WSJ: Dems have decided on anti-Bush campaign issue. "The November Markets"

Wall St. Journal ^ | July 10, 2002 | Editorial

[The Raven]

As if investors weren't frightened enough, the politicians are now offering to help. That was worth 180 more points off the Dow yesterday, but then stock prices aren't the point. Everything you're hearing now from Washington is aimed at winning the November elections, not calming financial markets.

[The Raven]

Everything you're hearing now from Washington is aimed at winning the November elections, not calming financial markets.

Absolutely. The Dems have been trying to find something and now they have it. The clue always come in the form of NY Times editorials and skewed polls

Ladies & gentlemen -- this means war. We should not try to defend this fanning of an election issue - but turn it right back on them. Just say to the accusing liberal .... "Oh, the fabricated campaign issue. No one will ever believe anything you say anymore. Your integrity is worthless."

I noticed Rush was different on Monday. He wasn't falling into the trap of defending the Pubs against the liberal accusations. Or attacking them either. As soon as we start defending ourselves (or attacking)....we fall into the trap. They just want to get it "out there" because they win either way.

[bybybill]

that is silly--one moore time Rush is wrong, GWB layed down the law and we will see this whole issue go away.

[backhoe]

I didn't notice any of these political critters piling on when the markets were going up-- offering new laws and regulations "to be sure the little guy wasn't left behind."

Funny they start piping up now... don't they know that if you "regulate" the downside you also limit the upside?

[meenie]

The law of unintended consequences is at work here. The more that the political operatives try to calm the financial waters, the less confidence the investors will have in the market. The results of yesterday's speech and the new remedies proposed by Bush tended to roil the water instead of calming it. The same will be true if the Congress dwells on the subject. The financial markets will work the excesses out if there is no political involvement.

[jamaksin]

Perhaps the GOP should bring up just how Terry "money bags" got his maoney bags.

Or, how Tubba got the cattle futures "fortune" ...

Or ...

[jamaksin]

Ditto on Rush Dimbaugh

- his model of capitialism is that of Adam Smith - it assumes perfect competition - which depends on all market information being true and available to all market participants at the same time.

There are no such markets.

[The Raven]

That's it!!! Cattle futures !!! Perfect response to the Dems.

[laredo44]

The brighter CEOs have also been busy cleaning up their own act.

Have you ever seen a group move so fast when it wasn't, literally, a "life or death" situation? Ever since the Enron collapse, American businesses have been moving to make their enterprises "more transparent". Worldcom, Xerox, IMClone, have all been exposed under current laws. Business executives have begun the cleanup without any new legislation requiring them to act. And quickly, too! The government is too slow to help. Whatever proposals they concoct will address the past. Business will have already moved on.

Once again, that old bogey man, profit, will lead the way. By keeping score, business quickly knows when, how, and where to change.

Government rarely does. Sen. Levin and his playmates will only be in the way.

[The Raven]

>>....we will see this whole issue go away

I don't think so. Bookmark this thought for next November.

[CIB-173RDABN]

I disagree. There are many other things going on in the world right now and November is still a long way off.

If we move against Iraq between now and November, this story is gone (of course we will then be hearing "wag the dog", but the American people are not buying that one either.)

[TightSqueeze]

He's creating a new Justice Department task force on...

Another new friggin' badge jockey, how long will it be before we are a complete police state, and all citizens are deemed criminal?

[Captiva]

re Adam Smith model of capitalism

But you gotta agree - the model works & it's the best ever in the history of the world at freeing mankind and should be our goal, right?

[Molly Pitcher]

A " I hate the Dems and their co-conspirators, the lib media" Bump!

Limbaugh was different Monday...yesterday, tho, he did criticize one or 2 of the President's expressions, but over all he let Daschle and Gephardt have it with both barrels....

[The Raven]

how long will it be before we are a complete police state, and all citizens are deemed criminal?

Soon. When the government has complete control.

[The Raven]

his model of capitialism is that of Adam Smith - it assumes perfect competition

Huh???

Free markets EXPECT immperfect competition. That's how the best rise to the top. Government has perfect competition - NONE !!!!

[ReleaseTheHounds]

The WSJ has it absolutely right... The Dems just want the issue and they'll do everything they can to keep the markets spooked, uncertain and lacking confidence. What did Jon Corzine do at Goldman Sachs to promote corporate governance? What did his IPO investment banking group do to insure that investors were being given all the appropriate information necessary to make investment decisions and that the financials of the companies that Goldman Sachs was underwriting were perfectly transparent? Would Dashcle and Gephardt "sign-off" and take personal responsibility for the financial analysis, predictions, and accountability for the laws and budgets that come out of their committees? Would they be prepared to go to jail if any of those proposals/laws/budgets/appropriations turned out to have some fuzzy math in them?

[jamaksin]

Would "insider trading" - that is, a few profiting by having the inside scoop - be that "immperfect" [sic] competition of which you write?

[jamaksin]

Capitalism is a GREAT economic system - I am all for it.

However, the profits (so called excessive at times) MUST be gotten honestly! - not via collusion (investment bankers/equity analysts /VC's/ "cooked-books, pro-forma statements, ...) ... etc.

Grandmam and Grandpap will NEVER get their ENRON/Xerox/WorldCom/ ... pension money back and they will not have time enough to re-coup those "loses" - and yet the CEO's/CFO's/ ... etc. get to keep their manions/ ... etc.

And now we talk about reform - spell BARN DOOR!!!

This is what Dimbaugh et. al., miss or deny - the "markets" have been "rigged" and anyone with an oversight duty took that role as a noun not an active verb.

I am not seeking a simple witch hunt - I want an "no-holds-barred" inquisition - rake and all!!!

[Go Gordon]

anyone with an oversight duty took that role as a noun not an active verb.

Classic!!!

[Dialup Llama]

>Have you ever seen a group move so fast when it wasn't, literally, a "life or death" situation? Ever since the Enron collapse, American businesses have been moving to make their enterprises "more transparent".

10 months after we still don't have a visa tracking system. Also, Rush should say that gov't finances are worse than Enron. They do stuff no business could do regarding cooking the books.