Debunk the lies

Thomas Sowell has a knack for cutting to the chase.  In this column he channels many Republicans' view that Democrats are allowed to get away with lying with impunity simply because they are not challenged by articulate arguments from Republicans.  He gives several examples.  Sowell raises a very good point.  In the absence of debunking these lies by Democrats the impression given is that Republicans believe them as well and therefore they must be received wisdom.  Sowell is saying is every lie should be challenged and debunked on the spot, immediately.  Now granted unlike their opposition Republicans do not have the benefit of media access, nevertheless there are ways now to get around this problem: the internet, talk radio and Fox News are three such ways.  Newt Gingrich and Chris Christie are two articulate Republicans who don't shy away from confronting the lies of the Democrats.  Unfortunately Romney seems reluctant to take them on.

China's scary financial system

Just when China faces its financial meltdown is unknowable, but without draconian action by the central authorities it surely will as is evident from this explanation of their rapidly expanding credit system looking a lot like what happened in the US during the runaway housing boom of the last decade.  The bottom line is regulators cannot control the credit expansion as fast as financial entrepreneurs find new ways to create more.  There is this difference:  during the US massive credit expansion the government while democrats were in control, were complicit in making the bubble happen by enabling Fannie and Freddie Macs to underwrite risky mortgages in the name of "social justice". In China it appears the central government in the control of the Communists are trying to reign inn credit expansion but simply cannot keep up with the wily entrepreneurs who are enjoying the current fruits of their bubble.  Hard to say where all this leads as the commies are able to operate free of any pesky media and in the end can impose "solutions" unavailable in our more transparent and legally defined system.  One such "solution" might be to send the entrepreneurs off to the gulag, never to be heard from again.  Could happen.

New taxes coming on January 1, 2011

This schedule brings home loud and clear how much taxes will increase in January of the coming year, unless the current laws are extended once again.  All of the tax repeals dating back to early 2000 will be reinstated and there will surely be new ones on top of these.  Say goodbye to small business growth.  Most small businesses are taxed at the individual rate and roughly one-half of all employees work for small businesses.  Think they can expand when their taxes are going to rise dramatically?  The forces of big government are now in control.  The private sector will continue to shrink, unemployment will not improve, the US will look a lot more like Europe, where 10% unemployment is the norm, innovation at all levels has shrunk, the administrative state reigns.  Thanks democrats!