Clueless in Columbus

Two opinions in today’s Dayton Daily News about the state of affairs in our fair State.

The editorial board, bless their hearts, decided to question the actions of our local Republican senate members including Jon Husted who has managed to escape their wrath for so long.

On the opposite page we had Governor Ted Strickland complaining that banks aren’t lending to small businesses. Of course, why should banks have any incentive to lend to small business at a paltry 5-7% when they can score big with credit cards by charging 29% to those who can least afford it?

Greg and I get into a somewhat heated discussion over the disconnect between the legislators we elect, and the people they “represent” in today’s Dayton Grassroots Daily Show v.30

Enjoy!

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4 Responses

  1. jstults December 23, 2009 / 10:09 pm
    I wasn’t going to comment, and then you guys had to get in your OT dig on Bama, so here’s a paragraph from an interesting geography article:

    The economies of Michigan, Alabama, Ohio, Indiana, and Missouri are the most highly dependent on auto manufacturing. While Michigan and Ohio have lost more than 43,000 auto jobs since 2001, Indiana actually added almost 3000 over the same time period and Alabama more than doubled its auto industry, adding 8600 jobs.
    http://www.newgeography.com/content/00403-geography-us-auto-manufacturing-industry

    The linked article also some bar charts of BLS data for the auto industry across different states.  If only the Good Ole Boys in Columbus were doing what they could to make Ohio as appealing to foreign investment as those Bubbas down in the Heart of Dixie…

  2. Robert Vigh December 24, 2009 / 10:56 am
    I posted at DDN on both articles. What a terrible load of crap both those articles where. Strickland basically said: “Seize property from the citizens so that we may then lend it to citizens that WE see fit.” Again removing all risk for the intermediary banks. The other article basically said “The power of the state is all important, to hell with the individual”.

    I really encourage both Greg and DE to read the daily article on mises.org Just catching the daily article would at least give you some economic foundation.

    Lets cap credit card rates? This would result in everyone that represented risk over the cap to not have access to credit. Basically you would like a national law based on credit scores as opposed to individuals choosing their own course of action? This is exactly the reason why some people are not insurable by the way. Because we have laws that prevent insurance companies from charging above certain levels. Everyone that represents risk over those levels is simply denied as opposed to given an appropriate rate to decide for themselves.

  3. jstults December 24, 2009 / 11:26 am
    Robert:

    Lets cap credit card rates? This would result in everyone that represented risk over the cap to not have access to credit. Basically you would like a national law based on credit scores as opposed to individuals choosing their own course of action?

    I gotta agree with Robert on this one, I’ve called and asked my bank to lower my credit card rate before, and they have done it because I’m a good risk (when I have a balance I pay the bill on time, it’s not complicated) and they know I can just open another account with one of their competitors.  If they weren’t able to charge their risky clients a higher rate, then I wouldn’t be able to get my low rate.  How is that fair?
     
    If you are paying a 29% interest rate on a consumer loan (ie you borrowed money under crappy terms to buy crap you don’t need), then you are unfit to handle your own finances, and there’s no reason for the rest of us to subsidize your stupidity.  Corporate welfare is bad, but consumer welfare is ok?  Aren’t you guys always railing against rampant American Consumerism as the downfall of the Republic?

  4. Greg Hunter December 24, 2009 / 2:47 pm
    Hey I agree about Alabama, sorry for the slight and I think we will end up discussing how GM ruined itself and the Health Care system.  Merry Christmas!

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