The view from the top
Wednesday July 18, 2007
Categories: Conservatism
Is there anything George W. Bush can't do? According to NRO's Larry Kudlow, the president's got the power to make the stock market go koo-koo for Cocoa Puffs. That link will take you not only to the Kudlow post, but...
Filed Under: Conservatives, Kudlow
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About Crunchy Con
Rod Dreher is an editorial columnist for the Dallas Morning News, and author of "Crunchy Cons" (Crown Forum), a nonfiction book about conservatives, most of them religious, whose faith and political convictions sometimes put them at odds with mainstream conservatives. The views expressed in this blog are his own.
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Rod, I don't think you're being quite fair to Larry. All he's saying is that businesses around the world are, in fact, prospering, and America being on the offensive in fighting terrorism may be helping with that. It doesn't mean that he's saying that war isn't hell, globalization isn't wrenching, health care isn't an expensive mess, and that all is not hunky-dory. He's just pointing to one sign that's actually optimistic -- and that's kind of his job.
Besides, the stock market is a leading indicator. It's saying that everything will be hunky-dory later.
Ironic that "Monopoly Man" would illustrate a post about the free market...
Kudlow wrote the following (at NRO) yesterday, a more complete statement by far:
"The big theme in today’s Dow crossing the 14,000 threshold for the first time is one of unprecedented global economic growth and a worldwide stock market boom.
Simply put, this is the greatest global stock market boom in history.
What we are witnessing here, in virtually every corner of the globe, is the success and the spread of unbridled free market capitalism. It is a dynamic worldwide march toward lower tax rates, deregulation, and, as market strategist Don Luskin put it on last night’s show, the “interconnectedness” of global economies through free trade, the free flow of capital, and the robust free exchange of information.
Despite the persistent doom and gloom refrain from various sourpuss prognosticators, it remains the greatest story never told.
And it's not over yet.
This Goldilocks stock market and economy is celebrating her one-year anniversary in a remarkable bull market run that began last July. Since last summer, the Dow is up over 30 percent; Europe is up 40 percent; Japan is up 18 percent; and the BRIC (Brazil, Russia, India, China) index is up a mind blowing 64 percent.
That’s called global prosperity.
Here in the U.S., we’re getting a welcome speedup in the economy with profits and cash flow shares at record highs.
And what’s more, this global stock market boom signifies a major defeat for al Qaeda and all the terrorist jihadists who seek to destroy capitalism and our way of life. The spread of prosperity across the globe cannot tell a lie: The terrorists are on the wrong side, they are on the losing side, and their side will be defeated. Freedom and capitalism is moving full steam ahead. It will ultimately crush the evil, totalitarian jihadists.
Despite all the criticism President Bush has received over his administration’s Iraq war policies, the stock market has been booming throughout the whole period from early 2003 onward. Markets are giving Bush’s steadfastness in the battle of Iraq and the world terror war a big thumbs up vote of confidence.
Bottom line? Free market capitalism—it’s still the best path to prosperity."
While it's a stretch to equate a global economic boom as a reflection of Bush's war policy, his observation about radical Islam holds true:
They're on the losing side.
*****
Here's a breakdown analysis of US Census data on health insurance:
http://www.businessandmedia.org/articles/2007/20070718153509.aspx
Rod,
The more I read you lately, the more I am afraid you are going the way of Andrew Sullivan or Arianna Huffington (yes, I am exaggerating). You have gone from relative suppporter of the GOP and President Bush to letting your disdain for the administration cloud your worldview. Yes, Iraq sucks, we screwed up, there is no easy great alternative, I get it. But, there are some good things in the world as well, and Bush may even have done some good things. His economic policies have helped this nation's economy. His tax cuts did spur the economy. The deficit has been cut to less than half of 2004. The unemployment rate is very low. Things are good. Bush is the only thing between us and Democrat inspired socialism and stifling tax rates on small business. I agree that Kudlow is a little to roses and sunshine, but on the economy he is more right than wrong. It's like with Hugh Hewitt, take the unbridled optimism with a grain of salt. Although, when I am feeling a little demoralized, I enjoy reading Kudlow and listening to Hewitt, it makes me feel better. I want to be an optimist, they help.
Anyway, smile and know ultimately, God is still in control and His will be done. We nothing to fear.
Ditto Joe; Rod, i think you're being unfair to Kudlow on this one. Monopoly man? That's like using a Birkenstock to represent . . . oh, never mind.
"The greatest story ever told"?!? Wow, Capitalism is now the savior of the world. I don't know. The stock market may be good, but energy costs are rising and my daily commute is making life pretty tight. I wonder how this will all work out when corporate ethos seems to be charge what the market will bear rather than charge enough to get a fair return. I may be a pessimist and maybe it comes from being a low paid county worker, but the market will bear a lot more than I can afford and a CEO's sence of what it will bear may be just a wee bit skewed. One thing I do know, however, and its something that everyone of Irish descent whose ancestors were forced out of the Emerald island by hunger; pure, unregulated, laissez fair capitalism sets up conditions that kills. It also sets up conditions for Oligarchy. That looks to me to be where we're headed. We have CEO's earning literally obscene amounts of money when thier employees are losing their jobs and we have a distrusted congress that is at its lowest aproval ratings pretty much ever. They don't represent the people, possibly because they are to busy representing Oligarchical corporate interests. Yes, prosperity is good, but the picture really doesn't look like its all roses from here. And no, I can't entirely blame corporations. The keeping-up-with-the-joneses-must-have-the-latest-gadget-buy-it-on-credit-whether-i-can-afford-it-o- not attitude is the fuel for the excesses of our current corporate system.
Just me feeling pessimistic this morning.
God is in control and His will be done.
His will must be that rich people get richer and poor working folks have to struggle harder and harder to live the same way they did a mere 10 years ago.
Of course, in that ethos, struggling is good for ya. Puts hair on your chest while you slave to put food on your family.
Go team!
Well, since all the responses so far have been either hyperbolic or sarcastic, I must be on to something.
tv,
Boy, you obviously did not understand my point about God being in control. I did not mean that God wants people to suffer. I meant that even though things may be difficult and scary, we need not fear. God is in ultimate control; therefore, we have nothing to fear for those that believe in Him. God has a purpose and even though we may not understand it, it is still His purpose. God is sovereign. Maybe He does have a plan or purpose that includes some getting richer and some getting poorer (although I completely disagree that is what's happening). Our quality of life in this country today is a lot better than people had it just 50 years ago.
BTW - I don't recall Jesus teaching universal healthcare or income re-distribution. In fact, I don't think Jesus taught anything regarding preferred style of gov't or economy. Hmmmmm?
Also, our style of gov't and economy allows us to use what gifts God gave us to support ourselves and help those around us. I wanted to be a history teacher, but I decided to become a CPA since I would be better able to support myself and my family. I got a graduate degree and began working 100 hour weeks to get ahead. But I guess it's not fair that I make more than others. So, you would prefer my income be re-distributed to others. I see how that's fair.
Socialism destroys economies, but there is fairness, all people are then poor.
Congratulations on your hundred hour weeks. NEver mind that those hundred hours are spent keeping the books for the people at the top that only have fortunes to be "accounted for" by folks like you from the labor of the millions beneath them.
By laboring to save those few at the top the most money possible, you help enable the oppression of the millions beneath them. Better that the rich own 3 homes than the poor own one, I'm sure.
Joe said:
"Besides, the stock market is a leading indicator. It's saying that everything will be hunky-dory later."
Not quite. It may be that the monetary authorities have been printing money like there is no tomorrow, so that prices are being inflated. Try tracking the value of the US (or overseas) stock markets in barrels of oil or ounces of gold: I think you will find that we are nowhere near the highs of 2000.
As for the "hunky-dory" world of tomorrow? Consider this: "When people say, 'There is peace and safety,' then sudden destruction will come upon them as travail comes upon a woman with child, and there will be no escape." (1 Thess. 5:3)
Lee
Oh, so now I am responsible for the oppression of others. Wow, I didn't know I had so much power. You know nothing about me. Maybe you should worry about your own life before judging others. No, actually I have made sure that my employers financial statements were accurate so that pension funds of ordinary people would know what the fair price of the stock would be. I work to ensure our books are materially free from mis-statement. Also, many unions invest and I help ensure they don't get screwed. So actually, I help ensure fairness. I help the little guy.
Keep tellin yerself that, CPA-man ;)
'BTW - I don't recall Jesus teaching universal healthcare or income re-distribution. In fact, I don't think Jesus taught anything regarding preferred style of gov't or economy. Hmmmmm?"
Who would Jesus bomb?
Remember guys, war is good business-invest your kids.
Kim M
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