published Tuesday, January 3rd, 2012

Iowa first step on path to defeating President Obama

Who would be the best candidate to run against President Obama?

I n our nation's sometimes confusing presidential selection process, Iowans will have their say today on who the Republican nominee to face Democrat President Barack Obama next November should be.

That gets the caucus and primary season rolling, with New Hampshire's primary coming days from now and primaries in South Carolina and Florida following not long after.

The front-runners in the nationwide GOP contest -- former House Speaker Newt Gingrich and former Massachusetts Gov. Mitt Romney -- hope to do well in the early contests to build momentum.

It is anyone's guess who may win in Iowa, though, with Texas Congressman Ron Paul coming on strong in recent weeks. Romney is expected to win in New Hampshire, and Gingrich holds leads in South Carolina and Florida.

Critics of the Republican hopefuls point out that all of them have some political "baggage" that they will have to overcome in the primaries -- and that one of them ultimately will have to overcome in the general election against Obama.

But while we freely acknowledge that there is no George Washington nor Abraham Lincoln among the Republican candidates, we can state without reservation that any of the GOP hopefuls is leagues ahead of Obama in understanding how the economy works and in respecting the principles of limited, constitutional government.

By tomorrow, we should know whom the voters of Iowa prefer as their Republican standard-bearer against Obama. And in subsequent weeks we'll learn the same from other states. Once the GOP nominee is set, there is, of course, no guarantee that he will defeat Obama in November. But we may be assured that the nominee will present ideas and policies in refreshing contrast to those of the incumbent.

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Have you heard from Rick Perry? Or Michelle Bachmann? You would get better information flipping a coin to decide what to do.

And respecting the principles of limited, constitutional government? Newt Gingrich and Mitt Romney haven't met a principle they wouldn't sell out in a heartbeat. And Rick Santorum would have the government in your bedroom as soon as a fetal heartbeat could be heard.

The only ones I might give credit for integrity and wisdom would be Huntsman and Paul, but let's face it, you'd sooner get a cardboard cutout as the nominee than either of them. Paul doesn't want to go to war with Iran, and Huntsman doesn't hate immigrants.

Of course, your priorities are wrong anyway, because you are thinking of it in terms of how you want to defeat Obama. You should instead be focusing on how best you can help the country, because a decided lack of concern for the nation while appealing in terms of increasing electability versus an incumbent might work in the short-term, it will backfire in the end.

BTW, Lincoln was a compromiser and Washington imposed taxes with force of arms. Are you sure you'd want them running for office?

January 3, 2012 at 12:33 a.m.
nucanuck said...

Neither Obama nor the the GOP candidates have presented economic solutions to the problems we face. They all speak in generalities because there are only hard choices. How do we know who would have the courage to make those hard choices? We don't.

January 3, 2012 at 12:58 a.m.
acerigger said...

As my friend Joe Bageant(.com)sez,"we vote for personalities and fraudulent media issues such as gun control (both sides are hawking media baloney on that one) and threats such the legal union of Brian and Geoff destroying good Christian marriage -- this, despite that the Bible crowd set seems quite capable of doing it for themselves -- their divorce rate is no lower than we onanist librul fetus killers. And when it comes to halting the American suckdown of the planet's paltry remaining resources, only global revolution or an environmental collapse can get American faces out of the Cheetos bag, much less rock the ExxonMobil- Wal-Mart- Starbucks- Microsoft- Citigroup- McDonald's- Time Inc.- Monsanto bastards out of the saddle they own and occupy regardless of who is in the White House."

January 3, 2012 at 1:16 a.m.
nucanuck said...

I miss ole Joe, he was the among the best.

January 3, 2012 at 1:54 a.m.
acerigger said...

Yeah nucanuck ,his should be required reading for the 99%.

January 3, 2012 at 2 a.m.
librul said...

There are looming crises far more important than which Republican airhead will run against Mr. Obama. This reminder comes from Economic Collapse Blog:


Back in 2008, a financial crisis that began on Wall Street was felt in the farthest corners of the globe.

This time, ground zero for the financial crisis is going to be in Europe. As I have written about previously, the European financial system is rapidly coming apart at the seams. The euro continues to drop like a rock, and banking stocks continue their long-term decline.

Many people expect a "financial collapse" to happen on a particular day. But that is not how it happens usually. Instead, it is often like a snowball that starts rolling downhill very slowly at first but that eventually become a huge avalanche.

Right now, we are seeing the financial world come apart in slow motion. A recent article posted on Automatic Earth included a list of the year-to-date performance of some of the most prominent global banking stocks. These numbers are absolutely staggering....

BofA: -60.38% Citi: -44.76% Goldman Sachs: -46.41% JPMorgan: -23.03% Morgan Stanley: -45.24% RBS: -50% Barclays: -34.32% Lloyds: -63.02% UBS: -29.33% Deutsche Bank: -28,55% Crédit Agricole: -56.04% BNP Paribas: -37.67% Société Générale: -59.57%

But because these numbers happened over the course of a year and not on a single day it doesn't feel quite as much like a "collapse".

Unfortunately, things are about to get a whole lot worse. Global credit markets are really freezing up - especially in Europe.

Considering the fact that the entire global financial system is based on credit and debt, that is a very bad thing.

January 3, 2012 at 8:06 a.m.
librul said...


Our (Capitalist) system simply does not work when banks do not want to lend money to each other or to businesses.

Just yesterday there was an article in the Guardian that talked about how it looks like the credit crunch may be getting even worse....

"If European banks are still this concerned, it's not a good sign," said Karl Schamotta, senior markets strategist with Western Union Business Solutions. "That underlines the possibility that this liquidity crunch is getting worse and will continue into the new year."

When banks cut back on lending, that causes the money supply to shrink. When the money supply shrinks substantially, it is almost impossible to avoid a recession. A recent article by Ambrose Evans-Pritchard detailed how the money supply in many eurozone nations is shrinking at a very rapid pace right now....

Simon Ward from Henderson Global Investors said "narrow" M1 money – which includes cash and overnight deposits, and signals short-term spending plans – shows an alarming split between North and South.

While real M1 deposits are still holding up in the German bloc, the rate of fall over the last six months (annualised) has been 20.7pc in Greece, 16.3pc in Portugal, 11.8pc in Ireland, and 8.1pc in Spain, and 6.7pc in Italy. The pace of decline in Italy has been accelerating, partly due to capital flight. "This rate of contraction is greater than in early 2008 and implies an even deeper recession, both for Italy and the whole periphery," said Mr Ward.

Those are very, very frightening numbers.

About the only thing propping up European banks right now is the fact that the European Central Bank is loaning them gigantic piles of cheap money.

But there is a big problem.

European banks are running out of collateral for those loans as an article in the Wall Street Journal recently noted....

Even after the European Central Bank doled out nearly half a trillion euros of loans to cash-strapped banks last week, fears about potential financial problems are still stalking the sector. One big reason: concerns about collateral.

The only way European banks can now convince anyone—institutional investors, fellow banks or the ECB—to lend them money is if they pledge high-quality assets as collateral.

Now some regulators and bankers are becoming nervous that some lenders' supplies of such assets, which include European government bonds and investment-grade non-government debt, are running low.

So what happens when banks all over Europe start running out of collateral and can't get any more loans?

The answer should be obvious.

As I detailed a few days ago, many prominent voices in the financial world now believe that we could be looking at a financial crisis that will be even worse than 2008.

January 3, 2012 at 8:07 a.m.
librul said...


If you want to see what happens when a collapse happens and a depression begins, just look at what is happening in Greece....

*100,000 businesses have been closed since the beginning of the crisis.

*About a third of the nation is now living in poverty.

*The unemployment rate for those under the age of 24 is 39 percent.

*The number of suicides has increased by 40 percent in the past year.

*Thefts and burglaries nearly doubled between 2007 and 2009.

Things have gotten so bad that hundreds of families in Greece are abandoning their children.

Some are taking their children to charitable institutions and others are handing them directly over to the government.

The following sad story of one Greek family comes from an article in the Guardian....

"Psychologically we were all in a bit of a mess," said Gasparinatos. "We were sleeping on mattresses on the floor, the rent hadn't been paid for months, something had to be done."

And so, with Christmas approaching, the 42-year-old took the decision to put in an official request for three of his boys and one daughter to be taken into care.

"The crisis had killed us. I am ashamed to say but it had got to the point where I couldn't even afford the €2 needed to buy bread," he told the Guardian. "We didn't want to break up the family but we did think it would be easier for them if four of my children were sent to an institution for maybe two or three years."

Does that seem shocking to you?

Well, all of this is coming to America eventually.

Someday we will see American parents abandoning their children because they cannot take care of them anymore.

Someday we will see suicides absolutely skyrocket in America because people have lost all hope.

Someday we will see thefts and burglaries soar to unprecedented heights as millions of desperate people attempt to try to find some way to survive.

It is all coming.

The federal government cannot pile up a trillion dollars of additional debt every year indefinitely.

We cannot afford to see an average of 23 manufacturing facilities a day in the United States shut down. Eventually there won't be anymore factories to shut down.

We cannot afford to keep putting millions more Americans on welfare. At this point the government is feeding 46 million Americans a month. Will the government eventually be feeding most of us?

The U.S. economy is getting weaker and weaker and weaker. All of the long-term trends are absolutely nightmarish. We are accumulating debt faster than ever, and our ability to produce wealth is diminishing faster than ever.

There is no way that things are going to be okay if we stay on the path that we are currently on.

So the truth is that Americans should be very concerned about an economic collapse.

It is coming and it is going to be very painful."


January 3, 2012 at 8:08 a.m.
anniebelle said...

What has our country become when one party has only destruction in mind. No positives are mentioned for our nation, just hate for our current president. They're against everything humane and would help the planet and its inhabitants. All I hear is they'll DESTROY the Affordable Health Care Act; they'll destroy education for the masses; they destroy any effort to provide us with clean water and air; they'll destroy any country that dares to resist our occupations; and on and on it goes. These GOPer's are totally un-American and treasonous at the very least. I hope true Americans, who truly wants what best for EVERYONE and not just the 1%, will get off their couches and march to the polls to take these black shirts out of our lives.

January 3, 2012 at 1:21 p.m.
01centare said...

anniebelle said...

What has our country become when one party has only destruction in mind. No positives are mentioned for our nation, just hate for our current president. They're against everything humane and would help the planet and its inhabitants. All I hear is they'll DESTROY the Affordable Health Care Act; they'll destroy education for the masses

They'll destroy America if it will make Obama look bad. They've done everything they could possibly to to block every effort the president has made to place the country back on track to recovery. They want him to fail and fail badly, even if it means the destruction of America. Yes! And racism plays a very large role in that decision.

January 3, 2012 at 8:17 p.m.
SCOTTYM said...


It's funny that you posted that as the present situation in Europe, and here as well, is the inevitable result of the socialist policies you so love.

As PM Thatcher once said, "...Socialist governments traditionally do make a financial mess. They always run out of other people's money."

That socialist tsunami you mentioned before is happening now in Europe and is headed to this side of the Atlantic as well if we don't get our house in order.

The poorest will be hurt the most. But then, that always happens when leftist ideas are implemented.

January 3, 2012 at 10:48 p.m.

Actually I heard a report that what's really draining the money is the export-driven economies.

In other words, it's the capitalists whose covetousness has rendered everybody else too poor to keep up with economic activity.

The poor will certainly be hurt most since the rich still have the money to keep buying the laws they want, but it's not because wealth is going to them.

Or how else do you explain the growing income disparities?

January 3, 2012 at 11:05 p.m.
librul said...

Thanks, Happy - glad you get it - I gave up on ScottyM a long time ago. If he weren't unable to do internet research, he would know Socialists believe that workers should own the means of production rather than being grossly underpaid for their labor as though it and they were just another commodity on the profit-loss sheet. It is greedy capitalists who would move a plant to the North Pole in a heartbeat if they could extract more profit by employing Santa's elves for free as off-season labor.

Note to ScottyM: The European Central Bank and the other global financial institutions watching their balance sheets shrink are not run by socialists but are suffering the predictable consequenes of blind Wall Street greed enabled by deregulation and "free-market" policies begun here by that devil Ronald Reagan.

January 3, 2012 at 11:47 p.m.
kinch7 said...

The person who wrote this editorial better hope and prays Mr. Obama wins again. I doubt seriously if he or she is a millionaire.

January 6, 2012 at 5:12 p.m.
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