We're turning Californian, turning Californian!

"I know a lot of people had some doubts and some questions: Can you really go to the people and ask them to vote for a tax?'' said Mr. Brown on election night. "Here we are...We have a vote of the people, I think the only state in the country that says let's raise our taxes, for our kids, for our schools, and for our California dream.''

But a new study by five UC Berkeley doctoral students titled “Swapping Our Future: How Taxpayers And Students Are Funding Risky UC Borrowing and Wall Street Profits” says that millions of dollars of the freshly raised revenues won’t go to California’s school children. Instead, they will go to wealthy Wall Street firms who bag three-quarters of a million dollars a month because of bad decisions made by Wall Street cronies serving on the UC Board of Regents. According to the study, UC Board of Regents’ risky decision to move the University of California’s financial practices to bond issuances hedged by interest rate swaps cost UC $57 million and helped doubled its debt in the period between May 2007 and the end of last year.

So how did it happen?

As the California Political Review notes:

An increasing number of posts in top UC management and on the Board of Regents have been filled by former Wall Street bankers, the report explains, including a new CFO position created in 2009 and filled by Peter Taylor, who was the Managing Director of Public Finance for Lehman Brothers before he found himself out of a job following the firm’s spectacular collapse.

Monica Lozano, a UC Regent, also serves on the Board of Bank of America, a position for which she has received approximately $1.5 million. Bank of America stands to make as much as $28 million from an interest rate swap at UC San Francisco.

Proposition 30 boosts the California state sales tax a quarter of a cent for four years and raises income taxes up to 3 percent for seven years on Californians earning $250,000.

Click to expand...

The disintegration of an economy and a society can take two courses. One course is like rust. It is slow and barely perceptible. The other is a sudden collapse. The first course, if left untended, eventually turns into the second.

The US economy is now rusting away. Arguably it has been for decades. For anyone interested in looking, the signs are there. They will soon become unavoidable for even the most disinterested of our citizens.

Dan Amoss correctly described what is happening as a result of Washington's overbearing involvement in the economy:

All government-directed economic activity grows at the expense of the private sector. And the election suggests that government coercion will drive even more U.S. economic activity in the future. This is a shame, because freely adjusting prices, competition, and innovation elevate living standards. Mandates, price controls, and subsidies - coercive actions - depress living standards. Quality falls. Shortages develop and persist.

Mr. Amoss is correct but does not forcefully convey the reality of a dying economy. These effects are beginning to appear.

Many businessmen hung on, hoping for a change in the madness that passes for economic leadership and policy. These hopes were dashed with the re-election of the ideologue driving the madness. Obama won the electoral college, but not the confidence of business. They are just beginning to cast their votes and it does not bode well for the future. Here is a partial list of the business reactions to the outcome of the election:

Layoffs Announced Since Election:

1. Abbott Labs 700
2. Activision 30
3. Adventist Health 48
4. Airlines SAS 6000
5. AMD 400
6. American Cotton Growers 110
7. ArcelorMittal 20
8. American Independence Museum 4
9. Ameridose 790
10. American Airlines 4400 + 800 leaving voluntarily
11. American Coal 54
12. Atlantic Lottery Corporation 16
13. Assc Milk Producers 130
14. Aveo Oncology 45
15. ATI 172
16. Bankia 5000
17. Bechtel Power Corp 277
18. Bigpoint Games 47
19. Boston Scientific 1200
20. Brake Parts LLC 75
21. Brattleboro Retreat 31
22. Bristol Myers 500
23. Career Education 900 + Closing 23 Campuses
24. Cigna 1300
25. Citigroup 100
26. Commerzbank 6000
27. Consol Energy in W.V. 145
28. Covidien 595
29. Crouse Hospital Syracuse NY 70
30. Cummins 150
31. CVPH 27
32. DEP in Tallahassee FL 15
33. DuPont, Co. 64
34. Eagle-Tribune, Andover 21
35. Emanuel Medical Cente 24
36. Energizer Holdings 1500
37. Ericsson 1550
38. Exide Tech, Laureldale 150
39. City of Findlay, OH 39
40. First Energy 400
41. Gameforge Berlin 20
42. Gamesa Energy 92
43. GenOn Energy Inc 33
44. Glen Falls Hospital 29
45. Groupon 80
46. GT Advanced Tech 165
47. Harris' Broadcast 17
48. Hawker Beechcraft 400 + Facilities closing
49. Hill Rom 200
50. Hills Holdings 300
51. HMX Group 567
52. Hostess 627
53. Iberia Airlines 4500
54. ICM of Colwich 25
55. ING 2350
56. Judson University 21
57. Juniper Networks 500
58. Kaiser Permanente 84
59. Kinetic Concepts 427
60. Kratos Defense Security 125
61. Lackawanna County PA 11
62. Lightyear Network Solutions 12+
63. Lonza 500
64. Majestic Star Casino/hotel 80
65. Major Wind Company 3000
66. Martha Stewart Living 70
67. Medtronic 1000
68. Mills Manufacturing NC 68
69. Momentive, Inc. 150
70. Monitor Group 235
71. Montco Behavioral Health/Dev 58
72. NBC 500
73. Nebraska Medical Center 38
74. Neovia Logistics Services 52
75. New Energy 40
76. Ormet 200
77. Panasonic 10000
78. PayPal 320
79. Penn Refrigeration 40
80. Penske Logistics 50
81. Pepsi 4000
82. Philips Electronics 218
83. Pierce Mfg 325
84. Pratt & Whitney Rocketdyne 100
85. Research in Motion 200
86. Rheem Manufacturing 50
87. Sentry Foods 70
88. Shaw's Supermarket 700
89. Shawano foundry WI 90
90. Smith & Nephew 770
91. Smithfield Packing Co. 125
92. Solel Solar Systems 140
93. Southeastern Container 15
94. SpaceX 100
95. SRA Intl Inc 222
96. St. Jude Medical 300
97. Stryker 1170
98. Sulake 60
99. Sun Media 500
100. TE Connectivity 620
101. TECO Coal Corporation 90
102. Texas Instruments 1700
103. The Providence Journal Co 23
104. TMX Group Ltd. 100
105. Turbocare 220
106. Turkey Point Nuclear Plant 277
107. Oce North America, Inc. 135
108. Turbocare OCE 220
109. UBS 10000
110. US Cellular 980
111. UtahAmerican Energy Inc 102
112. Volvo Trucks Pulaski County 300
113. Wake Forest Baptist Medical 950
114. Welch Allyn 275
115. West Ridge Mine 102
116. Westinghouse 50
117. World Media Enterprises Inc 105
118. WPS Health Insurance 600
119. Wright Patterson AFB 115
120. Wyodak Coal Mine 11
121. Xerox 2500
122. Yakima Reg Med Ctr Washington 10+
Announced Business Closures Since Election:

1. Bakers Footwear closing 150 stores nationwide, including 21 in California
2. The SCA plant in Barton - Plans Staff Reductions
3. Handy Hardware to close its 2-year-old Meridian, Miss. warehouse
4. Caterpillar Inc. will close its plant in Owatonna Minn.
5. Waltz Pharmacy in Waldoboro Maine
6. Zac's Place in Hinsdale IL
7. Lone Star Steakhouse at 70th and O streets and Ruby Tuesday at 56th Street in
8. Lincoln NE
9. Career Education Corp - Closing 23 Campuses - 900 Jobs Lost
10. Handy Hardware to close its 2-year-old Meridian, Miss. warehouse
11. Shamrock Bar at Payne City's Rose Avenue. in GA
12. Monitor Company Group LP
13. ThinkEquity LLC
14. Homer City Funding LLC
15. Caterpillar Inc. will close its plant in Owatonna Minn.
16. Mount Pleasant's Albrecht Sentry Foods
17. The Target store at Manassas Mall Va.
18. Millennium Academy in Wake Forest NC
19. Target Closing Kissimmee FL Location
20. Calgary's iconic Rideau Music store ( International )
21. The Andover Gift Shop in Andover MA
22. Grand Union Family Markets Closing Storrs Location CT
23. Movie Scene Milford Location NH
24. Update: TE Connectivity Closing Greensboro Plant - 620 Layoffs Expected
25. Gomer's Fried Chicken in South Kansas City
26. Kmart in Homer Glen
27. Fresh Market on Pine Street in Burlington
28. AGC Glass North America to permanently close its Blue Ridge Plant in Kingsport Tenn.
29. The Target store at Platte and Academy in Colorado Springs
30. Island Colors - A Carolina Beach Clothing Store
31. The Roses store on Reynold Road in Winston-Salem NC
32. Meanders Kitchen losing its West Seattle location at 6032 California Ave
33. Bost Harley-Davidson at 46th Avenue North and Delaware Ave. in West Nashville TN
34. Townsend Booksellers in Oakland
35. The Kmart store in Parkway Plaza off University Drive in Durham NC - 79 Jobs Lost
36. Guarantee Shoe Store in Beaumont Texas
37. Associated Milk Producers Inc. Closing manufacturing facility in Dawson Minn. - 130
38. Jobs Lost
39. FacadeTek Inc Closes Whitestown Facility - 72 Jobs Lost
40. Comet Market in Punxsutawney Pa.
41. JC Penney store in Miracle City Mall Titusville FL
42. TurboCare Inc Closing Manchester CT Facility - 88
43. The United Colors of Benetton store on Armitage Avenue IL
44. Update: Bicycle shop Ten 27 Cycles 1027 Davis St. in Evanston IL
45. Two Sears Product Rebuild Centers in The Woodlands Texas
46. FesslerUSA Clothing Maker Closing in PA
47. Ralph Lauren's plans to close its 14 stand-alone Rugby locations
48. Nashville Sash & Door Co. Inc Tenn.
49. First Portuguese church in North America in Bedford Mass Closing?
50. International Fashions in Carbondale's University Mall IL
51. Harper's Old Army Surplus Store in West Monroe La
52. Nova Financial Holdings
53. The Party Warehouse in West Springfield Mass.
54. TLC Wine and Liquor at 1205 W. Main St in Kent Ohio?
55. The HAPPY Place 1042 N Coast Hwy, Laguna Beach, CA
56. Air Carrier Accessory Services - Chapter 7
57. SOW Inc. shelter on South Broad Street GA?
58. Systemax Inc., Closing Miami County Ohio Computer Plant - 120 Jobs Lost
59. Textbook publisher McGraw-Hill Cos. Closing 2 Distribution Centers - 166 Layoffs
60. First Place Financial Corp
61. Nash Finch Closing Cedar Rapids Iowa Food Distribution Center
62. Johnnie's Foodmaster MA Closing all 10 Locations
63. Rainbow Foods will be closing its Forest Lake location MN - 59 Layoffs
64. Berry's Camera Shop Inc. in Downtown Lafayette
65. Schreiber Foods to close their food packaging plant in Ravenna - 70 Jobs Lost
66. Kmart store at 5300 Salem Ave. Trotwood Ohio
67. Mr.Christie plant in Toronto ( International ) 2013 - 550 Jobs Lost
68. Coffee with T cafe in Stevenson Village business MD
69. Minas Basin Pulp and Power are closing a mill in Hantsport ( International ) - 135
Actual Layoffs:

1. The Colonial Country Shoppe on Park Street in Adams MA
2. Vestas Wind Systems Closing R&D; Office in Louisville - 60 Jobs Lost
3. Dollar Castle in downtown Ferndale MI
4. Bistro One West in St Charles IL
5. Sun Dog Diner in Neptune Beach FL
6. Jim's Builders Hardware in Wichita, Kansas
7. Madeleines Bakehouse in Fort Wayne Indiana
8. Barnes & Noble plans to close its doors in Union Station Dec. 31
9. The Semiahmoo Hotel in Blaine Washington
10. Highland Curves CA
11. The Salem Sport Shop in Salem Ohio
12. Navistar International Corp. to Close truck assembly plant in Garland, Texas - 900
13. Jobs Lost
14. Divine Mercy Catholic Books & Gifts Denton Texas
15. Singer Mental Health Center in Rockford IL
16. Garelick Farms Ends Production at Bangor Maine Facility
17. Fashion Tech Window Coverings in Portland?
18. Custom House Tavern Chicago IL.
19. Jim's Builders Hardware in Delano
20. Lone Star Steakhouse at 1801 22nd St. in West Des Moines
21. Sears to Close Woodlands Product Rebuild Center - 117 Jobs Lost
22. Whitehead Inc Rockford Real Estate Company
23. Robert's Mens Shop in Downtown New Philadelphia Ohio
24. Fort Tecumseh Olde Fashun Store in Ohio
25. Lakewood Beginnings Child Development Center in Lakewood Ohio
26. Green Fields Seed & Feed in Grand Junction Colo.
27. The Army and Navy Store in Melrose Mass.
28. Vitalistic Therapeutic charter school PA
29. Diamond Foods Inc Closing a plant in Fishers Indiana
30. Old Town Alehouse 5233 Ballard Ave in Seattle
31. Space Aliens restaurants in Minot and Grand Forks ND
32. DeWaay Financial Network LLC
33. Sears at Quail Springs Mall Oklahoma City OK.
34. Fashion Bug in O'Fallon MO is closing in January
35. Kmart Store in Oak Hill W. Va
36. Update: Jett & Hall men's clothing store in Richmond KY
37. D.C. school List of Possible Schools Closing to Be released Later today
38. Dunkin' Donuts in Holly Hill FL
39. Hostess Brands Inc Permanently Closing 3 Bakeries Following a Nationwide Strike
40. Philips Electronics subsidiary Lightolier will close its local fluorescent light
41. fixture manufacturing plant in Willington
42. Smithfield Packing Co. will close in 2013, laying off a total of 400 employees
43. SuperFresh outlets in Marlton and Westmont NJ
44. The Bagel Shoppe in Katonah NY
45. Ben Franklin and Homestead House Gifts in the Kimball Ridge Center in Waterloo IA
46. Several West Virginia Suzuki dealerships Being Forced to Close
47. Kowalski Cos Closing All 4 of its Metro Detroit Delis but to Continue Food
48. Production
49. Three Memphis charter schools and one in Nashville Tenn. Could Close Due to Poor
50. Test Scores
51. The Custer School District SD - Closing 2 Rural Schools
52. The Dressing Room, on North Lincoln Avenue IL
53. The Utica Office Of Ibope Ny
Bankruptcies:

1. AMF Bowling Worldwide Inc
2. Aletheia Research & Management Inc
3. Omtron USA
4. Helmkampf Construction in Olivette
5. Clear Light Publishers
6. Monitor Company Group LP
7. ThinkEquity LLC
8. Homer City Funding LLC
9. US Suzuki Distributor - Chapter 11
10. Revolt Technology
This list should frighten every thinking American. It is a huge warning regarding what lies ahead. These changes are coming to an economy that is already unable to provide jobs or sustain living standards.

Decline is a slow process, until it becomes fast. It is not easy to see at first. It should be obvious to most that our economy is approaching a critical stage. When you have destroyed the trust and confidence of business, there will be no job creation.

Some parting words are in order for those responsible for the decisions reflected above. Shutting down and giving up is anathema to the spirit that built this country and is now only found among our entrepreneurial class. It goes against the very fiber that drives success. It is a last resort for entrepreneurs.

The decision to quit is lonely, involves guilt, self-doubt and remorse. It is the last act for someone that has tried everything to avoid it. Giving up and withdrawing is not an act of retribution. People do not willingly choose to go to Galt's figurative gulch. They are forced there.

While the masses exult in the continuation of their food stamps, cell phones and other booty, the real story of this election is yet to be told. The nation is about to find out that policies and elections have consequences more important than free stuff.

The war against private enterprise can no longer be denied. President Obama's re-election ensures that it will continue and likely accelerate. The makers are beginning to give up. The takers don't have a clue. Soon the country is going to get a real-life lesson in economics. TANSTAAFL (There ain't no such thing as a free lunch) is about to be learned.

Click to expand...

Dances With Falsehoods said:

Economic Disintegration is Almost Here
Monty Pelerin
November 20, 2012

Page Printed from: http://www.americanthinker.com/articles/../2012/11/economic_disintegration_is_almost_here.html at November 20, 2012 - 05:07:35 AM CST

Click to expand...

Since the election, some fatalistic Washington conservative elites have accepted — and Obama operatives have rejoiced in — a supposedly new and non-white-male ethnic electorate: Americans will be categorized, and collectively so, on the basis of largely how they look and, to a lesser extent, how they sound. Republicans, then, better get with the new tribalism and remarket themselves to address the new minority monolith.

Accordingly, the enlightened and redeemable liberal elements of the otherwise now played-out old white majority, when combined with the new ethnic minorities, will result in a permanent progressive majority — one that rejects the archaic, if not toxic, racialist values that have been in the past so injurious to the idea of what the United States might have otherwise become. Just imagine a better world with no more required reading of white male Greeks, no more inordinate focus on Shakespeare’s Shylock, no need to suffer through Twain’s N-word or Tolkien’s stereotypical dark-skinned orcs [1] — or indeed, the one-dimensional and boring world we inherited from a Jefferson, Madison, Melville, Lincoln, Grant, Edison, Bell, TR, Salk, Nimitz, and Ike.

You Are a Nobody without Your Tribe

Yet the new emphasis on tribe is not necessarily a liberal vision. It ignores all human individuality and assumes that friendships, marriages, and alliances will not dare trump racial and ethic solidarity. Ours is now instead a Galadriel’s mirror of the Balkans, of India’s castes, of Rwanda, but no longer of a multiracial melting-pot America, where our allegiances were to be political, economic, and cultural and not necessarily synonymous with how we looked. Obama’s identity politics would create a Frankenstein of patched-together victims, and yet he will rue that it is a different story to use such a creature for constructive purposes. Such monsters are quite valuable when running for office, but can turn on their masters when it is time to govern.

When I eat lunch with a Mexican-American childhood friend, I feel no greater affinity with the white waitress by reason of our shared appearance; in the new America am I to high-five the white stranger in the Selma Wal-Mart, by virtue that, out of hundreds there, we two alone look more alike? I am sorry; I just cannot accept that. I have far more in common with Steve Lara, my friend of 50 years, than a David Gergen or Chris Matthews.

Beneath all the pseudo-healing rhetoric, this is the divisive tool by which Barack Obama ran twice — the hyphenated African-, Latino-, gay-American re-election committees for Obama, the son who might have looked like Trayvon Martin, the people of color who had “the president’s back,” the nation of cowards, the country where we punish our ethnic enemies and fight against the police who all stereotype, in which Joseph Lowery tells us what particular race belongs in hell and Rev. Wright identifies whose chickens must come home to roost and the Rev. Jesse Jackson names the real segregationists who long for the Confederacy. Only in the hyper-racialist America can we take quite distinct Japanese, Filipino, Korean, and Chinese third-generation citizens and create from them the artificial rubric “Asian” in their shared antithesis to “white,” or take disparate Cubans and Mexicans and likewise reinvent them as identical Latinos, or take Jamaicans, Ethiopians, and American blacks and call them all “African-Americans” on the similar logic of not being something equally artificial like white — which I guess covers Americans who used to be Greeks, Irish, Armenians, Jews, Poles, and Danes.

Click to expand...

"A government which robs Peter to pay Paul can always depend on the support of Paul," said the English writer George Bernard Shaw. Mitt Romney would agree. His post-election analysis of Obama's success at bribing voters ran along the same lines. "What the president's campaign did was focus on certain members of his base coalition, give them extraordinary financial gifts from the government, and then work very aggressively to turn them out to vote," Romney told disappointed donors last week.

Desperate to appear piously contrite and malleable in the eyes of voters, Republicans pounced on Romney's remark, calling it "insulting" and "stupid." The same Republicans who backed Romney on "electability" grounds now treat him as a hopelessly impolitic embarrassment to the party.

But in working themselves up into a lather over his remark, they didn't refute it. Their truth-defying pandering is far more troubling than Romney's comment. Obama obviously did collect votes by promising free contraceptives, forgiven loans, food stamps, and so on. If the Republicans plan to recover from defeat by imitating Obama and joining him in a bribery contest, they don't deserve to win, and they won't win. Given the choice between two demagogic parties, the American people will choose the one that is better at it, the Democrats.

Defeated Republicans, who seek to get back into the good graces of the people through flattery and pandering, sound as pathetic as the 19th-century French politician Alexandre Ledru-Rollin. Asked where the people were headed, he replied, "I do not know, but I am their leader, so I must follow them."

If that's the GOP's idea of leadership, it won't be of much use to the country once it does get back into power. Two parties seeking to win elections on the same false principles will just hasten America's collapse.

The national GOP should take a look at California to see what happens to a party that abandons principle for power: it ends up with neither. Oblivion, not resurgence, is the legacy of Arnold Schwarzenegger's moderate GOP.

Click to expand...

U.S. companies are scaling back investment plans at the fastest pace since the recession, signaling more trouble for the economic recovery.

Half of the nation's 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.

Nationwide, business investment in equipment and software—a measure of economic vitality in the corporate sector—stalled in the third quarter for the first time since early 2009. Corporate investment in new buildings has declined.

At the same time, exports are slowing or falling to such critical markets as China and the euro zone as the global economy downshifts, creating another drag on firms' expansion plans.

Click to expand...

Wat_Tyler said:

I'm not holding my breath.


Mopars gotta breathe . . . .

Click to expand...

4est_4est_Gump said:

Hold your breath...

Record food stamp usage for Thanksgiving!

Man, the multipliers! the Million Man Math multipliers!

We'll be rich, I tell ya, all the spending, the economic impact, TO THE MOON ALICE!

Click to expand...

Byron In Exile said:

I respect your attempt at neutrality.

But Miles is a total idiot.

Click to expand...

Wat_Tyler said:

I think they're both wearing flap holsters, and both have those crazy eyes.

Click to expand...

4est_4est_Gump said:

PS, the 'hold your breath' was for the Byron-Miles faceoff...

Click to expand...

Byron In Exile said:

Miles lost.

Click to expand...

4est_4est_Gump said:

Okay...

But, at best, I am an incomplete idiot.

Mamma always said, that's okay, stupid is as...

Click to expand...

Wat_Tyler said:

I think they're both wearing flap holsters, and both have those crazy eyes.

Click to expand...

JackAssJim said:

Did Miles 'leave Lit forever' after the election?


There never was a list of who from either side was leaving so, I'm in the dark.

Click to expand...

4est_4est_Gump said:

I am whistling Dixie and humming the Battle Hymn with equal enthusiasm...

They seem to be on some sorta crazy California boat ride.

Click to expand...