QOTD: Bubbles Bubbles Everywhere

If for nothing more than just a few inflation hawks inside the Fed Reserve, than we'd be already melting down.  Or, at least, that is the current convictions of this and several other authors out there in the world.

In a speech just released today and picked up by The Hedge (readers should know that I am referring to Zero Hedge), Dallas Fed Res Bank Dick Fisher (no pun intended, but preferred in this context) had the following remarks:

In my darkest moments, I have begun to wonder if the monetary accommodations we have already engineered might even be working in the wrong places.  A great many baby boomers or older cohorts who played by the rules, saved their money and migrated over time, as prudent investment counselors advise, to short- to intermediate-dated, fixed-income instruments are earning extremely low nominal and real returns on their savings. Further reductions in rates earned on savings will hardly endear the Fed to this portion of the population.

It is nice to see that someone inside the Federal (private) banking cartel has finally admitted that their monetarist, neo-Keynesian policies don't work.  To those of us whom have studied history, it isn't hard to say, "ah yeah!  No shit Sherlock!"  That said, Fed Fisher and his counterpart at the St. Louis Fed should be commended for their hawkish outlooks on inflation and money creation.  Unfortunately, as Zero Hedge opines, they will probably resign be forced out. 

Ever Wonder How Good...

Our armed forces airmen are? 



THAT GOOD!

H/T militaryphotos.net.

Debt Free America Act

As tweeted last night, this was making it's rounds around Facebook and other social networks.  H/T to my wife for reading it to me and her cousin (whom had posted it).

So, some quick Google Fu last night returned this bill summary:   

2/23/2010--Introduced.

Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "transaction" to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act.

As the rumor on the social networks went, this bill was "scheduled" for a lame duck vote after the election in two weeks.  I haven't confirmed or denied that, but it doesn't look like it's forging ahead very quickly. 

The summary in and of itself isn't all that obnoxious except for the one clause; "repeals AFTER 2017, the individual income tax."  YAY! (not).  We've seen this before in the form of social security.  We pass something now, take the hit up front, and then we'll "amend" or "repeal" something later.  As soon as you get used to paying the 1% tax on bank transactions AND your income tax, you'll forget by 2017 that Congress' original intent was to repeal the income tax.  In substance, this is effectively a different way to implement a fair tax, though it is more VAT (value added tax) in nature.  Taxing without repeal of or near 100% gutting of the IRC will do nothing to solve our debt problem or our job problem.  Again, we have a spending problem.  Austerity, plus sensible tax reform, including the fair tax, will restore our country to the economic engine that the world has long aspired to become.  

Slice of Life: Some Things Are Timeless

There are some things in life that are timeless, despite their constant change.  

For 55 years, Saturdays have meant something pretty special as far as gatherings inside of Delaware Stadium.  Yes, I am talking Blue Hen football (and for those band members out there, I mean marching band as well).  But in the ever constant flow of students into and out of the University itself, my father realized on Saturday that some things never really do change and they are indeed timeless.

Yes, it is easy to roam the campus in Newark and see the newly renovated or constructed classrooms and laboratories and note the change.  But the “mall” (sorry UD Almu and students, I refuse to call it the “green”) is still in the same spot it has always been.  Main Street too has changed, yet you can still find the bustle of students drawn to various stores by day and bars by night.  Education within the classrooms still exists, and kids are molded into young men and women set to start their professional lives at the conclusion of their four years.  Within those contexts of change, there is no change.  Change in a University is double speak by nature.  It is a constant, yet it does not truly exist.  

Even within our sports teams (professional or amateur) there is constant, timeless change.  Players come, players go.  Championships are won, or losing seasons pile up.  Either way, the only thing that is constant; change.  Yet the change is effectively non-changing.  

So why point out these so distinct and mundane facts?  Considering this is primarily a political blog I intend to tie them into politics, but that in and of itself is not really my intent.  The constant in our lives is change.  We change from conception until death.  As stated above, it is a double speak in that while natural change exists, it does not.  We often do not contemplate the change that surrounds us and internalize it.  Sure, we notice the new highway construction, but in reality, most of the roads we have traveled for most of our lives, are the same ones.  

Robert Frost would probably chide us for not taking the less traveled road, trying to expand our horizons or our minds as we seek out knowledge and understanding, but to what degree would it matter?  Humans are creatures of habit.  We like to go to bed at roughly the same time and awaken late on the weekends.  But the point behind not changing our path and being creatures of habit is this; despite how screwed up the world is and how hard times may become, when you have family and friends to rely upon for nurture and support, nothing really changes.  

So, the mere fact that the mass of humanity is often ill-focused and easily manipulated by that of the political spectrum, in reality, we never lose focus on what really matters in our lives; family and friends.  Throughout the follies of history that is now repeating itself with a republic in peril; we have not received any true change.  Yes, our lives may be a bit harder to live comfortably, but no one guarantees comfort and success (except for a politician trolling for votes).  If you are like me, and think that Nov. 2 is the only chance we have to turn our country around, we’re wrong.  Yes, I said we are wrong.  

The thing is, it might not be my generation, or my children’s generation, or even their children’s generation, but the idea of freedom and individual self worth has a natural spirit that will never and can never be suppressed.  So, within the constant political and personal change, there is no change, since we all are free to be whom we wish within our own minds.  

Sorry Orwell, I guess it just finally dawned on me the whole intent of your book 1984.

Restoring Sanity Update: Oprah to Pay for Audience

AHHHHHH!  What's a batnut party without some good old fashioned astroturfing?  Yep, that's right.  As predicted here on this blog, the correctly named "ratings coup" is turning out to be a lot of a flop. 

Look, there simply aren't enough "moderates" whom are outlandish enough to really show up at an event like this.  Further, considering the batnutter following of the left that is out there (and their pay for play audiences) it will really be a batnutter party with a headline grab and ratings boost for the ComedyCentral host.  Hey, I have no problem with a man trying to make a buck, but it's a crying shame when we can out your nuttiness before it even starts.

My wife said a few coworkers were planning on attending this event, I wonder if they will be asking for a refund now that they are showing up for free and others at least had their travel covered?  Hey, someone should tell the actors union that there are extras working for below market union contract rates!