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Monday, November 19, 2012

U.S. Voters: Were 51% Fooled All Of The Time?

SEARCH BLOG: OBAMA and GOVERNMENT.

You can't fool all of the people all of the time - Abraham Lincoln.  But President Obama has learn how to fool enough of the people all of the time... with the help of some very accommodating media types... to get re-elected and continue his course toward a shipwrecked America... or "cliff-wrecked" America if you choose. [image.]

Those who were not fooled can hardly have the satisfaction of saying "I told you so" because there is no satisfaction where we are headed.  The stock market has fallen over 7% in one month.  For you union types, that means your pension funds have taken a nasty hit... which you are cheering on because in your minds that hurts "Wall Street."  The GOP is making nice with the president.  For you conservatives, that means 4 more years of the 4 years just finished.  The EPA and courts are playing havoc with the energy market which means that 100% of the voters will face significantly higher energy costs over the next four years.

How could those 51%-ers have voted for the captain of the shipwreck?  Victor Hansen at the National Review has his own thesis on that score.
Coincidentally, right after the election we heard that Iran had attacked a U.S. drone in international waters. [so much for negotiating with our best new friends in the Middle East]
Coincidentally, we just learned that new food-stamp numbers were “delayed” and that millions more became new recipients in the months before the election. [so much for those three "summers of recovery".]
Coincidentally, we now gather that the federal relief effort following Hurricane Sandy was not so smooth, even as New Jersey governor Chris Christie and Barack Obama high-fived it. Instead, in Katrina-like fashion, tens of thousands are still without power or shelter two weeks after the storm.  [so much for the new and improved version of federal government.]
Coincidentally, we now learn that Obama’s plan of letting tax rates increase for the “fat cat” 2 percent who make over $250,000 a year would not even add enough new revenue to cover 10 percent of the annual deficit. How he would get the other 90 percent in cuts, we are never told. [so much for "fair sharing".]
Coincidentally, we now learn that the vaunted DREAM Act would at most cover only about 10 percent to 20 percent of illegal immigrants. As part of the bargain, does Obama have a post-election Un-DREAM Act to deport the other 80 percent who do not qualify since either they just recently arrived in America, are not working, are not in school or the military, are on public assistance, or have a criminal record?  [so much for addressing the "social justice" issue of not enforcing our sovereign borders.]
Coincidentally, now that the election is over, the scandal over the killings of Americans in Libya seems warranted because of the abject failure to heed pleas for more security before the attack and assistance during it. And the scandal is about more than just the cover-up of fabricating an absurd myth of protesters mad over a two-month-old video — just happening to show up on the anniversary of 9/11 with machine guns and rockets. [so much for truth.]
"Coincidentally" is the conglomeration of  a variety of left-leaning media spinners that found it convenient to distort or delay news that might have been considered less-than-desirable despite their actions being less-than-truthful or less-than-ethical.

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There is always an easy solution to every human problem—neat, plausible, and wrong.
Henry Louis Mencken (1880–1956)
“The Divine Afflatus,” A Mencken Chrestomathy, chapter 25, p. 443 (1949)
... and one could add "not all human problems really are."
It was beautiful and simple, as truly great swindles are.
- O. Henry
... The Government is on course for an embarrassing showdown with the European Union, business groups and environmental charities after refusing to guarantee that billions of pounds of revenue it stands to earn from carbon-permit trading will be spent on combating climate change.
The Independent (UK)

Tracking Interest Rates

Tracking Interest Rates

FEDERAL RESERVE & HOUSING

SEARCH BLOG: FEDERAL RESERVE for full versions... or use the Blog Archive pulldown menu.

February 3, 2006
Go back to 1999-2000 and see what the Fed did. They are following the same pattern for 2005-06. If it ain't broke, the Fed will fix it... and good!
August 29, 2006 The Federal Reserve always acts on old information... and is the only cause of U.S. recessions.
December 5, 2006 Last spring I wrote about what I saw to be a sharp downturn in the economy in the "rustbelt" states, particularly Michigan.
March 28, 2007
The Federal Reserve sees no need to cut interest rates in the light of adverse recent economic data, Ben Bernanke said on Wednesday.
The Fed chairman said ”to date, the incoming data have supported the view that the current stance of policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation”.

July 21, 2007 My guess is that if there is an interest rate change, a cut is more likely than an increase. The key variables to be watching at this point are real estate prices and the inventory of unsold homes.
August 11, 2007 I suspect that within 6 months the Federal Reserve will be forced to lower interest rates before housing becomes a black hole.
September 11, 2007 It only means that the overall process has flaws guaranteeing it will be slow in responding to changes in the economy... and tend to over-react as a result.
September 18, 2007 I think a 4% rate is really what is needed to turn the economy back on the right course. The rate may not get there, but more cuts will be needed with employment rates down and foreclosure rates up.
October 25, 2007 How long will it be before I will be able to write: "The Federal Reserve lowered its lending rate to 4% in response to the collapse of the U.S. housing market and massive numbers of foreclosures that threaten the banking and mortgage sectors."
November 28, 2007 FED VICE CHAIRMAN DONALD KOHN
"Should the elevated turbulence persist, it would increase the possibility of further tightening in financial conditions for households and businesses," he said.

"Uncertainties about the economic outlook are unusually high right now," he said. "These uncertainties require flexible and pragmatic policymaking -- nimble is the adjective I used a few weeks ago."
http://www.reuters.com/

December 11, 2007 Somehow the Fed misses the obvious.
fed_rate_moves_425_small.gif
[Image from: CNNMoney.com]
December 13, 2007 [from The Christian Science Monitor]
"The odds of a recession are now above 50 percent," says Mark Zandi, chief economist at Moody's Economy.com. "We are right on the edge of a recession in part because of the Fed's reluctance to reduce interest rates more aggressively." [see my comments of September 11]
January 7, 2008 The real problem now is that consumers can't rescue the economy and manufacturing, which is already weakening, will continue to weaken. We've gutted the forces that could avoid a downturn. The question is not whether there will be a recession, but can it be dampened sufficiently so that it is very short.
January 11, 2008 This is death by a thousand cuts.
January 13, 2008 [N.Y. Times]
“The question is not whether we will have a recession, but how deep and prolonged it will be,” said David Rosenberg, the chief North American economist at Merrill Lynch. “Even if the Fed’s moves are going to work, it will not show up until the later part of 2008 or 2009.
January 17, 2008 A few days ago, Anna Schwartz, nonagenarian economist, implicated the Federal Reserve as the cause of the present lending crisis [from the Telegraph - UK]:
The high priestess of US monetarism - a revered figure at the Fed - says the central bank is itself the chief cause of the credit bubble, and now seems stunned as the consequences of its own actions engulf the financial system. "The new group at the Fed is not equal to the problem that faces it," she says, daring to utter a thought that fellow critics mostly utter sotto voce.
January 22, 2008 The cut has become infected and a limb is in danger. Ben Bernanke is panicking and the Fed has its emergency triage team cutting rates... this time by 3/4%. ...

What should the Federal Reserve do now? Step back... and don't be so anxious to raise rates at the first sign of economic improvement.
Individuals and businesses need stability in their financial cost structures so that they can plan effectively and keep their ships afloat. Wildly fluctuating rates... regardless of what the absolute levels are... create problems. Either too much spending or too much fear. It's just not that difficult to comprehend. Why has it been so difficult for the Fed?

About Me

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Michigan, United States
Air Force (SAC) captain 1968-72. Retired after 35 years of business and logistical planning, including running a small business. Two sons with advanced degrees; one with a business and pre-law degree. Beautiful wife who has put up with me for 4 decades. Education: B.A. (Sociology major; minors in philosopy, English literature, and German) M.S. Operations Management (like a mixture of an MBA with logistical planning)