TCS Daily

Winners of the TCS Daily Video Contest

By Chris Bowyer - December 30, 2009 12:00 AM

Below you'll find the winners from The TCS Daily First Annual Video Contest. The theme of this contest was to create a video illustrating "The Kudlow Creed", Larry Kudlow's famous axiom that "Free market capitalism is the best path to prosperity."

We'd like to congratulate the winners, as well as everyone who entered, for sharing both their creativity and their belief in the power of free markets with us and our readers.

1st Place - "The Kudlow Creed"

2nd Place - "Lemonade Stand Capitalism"

3rd Place - "How to Start a Small Business"



By the way, aren't the words "free market" before capitalism, redundant?
An economic and political system characterized by a free market for goods and services and private control of production and consumption.

See, now I happen to think Kudlow has been slipping lately...
...he just wrote an article where he says:

"Meanwhile, the housing sector is stabilizing and consumer confidence is gradually improving."

Anyone who says that about housing is either a schill for NAR or just doesn't know what is really going on. In many markets, the shadow inventory of homes in some sort of foreclosure is double over the official 'for sale' inventory in the MLS. The Option ARM resets are about to hit home over the next two years, too. Prices have to drop another 35% in order to reach historical pricing levels from before the boom as well.

And if the Health Care Destruction Bill passes in any form that even remotely resembles the two bills that have been voted on so far, businesses will stop hiring immediately.

All that plus the inflation that will be triggered by ANY growth update that Kudlow himself mentions will mean double-dip recession at least. You know, the 'W' graph. Just like during the Great Depression.

Please, please Larry! Tell us you haven't gone back on the wagon.

that last one...urbansurvival com had some real doozies in it, too
A senior person at Treasury said to a small group of us that it is now official Treasury policy to extend and pretend on real estate loans. In other words, the policy statement from last week says, if you can make an analysis that says even if the current value is less than the loan, if you can do a spreadsheet that shows if you extend for 3-5 years, and if the economy gets better, and if the loan can be amortized down to where the loan is no longer more than the value, then the lender does not have to take an impairment -write down. Loans are to be modified by rate reductions, deferral of reserves, deferral of amortization or what ever.

Just NOT principal reduction. This is just like they are doing in housing.

Giant make believe. The free market seeking an equilibrium price is no longer economic policy. In short, the working of the free market is suspended. She went on to say it was administration policy that they will create new employment and by doing so they will boost the economy, and so then real estate values will return to old levels. There were 50 of the most senior and smartest real estate people in the room. They ripped her to pieces. It looked like one of the town hall meetings of August, except everyone there was a very senior, polished professional. At one point everyone was calling out or moaning at her. It was clear to all she had been given a few talking points and she was told to stick to them no matter how foolish she looked. The group told her in no uncertain terms this is terrible public policy. They said for jobs to be created you need to lower rents so the cost of occupancy was at a level to encourage more hiring. If the loan is kept at old levels and building values not reduced, then landlords can’t reduce rents to where they need to be to make taking space by tenants economically viable. Retailers costs remain higher than they should be making it harder to lower prices to induce sales. So there is a massive make believe going on. When I pressed the issue of political interference she said -"what do you want us to do, bankrupt all the banks?"


Thanks; I get the point

See, if people CARED about defintions..
..then the Constitution would not be under assault.

After reading this testimony I come to an opinion it makes me much happier than my difficult fat burning procedure.

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