Milton Friedman, The Great, lays out the economic and philosophical underpinnings of free market capitalism in a series of steaming videos. The series is called Free to Choose. The tone is friendly and non-combative and the content is a blend of easy to understand theory and examples. The videos are well done and interesting.
http://www.ideachannel.tv/
This is a great link to send to knee jerk liberals who do not know why they are liberal, but are open to reason. Also good to send to friends who believe in the free market, but are unable to delineate why. We have to get on the ball and start educating people about liberty and the free market. We are losing this debate by default because no one on the national stage defends liberty.
Tuesday, April 21, 2009
Sunday, April 12, 2009
Global Cooling?
I was just listening to a week old Jason Lewis show and I heard him mention the University of Wisconsin had released a study predicting a slowing and reversal of Global Warming. I did a Google search for it and came up with an article published by WorldNetDaily on March 22, 2009 titled "Shocker: 'Global warming' simply no longer happening."
Here are a couple of key passages from the article:
Here are a couple of key passages from the article:
A new study by Florida State University researcher Ryan Maue shows worldwide cyclone activity – typhoons, as well as hurricanes – has reached at least a 30-year low.Don't expect to hear about this on CNN or NPR.
Two more studies – one by the Leibniz Institute of Marine Science and the Max Planck Institute of Meteorology in Germany and another by the University of Wisconsin – predict a slowing, or even a reversal of warming, for at least the next 10 to 20 years.
Saturday, April 11, 2009
Obama and Clinton at Picnic Table
This picture is so apropos considering what is going on right now, it is just unbelievable. Currently, four Somali pirates/terrorists are holding an American ship captain, who gave himself up to save his crew. In this picture, we see Hillary and Obama, sitting in a child's playground. The juxtaposition of this hostage crisis with this picture, makes me think this is what happens when children are sent in to do a adult's job. This incident with the Somali pirates should be over by now. We had a chance to kill these pirates when the captain jumped off the ship and swam for his freedom. That the United States navy did not take that opportunity to unleash a wall of lead on the pirates indicates to me that the administration has ordered the Navy not to use force. Thus, we had a golden opportunity and lost it. Because of that, this brave captain, a hero, is still a hostage. This administration is incompetnat and discgraceful.
Friday, April 10, 2009
FOMC Minutes from March 17-18, 2009 Meeting
Passages I found interesting from the FOMC Minutes from March 17-18, 2009 meeting:
As of March 12, the System's total assets and liabilities were about $2 trillion, close to the level of that just before the January 27-28 meeting (p2).
Both headline and core consumer prices edged up in January and February (p3).
The civilian unemployment rate climbed 1/2 percentage point in February to 8.1 percent (p4).
Industrial production fell in January and February, with cutbacks again widespread, and capacity utilization in manufacturing declined to a very low level(p4).
The financial strain on households intensified over the previous several months; by the end of the fourth quarter, household net worth of for the first time since 1995 had fallen to less than five times disposable income, and substantial declines in equity and house prices continued early this year(p4).
In January, nominal shipments of nondefense capital goods excluding aircraft declined, and new orders fell significantly further. The fundamental determinants of equipment and software spending worsened appreciably: Business output dropped, and rising corporate bond yields boosted the user cost of capital in the fourth quarter(p4).
All major categories of exports decreased, especially sales of industrial supplies, machinery, and automotive products(p4).
In the United States, overall consumer prices increased in January and February, led by an increase in energy prices, after posting sizable declines late last year. Excluding the categories of food and energy, consumer prices edged higher in January and February after three months of no change(p5).
Measures of l onger-term expectations remained close to their averages over the past couple of years. Hourly eanring continued to increse at a moderate rate in February(p5).
Stock prices of insurance companies dropped sharply over the period, reflecting concerns about the adequacy of their capital positions(p5).
Gross bond issuance by non-financial firms was very stong in january and February, as investment-grade issuance more than doubled from its already solid pace in the foruth quarter; speculative grade issuance, however, remained sluggish. Trading conditions in the leveraged syndicated loan market improved slightly, but issuance continued to be very weak. Indexes of CDS spreads on AAA-rated CMBS widened to record levels, as Moody's downgraded a large portion of the 2006 and 2007 vintages after a reevaluation of its rating criteria(p6).
The Bank of England announced its intention to purchase substantial quantities of government and corporate bonds through its Asset Purchase Facility, after which yields on long-term British gilts fell significantly(p6).
The Swiss National Bank announced that it woudl purchase both dimestic corproate debt and foreign currency to increase liquidity(p6).
In the forecast prepared for the meeting, the staff revised down its outlook for economic activity(p6).
The staff's projections for real GDP in the second half of 2009 and in 2010 were revised down, with real GDP expected to flatten out gradually over the second half of this year and then to expand slowly next year as the stresses in financial markets ease, the effects of fiscal stimulus thank hold, inventory adjustements are worked through,a nd the correction in the housing activity comes to an end. The weaker trajectory of real output resulted in the projected path of the unemployment rate rising more steeply into early next year before flattening out at a high level over the rest of the year(p7).
Of particular note was the apparent sharp fall in foreign economic activity, which was having a negative effect on U.S. exports(p7).
Expenditures were being cut substantially for a wide range of captial equipment, and spending on nonresidential structures had recently turned down. Inventory liquidiatino was continuing, but inventory-sales ratios remained elevated as sales slowed(p7).
Some (members) believed that the natural resilience of market forces would become evident later this year(p8).
Some participants also cautioned that, becaus eof the poor functioning of the financial system, capital and labor were not beng allocated to their most productive uses, and this failure threatened to damp the recovery and reduce the potential growth of the economy over the medium term(p8).
To further its long run objectives, the Committee seeks conditions in reserve markets consistent with federal funds tradign in a range from 0 to 1/4 percent(p9).
The Desk is expected to purchase up to $200 billion in housing-related GSE debt by the end of this year. The Desk is expected to purchase at least $500 billion in GSE-guaranteed MBS by the end of the second quarter of this year and is expected to purchase up to $1.25 trillion of these securities by the end of the year. The Committee also directs th eDesk to purchase longer-term Treasury securities during the intermeeting period. Over the next six months, the Desk is expected to purchase up to $300 billion of longer-term Treasury securities(p9).
As of March 12, the System's total assets and liabilities were about $2 trillion, close to the level of that just before the January 27-28 meeting (p2).
Both headline and core consumer prices edged up in January and February (p3).
The civilian unemployment rate climbed 1/2 percentage point in February to 8.1 percent (p4).
Industrial production fell in January and February, with cutbacks again widespread, and capacity utilization in manufacturing declined to a very low level(p4).
The financial strain on households intensified over the previous several months; by the end of the fourth quarter, household net worth of for the first time since 1995 had fallen to less than five times disposable income, and substantial declines in equity and house prices continued early this year(p4).
In January, nominal shipments of nondefense capital goods excluding aircraft declined, and new orders fell significantly further. The fundamental determinants of equipment and software spending worsened appreciably: Business output dropped, and rising corporate bond yields boosted the user cost of capital in the fourth quarter(p4).
All major categories of exports decreased, especially sales of industrial supplies, machinery, and automotive products(p4).
In the United States, overall consumer prices increased in January and February, led by an increase in energy prices, after posting sizable declines late last year. Excluding the categories of food and energy, consumer prices edged higher in January and February after three months of no change(p5).
Measures of l onger-term expectations remained close to their averages over the past couple of years. Hourly eanring continued to increse at a moderate rate in February(p5).
Stock prices of insurance companies dropped sharply over the period, reflecting concerns about the adequacy of their capital positions(p5).
Gross bond issuance by non-financial firms was very stong in january and February, as investment-grade issuance more than doubled from its already solid pace in the foruth quarter; speculative grade issuance, however, remained sluggish. Trading conditions in the leveraged syndicated loan market improved slightly, but issuance continued to be very weak. Indexes of CDS spreads on AAA-rated CMBS widened to record levels, as Moody's downgraded a large portion of the 2006 and 2007 vintages after a reevaluation of its rating criteria(p6).
The Bank of England announced its intention to purchase substantial quantities of government and corporate bonds through its Asset Purchase Facility, after which yields on long-term British gilts fell significantly(p6).
The Swiss National Bank announced that it woudl purchase both dimestic corproate debt and foreign currency to increase liquidity(p6).
In the forecast prepared for the meeting, the staff revised down its outlook for economic activity(p6).
The staff's projections for real GDP in the second half of 2009 and in 2010 were revised down, with real GDP expected to flatten out gradually over the second half of this year and then to expand slowly next year as the stresses in financial markets ease, the effects of fiscal stimulus thank hold, inventory adjustements are worked through,a nd the correction in the housing activity comes to an end. The weaker trajectory of real output resulted in the projected path of the unemployment rate rising more steeply into early next year before flattening out at a high level over the rest of the year(p7).
Of particular note was the apparent sharp fall in foreign economic activity, which was having a negative effect on U.S. exports(p7).
Expenditures were being cut substantially for a wide range of captial equipment, and spending on nonresidential structures had recently turned down. Inventory liquidiatino was continuing, but inventory-sales ratios remained elevated as sales slowed(p7).
Some (members) believed that the natural resilience of market forces would become evident later this year(p8).
Some participants also cautioned that, becaus eof the poor functioning of the financial system, capital and labor were not beng allocated to their most productive uses, and this failure threatened to damp the recovery and reduce the potential growth of the economy over the medium term(p8).
To further its long run objectives, the Committee seeks conditions in reserve markets consistent with federal funds tradign in a range from 0 to 1/4 percent(p9).
The Desk is expected to purchase up to $200 billion in housing-related GSE debt by the end of this year. The Desk is expected to purchase at least $500 billion in GSE-guaranteed MBS by the end of the second quarter of this year and is expected to purchase up to $1.25 trillion of these securities by the end of the year. The Committee also directs th eDesk to purchase longer-term Treasury securities during the intermeeting period. Over the next six months, the Desk is expected to purchase up to $300 billion of longer-term Treasury securities(p9).
Thursday, April 9, 2009
Did Obama Bow to the Saudi King?
Video of Obama bowing to the Saudi King
http://www.youtube.com/watch?v=LEUif1--r38
The Politico reported:
http://www.youtube.com/watch?v=LEUif1--r38
The Politico reported:
The White House is denying that the president bowed to King Abdullah of Saudi Arabia at a G-20 meeting in London, a scent that drew criticism on the right and praise from some Arab outlets (link to story).Clearly the Obama administration is lying. The lie is so blantant, I am left wondering why they bothered to lie about in the first place. Nevertheless, this is sold evidence that the Obama administration has no problem with lying to the American public.
Wednesday, April 8, 2009
Obama to Look at Climate Engineering
http://online.wsj.com/article/SB123920773503201665.html
I would like to suggest that administration should mandate that all Americans wear caps with propellers on their heads. These could transfer electricity into a rechargeable, locally built and bought, battery packs on a hip belt. This stored energy could then be used to charge cell phones and such, thus saving the world.
We would also do well to invent a device that reclaims static electricity from hair and add the electricity to the national grid. Then, if you are one who is truly disturbed by the inevitable Apocalypse, you could spend a lot of time rubbing your head on the carpet to do your part in averting total disaster. If you are truly concerned, you can go into government and mandate that everyone else do the same.
http://online.wsj.com/article/SB123920773503201665.html
We would also do well to invent a device that reclaims static electricity from hair and add the electricity to the national grid. Then, if you are one who is truly disturbed by the inevitable Apocalypse, you could spend a lot of time rubbing your head on the carpet to do your part in averting total disaster. If you are truly concerned, you can go into government and mandate that everyone else do the same.
Thursday, April 2, 2009
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