Last Call

Now I give the CNBC talking heads a hard time.  They were wrong...dead wrong...about the economy in 2007 and 2008, and yet they're still employed.  Jim "The housing market will bottom out in June 2009" Cramer and Larry "The Republicans will reign in 2008 because of their economics policies" Kudlow are bad enough, but while they are incorrect most of the time, they at least can occasionally construct a decent argument.

That's not the case with their CNBC fellow, Dennis Kneale.  Witness his latest diatribe:

My worry is that President Obama’s overly ambitious political agenda will take a toll on business, hurting investment and growth by spending massive new sums of taxpayer money and imposing a daunting thicket of new and higher taxes, new regulations, scattershot federal crackdowns and brand new government bureaucracies.

One year into office—and with the S&P 500 index up more than 60% from its lows ten months ago—President Obama continues gleefully as Bank-Basher-in-Chief. He’s out today making bankers the bad guys, even though we need them for a full comeback.

Because the problem with the economy in 2008 was too much regulation, federal "crackdowns" and the government being too hard on the banks.  The same banks are making billions in profit while we have a ten percent unemployment rate, and they have mealy-mouthed shills like Kneale defending them.  Honestly, you think they could afford better.

This latest slap-tax on giant banks, and the hue and cry over compensation, isn’t really aimed at making “the people” whole—not at all. It is, rather, a cynical ploy by Washington to divert attention away from an unemployment rate still stubbornly at 10%, higher than when Bam took office. Best distraction: Blame the banks!

Yes Dennis, why would anyone want to blame the banks when they lost trillions of dollars and required a bailout of hundreds of billions in taxpayer money, crippling our economy while the best they can do is half-assed "mistakes were made" excuses.  That ten percent unemployment magically came out of nowhere, I'll tell you.

It is part of a deleterious new mindset in Washington that criminalizes capitalism and decries wealth creation. After 30 years of less-government-is-better, the Obama Posse wants to ensure that Big Government is the only answer. And Big Government requires fat taxes.

Because 30 years of less government is better led to 2008's financial crisis.  Directly.  You idiot.

Didn’t we learn, long ago, that if you want to raise tax revenue you LOWER underlying tax rates; that if you want more of something, tax it less, and if you want less, tax it more? In Washington today, the ruling party views taxes as a sex addict revels in his trysts: More is better, and there is no such thing as too much.

Yep, if you want more multi-millionaire political donors, you tax them less.  He's right about that.

You know, under that "logic" why have taxes at all?  This is the best CNBC has to offer on the voodoo economics?  C'mon.