Leftist patron is cashing in on the economic crisis

Not all investors are losing money in the current financial collapse. Certain hedge funds managers have made huge profits by betting against the market. The biggest winner, according to a British newspaper, is George Soros, the sugardaddy of the Democratic party’s leftwing. From ‘I’m having a very good crisis,’ says Soros – who made £1billion as the world plunged into recession:

George Soros said the current economic crisis has been the culmination of his life’s work

A hedge fund manager who predicted the global credit crunch has said the financial crisis has been ‘stimulating’ and the culmination of his life’s work.

George Soros, who predicted the global financial crisis twice before, was one of the few people to anticipate and prepare for the current economic collapse.Mr Soros said his prediction meant he was better able to brace his Quantum investment fund against the global storm.

But other investors failed to take notice of his prediction and his decision to come out of retirement in 2007 to manage the fund made him $US2.9 billion. And while the financial crisis continued to deepen across the globe, the 78-year-old still managed to make $1.1 billion last year. ‘It is, in a way, the culminating point of my life’s work,’ he told national newspaper The Australian.

Soros is one of 25, top hedge fund managers from across Wall Street who have defied the credit crunch crisis to reap a total of $11.6billion (£7.9bn) last year. The managers made their profit by trading above the pain in the markets, according to Institutional Investor’s Alpha Magazine.

She’s here!

Our new granddaughter was born on Friday morning! (That was the day I got back from St. Louis, where she was born, so I just missed her! My wife was on the scene, though, so I’m glad of that.) She is Mary May Hensley.


You will note that she is the very same person I showed you some months ago:


Buyer’s Remorse

A number of conservative and moderate pundits and even some liberals who supported Barack Obama are having buyer’s remorse. These include Christopher Buckley, Maureen Dowd, David Brooks, David Gergen, and Andrew Sullivan. See ‘I’m Maureen Dowd, and I’ve Been Had’. They liked him, but now his handling of the economy scares them to death. Does this include any of you?

A different kind of conservatism

There is a kind of conservatism that is against big business, as well as big government. It looks for decentralization of power across the board, favoring local communities and families. It prefers small businesses to big corporations. It opposes what modernity, post-modernity, untrammeled technology, and laissez faire capitalism can do to destroy traditional values and institutions. It is the conservatism of Edmund Burke and Wendell Berry, rather than that of today’s Republican party. A brand new website is devoted to this political and economic philosophy: Front Porch Republic.

My colleague Mark Mitchell contributes, as does “crunchy-con” Rod Dreher, and other thoughtful folks. (And our Stewart designed the site!) This is from the “about” section:

The economic crisis that emerged in late 2008 and the predictable responses it elicited from those in power has served to highlight the extent to which concepts such as human scale, the distribution of power, and our responsibility to the future have been eliminated from the public conversation. It also threatens to worsen the political and economic centralization and atomization that have accompanied the century-long unholy marriage between consumer capitalism and the modern bureaucratic state. We live in a world characterized by a flattened culture and increasingly meaningless freedoms. Little regard is paid to the necessity for those overlapping local and regional groups, communities, and associations that provide a matrix for human flourishing. We’re in a bad way, and the spokesmen and spokeswomen of both our Left and our Right are, for the most part, seriously misguided in their attempts to provide diagnoses, let alone solutions.

Does this sound promising?

The census controversy

Thanks to Don S for pointing out the connection between Sen. Judd Gregg’s withdrawal as Commerce Secretary nominee and the Obama administration’s attempt to take over how the census will be conducted. Democrats have been wanting to use computer models to establish population numbers in an effort to boost the number of minority groups, claiming that the actual ennumeration specified in the Constitution misses those core constituency groups. From Census battle intensifies; GOP leader threatens lawsuit:

Minority groups, quietly encouraged by Democrats, led a charge in 2000 to challenge the census, urging that statistical sampling and computer models – not the head-count “actual enumeration” mandated by the Constitution – should be employed. That despite a 1999 Supreme Court ruling that sampling could not be used to apportion congressional seats.

“Adjusting is statistical abstraction or extrapolation that gives a select few the ability to go in after the count is done in the census and adjust the numbers and adjust the numbers in ways they see and deem fit,” said Rep. Patrick T. McHenry, North Carolina Republican and ranking member on the census subcommittee.

The Republicans went so far as to threaten to file a lawsuit if the White House steps too far into how the 2010 census is conducted and counted. If the president does not relent, “we would seek the court, because ultimately I don’t think there’s any question among the federal court, about whether or not this is a personal power of the presidency, or in fact whether or not executive privilege would be waived if he starts doing functions like this,” Mr. Issa said.

The attempt to use computers rather than counting is another example–like giving the District of Columbia representation in Congress–of a jaw-dropping, oath-violating indifference to the plain text of the Constitution!

The Democrats’ bailout bill

The House passed the $819 billion bailout bill. Not a single Republican voted for it. That means the Democrats own it. If it succeeds in getting the economy on track, they get the credit. If it doesn’t, Republicans can tell America they told us so.

Is this good Republican strategy to rebuild the party, or an obstructionist rejection of the President’s call for bipartisan government?

(Today the bill goes to the Senate, which is expected to up the pricetag to $900 billion.)

HT: Jackie