Quote Of The Day

Erick over at Red State:

And saying that he (“economic retard” Huckabee) will oversee a Fed that “adopts a ‘pro-growth, low-inflation policy'” is about like saying “I will oversee a flock of seagulls and make sure they fly over beaches pooping on people.” That’s what they do anyway.

We all got plopped on the head by the Fed yesterday, come to think about it.

40 comments

  1. Tea Party says:

    Thing about Fed policy is that the rates can only go ‘so low’ before international investors invoke the spectre of “loss of faith and full credit” in US markets. We all better realize tht T-Bills must not lose their lustre.

    The new POTUS must make tough and ugly choices or we will all pay the piper down the road.

  2. Goldwater Conservative says:

    Huckabee…well all “conservatives” should read bernanke’s books. The only way we are going to retire the national debt is with inflation and taxes. We do not just need a POTUS that will not veto tax increases, but not go on the defensive about monetarey policy. Leave the FED alone…let them do what they know needs to happen. I normally do not care about the levels of debt racked up by the US, but my home nation and most of Europe is stable and not being affected by the developments of the “credit crisis.” There economies are not growing much, but they have stability….and their markets do not tank every time the chairman goes to the bathroom.

  3. LoyaltyIsMyHonor says:

    I don’t have an opinion on the Fed or Huckabee here…BUT ….. Any thread/post that uses the term “POOP” definitely catches my attention.

  4. GAWire says:

    Spacey, do not speak of things which you don’t understand.

    Erick’s comments on Huckabee are right on target. If you’re even mildly interested in the US being in a good economic situation, you won’t vote for Huckabee.

  5. Tea Party says:

    Hey fans of Monetarist Theory, good stuff, but read up on Mr. Bernacke.

    The only way to mathmatically erase our debt is the old fashioned way–don’t pay it.

    Inflation will devalue the dollar, taxes will go up.

  6. Inside_Man says:

    Goldwater Con,

    Fighting debt with inflation and taxation sounds like a losing formula for you and I, taxpayers. Why would I want to give up more of my dollar to the taxman while allowing him to devalue the change he is so kind to leave in my pocket?

    “Practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.” ~Freidrich von Hayek

    The Federal Reserve is not looking out for your best interests.

  7. Tea Party says:

    Inside_Man, topically your point makes sense. Goldwater Conservative post prompted my curiousity, andIi linked a site to some of Mr. Bernake’s writings.

    Apparently Mr. Bernacke has some mighty interesting ideas on seemingly unnatural methods.

    Inflation is a hidden tax on all including the uber-rich.

  8. rugby fan says:

    “Huckabee has brought together:

    Brownback and Fred Thompson people together!

    The Black Republicans LOVE him…”

    Around 1% and 10% of all Republicans who vote in a primary respectively.

    Black GOP, thats what, 2, maybe 3% of the Republican Party?

    Good show.

  9. IndyInjun says:

    The Bolshevik Lenin once said that the way to destroy the middle class was to grind them through the twin millstones of inflation and taxation.

    The Dems are the party of taxation.

    The Repugs are the party of inflation.

    The official debt – issued bonds and notes – of the USA stand at $120,000 for a family of four, the net present value of the debt plus the other unfunded obligations is approaching $800,000 for a family of four and the average income after tax is well short of $60,000. These numbers spell DOOM for they foretell of horrendous inflation and taxation to make the numbers work. Even worse is that the current “stimulous” and multiple $trillion bailouts of Freddie and Fannie that will soon strike make these numbers even more impossible.

    Before the Fed stopped printing the numbers the M3 money supply curve had turned nearly vertical. The net result of yesterday was that the money supply has turned vertical.

    Ron Paul is a prophet on these things, but the public shuns him in favor of a crew of “borrow and spenders” who pledge more business as usual as we hurdle toward a financial reckoning that will make all flinch.

  10. GOPeach says:

    DUNCAN HUNTER ENDORSES MIKE HUCKABEE!!!!!

    WASHINGTON (CNN) — California Rep. Duncan Hunter, a former presidential candidate, announced Wednesday he is endorsing Mike Huckabee’s White House bid.

    “I got to know Governor Huckabee well on the campaign trail,” Huckabee said in a statement. “Of the remaining candidates I feel that he is strongly committed to strengthening national defense, constructing the border fence and meeting the challenge of China’s emergence as a military superpower that is taking large portions of America’s industrial base.

    “Along with these issues of national security, border enforcement and protecting the U.S. industrial base, I see another quality of Mike Huckabee’s candidacy that compels my endorsement,” he added. “Mike Huckabee is a man of outstanding character and integrity. I saw that character over the last year of campaigning and was greatly impressed. The other Republican candidates have many strengths and I wish them all well.”

  11. Tea Party says:

    Indy: When I studied econ, the St Louis Fed published the money supply data, and I hear that is not available.

    That does not portend well for the future.

    Folks, unlike previous doom and gloom theories and predictions these facts do matter.

  12. jm says:

    So Hunter, his wife, and a guy in Wyoming are now in the Huckabee camp…that should change things.
    (Seriously…Hunter got 1 delegate in Wyoming.)

  13. IndyInjun says:

    TeaParty:

    For the Fed to stop publishing M3 to save money, when the Fed creates money from nothing takes all of the excesses to the pinnacle of absurdity.

    We boomers took the sex, drugs, and rock thing a mite too far, you think? Some 70% of us were caught up in it, so it is hardly surprising that some of the more demented – make that FRIED – minds wound up in control.

    Who needs to retire anyway?

  14. Tea Party says:

    Indy, now you are really scaring me! (;>)

    That was a great factoid on M3, and the implications are that the Fed is becoming less transparent.

    Why? As one of the links points out, perhaps to keep peeps from seeing that the M3 (a very broad measure of the money supply) is growing exponentially.

    When the buck devalues, the debt becomes ‘manageable’ and the ‘full faith and credit’ of the US T Bill will be questionable.

    CIA indicated it would take China 20 years to reach economic parity with the US and that we would share the World stage as a superpower.

    That was eight years ago.

  15. IndyInjun says:

    TP

    What is scaring ME is the state of deterioration that I saw 20 years ago caused me to predict where we are today, the big trouble being that we are at a point today that I thought would arrive in 2030.

    Yesterday there was talk of federalizing the monoline insurors, which would mean monetizing derivatives at many multiples of GDP. Freddie, Fannie, and the Federal Home Loan Banks will require bailouts of $2 trillion or so ($650 Billion has been quietly doled out by the FHLB’s to prop up subprime lenders in just the last 2 quarters.)

    Go back and look at the numbers I posted above. Look at them very closely, then consider that consumer installment debt is in the $trillions and unfunded state liabilities are in the $trillions (Georgia has $20 billion in health care liabilities.).

    There is NO WAY these debts can be paid, so the poor fools who doubled them now wish to double down again.

    It won’t work.

    To paraphrase Ron Paul “Just how do you cure inflation…..with more inflation?”

  16. Tea Party says:

    Indy:

    Based on your M3 comment yesterday, I researched the following articles on how we got to where we are, in economic terms.

    These are three articles explained by a Princeton educated German that put some perspective on where the US economy was, is, and may go:

    http://www.globalresearch.ca/index.php?context=va&aid=7413

    http://www.financialsense.com/editorials/engdahl/2008/0116.html

    http://www.financialsense.com/editorials/engdahl/2008/0123.html

    Pretty sobering stuff, I wonder if Ron Paul read this?

  17. IndyInjun says:

    Dr. Paul has been all over these trends for years, as he is a part of the ‘sound money community.’ He has long been a contributor of well-written columns at LewRockwell.com and regularly grills Fed Chairmen from his seat on the Joint Economics Committee.

    Back to the topic, it has been clear here for the last two years that the “loan to distribute” model would cause enormous problems. Frankly, the dispersion of risk poisoned the entire ocean of world finance. The Deutsche case shows that bailouts of borrowers and lenders won’t be easy because there are 4 an 5 parties to each loan transaction and who actually “owns” the mortgages is not clear.

    Let’s review the bailouts now in play: 1. The FED lowers the funds rate, thereby bailing out the banks on the backs of savers and the public. 2. The administration orders ARM lenders to hold the borrower’s rates at the ‘teaser rates’ concurrently rewarding wreckless folks over others who saved until they could afford their house AND at the same time assaulted the property rights of the loan holders. 3. The Federal Home Loan Banks lend $650 to subprime lenders, taking worthless CDO’s as ‘collateral.’ 4. The central banks inject another $1 trillion (admitted) in liquidity. and 5. NOW the DC pols are going to expand the conforming loan limits to $625,000, allowing Freddie and Fannie (both already in financial trouble) to assume jumbo loans and thereby extend the implicit Federal government loan guarantees to relieve the crooked bankers of even more potential losses.

    Worst yet, now there is talk (make that DEMANDS from the likes of Mad Money Cramer) bailout is about to be extended to the monoline bond insurers who have $45 TRILLION in exposure, thereby extending bailouts to defaulting counterparties. In other words, they are actually going to TRY to bailout all four or five levels of this fraud!!!!!

    What they are doing will cause a $US collapse.

    Surely they must know this…..or maybe not. At every debate, the other Presidential candidates started shuffling their feet and looking down because neither they nor the equally-idiotic media inquisitors have the faintest clue of the financial knowledge displayed by Ron Paul.

    This is nearly Biblical in proportions and also Biblical is the way the one man who warned of it and continues to warn how the two parties are making it worse is ridiculed and dismissed as a kook.

  18. Tea Party says:

    Yup, Indy, do belive you summed up our sad state of affairs.

    How does one protect themselves?
    Gold, conservative growth?

  19. IndyInjun says:

    In all things be hedged in both extremes. One or the other is virtually certain to transpire.

    Vote for Ron Paul. It will give the satisfaction of knowing that one at least TRIED, instead of lining up behind those who destroyed the greatest nation on earth via financial insanity.

  20. GOPeach says:

    Mitt Romney founded Bain Capital

    Bain Capital bought Clear Channel which is the largest owner of radio stations in the United States

    Rush Limbaugh, Fox, and the rest of the media are all big Romney fans because they are scared stiff to slander Romney because of the influence which Romney and his cronies have in allowing the EIB Network to purchase air time.

    Bottom line the media, and Washington Insiders are all in bed together to take out Huckabee’s chances as the Republican Candidate

    You should also look at Bain Capital and its partnership with the Carlyle Group… which is linked to a lot of very interesting people in both Saudia Arabia and China.

  21. GOPeach says:

    FOR IMMEDIATE RELEASE:

    Thursday January 24, 2008

    FLORIDA ‘S MOST RESPECTED CONSERVATIVE, PRO-FAMILY LEADERS ENDORSE MIKE HUCKABEE FOR PRESIDENT

    ( Orlando, FL ) Today, the Co-Chairmen of the Florida Huckabee Faith and Values Coalition, John Stemberger and Dr. David Uth, announced that a clear consensus has been reached among pro-family leadership in Florida and that Mike Huckabee is the candidate to back for social conservatives. This was further evidenced by rock solid conservative Congressman, and former presidential candidate, Duncan Hunter’s endorsement of Governor Mike Huckabee yesterday.

    Stemberger said, “A year ago, several leaders set out to build a consensus around who was the best candidate to stand for conservative, pro-life and pro-family values. While it has taken us a while to get here, we are proud to announce that a consensus has been reached not only around the country, but specifically here in Florida . For conservative pro-family voters, Huckabee is our man!”

    “I have known Governor Huckabee for 32 years and have found him to consistently represent the Biblical values that we can all hold dear.” Said David Uth.

    Florida’s closed primary is a different ball game than in New Hampshire and South Carolina where independents and liberal democrats can cross over and vote for a candidate like John McCain. Social and religious conservatives comprise upwards of forty percent of the primary voters in Florida and Governor Huckabee can be very competitive and could win Florida as the consensus continues to build.

    “One of the primary questions we have to ask is who can we trust to bring us home? Mike Huckabee is the answer.” John Stemberger said. While hundreds of Florida pro-family advocates and pastors have endorsed Mike Huckabee, the following high profile leaders are announcing their joint endorsement today:

    Art Ally

    The Timothy Plan

    Frank Attkisson

    State Representative

    Florida House

    Bill Bunkley

    Host of Drive Time

    Salem Radio Network

    Barbara Collier

    Christian Coalition of

    Broward County *

    Ken Connor

    Center for a Just Society*

    John Grant

    Florida Senate, Retired

    Janet Folger

    Faith2Action*

    Terry Kemple

    Community Issues Forum*

    Tomas Lares

    Council on Faith in Action (CONFIA)*

    Pam Olson

    Florida Prayer Network*

    Rep. Marco Rubio

    Speaker, Florida House of Representatives

    Mat Staver

    Liberty Counsel*

    John Stemberger

    Florida Family Policy Council*

    Stephen Strang

    Strang Communications

    Dr. David Uth

    First Baptist Church of Orlando *

    Senator Daniel Webster

    Florida Senate

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