From Bill Clinton‘s Democratic National Convention speech, September 5, 2012
“Now there are 250,000 more people working in the auto industry than
the day the companies were restructured. Governor Romney opposed the
plan to save GM and Chrysler. So here’s another jobs score: Obama two
hundred and fifty thousand, Romney, zero.” Wild applause.
Clinton attributes the 250,000 new jobs created to domestic and
foreign auto manufacturers, parts suppliers, and dealers located in
the United States to the Obama-directed bankruptcy of General Motors. Without the
President’s bold and decisive action, these quarter million new jobs
would not exist, and U.S. manufacturing would not have been “saved.”
Clinton gets his figures from the Bureau of Labor Statistics, which
shows that U.S. auto manufacturers (both domestic and foreign owned)
employed 624,400 at the time of the bankruptcy (June 2009) and now
employ 789,500 — an increase of 165,100 jobs. Auto dealers employed
1,009,700 in June 2009 and 1,081,200 today — a gain of 71,500 jobs. The
two gains add up to 236,600 jobs (Clinton’s 250,000).
Sorry, President Clinton. There is no way you can you attribute the
236,600 job gain to the General Motors bailout. According to the
carmaker’s annual report,
GM North America employed 70,000 in the United States in June of 2009
(the rest were in Canada and Mexico) and 74,500 today, for a net gain of
4,500 jobs. Of the auto manufacturing job increases, GM accounts for
only two percent.
go to forbes.com
Paul R. Gregory's writings on Russia, the world economy, and other matters that he finds of interest.
Thursday, September 6, 2012
Tuesday, September 4, 2012
World Economists Confirm America’s Decline under Obama
U.S. voters are being barraged by claims and counter claims of
how many jobs were lost or created under the Obama administration, did the
Detroit bailout hurt or help, and whether Obama or Republican stonewalling are to blame for the feeble
recovery. This partisan din kicks up a huge cloud of dust as self-appointed “independent
fact checkers” and “nonpartisan” think tanks contradict each other. Large
numbers of economists, some prominent and others less so, line up on both sides.
Pity the harried undecided voters in search of non-partisan information.
American voters could
well look above our political fray to the World
Economic Forum’s Global
Competitiveness Index (GCI). Every
year starting in 2004, the GCI ranks the world economies by their “competitiveness,”
defined as “the set of institutions,
policies, and factors that determine the level of productivity of a country,”
which, in turn, determines “the level of prosperity that can be earned by an
economy.”
Throughout most of its short history, the
GCI ranked the United States
first or second. At times, Switzerland,
Finland, Singapore, Denmark,
and Finland have given the U.S. a
run for its money.
The GCI, to its credit, addresses what should be the
core issue of any political debate in any country: How well have country
leaders managed the economic and political institutions that create prosperity
and growth? Obama should be re-elected or “let go” depending on how American
voters evaluate his stewardship of America’s political and economic institutions.
The World Economic Forum’s motto is: “Committed
to Improving the State of the World.” Its annual winter meeting in Davos, Switzerland attracts the world’s jet-setting political,
business, and intellectual glitterati as they discuss issues de jure -- the world
economy, health and HIV, climate change, and globalization. Presidents, prime ministers,
central bankers, queens and parliamentary/congressional notables rub shoulders
with Bill Gates, Russian oligarchs, Henry Kissinger, Bill and Hillary Clinton, Al
Gore, and Kofi Annan.
Barack Obama fits
the intellectual, cosmopolitan, and global profile of the World Economic Forum
to a T. A GCI conclusion that U.S.
political and economic institutions deteriorated under Obama’s stewardship could
not be spun as partisan by Obama’s spin masters.
go to forbes.com
Monday, August 27, 2012
On the Failed Job Creation Front, Obama Has Completely Run Out of Ideas
Unemployment is the millstone around President Obama’s neck in the 2012 election campaign. Attentive voters understand he is offering excuses — a worse-than-expected economy, financial crises requiring longer recoveries, bad luck of tsunamis, droughts, and the Euro — not solutions. Obama cannot deliver solutions because a real jobs program contradicts his core principles, alienates his base, and infuriates his crony contributors. He can only promise more of the failed policies –stimulus and tinkering — of his first three and a half years
.
Obama’s last foray into job creation was his American Jobs Act (AJA) submitted to Congress on September 12, 2011. Labeled “Stimulus 2” by its critics, Obama’s shopworn list of remedies, promised to “put more people back to work and put more money in the pockets of working Americans….without adding a dime to the deficit.” The AJA’s temporary tax credits to businesses that hire, extension of the payroll tax holiday, and more money for teachers and infrastructure stalled in both Houses and had to be taken up piecemeal. The payroll tax holiday extension passed Congress. Small businesses decided his tax credits for hiring were not worth the trouble.
A deafening silence followed. Obama’s vaunted Jobs Task Force has not met for more than a half year. Obama is out of ideas. He can only offer excuses, criticize those offering new solutions, and divert attention from the worst recovery in history with chatter about the rich not paying their fair share and his opponent’s tax returns.
One year ago, on the eve of the President’s jobs address, I wrote Why Obama Cannot Support a Real Jobs Program. In this piece, I showed what a real jobs program looks like and how it largely would have increased jobs, to use Obama’s AJA message, “without adding a dime to the deficit.” Here is the substance of what I wrote then as advice to the President:
go to forbes.com
Tuesday, August 21, 2012
New Business for American Trial Lawyers: Sue For Hurt Feelings
Nine Russian activists are
suing Madonna for millions. They were offended by
her support of homosexual rights during a concert in Petersburg. A February Petersburg law makes it illegal “to promote
homosexuality to minors” and reportedly there were children as young as nine at
the Madonna concert. They are demanding $10.5 million in damages.
Madonna is not the only
one. Three residents of Novosibirsk are suing
the jailed Pussy Riot Punk Rock girls for 30,000 rubles (about a thousand dollars) for hurt feelings
caused by the punk rockers behavior in a Moscow
cathedral.
U.
S. lawyers: get on a
plane to Russia.
Maybe you can learn how to sue for hurt feelings in the United States
where big bucks are at stake.
Labels:
hurt feelings,
Petersburg,
pussy riot,
trial lawyers
Sunday, August 19, 2012
Storm Clouds Ahead for Putin as He Takes on McCartney, Madonna and the LGBT Community
Virtually the whole world now knows that three girls wearing colorful
mini-skirts, tights and masks were arrested in a Moscow cathedral for
performing a punk prayer: “Holy Virgin: Drive Putin Out.” After a half
year in jail, undernourished and sleep-deprived, the three Pussy Riot
feminist punk band girls were sentenced to two years in jail for
“hooliganism motivated by religious hatred.” The judge refused to allow
testimony that their’s was a political act aimed at Putin and the
corrupt head of the orthodox church, Patriarch Kirill (widely known to
have been a KGB agent during the Soviet era). The girls maintained they
acted against Putin and Kirill, not against the church.
A new term is now ensconced in the Russian vocabulary – “khamsud”. Both the Pussy Riot and oligarch Mikhail Khodorkovsky trials were held in Moscow’s Khamovnichesky Court. Khamsud, roughly translated, is a court run by dishonest judges and prosecutors.
The harsh sentence to two years in a labor colony shook the world diplomatic and artistic communities, but prison terms are an integral part of Putin’s strategy of attacking “low hanging fruit” to show that dissent will not be tolerated. Putin sentenced Khodorkovsky, not once but twice, in “khamsud.” Other oligarchs were silenced or fled the country. But Khodorkovsky was one of those crooked oligarchs, people concluded and paid no attention. Similarly, Putin calculates that few Russians will care about bizarre punk rockers, whose short skirts revealed their rears as they genuflected on the church altar.
go to forbes.com
A new term is now ensconced in the Russian vocabulary – “khamsud”. Both the Pussy Riot and oligarch Mikhail Khodorkovsky trials were held in Moscow’s Khamovnichesky Court. Khamsud, roughly translated, is a court run by dishonest judges and prosecutors.
The harsh sentence to two years in a labor colony shook the world diplomatic and artistic communities, but prison terms are an integral part of Putin’s strategy of attacking “low hanging fruit” to show that dissent will not be tolerated. Putin sentenced Khodorkovsky, not once but twice, in “khamsud.” Other oligarchs were silenced or fled the country. But Khodorkovsky was one of those crooked oligarchs, people concluded and paid no attention. Similarly, Putin calculates that few Russians will care about bizarre punk rockers, whose short skirts revealed their rears as they genuflected on the church altar.
go to forbes.com
Labels:
Beatles,
khamsud,
Khodorkovsky,
LGBT,
Madonna,
Navalny,
Patriarch Krill,
Paul McCartney,
pussy riot,
Putin
Friday, August 17, 2012
An Open Letter to Vladimir Putin on Pussy Riot: Gregory Kataev (film and theatric director, Moscow)
Dear Paul,
I recently returned
from France where my sister organized a musical festival. An excellent group of international musicians
and students from the French conservatories participated, with each concert
being an event unto itself. People from
all over the globe were in attendance – friends, acquaintances, and strangers.
I was inundated by
questions about why the girls from Pussy Riot were in prison. A high ranking diplomat told me bluntly if
the girls had danced on the altar of Notre Dame they would be sentenced to a
fine or, barring payment, a week of public service. It would never have occurred to anyone that
girls who caused no physical harm or material damage to the church could be in
prison. Their punishment is purely
political, he declared.
Others were equally
incredulous: A Belgian burst out: “What is your court doing? Not everyone approves of what they did, but
the legal process produces nothing but a feeling of disgust! The whole world is indignant about this
inquisition, and the names “Nadia-Masha-Katya” now are symbols of political
repression.” An American complained to
me: “I admire Russian literature, music
and the churches. But the shameful
stories about the Patriarch’s 40 thousand dollars Breguette watches and his
self-serving apartment law suit case and the shameful trial of Pussy Riot have
caused a general loathing of Russia around the world. More and more people view Russia as a
totalitarian, abnormal state with a medieval mentality. Who can give credence to Putin’s ludicrous
statements about democracy, rule of law, and the creation of favorable social
and business climate?”
What could I possibly
answer as someone who loves his country but completely shares this outrage?
Pussy Riot adds to the
too many Russian trials over the last few years that have caused terrifying
reputational damage to Russia. No real
or imagined CIA campaign could cause such psychological or ideological harm to
the Russian image as this trial. The Patriarch’s silence is shameful. The cowardly, Pontius-Pilate Putin’s position, when he washes his hands of
the case demonstrating that he has nothing to do with the show trial, evokes even more international shame. Civilized countries cannot remain indifferent
to such abuses.
A friend invited two
wives of Russian billionaires to the music festival. At the end of the second day, during the
final part of the concert, two young women entered the packed concert hall
after ***knocking on the door. They were
met with scathing glances and they remained standing near the door, their
expressions assured, if not haughty. I
found myself near them, and couldn’t resist asking if they were Russian. They both proudly responded yes, but
obviously took offense at the question.
I took note of their magnificently varnished nails and expensive
clothes.
After the performance, I told my friend not to
bother introducing me to the two young women. I didn’t like them and didn’t
want to meet them. Regardless, after 15
minutes of subtle maneuvers through the crowd, my friend tapped my shoulder and
introduced them. They announced that
they were both Natashas (or Svetas - I forgot) and that according to the
Russian tradition I could stand between them and make a wish. I stood between them and said that I wished
the girls of Pussy Riot to be freed!
Another young Russian woman in their entourage exclaimed, “But why
should they be released?!” As I was
trying to explain my position, she shook her head and covered her face with her
hands, once again loudly exclaiming, “No, there was a cross, it was a sacred
place, you can’t do such things there!
They are criminals and should be judged as such!” The billionaires’ wives nodded agreement
while smiling at me at the same time.
Their friend and I continued to argue, attracting distasteful glances
from those who heard what was going on. After I slipped away, a vacuum formed
around the billionaire’s wives’ group, and they quickly disappeared.
After returning to
Moscow, I now suspect that too many Russians share the views of the tackily but expensively adorned
billionaires’ wives. I read the comment
sections of the press on Pussy Riot, and I see Russia itself. These are not Europeans or Americans
commenting, but Russians, with an almost childlike or fairy tale interpretation
of the controversy, expressed primitively and agressivly. Any intelligent discussion elicits vicious
responses and these opinions continue to safely hover on the internet. They cannot merely be explained away as
nonsense and political naiveté. The only explanation I can come up with is the
indulgence of the Russian intelligence services. The same story with the
numerous illegal surveillance recordings of the Russian opposition on the
internet.
In any country that
respects its own laws the publication of private information gathered illegally
on regime opponents would cause a hurricane of indignation in the media,
followed by criminal trials of those
responsible. But in Russia, only starkly
unjust criminal trials are initiated against
the political opposition and now the innocent girls of Pussy Riot. But the outside world perfectly understands
what is going on. And morning, as the
Russian song says, will eventually come.
Mr. Putin, you should
pay attention to what the international community is saying - the words and
deeds (or lack thereof) of the church
make it clear that Patriarch Kirill is your
puppet (or at least trying to be one).
Either you are not a very smart person, Mr. Putin, or it is your
advisors (which does not preclude the first option). People are discussing this
in every corner of the world… Paris, Orleans, Lyon, London, Edinburgh, Rome,
Florence, Venice, Brussels, Antwerp, Amsterdam, the Hague, Washington, New York
and most importantly…in Moscow. And I,
and the millions of others who love Russia and her culture, are terrified by
the Pussy Riot process, along with the other unjust and shameful legal situations
in Russia. I urge you to speak in
support of the girls from Pussy Riot, Mr. Putin.
Imagine how your
prestige and authority (and that of the Russian Orthodox Church) would rise if you
(or Patriarch Kirill) publicly denounce the charges against Pussy Riot. The group acted in bad taste and offended
parishioners, but they did not cause harm to any people or icons. These girls, whatever
they are - our children, we forgive
them; we love them and would like to meet with them in order to explain
something. Imagine the shattering
impression this would make on people around the world. This would be similar to Pope John Paul II
meeting with the Turk who had shot him in order to forgive him. This was the event of the year, but I don’t
urge you in order to follow a Roman Pope.
I urge you to switch on your mind (and your heart, if it still switches
on) for the glory of Christianity, the
glory of the historical confessors of Orthodoxy - in the glory of Russia.
If you cannot do this,
the impression will be justified that you have no spiritual values and that the president of Russia has only his own
self-serving calculations and political interests at heart. But, it seems to me that you will say
nothing. And it seems that you will
craftily continue to refer Pussy Riot
back to the Russian Courts and await
“ their” decision. You are crafty
because this was the same position you took during the Khodorkovsky trials
while at the same time you unsubstantially accused him of being up to his
elbows in blood and applied pressure to the courts. This is unfair and illegal. And while you are the Egyptian Pharaoh of
Russia you are beyond the law.
But things can change.
And I hope they will. And how will Russian history remember you? Will you be remembered as the one who created
self-destructing “vertical” of power,
primitive “manual control” and whose throne was propped up by the oil, gas and
lumber that are the national resources of
the entire country? Will you be
also remembered as the one under whose name, with your consent, citizens were
pursued, judged and sentenced as if Russian justice is a medieval inquisition? Just imagine what future school children and
students will read about you in their textbooks in fifty years from now? Or a hundred?
In your place, or that of Patriarch Kirill, I would feel fear and shame.
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