So What Could Go Wrong If You Owned Your Own Money Tree?
Janet Yellin may not remind people of the boisterous cartoon character Buzz Lightyear, but her fete accompli elevation to the Chairmanship of the Federal Reserve probably implies Quantitative Easing to Infinity and Beyond! The White House announced that President Obama would nominate her to succeed Ben Bernanke this Tuesday. This bears significance because she is seen as being a strong advocate of quashing intrest rates in order to support lower unemployment. She is a classic Keynesian to the core in that sense and will not be willing to “taper” QE under anything like the current circumstances.
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Lockmart 1 – Obama 0
You know who is currently winning the Govt. Shutdown? It’s not the Democrats, it’s not the Republicans and it sure isn’t anyone in the Civil Service. Jim Gareghty suggested nobody will win at all. This would persumably be fine with House Speaker John Boehner who has quite vocally announced that “This Isn’t some d— game!” The White House doesn’t see things this way and has announced that they are happy with the shutdown to go on for a long, long time until Congress learns its lesson and obeys. Unfortunately for Team Obama, the enemy always gets a vote. As it has often been when the Democrats demagouge, the enemy is private business. Lockheed Martin Inc is not happy to have this shutdown continue. They’ve elected to match the Obama Furlough with the ongoing waves of Lockmart Furloughs. The 1st 3,000 are being told to go pound sand this Monday.
In response to this piece of news, the government just got a whole lot less shutdown. 350,000 employess who work for The Department of Defense are now WAAAYYY more essential than they (who am I kidding, we) were last Tuesday. In response to the possibility of the Military-Industrial Complex becoming a whole lot less industrial over the coming months of a prolonged shutdown, the management of Shutdown Kabuki Theatre has made the following announcement:
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How the Democrats got us to a shutdown
The press has been falling over itself to attack Republicans for the shutdown and claiming that they are the source of all the irresponsibility in the process. They have conveniently forgotten several important things about how much the Democrats have broken the budget process in the last couple of years and in this year in particular. I wrote back in January about how the Senate | Read More »
Emperor Obama’s Dog and Pony Show Turns Into A Dog
So Mississippi Republican Rep. Steven Palazzo tells the Department of The Interior that a group of old, ailing WWII veterans are coming to visit the WWII Momument on the Capital Square. He asks if they can see it despite the coming government shutdown, given that some of them won’t be alive long enough to have another chance. The people-powered administration of Barack Obama responded as follows:
“We got the heads up that they will be barricaded and specifically asked for an exception for these heroes,” Palazzo told TheDC. “We were denied and told, ‘It’s a government shutdown, what do you expect?’ when we contacted the liaison for the White House.”
These are the same Miss Congeniality contestants that lectured The Tea Party about civility after the shooting of Congresswoman Gabriella Giffords by a person who later turned out to have ambiguously leftist political beliefs. The current government shutdown was intended to conceal a lot of the administration’s problems, but has instead put them out there in stark bas-relief. The longer this drama goes on, the more the public pays attention to President Obama and Harry Reid and finds out what these people are truly like as human beings.
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The Detroit Non-Bailout And The Power Of A Shut-Down Government
Let’s say you do what you are told, show up at your place of appointed duty and then lather rinse and repeat for a good 10 to 25 years. If you are a Federal Employeee deemed “non-essential*” that gets you furloughed because the US Senate hasn’t bothered passing a legitimate budget in four years and the House of Representatives no longer has the patience or good will to give them a clean continuing resolution that funds ObamaCare.
Now let’s say you spend an entire city’s budget on union pensions that are based on untennable guaruntees and are underfunded by a steadily deteriorating tax base. If you are Detroit, and voted 82% for Barack Obama, that means you get $320M worth of what the New York Times insists !IS NOT! a bailout.
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Going Bananas As The Fiscal Year Ends
I can imagine Inigo Montoya sipping his rum. He contemplates, then chuckles. He pulls a bit on his mustache as President Obama’s teleprompter bromides blare out of his television. “He uses this phrase banana republic.” Inigo muses. “I do not think he knows what it means.”
You can use the term in a number of ways. As catchy bits of jargon get run through the political mill until shopworn, it’s perhaps quite accurate of Montoya to question whether anyone knows what banana republic means. I tend to think their clothes are overrated. My wife, on the other hand, always appreciates a $100 gift card. All jesting aside, when the American author O. Henry invented Archuria, he had a very specific type of dystopia in mind.
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My Understanding of Ben Bernanke And The Taper
The Federal Reserve gets accused of many things. The Chairman of The Federal Reserve, Ben Bernanke gets accused of many things. Is he E-vil? Nope. Is he a Great American? Probably not. So just what is Bernanke doing? My theory of Ben Bernanke’s mysterious objectives goes as follows.
Ben Bernanke is presiding over what he hopes will be the successful retirement of the largest demographic cohort in contemporary America. The Post WWII Baby Boom is far larger than the generation ahead of it (The Silent Generation) or behind it (Generation X). Boomer columnist and political observer Peggy Noonan once described the Baby Boom Generation as “America’s basketball in the python.” This is not their fault, per se, but it does make them pose a challenge to the rest of us as they drift towards the bottom of the actuarial charts. The current $85Bn per month of QE is the periodic glass of Metamucil-Juice prescribed by Dr. Bernanke to help the python pass the basketball.
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Obama Fumbles Summers Nomination, Yellen Set to Be Next Fed Chair
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the withdrawal of Larry Summers in the Fed Chair race, why Janet Yellen is now the likely pick and if her administration would be Bernanke: Part II.
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Terrible Side Effect of Detroit Bankruptcy: 50,000 Homeless Dogs
There are many sad stories coming out of Detroit in the wake of its bankruptcy. Entire neighborhoods abandoned, thousands without jobs, a city without services, it’s a depressing and deserted place, a shadow of the the once great Motor City it used to be. Today a story in Bloomberg shines some light on a terrible side effect of Detroit’s economic collapse that many are unaware | Read More »
Earnings Season Reflects Consumer Slowdown
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss how Wal-Mart earnings reflect the state of the American consumer, how health care costs will contribute to the slowdown in spending and why housing has become a rich man’s game.
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For Paul Krugman, Everything’s An Exception
The failure of Detroit is only the latest dramatic illustration of the practical failure of liberal-progressivism, standing in contrast to the great successes of free markets and conservative governance. If you are Paul Krugman, the Nobel Prize-winning New York Times columnist, this sort of thing ought to give you pause about the connection between your big-government ideas and reality. Instead, it is only the latest | Read More »
The Wealthy’s Fast-Pass Lifestyle
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss more on Detroit’s bankruptcy, one-percent playtime consultants and the reality gap between the wealthy and the rest of America.
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NC Unemployment Cuts: A Necessary & Difficult Change
Yesterday, North Carolina became the first state in the country to forfeit federal long-term unemployment benefits. As her state budgets continued to balloon and unemployment remains uncomfortably high, the Republican controlled legislature ended the state’s war on prudent fiscal policy by exempting herself from receiving further federal assistance for people unemployed longer than 26 weeks, as well as lowering the maximum potential benefit. If you | Read More »
After The Gold Rush IV: Fear Not The Latent Unpleasantness. Fear The Pain-Killer Instead
Kicking the metaphorical Mr. Brownstone of QE is also necessary for the United States to ever redevelop the economic power that we once enjoyed. Fed Chairman Ben Bernanke may be pitching his last inning, but he said the right thing when he announced that The Fed would taper the rate at which it shelled out QE. As you can read below, that will be hard. Here’s what Mr. Bernanke got as a reward for speaking the truth to a gaggle of easy money addicts yesterday.
STOCKS GETTING SLAMMED — INTEREST RATES SPIKING — COMMODITIES CRUSHED — GOLD AND SILVER TANKING, The LIBOR Of China Is Going Totally Ballistic, Market Bloodbath In Brazil, and you’d better have a GOOD Plan ready, because Night Wolf is Eating The Moon Virgin! Now I can’t quite verify that last one, but it’s not a good day to check in and take a peek at the Ye Olde Mutual Funds.
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Scientism, Despotism, Blackmail and The New Carbon Dioxide Regulations
Well, well, well. The Obama Administration is preparing to declare war. No, no you Nervous Nellies, not on Syria. That will be a collective police action where we help Al Qaida by leading from behind. This will be an all-out frontal assault. A veritable Pickett’s Charge of the Paper-cut Rangers. President Barack Obama is out to slay
Man-made Cooling, Global Warming, Climate Change once and for all. According to the always entertaining Henry Waxman, it involves his legacy.
“This is an important issue to the president. It’s a question of his legacy,” said Rep. Henry A. Waxman (D-Beverly Hills), ranking member on the House Energy and Commerce Committee. “Five years from now, people will be talking about what the Obama administration did on climate change, not entitlements or the deficit or whatever they are talking about now. Because climate change is here and real, and we have to address it.”
Of course there will be travails before we carve this great and lion-hearted President’s
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smirking benevolent visage into the hard, enduring granite of Mount Rushmore. But if Congress won’t act to protect future generations, Barack Obama will. He currently proposes to issue a new regulation in July that would limit source emissions from Power Generation Facilities to 1,000 pounds of CO2 per megawatt hour.
Tags: Clean Air Act
, Climate Change
, Henry Waxman
, Power Generation