VDH Joins the TEA Party Consensus

Though he seems to come to his conclusion reluctantly, and suggests that what we are witnessing (and which some of us predicted) is less full on shrug than a shifting of the load…

Atlas Is Sorta Shrugging

by Victor Davis Hanson | Works and Days (Pajamas Media)

Both the president and his supporters fault supposedly self-interested corporations and “the rich” who sit on “trillions of dollars” in capital and won’t hire new workers or make massive purchases of equipment. They are the real cause of record budget deficits, unsustainable aggregate debt, credit downgrading, high unemployment, a nose-diving stock market, sluggish growth, near-zero interest rates, explosive trade deficits, sky-high energy and food prices, a still ruined housing market, and a general fear of new hyperinflation.

There is some truth to Obama’s screed, though not quite in the way he thinks. So let me be perfectly clear and make no mistake about it and let’s be honest: The employers of America have taken a time out, despite the fact that now might be a good time to gear up for the inevitable recovery. They haven’t let the resting world fall entirely from their broad shoulders, but they have bent over for a bit and the globe is tottering on their upper arms.

Consider why after nearly three years our tired Atlas is starting to slouch.

I urge you all to read the whole thing, and then take a look around…

Shortlink:

Posted by on August 19, 2011.
Filed under Economics.
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  • Anonymous

    “our tired Atlas is starting to slouch”

    Slouch?  He’s on his freaking knees!  He’s like former Governor Gray Davis just before he got recalled.  Throwing favors to “special interest groups” to stave off the recall by garnering votes.

    Barry wants “diversity” in the federal work force.  Is that because Blacks have double the unemployment rate of the general population?  Now wait a minute!  Aren’t we going to find out what PERCENTAGE of the work force is already Black before we hire more?  We wouldn’t want one race or another to be OVER-REPRESENTED would we?

    And how about Homeland Security’s new “review” policy.  You can’t be deported, unless you’ve been “convicted”.  So if you’ve been “arrested”, there’s no immigration “hold” to worry about, seeing as you’ve yet to be “convicted”.

    Interesting story in the local rag the other day.  An ILLEGAL was arrested for drunk driving after a lengthy pursuit that ended in a crash.  The young man has 3 (THREE) prior “arrests” for drunk driving.  He’s never been “convicted” because he never showed up for court once he was released on his WRITTEN PROMISE to appear at a later date.  Oh, and he has 12 (TWELVE) prior “voluntary” deportations to his credit.

    But he’s never been “convicted”.

    • http://www.facebook.com/people/Bob-Armstrong/100002793292779 Bob Armstrong

      All of those arrests mean that the Bush administration did nothing to deport this guy? Unless of course those arrests were in a deep blue sanctuary city.

      That’s ok, right?

      It’s only when a black president does exactly what Bush did that it’s a problem. Thanks for letting me clarify my racist position on that.

       

      • Anonymous

        It’s Barry who’s screwing with “Executive” orders asshat.  Or hadn’t you noticed.

        Typical lib asshole….But…but…but…..whine…….waaaaaaaaaaaaaa.

        Bush ISN’T president any more.  So lets talk about the CURRENT president and what he’s doing.

        Or as Truman said, “If you can’t stand the heat, stay out of the kitchen”.

        And your RACE CARD is overdrawn.

        • http://www.facebook.com/people/Bob-Armstrong/100002793292779 Bob Armstrong

          Oh, I didn’t know executive orders were a problem – but then, EOs are only a problem when that black president does it, right?

          Cause in his 96 months in office Bush averaged 3 Executive Orders per month.

          In Obama’s 32 months in office he’s averaged 1.7 Executive Orders per month.

           ”Typical converavative asshole….But…but…but…..whine…….waaaaaaaaaaaaaa.”

          “And your RACE CARD is overdrawn.” –

          And your bigotry is on prominent display. Here’s a black president being slammed for using Executive Orders when the last white President did more of it and you don’t give a damn. It’s ok that Bush did it, but how dare that Black president use Executive Orders — who does he think he is — a white man?

          Your racist card is alive and well, and writing checks facts can’t support, asshole. Thanks for proving my point.

          http://en.wikipedia.org/wiki/List_of_United_States_federal_executive_orders#George_W._Bush_.282001-2009.29

          • Anonymous

            Waaaaaaaa…………..
            RACE CARD!!!!!!!!!…………….
            Waaaaaaaaaaaaaallllllllllll
            BIGOT!…………………..
            Waaaaaaaaaaaaaa……….

            Got anything else of SUBSTANCE, Shithead?

          • http://www.facebook.com/people/Bob-Armstrong/100002793292779 Bob Armstrong

            You mean besides the opinion and link above about Executive Orders that prove I’m nothing but a loud-mouthed racist bigot?

          • Anonymous

            Waaaaaaaaaaaaaaaaaaaa!!!!!!!!!!!!!!!!!

          • http://www.facebook.com/people/Bob-Armstrong/100002793292779 Bob Armstrong

            lol.. reduced to blubbering. What happened to the  big brave man spewing all those cuss words?
             

          • Anonymous

            Waaaaaaaaaaaaaaaaaaaa!!!!  You fail to understand.  That’s all a sniveling shithead rates.

          • Anonymous

            You do not understand.  That is the sound of the Waahhhmbulance coming for YOU, Bub.

          • Anonymous

            EOs are only a problem when that black president does it, right?

            No, EOs are a problem when, like Obumble’s amnesty EO, it prevents enforcement of a duly enacted statute passed by the Congress. Obumble’s constitutional duty is to enforce the immigration laws passed by the Congress. Congress has decreed that illegal aliens be deported, and this EO undoes this. It is blatantly unconstitutional and should offend anyone whose head isn’t up his ass.

          • Anonymous

            EOs are only a problem when that black president does it, right?

            No, EOs are a problem when, like Obumble’s amnesty EO, it prevents enforcement of a duly enacted statute passed by the Congress. Obumble’s constitutional duty is to enforce the immigration laws passed by the Congress. Congress has decreed that illegal aliens be deported, and this EO undoes this. It is blatantly unconstitutional and should offend anyone whose head isn’t up his ass.

        • https://plus.google.com/114041580398058374552/posts McGehee

          Don’t engage the Talking Points Echo.

          • http://wizbangblog.com/author/rodney-graves/ Rodney G. Graves

            Indeed.  Engaging the hippy dippy duo is like wrestling with a pig: You get dirty and the pig enjoys it.

      • Anonymous

        What does Bush have to do with it? Maybe you missed it but most conservatives fought Bush tooth and nail over illegal immigration. So now it’s nearly 3 years later and you still want to beat on Bush for every single failing of Obama?

      • http://pulse.yahoo.com/_G7YIUZMXOD5JGZZTCYMVA75KFU Shadow

        Yes, it is a problem when a BLACK President does it and the liberal media covers for him because he is BLACK after having covered his past to get him elected because he is BLACK.  It is a problem when Congress doesn’t stop his willful disobedience of our laws because he is BLACK.  There’s your race card sir. 

        I don’t believe the country would be nearly as tolerant if we were being ruined by a WHITE President because the power of the media and other branches of government would not be afraid to call him on it.  That is my honest opinion so I guess you can call me a racist now.

      • Jeffrey Carlson

        Did you read his comments? Twelve deportations. Calling conservatives racists means you don’t have to debate on the merits. Convenient.

  • Anonymous

    Of course sluggish domestic demand caused by low wages has nothing to do with the recession.  As one guy said – American business had this magnificent market of workers which both built and bought their products, but then they wrecked it by exporting the jobs.  Now most people get paid jack shit and can’t buy anything, even Chinese imports.

    Victor Davis Hanson knows as much about economics as he does about war, close to zero.  I’m surprised that pompous chickenhawk didn’t throw in a few misplaced references to King Croesus. 

    • Anonymous

      Yeah, we sure had “sluggish” demand, just before the crash, didn’t we?

      And unemployment was just above 4%

      Why not send Jeff Emelt an email about “sending jobs overseas”?

      • Anonymous

        Right, because demand was fueled by people “taking equity” out of their houses with loans.

        • Anonymous

          Yep, someone put a gun to their heads, made ‘em apply for a ‘wink-wink, nudge-nudge’ loan with a flexible rate on the premise that the property value would inflate.  Then that same person put a gun to their head and FORCED them to take out that 2nd mortgage.

          • Anonymous

            Nobody did, but the point was that demand was fueled by money borrowed by consumers, not wages.  When the RE asset bubble collapsed, borrowing stopped, many people were “in a hole” and demand collapsed.  People borrowed because they were getting paid jack shit in wages.

          • Anonymous

            Hmm, and the doubling of gas prices has nothing to do with it either, right?

          • http://www.facebook.com/people/Bob-Armstrong/100002793292779 Bob Armstrong

            lol…

          • Anonymous

            Well, if the Fed wasn’t printing money to loan to banks at 0% interest, and if banks were prohibited, as they were until 1991, from speculating in commodities, maybe oil prices would not be bid up by banks using the printed money.

            See this article which explains it:  http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405?page=5

            So what caused the huge spike in oil prices? Take a wild guess. Obviously Goldman had help — there were other players in the physical commodities market — but the root cause had almost everything to do with the behavior of a few powerful actors determined to turn the once-solid market into a speculative
            casino. Goldman did it by persuading pension funds and other large institutional investors to invest in oil futures — agreeing to buy oil at a certain price on a fixed date. The push transformed oil from a physical commodity, rigidly subject to supply and demand, into something to bet on, like a stock. Between 2003 and 2008, the amount of speculative money in commodities grew from $13 billion to $317 billion, an increase of 2,300 percent. By 2008, a barrel of oil was traded 27 times, on average, before it was actually delivered and consumed.

            Wake up, America!

          • Anonymous

            Yes, that ever truthful expert rag of economics.  Great quote.

          • Anonymous

            So, not getting paid jack shit in wages made them buy a house they couldn’t afford, and then take out a 2nd mortgage they couldn’t afford.  Right?

            It’s the corporations man!  They’re starving the people man.  Paying them shit man.  And then charging high prices for their goods man.  And sooner or later the corporations are going to have all the money man.  And then and then the people will have nothing.

            Okay.  So WHO will the corporations sell to then?

            Dumb ass.

          • Anonymous

            Seems some of our liberal friends missed basic ecomonics, supply/demand determine prices, same with wages you generally get paid at the value of the job not at rate of your spending/debt, unless of course your the government.

          • http://www.facebook.com/people/Bob-Armstrong/100002793292779 Bob Armstrong

            Notice how I always change the subject rather than admit I’m wrong?

          • Anonymous

            Yeah.  Says the asshole who jumps around when asked to present facts.

          • Anonymous

            Dirty hippie powers unite!

          • Anonymous

            Says the guy that goes straight to the race card. 

          • Anonymous

            Notice how Bob always name calls rather than engage the subject at hand?

    • Clay

      Seen the corporate tax rate lately? If you had, then your ire would be rightly directed towards the greedy government. That’s not to mention the ever-changing tax laws that keeps your head spinning and wondering which capital investment is blessed this week, but maybe not next. Do you own a business? I didn’t think so.

      • Anonymous

        I’m in favor of lower corporate tax rates.  But again, Hanson loves war but doesn’t understand that someone has to pay for it?

        • Clay

          Hanson isn’t the only one who loves war. Have you noticed that we’re still in Iraq and Afghanistan? But now we’ve added Libya and Yemen. Oh yeah, Gitmo is still open too. Some anti-war president.

    • Anonymous

      “Of course sluggish domestic demand caused by low wages…”
      I would very much like to see your data supporting that assertion. Raw data, not somebody’s opinion piece.

      “American business had this magnificent market of workers which both
      built and bought their products, but then they wrecked it by exporting
      the jobs.”
      Now why do you suppose those jobs were moved off-shore? Like the semiconductor business, did you know the U.S. used to be the world’s leader in semiconductor fabrication? Gone to Asia, largely because the Congress and the EPA banned the use of freon as a cleaning agent. I think that was what Teddy (Chivas) Kennedy used to refer to as “globalization.”

      • Anonymous

        Here’s a link to showing BLS statistics showing decline in wages in 2009 -
        http://seekingalpha.com/article/182866-the-shocking-deterioration-of-inflation-adjusted-wages

        I hope I don’t have to spell out the connection between people making less money and buying less stuff to you.

        Like the semiconductor business, did you know the U.S. used to be the world’s leader in semiconductor fabrication? Gone to Asia, largely because the Congress and the EPA banned the use of freon as a cleaning agent.

        Freon?  Riiight, aside from the fact there are substitutes for Freon, I’m sure it had nothing to do with the $2  per hour or per day wages they pay in China or Malaysia.

        • Anonymous

          “I hope I don’t have to spell out the connection…”
          No, not spell it out… demonstrate that those numbers are the underlying cause. Right now your assertion is just that. You need to prove, with economic analysis, that your assertion by excluding all other possibilities. Otherwise, that’s just your opinion.

          “Freon?  Riiight, aside from the fact there are substitutes for Freon”
          Back then, no, there was no cost effective option to freon. Which is exactly what was used in those Asian fabrication plants. EPA banned the use of the stuff. No requirements for effective containment in the manufacturing process. Banned it!

        • Anonymous

          Yeah.  The ‘substitutes’ were MORE EXPENSIVE.  And Chico knows that companies NEVER pass on higher costs for their products.

          • Anonymous

            I’m willing to give Chico a couple or three days to pull his numbers together. That ok with you?

          • Anonymous

            Sure.

          • Anonymous

            I gave you the graph showing decline in wages.  If you don’t get the connection between “paid less” and “buying less,” I can’t help you.

            It’s called:
            c o m m o n   s e n s e.

          • Anonymous

            Proof in this issue cannot be measured in “common sense.” It’s measure is expressed in standard deviations.

            But we all know what your opinion is, and thank you for it.

          • Anonymous

            Keep your deviations to yourself. [He says to the man in the mirror]

          • Anonymous

            Well, if Freon causes destruction of ozone which screens out UV, it’s kind of a big issue, right?  Of course, we don’t believe in “science” do we?

          • Anonymous

            No we weren’t talking about “science”.  IIRC, the topic YOU brought up is why did the semi-conductor business in the US MOVED TO ASIA.

            You do remember that, don’t you?  We can play dodge ball all day.  Nice try.

            Anyone ever tell you you’re full of shit?

          • Anonymous

            No we weren’t talking about “science”.  IIRC, the topic YOU brought up is why did the semi-conductor business in the US MOVED TO ASIA.

            You do remember that, don’t you?  We can play dodge ball all day.  Nice try.

            Anyone ever tell you you’re full of shit?

          • Anonymous

            You’re full of shit

          • Anonymous

            Commander_Chico and his army of one!  

            Hippie powers unite!

    • http://profiles.yahoo.com/u/YSM6XGIY2CLRQKYDB746ZVVUUI Texas Accountant

      Commandante,

      I think that you may be wrong on VDH’s “never saw a war he didn’t like.”  I’ve read some of his books and he is named after an uncle who was killed on Okinawa.  He writes eloquently on the feelings of family members left behind. 

      You may want to rephrase “The wars didn’t pay for themselves” to “The wars aren’t paying for themselves.”  They are still going on and we’ve added more.  On the other hand, I feel a little more relaxed now that the Third Armored Calvary Regiment is stateside – if you know what I mean from previous conversations.

  • Anonymous

    “Oh’ mighty procurer of puppets… Grant us a reprieve from Chucky’s cheese..”

  • Clay

    Atlas isn’t ‘sorta’ shrugging. It is a full-on shrug. Anyone would be a fool to risk capital in this environment. Obama, Reid, and Pelosi have wrecked this economy about as far as it can go. Nope. I’m not hiring any new staff or investing in any equipment in the near future. I’m no fool.

  • herddog505

    [T]he president and his supporters fault supposedly self-interested corporations and “the rich” who sit on “trillions of dollars” in capital and won’t hire new workers or make massive purchases of equipment. They are the real cause of record budget deficits, unsustainable aggregate debt, credit downgrading, high unemployment, a nose-diving stock market, sluggish growth, near-zero interest rates, explosive trade deficits, sky-high energy and food prices, a still ruined housing market, and a general fear of new hyperinflation.

    Oh, exactly, because the government has NOTHING to do with any of those things.  I mean, Barry, Harry and Nan did their part: they blew through $800 billion* in borrowed money to stimulate the economy, but those darned corporate execs with their jets just failed – REFUSED – to be stimulated and start spending their own money on shovel-ready projects.

    Never mind that the price of energy has gone up (which tends to happen when the president refuses to issue drilling permits and threatens to add new emissions regulations to existing plants, driving them out of business).  Never mind that the cost of labor is now uncertain as no company can know what its ObamaCare costs will be in a few years (unless they get a waiver).  Never mind that the government has made it unmistakably clear that it can and will interfere with business decisions such as where a company may locate a new factory or even how a company may cope with bankruptcy.

    Nossir, the government has NOTHING to do with our economic slump.  So, lets go tax and regulate and otherwise punish those fatcats some more!  THAT will make ‘em start hiring!

    Jebus…

    —-

    (*) Does anybody know where all that money went, by the way?

    • http://www.rustedsky.net Anonymous

      Obama’s stash?  That’s where the money was supposed to come from to pay the mortgages and gas bills…