Many people are lamenting the failure of the Congressional "Super Committee" to come up with an agreement on ways to reduce the runaway federal deficits. But you cannot judge success or failure without knowing what the goal was.  If you think the goal was to solve the country's fiscal crisis, then obviously the Super Committee was a complete failure. But, if you think the goal was to improve the chances of the Obama administration being re-elected in 2012, it was a complete success.

 

Thomas Edison invented the incandescent bulb, the phonograph, the DC motor and other items in everyday use and became wealthy by doing so. Thomas Watson founded IBM and became rich through his company's contribution to the computation revolution. Lloyd Conover, while in the employ of Pfizer, created the antibiotic tetracycline. Though Edison, Watson, Conover and Pfizer became wealthy, whatever wealth they received pales in comparison with the extraordinary benefits received by ordinary people. Billions of people benefited from safe and efficient lighting. Billions more were the ultimate beneficiaries of the computer, and untold billions benefited from healthier lives gained from access to tetracycline.

President Barack Obama, in stoking up class warfare, said, "I do think at a certain point you've made enough money." This is lunacy. Andrew Carnegie's steel empire produced the raw materials that built the physical infrastructure of the United States. Bill Gates co-founded Microsoft and produced software products that aided the computer revolution. But Carnegie had amassed quite a fortune long before he built Carnegie Steel Co., and Gates had quite a fortune by 1990. Had they the mind of our president, we would have lost much of their contributions, because they had already "made enough money."

Class warfare thrives on ignorance about the sources of income. Listening to some of the talk about income differences, one would think that there's a pile of money meant to be shared equally among Americans.
 

Four of MF Global’s former clients have made public their experiences with the failed financial derivatives broker, each of them losing their money and two of them their businesses as a result of MF Global’s bankruptcy.  One, a commodity trading advisor who wishes to remain anonymous, described her experience when she first learned that MF Global was in trouble:

 

This is the perfect time to view this video exposé of Newt Gingrich by John F. McManus.

Voters beware the salesmen who come with hat in hand, pitching shiny or miraculous services and benefits for a bargain bottom price and the promise of a profit. Your wallets and blank checks are their target.  With a ballooning price tag and doubts about federal funding, it is increasingly obvious that voters were sold a bill of goods by the backers of California’s high-speed train to nowhere....

 

Occupy Wall Street’s latest grievance centers on student loan programs and higher education reform, and the group’s most recent campaign involves a movement-wide boycott on student loan debt repayment. Early Monday afternoon, a crowd of faculty and student organizers assembled at the southeast corner of New York City's Zuccotti Park to announce Occupy Student Debt, a national initiative directed at recruiting student loan borrowers and requesting that they willfully default on their loan payments. The campaign consists of three pledges:

1. A refusal to make loan payments. This pledge will take effect after a million debtors have signed on to the campaign.
2. A faculty pledge of support for the "refusers."
3. A general, non-debtors' pledge of support for parents, the students and other public sympathizers.

"Since the first days of the Occupy movement, the agony of student debt has been a constant refrain," New York University professor Andrew Ross announced to a crowd of more than 100 people. "We’ve heard the harrowing personal testimony about the suffering and humiliation of people who believe their debts will be unpayable in their lifetime."

The so-called SuperCommittee charged with finding $1.2 trillion in cuts over a 10-year period beginning in 2013 found its Kryptonite: itself. The members of what is officially known as the "Joint Select Committee on Deficit Reduction" admitted defeat in a November 21 press release where members stated, "We have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline."

 

Alice in Wonderland was written by a professor who also wrote a book on symbolic logic. So it is not surprising that Alice encountered not only strange behavior in Wonderland, but also strange and illogical reasoning — of a sort too often found in the real world, and which a logician would be very much aware of.

If Alice could visit the world of liberal rhetoric and assumptions today, she might find similarly illogical and bizarre thinking. But people suffering in the current economy might not find it nearly as entertaining as Alice in Wonderland.

Perhaps the most remarkable feature of the world envisioned by today's liberals is that it is a world where other people just passively accept whatever "change" liberals impose. In the world of Liberal Land, you can just take for granted all the benefits of the existing society, and then simply tack on your new, wonderful ideas that will make things better.

For example, if the economy is going along well and you happen to take a notion that there ought to be more home ownership, especially among the poor and minorities, then you simply have the government decree that lenders have to lend to more low-income people and minorities who want mortgages, ending finicky mortgage standards about down payments, income and credit histories.

Last Friday, the leaders of the former Soviet republics of Russia, Belarus, and Kazakhstan entered into an accord strengthening the economic integration of their three nations, a step they intend to accelerate their permanent union. The plan to create the new entity -— the Eurasian Union -— was first announced in a speech delivered by on-again, off-again ruler of Russia, Vladimir Putin.

It was in the Kremlin that the three presidents gathered to commit their countries to the policy of surrendering aspects of their individual sovereignty. The plan is called the “Declaration on Eurasian Economic Integration.” Russian President Dmitri A. Medvedev was quoted in the New York Times calling the project “a new and very powerful step on the path to forming a Eurasian Economic Union.”
 
While Vladimir Putin is credited with hatching the idea last month, the broad strokes of the U.S.S.R-lite were painted years ago. In fact, the current president of Kazakhstan, Nursultan Nazarbayev, floated the idea in the 1990s as a solution to the economic problem plaguing many of the former satellites of the Soviet Union.

JBS CEO Art Thompson's weekly video news update for November 21-27, 2011.

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