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The Dumbbell's Dictionary

East is East, and West is West, n. And never the twain shall meet, no, nor border no breed
nor birth, though three fat men may sit a while, from the antipodes of the earth, while
sitting together amusing themselves, discussing the range of their girth.
Ebonic, n. Plague that America narrowly avoided in the decades of the 80’s and 90’s.
Economic Fascism, n. It was 1962. United States Steel had just raised their prices. This
action was not looked upon favorably by the Kennedy administration. Thus, on the one
hand, we had President Kennedy, and on the other, Roger Blough, Chairman of U.S.
Steel. What ensued over a period of days was visits by the F.B.I. to various and sundry,
thanks to Attorney General Robert F. Kennedy. The outcome of that confrontation was
but the first and most, to that date, blatant example of American economic fascism in
action.
Economics, n. Not the science of plenitude, but rather the science of scarcity. Tradeoffs
are involved.
Eco-fascists, n. They really don’t care about property rights or citizens’ rights. They will,
unless stopped, trample over all of our rights, including our ability to protect our own
property from some bureaucrat who decides that our property contains wetlands that need
to be governed by some federal agency. These masters of our lives are pretty much
described by a watermelon: Green on the outside, and very much red in the interior.
The Economy, n. There can be no perfect system for managing an economy in a free
society. Indeed, if the society is to remain free,
there can be no system at all, other than the totality of transactions freely undertaken in
an open market. (See Ludwig von Mises, Friedrich Hayek, Milton Friedman, and Thomas
Sowell.)
That said, the following has to be crowned as the most outrageous public statement ever
uttered regarding the economy. Thus, last week in this month of June in the Year of Our
Lord 2011, this from DNC Chair Debbie Wasserman Schultz: „We own the economy. We
own the beginning of the turnaround and we want to make sure we continue that pace of
recovery, not go back to the policies of the past under the Bush administration that put us
in the ditch in the first place.’ Unbelievable! Considering that she speaks for the Obama
administration that has gotten us so far in debt the last two years that we’ll likely never be
debt-free again, there is no doubt who the „we’ she refers to is.
I submit that no one other than a megalomaniac with messianic aspirations in connection
with a tyrannical government would be so self-assured as to be able to make such a
statement. And low and behold, it took the Obama administration only a few days to
attempt some damage control over this fiasco. Thus, White House Press Secretary Jay
Carney, responding to Wasserman-Schultz, tells us comfortingly that „We all own the
economy. We all work together in Washington to improve the economic situation.’
Due to such conditions/considerations as those preceding, what the economy is really
missing is commercial loan activity; in other words, a willingness by corporate boards to
part with cash. And why is that? Why, simply because bankers and board members aren’t
cretins when it comes to business decisions.
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