In the early stages of Obama letdown syndrome

Obama Win Causes Obsessive Supporters To Realize How Empty Their Lives Are

Did you get the late-breaking memo?

A friend just pointed out ridiculously coordinated media coverage about the dramatic drop in the Dow Jones Industrial Average since Barack Obama was elected two days ago.

Earlier this afternoon the headline "Stocks tumble, lose 10 percent since election day" may have given someone the impression markets were not entirely comfortable with the new president-elect.

Can't have that.

If you do a Google search of that headline, you will see every media outlet who carried the AP article made the same change. I didn't do a screen capture of the original article, but the screen capture below certainly suggests everyone got the memo.

Now there's a great plan

California is back in the news with Gov. Arnold Schwarzenegger's proposal to raise taxes by $4.7 billion "to get our budget back on track, invigorate our economy and generate jobs for the state's unemployed."

Stopping government takeover of private sector

Lexington's Warren Rogers went to bat a few years ago to stop the government takeover of Kentucky American Water Company. Now he is back, as Chairman of Kentucky Club for Growth, battling the federal effort to usurp private sector jobs.

This morning, Rogers debated Kentucky AFL-CIO President Bill Londrigan. To Londrigan's credit, the union thug did not scream or utter any profanities during the entire debate.

The discussion primarily was about the card check provision of the Employee Free Choice Act which would increase union intimidation of workers. Interesting, Rogers pointed out a provision that is even worse than that:

For more coverage, go here.

Will work for massive pension boost

Expect to see Sen. David Boswell retire now that his bid to either get hired in the Beshear administration or go to Congress have failed. Had he been able to get a state executive branch job, he would have been able to artificially increase the state pension you will pay him. Since he couldn't, his pension payments are set to go down on January 1 if he is still in the Senate.

Thinkin' about goin' to Washington anyway

She's not talking, but it's looking like we could soon have a Sen. Sarah Palin from Alaska.

Sen. Ted Stevens appears to have been narrowly re-elected despite his felony convictions. His ouster would create a very interesting opportunity for Gov. Palin.

She could help keep Sen. Mitch McConnell in line while she gains that critical Washington experience.

Well, okay, there is this

The chairman of the economics department at George Mason University in Virginia has one pretty good reason free-marketeers shouldn't commit suicide just yet:

5 November 2008

Editor, Washington Times

Dear Editor:

Re "Obama wins presidency" (November 5): to all persons who understand that freer markets bring greater prosperity, I offer a reason to applaud Obama's defeat of McCain.

A President McCain would have followed Bush's script: singing paeans to free markets while simultaneously meddling and spending in harmful ways. Nevertheless - with popular attention on the song rather than on the substance - the problems caused by these intrusions would have been blamed on "free market fundamentalism" or even laissez-faire capitalism. At least Pres. Obama's destructive policies will not unjustly give capitalism a bad name.

Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics

Score one for laissez-faire capitalism maybe not getting blamed for the next failure caused by government manipulation. By that reasoning, we can wonder what kind of financial market fix President John Kerry would have been able to get away with if he couldn't blame the problem on free markets.

And in other news...

The most important Kentucky race of 2008 just really gets started today.

The most important man in Washington

President-elect Barack Obama will have one person standing in the way off his agenda next year. That person, of course, is Senate Minority Leader Mitch McConnell of Kentucky.

That's because Senate Democrats fell short of a filibuster-proof 60 votes. Sen. McConnell knows better than anyone how to tie up bad bills in the Senate. That means a rough road ahead for tax increases and some of the new spending programs Obama has in mind. Unfortunately, Obama won't need Congress to take over the mainstream media with a new Fairness Doctrine.

Starting in January, Sen. McConnell is America's firewall.

Anyone want a ten-bagger?

If you still think Sen. John McCain can win and want to put your money where your mouth is, you might be able to turn $100 into a quick $1000.

Just go to Intrade.com.

Election coverage tonight online

I'll be on the radio with Clearchannel's Leland Conway tonight from 6 pm to 10 pm eastern. That's 630 WLAP or wlap.com.

Call in on 859-280-2287 or email or message me on Facebook. It will be a very interesting evening.

Trying times

Considering the alternatives to be worse, this morning I voted for two men who loudly supported the banking bailout that Washington D.C. is now trying to expand into other industries.

Endangering lives at Fayette jail

Last week, Officer Luke Valdez blew the whistle on dangerous policies at the Fayette County Detention Center. This week, he is back again with more:

"It will only be a matter of time when the inmates housed at Fayette County Detention Center figure out the times when the minimal amount of people will be able to respond to emergencies. This will happen at least nine times in a twenty-four hour period. Inmates will use this against the officers and take advantage of these windows of opportunity in an effort to maximize the amount of disruption they can cause. I understand that the way we handle breaks and work shifts had to be changed due to the lawsuit, but the officers of FCDC feel that we are being retaliated against because of this. I have been told several times that FCDC officers receive some of the best training in the nation, yet we are not treated in this manner. Currently Operational Order 3.1-2C states that if an officer responds to an emergency tone, without a commander’s permission and is on break, he or she will write a report and the major will take progressive disciplinary action on that officer. That officer is only doing what he has sworn to do. Before the changing of the Op-order, if an emergency tone went off you were required to respond and once you were relieved by a commander you continued your break, and this worked smoothly."

Don't hold your breath waiting for Mayor Jim Newberry to do something about this. As Officer Valdez suggests, this looks a lot like retaliation for the wage and hour lawsuit.

A strong indicator of newspapers' state of decay

If you are looking for proof that agendized newspapers are counting on Sen. Barack Obama to give them the fairness doctrine so they don't have to compete so hard in the marketplace of ideas, look at the Bowling Green Daily News. That paper's whiny general manager is picking fights with high school yearbooks:

"This isn’t even close. High school yearbooks should not be on the agenda or getting awards where budding high school journalists are in attendance."

And if you are still looking for a reason to keep Sen. Mitch McConnell in the U.S. Senate, let this be it. It could well be that in January, Sen. McConnell is all that stands between us and a radical shift to the left none of us want or can afford.

Caring about kids Steve Beshear's way

Gov. Steve Beshear has unveiled a new, expensive program to recruit families who are eligible for public health benefits but aren't partaking of them. Today, he launched the web site and called for a November 18 pep rally.

The program seeks to spend at least $25 million a year on expanded government health insurance benefits. That's $25 million a year we already don't have. That means we will have to borrow it.

Then there is this from the press release:

"To celebrate the launch of the KCHIP initiative, Gov. Beshear and Kentuckians who care about children’s health care will gather at 2 p.m. ET on Tuesday, Nov. 18, 2008, at the Frankfort Civic Center in downtown Frankfort. The public is invited to attend."

Something tells me they aren't going to be much interested in hearing from Kentuckians who care about children's health care and want to improve it by getting the government out of it as much as possible. At a minimum, we could care for kids by repealing Kentucky's counterproductive Certificate of Need law.

Barack Obama shifts to spreading misery

Have you heard about Sen. Barack Obama's plan to bankrupt the coal industry?

Always the last to know

It seems knowledge of Kentucky's fraudulent K-12 school testing system has gone from California to New York and somehow avoided getting picked up in Kentucky. Except, of course, by the Bluegrass Institute.

It's hard to bring up Kentucky's fixation on its flawed assessment process without resorting to name-calling.

Who do you think you're foolin' Obama?

Samuel Thompson is a law professor at Penn State who is circulating an email claiming that Sen. Barack Obama's "spread the wealth" hubbub is only about $4.60:

"What would happen to Joe if he were successful in buying the business and making over, say, $350,000 per year? Under the current Internal Revenue Code, for each $100 Joe earns over $350,000, he would pay a tax of $35. Under Senator Obama’s tax plan, for every $100 Joe earns over $350,000, he would pay a tax of $39.60. Thus, Senator Obama’s plan would tax Joe an additional $4.60 for each $100 Joe makes over $350,000, and this $4.60 is the basis of the argument around Joe the Plumber."

This would only have a possibility of being true if, for starters, you didn't pay any attention to Obama's Social Security tax increase and his health insurance scheme tax increase. And then there are some of us who didn't believe Bill Clinton when he campaigned on a middle class tax cut. That turned into the biggest tax increase in U.S. history. Why should we expect Barack Obama, backed by Nancy Pelosi and Harry Reid, to do any differently?

Term limits would fix this

A Lexington Herald Leader article about Kentucky's dependence on long-time incumbents in Washington D.C. building their careers on how much pork they can bring back to the state features the Bluegrass Institute's Jim Waters:

"That's a great indicator that Kentucky is falling behind the other states economically," said Jim Waters, spokesman for the Bluegrass Institute for Public Policy Solutions, a free-market think tank in Bowling Green.

"It really indicates the depths to which our political campaigns have sunk," Waters said. "All we hear from our sitting U.S. senator is the amount of pork he's brought back. We need to be discussing national security and how we're going to strengthen our economy. We're not hearing about any real issues."

Again and again, we see redistribution of wealth serving mainly those who live off the government. The only fair way to fix this is to limit lawmakers' terms in office and cut Kentucky's dependence on federal dollars cold turkey. We will be a wealthier state in the long run with this approach. The old Great Society way isn't getting anything good accomplished.

Obama energy policy

Barack Obama wants to force energy prices higher to lower demand. In his own words: