Sunday, October 26, 2008

Sleepwalking into Darkness

There have been so many events over the last ten or twenty years that should have been wake-up calls, but were not. We've all become, to some extent, jaded over the steady move leftward and the transformation of America right under our noses. Going back to the early 90s, we saw the L.A riots, the O.J. Simpson acquittal and the jubilation of blacks following that. In more recent years, we've seen the lawlessness and shocking behavior in New Orleans following Katrina, and then the Knoxville murders, (ignored by our mainstream media, as the Katrina atrocities have been airbrushed away or denied) and the daily spectacle of the mass invasion of our country and the brazen marching by the invaders in our cities and towns.

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Barney Frank, head of the House Financial Services Committee, . . . said . . . : "I believe later on, there should be tax increases. . . there are a lot of very rich people out there whom we can tax at a point down the road and recover some of this money."

And all this in the middle of what looks like a deep recession. This is a big reason why stock markets in the U.S. and abroad have plunged in recent weeks. As Obama climbs in the polls, investors have awakened to a stark fiscal reality.

This should worry all Americans. A 2005 study found 57 million U.S. households — 60% of the total — owned stocks, bonds or mutual funds. Average people don't realize they'll take a direct hit.

Higher taxes lower returns on capital. This means everything — wages, stock prices, real estate — will have to decline further as Obama's tax hikes take hold. That means fewer jobs.

This reverses what has always been America's recipe for success: an economy built on low taxes, few regulations, free trade and, in general, letting markets decide winners and losers.

--Investor's Business Daily
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