Obama promises to answer bribery claims eventually - The Daily Caller
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Argan enthusiast: Sophie Dahl Photo: IAN JONES
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THE PRESIDENT SAYS you’ve got enough money. “During a conference at which I just spoke, the owner of several companies showed me a pair of cufflinks he’d just had custom-made, engraved with the words ‘Who Is John Galt?’ If the president isn’t familiar with Ayn Rand’s Galt, he might want to read up. This business owner said the cuff-links were the last item other than absolute necessities that he would buy until Obama was an ex-president. He said he was sending out a letter to the restaurants and shops he patronized, his dry cleaners, the service companies that tended his lawns at his homes – over 200 different business owners – letting them know that President Obama had determined he was making too much money and was too rich for reason. Therefore, he was going to cut sales and production at his companies by half, himself work but one day a week, cut business spending to the bone and personally buy nothing – other than vacations out of the country – until the president exits.”
The results of the new study by Harvard Business School will certainly shock some Keynesian academics — and high-ranking government officials. Instead of providing a stimulating effect to the economy, government spending creates pressures on private industry to reduce staff and investment. The study’s authors count themselves as among the shocked:
Recent research at Harvard Business School began with the premise that as a state’s congressional delegation grew in stature and power in Washington, D.C., local businesses would benefit from the increased federal spending sure to come their way.
It turned out quite the opposite. In fact, professors Lauren Cohen, Joshua Coval, and Christopher Malloy discovered to their surprise that companies experienced lower sales and retrenched by cutting payroll, R&D, and other expenses. Indeed, in the years that followed a congressman’s ascendancy to the chairmanship of a powerful committee, the average firm in his state cut back capital expenditures by roughly 15 percent, according to their working paper, “Do Powerful Politicians Cause Corporate Downsizing?”