alternative hippopotamus

progressive cyberdadaism from our nation’s capital

July 17, 2007

Next Stop Fantasyland. All Aboard!

by AltHippo @ 5:57 pm. Filed under wingnuttia

The Freedom-Capitalism Express is just around the Corner:

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.

Compare this to a more level-headed assessment in the Washington Post:

“First quarter earnings were thought to be about 3 percent. They turned out to be closer to 10 percent,” said David Dietze, chief investment strategist at Point View Financial Services in New Jersey. “This quarter, again, the analysts are giving us a fairly downbeat 4.5 percent forecast. But I think investors believe that those forecasts may be too low . . . and they’re placing bets to take advantage of it.”

Analysts are also optimistic about the performance of large companies, including the 30 blue chip companies that comprise the Dow. The analysts suggest that multinational corporations, which draw a significant portion of their revenues abroad, would be able to benefit from the strong global economic growth despite a slowdown in the U.S. economy.

Money managers also point to the relative attractiveness of stocks compared to other types of assets. Bob Doll, chief investment officer of equities at BlackRock, said in a note to investors that lingering worries about the weak housing market and loans made to homebuyers with poor credit ratings have helped stocks, “since many investors have been avoiding credit-related investments (particularly those associated with housing) in favor of stocks.”

The phrase “spread of prosperity across the globe” is a bit suspicious if what we’re really talking about is profits by multinational corporations compensating for a US slowdown.

What I really object to is things like: “Freedom and capitalism is moving full steam ahead. It will ultimately crush the evil, totalitarian jihadists.” That suggests that things like changing our policies towards Iran and Iraq are unnecessary. The mighty dollar, you see, is going to destroy Bin Laden. As long as we spend, spend, spend, keep borrowing from the Chinese, and get rid of the estate tax, Bin Laden is a goner.

And what of those of who believe that it’s a zero sum game: the wealthy are improving their lot at the expense of the other classes. What of those who believe in higher minimum wages, environmental regulation, secure retirement benefits?

I suspect that in the minds of the Cornerites, we’re a bad patch of track on the Freedom-Capitalism Express.

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hip·po·pot·a·mus n. A notion, perhaps distinct from conventional wisdom, that needs to be verified by reality-based scrutiny.

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