Man, talk about the base getting restless:
I do not track politics closely — I’m a pragmatic independent who actually had some nice things to say about Ronald Reagan. My political interest is to keep an eye out for policies which impact deficits and interest rates, taxes and spending, monetary policy and consumer sentiment.
I don’t ignore politics, but I don’t obsess over it either. I’m not a member of any political party, and for professional reasons, I do not vote in presidential elections (save your emails, your wasting your time).
However, when an Op/Ed from a normally conservative paper has lines in it like: "Mr Bush is now close to destroying the Reagan revolution," it makes you sit up and take notice:
IT should have been the crowning moment of his administration, the opportunity to exercise one of his most important privileges as President by picking two new judges to serve on the Supreme Court, thereby stamping his mark on American society for the next few decades, as only a few presidents have done before him. Instead, President Bush’s astonishingly short-sighted decision last week to nominate a close colleague with no judicial track record for the Supreme Court, following an earlier uninspired choice, risks condemning his administration to being remembered as the most debilitating since the sorry rule of Jimmy Carter in the late 1970s. There is no pleasure in recording this. This newspaper is second to none in its pro-American sentiments; in the early Bush years it devoted much ink to defending the President against the often malevolent and ignorant attacks of a congenitally anti-American European media. But we know a lost cause when we see one: the longer President Bush occupies the White House the more it becomes clear that his big-government domestic policies, his preference for Republican and business cronies over talented administrators, his lack of a clear intellectual compass and his superficial and often wrong-headed grasp of international affairs – all have done more to destroy the legacy of Ronald Reagan, a President who halted then reversed America’s post-Vietnam decline, than any left-liberal Democrat or European America-hater could ever have dreamed of. As one astute American conservative commentator has already observed, President Bush has morphed into the Manchurian Candidate, behaving as if placed among Americans by their enemies to do them damage.
The entire column is astounding; If you want to get a better understanding on why the right wing of the blogsphere is foaming at the mouth, this piece will do it.
George Bush, the Manchurian candidate
thebusinessonline, October 09, 2005
October 7, 2005 10:58 a.m.
The WSJ notes that "the U.S. economy lost jobs in September for the first time in over two years as economic convulsions from Hurricane Katrina damped the job market. The Labor Department said Friday that nonfarm payrolls declined by 35,000 jobs last month. That marked the first decline since May 2003, when the labor market was struggling to get back on its feet after being set back by the 2001 recession. The drop was the largest since a decline of 54,000 jobs in April 2003.
Meanwhile, the unemployment rate rose to 5.1%. Does the September employment report present an accurate picture of the labor market after Katrina? What does it mean for the economy going forward? Economists weigh in."
* * *
These were the two most interesting comments, in my opinion:
We doubt that this report has captured all the job losses caused by this storm and none of those that may have been triggered by Hurricane Rita. (For instance, the city of New Orleans last week announced that its loss of revenues was forcing it to cut workers this month.) Thus, next month’s report could reveal additional storm-related job losses. When re-hiring resumes, monthly job gains will tend to generate above-trend growth in employment. It is going to be especially difficult for at least the next two to three months to gauge the underlying national trends in the job market.
– David Resler and Gerald Zukowski, Nomura Securities International
We can’t ignore the pain in the Gulf Coast, but we shouldn’t ignore either that for the rest of the country the economy looks to be in good shape. The Fed is more concerned about rising inflation than weakening growth and this report should strengthen that case. With today’s report, I see no reason to expect the Fed to slow its measured pace, but they won’t see any need to go for a half-point bump either. Stripping out energy prices, almost all of the underlying inflation numbers are benign. Wall Street may not like today’s report, but Main Street should like it just fine.
(emphasis added, absurdity in the original)
– Bill Cheney, John Hancock Financial Services
There’s more after the jump . . .
October 7, 2005 10:58 a.m.