THE DALY SHOW

Daly Show: Beware of Weapons of Mass Distortion

This is a Daly Show look at those emails we all get and what to do.

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New Book: Bad Money by Kevin Phillips

This is a posting recommending a new book, Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism by Kevin Phillips.

LAS VEGAS, NV (April 21, 2008) – I usually read a book first before I recommend it. But this is a book, I believe, you need.

Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism by Kevin Phillips. It’s on Amazon.

Why recommend this before I read it?

I’ve read Phillips other books. The best is American Theocracy. It’s a warning of a failing American civilization. Phillips compares the U.S. Empire to the fall of the Roman, Dutch, and British Empires. We’re doing the same things: extreme religious leaders hinting at Armageddon; dwindling energy resources; over-extending our foreign policy reach; and piling debt.

Is he right? I say yes. However, with awareness like this, we could alter our demise. But know this: Phillips, in American Theocracy, indirectly predicted the credit crunch – two years ahead of time. The book was published in 2006. He said a downturn in the housing market could leave millions “in financial jeopardy not seen in generations.”

He also quotes Churchill who said “the seeds of imperial decay and national ruin” follow “the swift increase of vulgar jobless luxury.” I tend to think that the majority of us are fat, happy, and stupid. My antidote: a sweeping program of education for everyone about the new economy and the Information Age.

Phillips is harsh about the current and past policies of both presidents named Bush. He also points the finger (maybe he gives the finger) to the oil and automotive industries. He believes the War in Iraq was an excuse to keep them afloat. If you can find me an argument against that, I’d like to hear it.

Before you think Phillips is a raving liberal Democrat, he’s a Republican strategist.

If you read Bad Money before I do, please leave your review in the comments section below.

A Defecating Dog, Political Candidates, and The Media

This is a posting about the week which saw a controversial debate, a not-so surprising investigation into the media being duped by the Pentagon, a defiant doggy act – and what you can do about two out of three.

LAS VEGAS (April 20, 2008) — Our puppy Nike was obviously angry. My wife and I were gone for five hours at a charity event. He was left in the portable kennel for five hours. When we returned, he went outside to pee. But then he ran upstairs and pooped in the bedroom; not in one area, but three different spots.

He’s a smart dog. He got his point across. But he also understood our anger. He hung his head and stayed stationary in a “time out” position. Hours later, he remained a model of good behavior.

We need to do the same – show our anger — with our elected officials and the media. But we also need to realize they are like pets: they have their own specific agenda and they’re not really aware of what’s going on with us. Too often we’re apathetic owners of this country we claim to so dearly love.

Let’s look at the Democratic debate last week. First, understand it was a TV debate. That means it needs to be entertaining and lack substance. So, I don’t have any problems with the questions to Barack Obama about what he said about angry people clinging to guns. I have no problem with people criticizing him for his less than stellar responses. I have no problems with him being asked about the stupid questions about whether his psycho pastor loves America or why he doesn’t wear a lapel pin.

My problem is that the debate was lopsided against Obama just as I thought some of the earlier debates were lopsided against Hillary Clinton. Why wasn’t Hillary grilled on her now former operative Mark Penn and his connections to a Colombian trade deal?

I’m a big fan of Charlie Gibson. So, I was disappointed in his performance as an entertainer more than a journalist that night. I doubt we would have seen that performance from the late Peter Jennings. George Stephanopoulos’ performance doesn’t surprise me. He’s not a journalist; he’s a political operative. We know this and he once worked for Bill Clinton’s White House.

(For the record, I have met and spent time with both Gibson and Jennings. I have never met Stephanopoulos.)

Here’s the point. Watch these debates for entertainment only. Don’t let these silly versions of reality game shows help you decide who to vote for.

As I write in my book, television is good for two things: immediacy and emotion. Depth of issues is something you get from books and websites using experts.

Like lax pet owners, we seem to forget the mounds of crap shoveled to us by George Bush that made us vote for him in 2000. We elected an intellectual lightweight who we thought he’d be a good guy to have at a backyard barbeque. We’re not deciding who our neighbors are. We’re electing a commander in chief who will have the fate of our jobs and our lives in his or her hands.

You need to reprimand both the candidates and the networks for their behavior. Did we really get any answers to Social Security, Medicare, the War in Iraq, immigration, energy independence from this debate? No. Frankly, any debate between Barack and Hillary is a waste. They agree on most issues, so it comes down to an ugly popularity contest.

Now let’s look at the New York Times investigation of the TV networks use of military experts who are controlled by the Pentagon and the Bush Administration.

My take: any general or military expert who helped push the WMD argument to get us into war should be banned from appearing on network TV. We’re fining networks for showing some skin on TV. So why wouldn’t you push a worse punishment for smart people who knowingly deceived the American public about going to war that has led to the deaths of four thousand troops? Frankly, I would prosecute them.

Many of these retired generals had jobs with defense contractors. They clearly put their own economic principles ahead of their duty to the United States people.

Again, I have no problems with their opinions. My anger is two-fold. One, they never disclosed that they were getting their talking points from the Pentagon. Two, they never disclosed they were working for defense contractors bidding on government contracts.

And the networks are as much to blame. They never vetted these so-called experts. Why? It’s to easy not to do that. That takes time and money. And if they found someone who’s an independent thinker, then that person won’t have access to the White House.

Again, TV is not an information medium. It’s an entertainment medium. Its main goal is to get ratings and if being a propaganda tool brings in ratings and dollars, the media will do it.

Watch CNBC. They no longer disclose what conflicts the guest analysts have with certain stocks they’re discussing. They were quite vigilant a few years ago after the Enron and Martha Stewart scandals. But not now.

And if CNBC was that worried about the truth why wouldn’t they have fired Jim Kramer of Mad Money. Two days before the collapse of Bear Stearns he yelled that Bear Stearns is fine. Kramer’s not on for his stock picking; he’s on for ratings. He’s an entertainer. Would you pick stocks or set up your portfolio based on that show? I hope not. (Some disclosure: I work for BNY Mellon Wealth Management. See how simple disclosure is.)

The same is true about the political debates. Why would you decide who to vote for based on this artificial, lack of substance debates on TV?

This is why you need to be the most important journalist in your life. You need to question everything you hear on TV news. Everyone has an agenda. That’s not to say there isn’t good information, but you need to be less accepting of its total veracity. And you need to realize that networks are cutting corners, so you’re not necessarily getting the best trained and most experienced journalists.

Again, please read my book. (Blatant disclosure: Yes, I’m trying to sell my book.) If not, then the media and the politicians will continue pooping on your bedroom floor.

Johnny Mac Should Resign From Concord

This is my reaction to John McCain’s economic speech today.

LAS VEGAS, NV (April 15, 2008) – John McCain needs to surrender his Concord Coalition membership.

Today’s speech was laughable when it comes to fiscal responsibility. Granted, this is typical pandering. So much for the Straight Talk Express.

Senator McCain’s defending the Bush tax cuts while never specifying the spending cuts. Senator, you’re going to eliminate the deficit how?

Worse, he’s asking for a gas tax holiday for the summer. The short-term effect will mean lower prices at the pump for a while.

Long-term, however, this move will be a disaster for Americans. The lower prices will only invite us to use more gas, causing a drop in supply with the same demand worldwide. That means higher prices once the holiday is over.

Senator McCain forgets that we should be conserving to increase the supply and lowering prices. Unless of course, he’s being funded by the Saudis.

If anything, we need a dollar a gallon increase in the gas tax. That will curb use of gas while spurring innovation for more energy sources.

These moves also drop revenue from the Treasury. To keep the programs, like military spending in Iraq, he’s also making us more dependent on China, which is holding the majority of our debt.

Will someone put his feet to the fire? Unfortunately, both Democrats think we can spend our way into prosperity.

Bitter Flap Misses The Solution

This is a posting on the non-sense between the three presidential candidates about Obama’s recent comment about small town Americans. Frankly, they’re all missing the real issue – education. Also there’s a shameless plug on my part at the end.

LAS VEGAS, NV (April 14, 2008) – The bitter statement is a prime reason of why we need campaign season cut to three months. The candidates start saying benign things to hit the emotions of small cliques of voters.

The latest niche of voters is small town, Church-going Americans in the rust belt. Barack says they’re “bitter” because of the unfulfilled promises of politicians past. So they “cling” to guns and religion.

First, he was speaking to a bunch of elitists in San Francisco. What did you expect? An Elmer Fudd impersonation: “Wet’s go and shoot us some wabbits.”

Second, in my opinion, he was right on. I think many people in these areas felt left out of the economic boom of the previous years while they continue to pay now that the economy has dropped. Many of them turn to church and guns. Many of them resent the immigrants who come in and take their job. Many of them blame foreign countries like China and India. Many of them – now – blame George Bush.

After all, President Bush and the Republicans convinced these folks to vote for rich-folk tax cuts and other benefits which they haven’t seen.

Barack’s assessment, in my judgment, is right. I’m amazed there isn’t more rebellion or anger in these communities. They’re losing their homes while Bear Stearns gets bailed out.

John McCain and Hillary Clinton are grasping at straws. How can they call Obama an elitist? Instead, they’re taking a page from Karl Rove and they’re playing the religion card. It’s too predictable. This episode will only backfire on them.

Still, I have some problems with Barack. First, he should have used the term “some” or “many” or “a small majority” rather than making it a blanket statement about all people in small town America.

Second, he hasn’t offered a solution. Neither has Hillary. Both Democrats conveniently blame NAFTA, Mexico, and China. Johnny Mac has at least hinted at the solution, but when he mentioned it in Michigan, Mitt Romney handed him his political butt.

The solution is education.

Workers need to be re-trained. They should not be told their jobs are coming back. Those manufacturing jobs don’t exist unless they want to relocate to Ho Chi Minh City.

However, there are new jobs out there – for the newly trained. Education tax credits should be at the top of every candidate’s list of give-backs to voters. Programs to lower the cost of education and to expand the reach of education to small communities hit by job outsourcing are a must.

But no one is talking about it – with the slight exception of McCain three months ago.

If you get the ear of any of the campaigns, tell them this.

However, instead of relying on the government and our one-note, dissonant presidential candidates, though, take matters into your own hands.

For example, on this site here, you can connect to Real Money Show where dozens of internet marketers have programs that have made people millions by selling products and services throughout the world.

Shameless plug? Sure. But the more educated you are, the better chance of surviving and thriving in today’s Internet world.

Who Says I’m Not Doing Real TV Anymore?

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Daly Show: The No BS on Obama, Racism, and Wright

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Conditions For My Presidential Endorsement

This is a quasi-ground breaking posting for me. I will offer my services to endorse and work for one of the presidential candidates – if that candidate chooses the right Vice Presidential candidate.

LAS VEGAS, NV (April 6, 2008) – I have never publicly endorsed a candidate for any elected office. Sure, I had friends who have run and I quietly offered advice, but never have I stumped or wrote for any candidate. And I can assure you I’ve never contributed money to any candidate.

That could all change. If one of the presidential candidates chooses my Vice Presidential choice, you just might see me on the campaign trail.

Before you think I’ve gone Hannity, Beck, and O’Reilly on you, let me explain.

I don’t think Hillary, Barack, and Johnny Mac are anxiously waiting to hear my choice in this posting. Nor would they consider my choice. And if they agree with me, I doubt they would want me to campaign for them.

I only ask you to consider the person I’m nominating and what he stands for – the one underlying issue that could seriously damage the United States and possibly the world economy for the next 20 to 50 years.

You’re probably wondering why I would put so much gravity on a VP candidate. First, I’m benign on the three current presidential choices. I think they all have the ability to be president and I would be somewhat comfortable with each of them as Commander-in-Chief. However, I have some serious problems with each of them – primarily the interests they’re beholden to once they get into the Oval Office.

Second, whoever is elected will run the country at the mercy of whatever Congress is elected.

Third, none of the candidates have discussed the most important issue – fiscal responsibility and the looming disaster of Social Security and health care. Sure, John McCain talks like he’s a member of the Concord Coalition. But it’s hard to reconcile his financial goals with his desire to continue the fight in Iraq. Meanwhile, Obama and Clinton rarely mention it.

The only presidential person to mention my VP choice was Joe Biden. I don’t recall the three remaining candidates even uttering his name, let alone discuss his expertise on the issue.

So here it is: my choice for Vice President of the United States.

David Walker.

David Walker is U.S. Comptroller General; in short, he’s the nation’s accountant. Unlike many government officials, elected or appointed, Walker is truthful and insightful.

It’s a speech entitled “Fiscal Facts and Keeping America Great”, he says:

As the federal official who signs the audit report on the government’s financial statements, I’m here to tell you our government’s financial condition is worse than advertised.

Walker warns us about the unfunded commitments for Social Security and Medicare. I can hear some of you now saying, “boring!” OK, let me spice it up. The price tag is more than $50,000,000,000,000. That’s $50 trillion. And you owe it. Walker explains:

Our government has made a whole lot of promises that, in the long run, it can’t possibly keep. And here’s why. Fifty trillion dollars translates into an IOU of about $440,000 for every American household. Keep in mind that the median household income in this country is less than $50,000 a year. For the typical family, it’s like having a mortgage that’s 9½ times their annual income. And that mortgage doesn’t even come with a house! This burden is rapidly outpacing the net worth of most Americans and the growth rate of our economy.

However, Congress and the President won’t tell us about the future debt. We balanced the budget, right? Wrong. We’ll pay it later. Wait, let’s have our kids pay it when they’re older.

It’s like going home to your wife and saying, “The bills are paid, Honey” but you failed to mention the five million dollar loan you pushed back twenty years on that forty foot, gold statue of Paris Hilton and Lindsay Lohan discussing Adam Smith’s Wealth of Nations.

Walker says the lack of transparency in government and the lack of solid reporting by the media leave many of us without any real answers about the dangers ahead.

Unless we reform Social Security, Medicare, and Medicaid, these programs will eventually crowd out all other federal spending, including defense. Based on historical federal tax levels, by 2040 our government could be doing little more than sending out Social Security checks and paying interest on our massive national debt.

Think about that. We won’t be able to buy weapons systems or educate our kids because we’ve spent too much money to make sure someone can clean up the mess in your parents and my diapers. If this scenario is not taken seriously the only way to a viable U.S. is to adapt Kevorkian-like methods and get rid of all the baby-boomers once they hit a certain age.

I know what you’re saying. “Daly, you make sense on the issue. But Walker couldn’t get elected.”

I believe he can. First, he’s been on the campaign trail. Walker has taken his message on the road. He even spoke to the Las Vegas Chamber of Commerce a few months ago. Although I didn’t attend, a number of folks told me that Walker’s message blew them away.

Second, he’s stood up to the scrutiny of 60 Minutes which did a great piece on him about a year ago.

Third, he’s optimistic about the future – the trait all politicians need to win votes. He says:

Yes, it’s going to take some tough choices on a range of important issues. But a few thoughtful reforms phased in over time can do a lot to put us on a prudent path. In my view, modest sacrifices today will almost certainly help to ensure a better tomorrow.

The real difficulty is convincing elected officials and the public that the time to act is now. If we wait until a crisis hits, we’ll have few options, and they’ll be far harsher and more disruptive.

Other countries with similar challenges have already acted. The two best examples are Australia and New Zealand. Like the United States, they have aging populations. Unlike the United States, these two countries have stepped up to the plate and dealt with some of their serious long-term challenges. Among other steps, they’ve reformed their

overburdened public pension and health care systems. The efforts by policymakers in Australia and New Zealand show it’s politically possible to make difficult decisions that require short-term pain in the interest of long-term gain.

And he finishes with a flurry even Teddy Roosevelt would be proud of:

My hope is when you leave here today, you’ll spread the word among your friends and family about the challenges we face. By facing the facts and making sound policy choices, I’m confident we can fulfill our stewardship responsibilities to your generation and to future generation of Americans.

As Teddy Roosevelt said, “fighting for the right cause is the noblest sport the world affords.” I would encourage each of you to pick your cause, and do your best to make a real and lasting difference.”

Now this is a guy I can back.

Perspective on Clinton Tax Returns. Play It Again

This is a posting on the release of the Clintons’ tax returns and how the reporting of it smacks of opportunism. Plus, I bastardize some great movie lines.

LAS VEGAS, NV (April 5, 2008) – To steal from the greatest movie of all time, Casablanca, I’m shocked, shocked that politicians are making millions after they leave office.

Billary Clinton made $109 million since Bill left office. The response has been … well… as expected. And your response should be: ignore it.

Why? It’s still the same old story. And it’s not the fight for love and glory.

Conservative talk radio lambasted the Clintons with the usual hypocrisy. While listening, I wondered where the free-market Right-Wingers have gone.

Did these same folks criticize Ronald Reagan when he took $2 million from a Japanese communications group in 1989? I doubt it.

I could spend plenty of paragraphs here to show how Reagan’s 9 days and two speeches were far more excessive than Bill Clinton’s 7 years of speeches and appearances – and vice versa. But I won’t because I’d be falling into the same trap the political parties and the media have set.

The release of the Clinton tax returns provides fodder for the media while allowing the political parties to continue their “Louie, I think this is the beginning of a beautiful friendship” of raising money. However, I don’t see Bogey walking down that airport runway in this scenario; no, it’s Major Strasser (the Nazi) and Ferrari (the unethical fat businessman).

Core GOP donors who are endowed with the Hate-Clinton gene are writing checks right now. Meanwhile, the Obama faithful offer the theory that the Clintons can easily finance and buy the election.

The liberals and Clinton followers are just as two-faced. Most of them accused Ronald Reagan nearly 20 years ago, as the New York Times editorialized, of plunging “so blatantly into pure commercialism.” Will they write that today? I doubt it.

Do I find the amount of money the Clintons and the Reagans made reprehensible? No. They can make whatever they want – as long as it’s legal. That’s the American way.

I stick my neck out for no one, but I am joining a fight.

What sickens me is the amount of money politicians make while in office. You may call it campaign contributions; I call it legally sanctioned bribery. Sure, everyone’s restricted to a $2,500 limit, but someone can bundle that money into millions and deliver it to a politician – in return for favors.

The Obama campaign, evolved from the failed Dean campaign in 2004, is on the right track. A good portion of the donations come from online at $25 a pop. I doubt the janitor in Joliet will have sway with a President Obama because he made a PayPal deposit to Barack. Still, the Obama campaign is getting its fair share from big money interests too.

So, folks, please stop the conversation about politicians’ tax returns. It doesn’t amount to a hill of beans. Instead, let’s begin some conversations on Social Security, Medicare, education, and whether and how we fund two overseas wars.

Work For The New York Times … For Nothing

This post backs up the claim in my book: you are the media and the media is you.

LAS VEGAS, NV (April 4, 2008) – So, I’m reading the New York Times website about the Clintons’ tax returns.

While most of you were gawking at the amount of money they made, I noticed this little tidbit in the final sentence of the story.