM, the Obama administration took the assets of various stakeholders and billions in tax payer money to reward its UAW allies. The Delphi retirees were on the wrong side of that equation for committing the sin of not belonging to a politically connected union.
In my book Never Allow A Crisis To Go To Waste, I describe German Zwangswirtshaft socialism where the government directs nominally private industries through regulatory decrees and bribes in the form of taxpayer cash. The latter inevitably creates a form of crony socialism where the socialist politicians reward their friends.
Barack Obama’s “clean energy economy” is a faithful implementation of Zwangswirtshaft with more than its share of crony socialism. The plan was to impose a cap and trade system where companies would have to pay the government to use oil, gas and coal, and the government would redistribute that money to “clean energy” producers of its choice. Obama never enacted cap and trade, but instead spent nearly $200 billion in borrowed money from TARP and the “stimulus” bills to make real his dream of a government directed alternative energy economy.
Today, Michael Hastings at Buzzfeed reported on just one small part of the resulting crony socialism:
In a video appearance from 2009, venture capitalist Paul Holland — who had given the maximum legal contribution to Obama, and whose companies received over 6 million in government dollars — described his feelings when heard about the billions up for grabs.
“He came in to do his talk and opened his talk with, ‘I’m Matt Rogers I am the Special Assistant to the Secretary of Energy and I have $134 billion that I have to disperse between now and the end of December,’” Holland told the audience. “So upon hearing that I sent an email to my partners that said Matt Rogers is about to get treated like a hooker dropped into a prison exercise yard.”
This is our government at work so long as we allow it.
Socialists believe that entretpreneurs do not create businesses, but rather businesses are made possible by the workers and government. Barack Obama is generally rather well disciplined in keeping his socialist points of view out of the public spotlight, but every so often he commits a Freudian slip on the campaign trail. This week in a Roanoke, Virginia speech, Obama let slip this interesting observation: “If you’ve got a business, you didn’t build that. Somebody else made that happen.”
The official transcript of Obama’s remarks can be found at the White House website.
Mamas, don’t let your babies grow up to be socialist government dependents.
In their insatiable search for inequality and unfairness, the inimitable Huffington Post has discovered that college graduates with engineering and math degrees earn more than say those with largely unmarketable sociology and english degrees:
As a result, wage inequality between college majors is growing. The median salary of math, science, and computer science majors’ first jobs rose 5 times as quickly as the median salary of humanities and science majors’ first jobs in 2012, according to the National Association of Colleges and Employers.
And workers that start out at a lower salary will likely be making less money for the rest of their lives. Workers that majored in math, economics, biology, and engineering make between $40 and $51 per hour on average in 2012, according to a separate Wall Street Journal report that analyzes a recent economics paper by Yale University economists. Workers that majored in nearly anything else make less than $40 per hour on average. For example, economics graduates make twice as much as social work graduates on average.
I see an opening for the Obama reelection campaign here.
President Obama’s Buffet rule proposal to require millionaires to pay a minimum 30% tax on income and capital gains because it is unfair that the top 1% of earners only pay 28% of the government’s bills has certainly hit a chord with the American people – or at least those people who occupy Dem media news rooms.
Mr. Obama could expand his war on inequality by proposing to raise the taxes of engineers and mathematicians and spread the wealth around to the underprivileged with sociology and english degrees burdened with Ivy League college loans and only able to find jobs at McDonalds or temporary gigs at Occupy Wall Street squatter camps.
Call it the Geek Rule.