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Friday, March 05, 2010

Cap'n Scam

SEARCH BLOG: CAP AND TRADE

An email from Penny Peiser provided the following links.

(1) U.S. DEMOCRATS MOVE TO BLOCK EPA ON CLIMATE CHANGE

The New York Times, 5 March 2010

(2) LAWMAKERS MOVE TO RESTRAIN EPA ON CLIMATE CHANGE

The Washington Post, 5 March 2010

(3) COLD FEET: JAPAN RETREATS ON CLIMATE PLEDGES

Bloomberg, 3 March 2010

(4) EU COMMISSION PLANS CARBON TAX ON TOP OF RUINOUS CAP AND TRADE

EUObserver, 5 March 2010

(5) ANALYSIS: CARBON CAPS THROUGH THE BACKDOOR?

Kimberley A Strassel, The Wall Street Journal, 5 March 2010

(6) CLIMATEGATE STATEMENTS FROM PHYSICS, CHEMISTRY AND STATISTICAL SOCIETIES

Climate Research News, 5 March 2010

(7) CLIMATEGATE HEARINGS: UNCORRECTED TRANSCRIPT OF ORAL EVIDENCE

HOUSE OF COMMONS

(8) OPINION: DAVID ADAM PERSUES THE INSTITUITE OF PHYSICS

Bishop Hill, 5 March 2010

(9) GREEN ACTIVISTS PLOT ‘STREET FIGHT’ AGAINST CLIMATE SCEPTICS

The Washington Times, 5 March 2010

(10) GLOBAL WARMING MAY BE NORMAL AT THIS POINT IN GLACIAL CYCLE

Lewis Page, The Register, 3 March 2010

Almost a year ago, I wrote this:

Bill and I talked about this the other night... how long before Obama dooms his opportunity for a second term?

Bill was under the impression that the General Motors situation would be his undoing... neither pleasing the left or the right wingers. I'm not so sure. I think there has to be two or three major blunders... and I think they will happen because of Obama's conviction that the U.S. voters and taxpayers strongly support his energy and climate notions... and are willing to pay the price for them.

Polls are unreliable sources of information for politicians to run a country. People will say what they think is the correct response to questions until it comes time to write the check. But when the reality comes that voters and taxpayers are going to pay much more for much less... the responses change... big time. [Read more]

Note... this was the Rasmussen poll when that was written:

Date

Presidential
Approval Index

Strongly Approve

Strongly Disapprove

Total Approve

Total Disapprove


4/1/2009

+8

37%

29%

57%

41%

Blunder 1: Political payoffs in the form of stimulus packages and bailouts to the Dems buddies.

Blunder 2: Pushing health care "reform" that will result in higher costs to individuals and businesses in form of both premiums and taxes, a huge federal deficit, and an erosion in the quality of health care.

Blunder 3: Crippling the U.S. energy supply through onerous and unjustifiable regulation.

2012 IS GETTING CLOSER

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CO2 Cap and Trade

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)