Daily Archives: May 21, 2009
Apparently the Fed has decided that their doubling of the monetary base in the last 7 months has done so fantastically, that they’re ready to do more of it.
Some Federal Reserve officials are open to raising the amounts of mortgage and Treasury securities purchase programs beyond the $1.75 trillion that they have already committed to buying, according to minutes from the Fed’s April meeting.
Please pay no attention to the inflation lurking behind the curtain. Our benevolent overlords have everything under control. So, why more monetary loosening.
Officials, meanwhile, projected an even deeper recession than they expected three months earlier and a more sluggish recovery over the next two years as labor markets remain under pressure.
Huh. So much for that “turned the corner’ crap from last month. But that’s OK. because, you see, if you’re in the middle of a bursted bubble cused by overly loose monetary policy in the first place, then the way to get back on track is an even looser monetary policy. That’ll fix you right up, you see.
At least, that’s what the Harvard econo-boys tell us. And they are, of course, the Best and Brightest.
Meanwhile, the DoL reports that weekly claims for unemployment for last week were revised upwards to 643,000, but this week’s numbers were only 628,500. So, that’s a nice little downward tick. Except that we’ve got all those upcoming claims from shutting down car dealerships for Chrysler and GM. Let’s call that 2,000 dealerships with an average of–I’m just spit-balling, here–25 persons per dealership left unemployed. Let’s call it 50,000 new claims ahead.
David Axelrod, Obama’s senior adviser talking about the appointment of a new Supreme Court Justice and the Constitution:
President Barack Obama began interviewing potential Supreme Court candidates Tuesday, while a senior White House official defended the president’s stated preference for a nominee who will give the powerless “a fair shake.”
White House adviser David Axelrod said the U.S. Constitution, like any document of its vintage, must be subject to interpretation in a modern context.
“Fidelity to the Constitution is paramount, but as with any document that was written no matter how brilliantly centuries ago, it couldn’t possibly have anticipated all the questions that would be asked in the 21st century,” Mr. Axelrod said.
Barack Obama, today, talking about the prisoners at Gitmo and the Constitution:
But I believe with every fiber of my being that in the long run we also cannot keep this country safe unless we enlist the power of our most fundamental values. The documents that we hold in this very hall – the Declaration of Independence, the Constitution, the Bill of Rights –are not simply words written into aging parchment. They are the foundation of liberty and justice in this country, and a light that shines for all who seek freedom, fairness, equality and dignity in the world.
I stand here today as someone whose own life was made possible by these documents. My father came to our shores in search of the promise that they offered. My mother made me rise before dawn to learn of their truth when I lived as a child in a foreign land. My own American journey was paved by generations of citizens who gave meaning to those simple words – “to form a more perfect union.” I have studied the Constitution as a student; I have taught it as a teacher; I have been bound by it as a lawyer and legislator. I took an oath to preserve, protect and defend the Constitution as Commander-in-Chief, and as a citizen, I know that we must never – ever – turn our back on its enduring principles for expedience sake.
Per Obama’s speech, the Constitution apparently “anticipated all the questions that would be asked in the 21st century” when it comes to Gitmo. Yet there’s Axelrod, claiming it doesn’t cut the mustard when it comes to the job description or duties of a Supreme Court justice and implying we must turn our back on it for “expedience sake” and redefine the job (give the “powerless” a “fair shake” – the job of the legislature).
So, which is it?
The Heritage Foundation breaks ‘cap and trade’ down to 10 points you may want to consider:
1. Cap and Trade Is a Massive Energy Tax
2. It Will Not Make a Substantive Impact on the Environment
3. It Will Kill Jobs
4. It Will Cause Electricity Bills and Gas Prices to Sharply Increase
5. It Will Outsource Manufacturing Jobs and Hurt Free Trade
6. It Will Make You Choose Between Energy, Groceries, Clothing, and Haircuts
7. It Will Be Highly Susceptible to Fraud and Corruption
8. It Will Hurt Senior Citizens, the Poor, and the Unemployed the Worst
9. It Will Cost American Families Over $3,000 a Year
10. President Obama Admitted “Electricity Rates Would Necessarily Skyrocket” Under a Cap-and-Trade Program (January 2008)
So, what can you expect when they realize that number 8 makes it a very regressive tax?
That’s right, a subsidy will somehow become part of the arrangement. And who pays subsidies? What those who they arbitrarily determine can “afford” them.
Therefore, in addition to this:
Be prepared to actually pay more than that for those who can’t “afford” it (8), unless, of course, cap and trade has helped you achieve number 3.