Posts filed under “War/Defense”
Doug Casey is chairman of Casey Research, and is a best selling author, international investor, and entrepreneur. He travels the world looking for exceptional opportunities in real estate and undervalued companies in the natural resource sector (precious metals, oil and gas and more). The author of four best selling books, his Crisis Investing was #1 on the New York Times best-seller list for 29 consecutive weeks.
Casey is a libertarian, with a mean streak of political independence. The typical Bush bashing is an emotional jeremiad that alienates readers and proves nothing; Instead, Casey’s conservative critique of the last president is a calm, cogent, rational analysis of the last President’s legislative, budgetary, and foreign affairs accomplishments. I found it devastating.
Given our recent discussion of the Obama White House tactical errors, and the anniversary of 9/11, I thought this was as good a time as any to share Doug’s views.
Baby Bush: The Worst President in History?
By Doug Casey
I recognize that I’ve antagonized many subscribers over the years with “Bush Bashing.” In the January TCR, just after OBAMA!’s election, I said I wouldn’t mention Bush again, his departure having made him irrelevant. I only feel bad that he and his minions will apparently get away scot-free with their crimes; better they had all been brought up before a tribunal and tried for crimes against humanity in general and the U.S. Constitution in particular. But that is objectively true of almost all presidents since at least Lincoln.
Most of our subscribers appear to be libertarians or classical liberals — i.e., people who believe in a maximum of both social and economic freedom for the individual. The next largest group are “conservatives.” It’s a bit harder to define a conservative. Is it someone who atavistically just wants to conserve the existing order of things (either now, or perhaps as they perceived them 50, or 100, or 200, or however many years ago)? Or is a conservative someone who believes in limiting social freedoms (generally that means suppressing things like sex, drugs, outré clothing and customs, and bad- mouthing the government) while claiming to support economic freedoms (although with considerable caveats and exceptions)? It’s unclear to me what, if any, philosophical foundation conservatism, by whatever definition, rests on.
Which leads me to the question: Why do conservatives seem to have this warm and fuzzy feeling for George W. Bush? I can only speculate it’s because Bush liked to talk a lot about freedom and traditional American values, and did so in such an ungrammatical way that it made him seem sincere. Bush’s tendency to fumble words and concepts contrasted to Clinton’s eloquence, which made him look “slick.”
I’m forced to the conclusion that what “conservatives” like about Bush is his style, such as it was. Because the only good thing I can recall that Bush ever did was to shepherd through some tax cuts. But even these were targeted and piecemeal, tossing bones to favored interests, rather than any principled abolition of any levies or a wholesale cut in rates.
Is it possible that Bush was actually the worst president ever? I’d say he’s a strong contender. He started out with a gigantic lie — that he would cut the size of government, reduce taxes, and stay out of foreign wars — and things got much worse from there.
Let’s look at just some of the highpoints in the catalog of disasters the Bush regime created:
• No Child Left Behind. Forget about abolishing the Department of Education. Bush made the federal government a much more intrusive and costly part of local schools. Project Safe Neighborhood
• Project Safe Neighborhoods. A draconian law that further guts the 2nd Amendment, like 20,000 other unconstitutional gun laws before it.
• Medicare Prescription Drug Benefit. This the largest expansion of the welfare state since LBJ and will cost the already bankrupt Medicare system trillions more.
• Sarbanes-Oxley Act. Possibly the most expensive and restrictive change to the securities laws since the ‘30s. A major reason why companies will either stay private or go public outside the U.S.
• Katrina. A total disaster of bureaucratic mismanagement, featuring martial law.
• Ownership Society. The immediate root of the current financial crisis lies in Bush’s encouragement of easy credit to everybody and inflating the housing market.
• Nationalizations and Bailouts. In response to the crisis he created, he nationalized Fannie Mae and Freddie Mac and passed by far the largest bailouts in U.S. history (until OBAMA!).
• Free-Speech Zones. Originally a device for keeping war protesters away when Bush appeared on camera, they’re now used to herd.
• The Patriot Act. This 132-page bill, presented for passage only 45 days after 9/11 (how is it possible to write something of that size and complexity in only 45 days?) basically allows the government to do whatever it wishes with its subjects. Warrantless searches. All kinds of communications monitoring. Greatly expanded asset forfeiture provisions.
• The War on Terror. The scope of the War on Drugs (which Bush also expanded) is exceeded only by the war on nobody in particular but on a tactic. It’s become a cause of mass hysteria and an excuse for the government doing anything.
• Invasions of Afghanistan and Iraq. Bush started two completely pointless, counterproductive, and immensely expensive wars, neither of which has any prospect of ending anytime soon.
• Dept. of Homeland Security. This is the largest and most dangerous of all agencies, now with its own gigantic campus in Washington, DC. It will never go away and centralizes the functions of a police state.
• Guantanamo. Hundreds of individuals, most of them (like the Uighurs recently in the news) guilty only of being in the wrong place at the wrong time, are incarcerated for years. A precedent is set for anyone who is accused of being an “enemy combatant” to be completely deprived of any rights at all.
• Abu Ghraib and Torture. After imprisoning scores of thousands of foreign nationals, Bush made it a U.S. policy to use torture to extract information, based on a suspicion or nothing but a guard’s whim. This is certainly one of the most damaging things to the reputation of the U.S. ever. It says to the world, “We stand for nothing.”
• The No-Fly List. His administration has placed the names of over a million people on this list, and it’s still growing at about 20,000 a month. I promise it will be used for other purposes in the future…
• The TSA. Somehow the Bush cabal found 50,000 middle-aged people who were willing to go through their fellow citizens’ dirty laundry and take themselves quite seriously. God forbid you’re not polite to them…
• Farm Subsidies. Farm subsidies are the antithesis of the free market. Rather than trying to abolish or cut them back, Bush signed a record $190 billion farm bill.
• Legislative Free Ride. And he vetoed less of what Congress did than any other president in history. The only reason I can imagine why a person who is not “evil” (to use a word he favored), completely uninformed, or thoughtless would favor Bush is because he wasn’t a Democrat. Not that there’s any real difference between the two parties anymore…
As disastrous as he was, I rather hate to put him in competition for “worst president” in the company of Lincoln, McKinley, Wilson, the two Roosevelts, Truman, Johnson, and Nixon. He is simply too small a character — psychologically aberrant, ignorant, unintelligent, shallow, duplicitous, small-minded — to merit inclusion in any list.
On second thought, looking over that list of his personal characteristics, he’s probably most like FDR, except he lacked FDR’s polish and rhetorical skills. I suspect he’ll just fade away as a non-entity, recognized as an embarrassment. Not even worth the trouble of hanging by his heels from a lamp post, although Americans aren’t (yet) accustomed to doing that to their leaders.
Those who once supported him will, at least if they have any circumspection and intellectual honesty, feel shame at how dim they were to have been duped by a nobody.
The worst shame of Bush — worse than the spending, the new agencies, the torture, or the wars — is that he used so much pro-liberty and pro-free-market rhetoric in the very process of destroying those institutions. That makes his actions ten times worse than if an avowed socialist had done the same thing. People will blame the full suite of disasters Bush caused on the free market simply because Bush constantly said he believed in it.
And he’s left OBAMA! with a fantastic starting point for what I expect to be even greater intrusions into your life and finances. Eventually, the Bush era will look like The Good Old Days. But only in the way that the Romans looked back with nostalgia on Tiberius and Claudius And then Nero. And then the first of many imperial coups and civil wars.
Yesterday, we looked at the costs of various one time events versus the bailouts. It took one year of bailouts to rack up the debt totals of 206 years of war, westward expansion, space exploration, etc. The chart we created omitted numerous conflicts (WWs, the Civil War, etc.) and I was curious as to actual…Read More
Barron’s Alan Abelson comes forth with the reason why the terrorists have not attacked the USA since 9/11. They didn’t have to: Thanks to his vigilance, this nation was spared a terrorist attack after 9/11. And so it was, for which we are all profoundly grateful. And only the most vehement Bush-basher would sniff that…Read More
A conversation about National Intelligence with David R. Ignatius author and columnist for “The Washington Post”, Mark Lowenthal, President and CEO of the Intelligence & Security Academy and John McLaughlin, former American Deputy Director of Central Intelligence and former Acting Director of Central Intelligence
Excellent infographic depicting the enormous costs of the Iraq war. It explains in 10 steps why Secretary of Defense Donald Rumsfeld’s 2003 estimates of the war in Iraq’s costs at $60 billion were so wildly off by 10 times that figure. click for really ginormous graphic By the time the United States leaves Iraq, the…Read More
If you missed John Mauldin’s weekend piece (2008: Annus Horribilis, RIP), have a look at these estimates for earnings in 2008. They started at $92 (early ’07) and came down to $48: > Not exactly confidence inspiring when it comes to stock analysts.If you want to understand why we prefer to rely on objective data…Read More
Vitaliy N. Katsenelson, CFA, is director of research at Investment Management Associates in Denver, Colo., and he teaches a graduate investment class at the University of Colorado at Denver. He is the author of “Active Value Investing: Making Money in Range-Bound Markets” (Wiley 2007). ~~~ Dear Mr. Ex-KGB I’ve received so many emails about the…Read More