Oh my...seems the righties long for the high interest rates like back in the Carter days.http://www.time.com/time/magazine/article/0,9171,921854,00.htmlThe right doesn't seems to understand the negative consequences to the economy when those credit-card and mortgage interest rates rise. Heck, they are even clueless about the effects of austerity.
But then the right is wrong on everything...they blame Obama for the rising health-care costs, instead of mentioning the exorbitant salary of the CEO's...and completely ignoring the fact that the mandate was actually devised by the Republicans...and the same can be said about the overly criticized National Security programs:
In a June 15 letter, Dennis Rhodes says he thinks Dick Cheney is "chortling" now that President Obama is spying on the American citizenry and that "Obama is out-Cheneying Cheney."But I digress...here's an educated view on the topic:
Mr. Cheney appeared on "Fox News Sunday" (and this is Fox News, so we know it's got to be undisputable) and defended the surveillance programs. In fact, Cheney was a strong advocate for the programs when he was in office. Of course he was, because the surveillance program was started during the Bush administration!
Stellar Wind was an umbrella name for the original Bush-era program that collected phone and Internet data. According to a recent article in The Washington Post, "At Bush's direction "¦ the NSA had been siphoning e-mail metadata and technical records of Skype calls from data links owned by AT&T, Sprint and MCI, which later merged with Verizon."
Jack Goldsmith of the Office of Legal Counsel and James Comey, U.S. deputy attorney general under Bush, were "convinced that Bush had no lawful authority" to authorize the surveillance.
So, who's chortling now, Mr. Rhodes?
I did want to weigh in briefly on the Fed’s latest, in which Bernanke confirmed that the Fed is getting significantly more hawkish — based on relatively optimistic forecasts.
My reaction is, this is not good. They might get away with it, but there’s also a serious chance that this will end up looking like a historic mistake.
Bear in mind, first, that the US economy is still deep in the hole, which is especially obvious if you look at employment rather than unemployment:
Aging of the population accounts for some but not much of the fall in the employment ratio; the fact is that we are still a very long way from acceptable employment levels. Meanwhile, inflation remains below the Fed’s target. Maybe the Fed believes that the situation will improve — but as everyone points out, the Fed has been consistently over-optimistic since the crisis began. And for now the economy still needs all the help it can get.
How can the Fed help? With short-term rates up against the zero lower bound, mainly through expectations — by conveying the message that it will wait to tighten, that it will let the economy recover and allow inflation to rise before hiking rates. To use my old phrase, it must credibly promise to be irresponsible.
And what it has just done, instead, is signal that it’s still a conventionally minded central bank.
So what if recovery stalls, and inflation expectations fall even further? Can the Fed turn on a dime, and send a credible message that it really isn’t so conventional-minded, after all? It’s hard to believe; having already shown itself inclined to start snatching away the punch bowl before the party even starts, it has arguably already given away the game.
I know that the latest had overwhelming support on the FOMC; I’m surprised and a bit shocked by that, and worry that we may have seen incestuous amplification at work.
I really hope that the real economy recovers at a pace that makes my fears groundless. But if it doesn’t, I fear that the Fed has just done more damage than it seems to realize.http://krugman.blogs.nytimes.com/So while the partisan-right throws everything out there in hopes that something will stick...this development helps the Chicken-Littles with their pessimism...problem is, won't be long before the morons blame Obama...much like they do for high gas prices...and everything else imaginable.