Here is a statement by the federal reserve on the dropping of the interest rates.
Joint Statement by Central Banks
Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets.
Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices. Inflation expectations are diminishing and remain anchored to price stability. The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability.
Some easing of global monetary conditions is therefore warranted. Accordingly, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, Sveriges Riksbank, and the Swiss National Bank are today announcing reductions in policy interest rates. The Bank of Japan expresses its strong support of these policy actions.
Federal Reserve Actions
The Federal Open Market Committee has decided to lower its target for the federal funds rate 50 basis points to 1-1/2 percent. The Committee took this action in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures.
Incoming economic data suggest that the pace of economic activity has slowed markedly in recent months. Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit. Inflation has been high, but the Committee believes that the decline in energy and other commodity prices and the weaker prospects for economic activity have reduced the upside risks to inflation.
The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh.
In a related action, the Board of Governors unanimously approved a 50-basis-point decrease in the discount rate to 1-3/4 percent. In taking this action, the Board approved the request submitted by the Board of Directors of the Federal Reserve Bank of Boston.
Information on Actions Taken by Other Central Banks
Information on the actions that will be taken by other central banks is available at the following websites:
KPF, you seem to be pretty good at information retrieval, unfortunately due to the firewalls on my resources, info tracking is a major – major hassle… And I would like T-Dub to throw in on this, the following is simply a cut and paste that I edited, but it looks fairly reasonable to me, and it does sort of relate to your statement on the left/Right, and my conjecture that it is truly from within position on previous posts…… I just wanted to put this up for you to look at, thought you might be interested in this little tidbit of trivia..... because it draws me back into previous thought and contemplations on the subject…… The problems are so easy to fix it is almost intoxicating…… But I too am only ONE, and who the hell really cares what I would have to say about anything anyways…….. So, here it is in its adulterated format………… {Social Security, How It Got Stolen ….Franklin Delano Roosevelt 32nd President, Democrat Terms of Office >March 4, 1933, to April 12, 1945 < Franklin Delano Roosevelt, a Democrat, introduced the SocialSecurity (FICA) Program…… He promised: 1.) That participation in the Program would be completely voluntary,,,,, 2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the program, ,,,,, 3.) That the money the participants elected to put into the program would be deductible from their income for tax purposes each year,,,,,, 4.) That the money the participants put in would go into the independent 'Trust Fund' rather than into the General Operating Fund, and therefore, would Only be used to fund the Social Security Retirement Program, and no other Government program, and - - - - 5.) That the annuity payments to the retirees would never be taxed as income. ……………….. Since many of us who paid into FICA for years are now receiving a monthly Social Security check and are being taxed on 85% of the money we paid to the Federal government to 'Put Away'-- you may be interested in the following: > Dwight David Eisenhower…. 34th President, Republican….. Term Of Office: January 20, 1953 to January 20, 1961…. Insert by Vincent Peter Render, If I recall correctly,1958 is the first year that Congress voted to remove funds from Social Security and put it into the General Fund for Congress to spend…… I recall correctly, it was a Democrat-Controlled Congress….. From what I understand, Congress' logic at that time was that there was so much money in Social Security Fund that it would never run out / be used up for the purpose it was intended / set aside for. -------------WORSE STILL------------------------------------------------ Lyndon Baines Johnson….. 36th President, Democrat…. Term Of Office: >November 22, 1963 to January 20, 1969< Question: Which Political Party took Social Security from the Independent 'Trust Fund'and put it into the General Fund so that Congress could spend it?...... Answer: It was President Lyndon B. Johnson, Democrat, and the Democrat-controlled House and Senate…… Question: Which Political Party eliminated the income tax Deduction for Social Security (FICA) withholding?,,,, Answer: The Democrat Party. William Jefferson Clinton (Bill Clinton) 42nd President,,, Democrat Term of Office: >January 20, 1993 to January 20, 2001< Albert Arnold Gore, Jr. (Al Gore) 45th Vice President …. Democrat …. Term of Office: >January 20, 1993 to January 20, 2001< Question: Which Political Party started taxing Social Security annuities?...... Answer: The Democrat Party, with Vice President Albert Arnold Gore, Jr. (Al Gore) casting the 'tie-breaking' vote as President of the Senate……. ------------------THE STRAW THAT BROKE THE CAMEL'S BACK !!------------------------------------------------- < James Earl Carter, Jr. (Jimmy Carter) 39th President, Democrat Term of Office: >January 20, 1977 to January 20, 1981< Question: Which Political Party decided to start giving Social Security Annuity payments to immigrants?...... AND MY FAVORITE: Answer: That's right! James Earl Carter, Jr. (Jimmy Carter), Democrat, and the Democrat Party………… Immigrants moved into this country, and at age 65, began to receive Social Security payments! The Democrat Party gave these payments to them< /B>, even though they never paid a dime into the Fund!................ Then, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away! …………… And the worst part about it is, uninformed citizens believe it! …………… If enough people receive this, maybe a seed of Awareness will be planted and maybe changes will Evolve. Maybe not, some Democrats are awfully sure of what isn't so…………… But it's worth a try. How many people can YOU send this to?} And I will add this unadulterated cut and paste, because it is crystal clear…., Actions speak louder than bumper stickers. AND CONGRESS GIVES THEMSELVES 100%RETIREMENT FOR ONLY SERVING ONE TERM!!! <-------------------------------------------------------------- < quote by Thomas Jefferson 3rd President, Democrat Term of Office: >January 20, 1777 to January 20, 1781< "A government big enough to give you everything you want, is strong enough to take everything you have." ….. Thomas Jefferson….. <If there is anyone out there that doesn't know this, this is the best visual presentation I've seen...don't be mad at old people, just remember who did this when you vote.... My personal ad-lib “This goes to show what I get tired of typing when I say the Government has stepped over the line and become vested interests or ‘partners’ in banks…….. Gawd we have to turn this thing around”……. Well, time to give the cat a drop kick over the trailer, that’s always good for a chuckle……. I love it when people look at me fearfully and think I am crazy….. Perhaps I really am being as I think anything I have to say or could do could possibly make any difference anyways…… Ha-ha-ha-ha!!!!!!! Written by
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I hate writting on this buzz bored, it is soooooooo boring and very little pay in it.............................. If some of you would send me a dollar, I would write better, I promise................................. Ha-ha-ha-ha-ha!!!!! Written by
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Left and right metaphors or more specifically phantom algorithms can be perplexing until a person comes to the understanding that these are not forces based upon one set of ideals but rather the actual leveraging power is emerging from within……… Yes, as Mr. McCain stated, our economy is fundamentally sound……… It was a momentary lapse in reasoning that influenced him to recant, or try to redefine that which he had correctly assessed, or stated in the first place…… And the reason for the redefinition or assesment was being as he was told to do so………. Now the the United States Governemnt is becoming a ‘partner’ in banks……. This is a step across the line….. The United States Government has the right and power to print money, to operate a Reserve system, to set interest rates, to decide the valuation or devaluation level of the dollar, and to levy taxes…. Now they have transceded completely those basic powers granted by the United States, and not only have the power to say what jobs will or will not exist, or in what arenas citizen’s will or will not participate in to earn a living, but they are also saying in essence who will and who will not get credit (which they already did which led to some of this problem we are currently experiencing) in the future……. This is an internal problem…. And they want the American public to fixate on crooked CEO’s as the scapegoat…. What a joke….. Take Warren Buffett….. Heavily vested, and very well leveraged in Well’s Fargo….. Guess what? Ordinary shareholders will not get paid dividends until he gets his first…… So the concept of percentages and equitable worth is tossed out the window on this…. Back to CEO’s……. 2, 3, 4 million a month, who cares? 24, 36, 48 million a year or whatever….. Percentages…….. 150,000 employees? 250,000 employees? How about ¼ million + another ¼ million associated…….. 2 million a month equals 8 dollars a month out of an employee’s pocket if we are talking 250,000 of them…. The employee makes what? $15 an hour pretty easy? Good, that is a lilttle more than :45 minutes of the employees paycheck out of the 160 hours a month it gets paid for…. Or in other words, the employee probably spends :45 minutes a month taking a dump and washing its hands after it is through, on company time…. So, How is the CEO’s pay unfair in relationship to the common man? Take the guy that makes $80,000 a year, his only job is to watch out over 20 people………… He is pulling $333 a month per person…. How many things can go wrong? Lot’s…. It isn’t just the CEO, but the folks that worked there that screwed things up also…… But to get off this tangent… Oh wait, I need to slap T-Dub around for a second so he and I can get our afternoon jollies………….. “Oh, but think of all the poor people that CEO could help if he gave away $30,000,000.00 of his income to them each year so they can get health care or a better education!” T-Dub might say……. Yeah, well, great, I am sure that CEO’s annual check for $1.00 to each and every one of them will do a lot of good…. (28,000,000 poor people in the U.S.? I don’t know, I don’t feel like looking it up, so I am going to say that 8% of the population is ‘poor’ whatever that is because these days who the hell really knows what poor is, bunch of spoiled snots) Health care? Well, I say sending them that buck does no good as they suck down the $1.23 soda pop that is loaded with sugar and rots the teeth and brings on fatness and increases the risk of Diabetes therefore causing an even bigger strain on our healthcare system….. Now, if you were to ask that ‘poor’ person to send $1.00 to Africa, I saw a little smypathy poster at Pizza Hut that said for a dollar a day 4 children in Africa could be fed………. So what are the ‘poor’ people going to do for the other $364.00 dollars they are going to need for each day of the upcomming year to send to those ‘poor’ children in Africa? Give up their soda pops? No…. Cookies? No…… Candy?..... Noooo…………….. No, someone else is supposed to do it all and have less…… Well what poor person employees people, and gives them a paycheck? None…….. There is no valid reason for anyone to be poor in America….. Zero reason…… And this stock market thing, well, markets do what markets do, but how many times in the past 5 or 6 decades have retirees been ‘wiped out’ where their retirment nest eggs are go be concerned? It is, and I will agree with you there KPF, the manipulations of the right and left where government is concerned……. It should be, and it is possible to retire by the age of 48………. If a person so chooses….. Each and every American…… Why doesn’t this happen to a farther extent? We are gunea pigs, that’s why…… We live longer, and longer, and longer, and are being forced by external conditions be it crime, interest rates, taxes, obsolescence, lack of quality, societal shifts, values and norms to keep running on the fricken treadmill some laughingly call life…… I can tell you why no one has savings in the bank, because it is not safe to do so……. This has got to change… Society is going bonkers….. Poor in Appalchia? Better than poor in downtown L.A…… Peace out Dude, that’s the rant on this subject for the day…. Solutions? I have a lot of them, and they do not all include just the topic of STRONGCONCRETE……………………. I think I am going to go outside now and abuse the dog, it needs a good kicking around…………………….. (Ha-ha-ha-ha!!!! Just kidding, I have a cat, they are lots funner to terrorize!) Written by
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Economics is stubborn and uncooperative with those politicians who attempt to legislate economic outcomes. So far our economy has been robust enough to prevent market manipulators - from both the left and right - from bankrupting us.... but they sure are trying. Written by kpf
on 10/10/2008
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Yeah, but then again, so does hunger, and the flip side of that coin was a dictatorship and Nazism for post WW I Germany....... Yeah, politics and economics is a spooky little critter.......... But I am ready to go to work if I am allowed to....... Peace out dude./ Written by
on 10/9/2008
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No apology needed. I was being a wiseass but meant no harm. I truly gave up long ago on having a voting populace that has faith in the free market and understands that nothing is free. I am at least glad that George W. Bush - besides all of the things he's done that I disagree with - was able to appoint a few more Constitutionally-minded Supreme Court justices. I still hold out hope that the fire and commitment Ron Paul caused among some of our voters will grow and not be a dying ember. "Following the Constitition" and "having sound money" is really not all that radical (or racist or any of the other BS the Wall Street owned media portray these beliefs to be). I don't think we have any choice but to watch our country follow the road of Euro-Socialism but then again... economic reality has a way of curbing socialist tendencies. Written by kpf
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Oh, my apologies there KPF.. I hadn’t realized that was you…… I wasn’t sure if I had encountered sarcasm or a schism while reading the post, so I figured; “Ehhhh, wut the hell, let me heap some stupid ad-lib on the pile too!!! It’s a free country and all that… Might even be good for a chuckle or two.” But anyways………. I am with you 100% on a great deal of your concerns…. Even if I am not in agreement on a point by point base, I do know that many points do have a common thread that link somewhere farther down the line…….. And so, not to lock myself into a rigid ‘toe the line’ attitude, there should be a certain levity, or amount of flexibility that can be called upon instead of being forced up with the back against the wall….. I am not going to get into the candidates, it is all image, and it is a shame they are the embodiments that were forced upon the general population to choose between…… And so where #3 is concerned, I am of the same attitude as you……… I am going to vote anyways, but if there were a slot for a no confidence vote, and it wouldn’t cause President Bush (God Bless him and his family) and his administration to remain in office, I would gladly select that one above and beyond any other choice…. It is going to take 100 years or better to accurately judge what his effects (George Bush Jr.), either good or bad truly are/were… We really don’t know at this point in time…… I would hope for the future generations that he turned out to be quite the revolutionary and prudent catalyst for expanded good not only for our nation, but for the rest of the world as well…. But I will not live to see that day, so I cannot accurately comment on it… But I do know, as does everyone else, that it is time to baton down the hatches and tack left, or tack right or reef in the sails because there is a gale a brewin’ out on the horizon…… And it is getting closer by the day….. Free rides – on the taxpayers back – and Wall Street banking interest….. On that account I am way in tune with your ideals…….. And it is all such a hazardous high wire to try to balance oneself upon while trying to get from point A to point B…….. There should always be alternatives available….. Sure, I amuse myself slapping T-Dub around on the buzzy bored posts, but I am under the impression that he enjoys it, so I enjoy accomodating him (Hey T-Dub, we really should get together for a Jack Daniel's or two some day) anyways, T-Dub has many valid points as well……… We do have certain socialistic (socialist, and I think there is a difference between socialism, and a socialist, but it is a very fine line) based programs that are ripe for abuse, just as the Wall Street/Insurance – Banking industry has the same vulnerabilities… Each trying to wrest power from or over the other until there is either a stalemate, or capitulation, or hopefully capitalization for everyone involved…… But it generally doesn’t work that way…. It is either sin, win, or lose - lose don't win just sort of hang in there and make a showing,,, ehhhhhh,,,…….. This bail0ut… That’s what it was, those firms simply bailed out of their responsibilities to their customer…. And to society in general…….. Either from a service position or an investment position and it then took on a socialist position…. Under the sanctuary of Law...... Written and passed without the consent of the public.... And yet the taxpayer was not leveraged… It was allowed to be vested, but it is not going to be leveraged and enjoy the fruits of success or the proceeds at the table upon upswing, if that should happen….. And it has no say so on how those entities are going to be operated…… As a result of the taxpayer's monetary infusions…….. Instead, we as a collective whole where working classes are to be concerned, are going to addtionally be forced to face higher costs, higher prices, and more uncertainty..... “No taxation without representation” I believe the cry was when we didn’t have a seat in the house of commons……. Tea indeed……. Hence the United States of America......... And the tea leaves are saying that they weren’t fed enough this last time around, and so, up jumps the beast in a few months, hungrier than ever…….. And to whose loss? To what detriment? To how great of an extent? And to whom go the gains, if any?....... Ehhhhh,,,, I am going off into philosophy land here KPF, and it is time to quite philosophizing and get on with the realities of things and concern ourselves with production….. Now, plain and simple…… The banking/market - insurance industry has crossed a line…. Within those three consortiums you have abstracts such as real-estate, manufacturing, trade, etc………. We need to right now find cost cutting solutions to Government functions and programs…. It is a tremendous mill stone around our neck……. We also need to reinstitute our manufacturing capabilities…. I do not care if it is 3 dozen people making baby cribs, or remanufacturing brake pads……. The cost of houses should have a sector in existence that allows for the construction of lower cost housing that is safe…… We must declare war on drugs – immigration issues legal or illegal I do not care… They are both the same, again, I could come up with 25 points at least that need to be realigned…. We need to pay attention to our criminal justice system, and the concepts of rehabilitation vs. incarceration…….. Our social/welfare programs need to be gutted, and rebuilt…….. Government incentive programs for service/work need to be implemented…….. KPF, I am only one, I only have one answer that I absolutely know will do great things, that are STRONGCONCRETE…………………. I do not have all the answers, And hopefully, there are an additional 10,000 people out there (at least) out of 350 million (which I don’t think is much when you consider percentages and abstracts) that have their own ideas and viable solutions and pursuits to put on the table…. And I hope they are allowed to pursue those necessary things in earnest..... With full interest of the people, by the people, and for the people.... That is how America is going to work its way out of this crack….. Not Government mandates, it is up to the people….. WE ARE WHAT EITHER MAKES IT WORK, OR ALLOWS EVERYTHING TO DETERIORATE AND ERRODE INTO A PILE OF NOTHINGNESS....................... Period……………………………………………………………………………………………………. God Bless America……………………….. Written by
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Smitty, two points (seriously this time):
1) I was just joking about the village and the flooding
2) I'd like to see our country run by those who reward responsibility, do not pander to those who wish to get a free ride on the taxpayer's back, and are not beholden to Wall Street banking interest (I'm tough ka-ka out of luck with either major party on this, no?)
3) (three?) I may vote Libertarian, or I may vote for Obama - it really doesn't friggin' matter UNLESS my ONE VOTE determines who wins (do you REALLY think that will happen?) Written by kpf
on 10/9/2008
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Yeee Gads!!!!! Brilliant!!! Brilliant!!!!!! When you say; "1) sometimes you have to destroy a village to save it" THAT'S THE KEY!!!! Destroy everyone!!!!! That way they don't have to worry about doctors OR insurance!!!!!! I mean hells bells, we are all going to die anyways, it can't be stopped!!!!! Think of the money we can save!!!! Oh, you must be an astute person, so wise, so genius, my apologies, I'm not worthy! I'm not worthy!!! I have seen the light!!!!! I must vote for OBAMA!!! YES, I WANT TO BECOME AN OBAMIAN, AN OBAMANITE!!!!! oh Obeeee Wannnn, how could I have been so blind!!!!!!!!!!!!! Written by
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Two points: 1) sometimes you have to destroy a village to save it 2) the high ground in south Louisiana was caused by sediment deposited by flood waters, therefore don't use Strongconcrete to prevent flooding, let the flooding happen and we'll build up the ground's elevation again.................. Well, let me see...... 1) You advocate Bubonic Plauge in order to save the villagers (whoever they may be)? and 2) Keep pumping disaster assistance taxdollars into South Louisiana year after year while you wait for the marshes to become reinvigorated naturally?............... Yeah, and I suppose that being as Cataracts can lead to a loss of vision, and carrots are good for the eyes you advocate sleeping with carrot slices on your eyelids at night to prevent them while you dream about being able to see clearly some day because you are blinded by the same? Ha-ha-ha-ha-ha-ha-ha!!!!!! (Gee, was that a more tactful and ooshy gushie pleasant politically correct way of telling someone they are a dumbass?) Yayyyyyyyyyyyyyyyyyyy!!!!! I am now Mr. Politness Man!!!!!! Hallelujiah!!!!! I am healed, I am healed..... Forget practical thinking!!! Let's get on with abstracts!!!!!!!!
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Windage and elevation, windage and elevation.......... Why wait around for 500 years when most problems can be allevated with several well placed shots........ Oh, I know, a lot of goofy projects that lack in performace values, as well as a bunch of taxpayer funded studies that produce nothing but more paperwork can be generated to help the economy go around.... I'm not worthy! I'm not worthy!! U so smart, me so dumm....... Written by
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Two points:
1) sometimes you have to destroy a village to save it
2) the high ground in south Louisiana was caused by sediment deposited by flood waters, therefore don't use Strongconcrete to prevent flooding, let the flooding happen and we'll build up the ground's elevation again Written by here be wisdom
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I could sit down, spend 6 weeks, draft a plan that reduces the taxpayer burden, the employee insurance burden AND save the taxpayer dollars, extend the parameters of health care coverage, stimulate jobs, and bring about growth……………………………………. Oh, but it would be too much common sense, we need to bankrupt this nation to teach all those mean rich people in our nation a lesson…….. What a bunch of Jack ASSES!!!!!! YEAH, WHO THE HELL NEEDS STRONGCONCRETE APPROACHES WHEN IT IS BETTER TO IMAGINE THAT SOMEHOW WE ARE GETTING EVEN WITH THE SYSTEM BY SHOOTING IT IN THE ASS!!!!!!!!!! Written by
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This is not going to fix anything, or help anything, or change anything…………. Interest up, interest down..... BIG DEAL, UNLESS YOU ARE PLAYING WITH 100 MILLION BUCKS, 1% ISN'T GOING TO DO ANYTHING......... AND IF YOU ARE PLAYING WITH 100 MILLION BUCKS, THEN WHAT'S THE PROBLEM, AND WHAT IS 1% OR SO ANYWAYS, HELL, A CEO GETS MORE THAN THAT PRETTY MUCH........... NOW.......... Let’s talk health care……. Let’s talk insurance………. Let’s talk approach and solutions………… That is part of the problem, the economy is only the volume of peaches that are on the tree......... Focus folks, focus.......... The tree still has peaches, it is the tree's health I am concerned with on this isolated tangent......... Let me pick on workman’s comp, simply because it is convenient…… And because it is a good example for examples sake...........It is insurance, and it’s primary function is so that if a worker gets hurt, it can go to wutever and get ‘fixed’…. Supposedly…….. Anyways, as a business man that wants to obtain this policy what is the question that comes out of the ‘workman’s comp’ agency representative’s mouth? “How much do you expect your business to gross in your first year”? Uhhhhhhhhhhh…… O.K. quick explanation and affixing a valuation to that query, or in other words the interpretation: “We want X% of your gross as it relates to the upfront ‘premium’ and monthly maintenance payments….. Classification codes are secondary and out of that you will pay above and beyond a percentage based on payroll and billets or job descriptions of employment slots….. O.K. so, it is %’s and percentages only….. And whether you have 100 employees today and only 25 tomorrow, the monthly maintenance payments will be demanded……….. Why? Well, because you are in business, and you want insurance (the minimum)…….. O.K. enter tariffs, or import duties, or import taxes, or whatever governing vehicle you want to choose when it comes to foreign imports to our shores…… I don’t care if you call it a business license (they are doing business with us) or a surcharge, or handling charge, or pain in the but inclusion tax, buttttttt…………………………………….. Gross value of import + 10.5% ‘surcharge’ added that can be directed towards medical insurance/homeland security costs……….. Not going into the details, that is an overall focal point…… Next……………………….. Medic al costs need to be addressed… What are medical costs? Well, they are not the price that a corporate health care entity be it a hospital, clinic, or doctor want to charge, that is for sure…. $10.00 bandaids? That is crazy…. $40.00 to take your bloodpressure? That is crazy….. Organizational and staffing costs….. Break up this nursing thing, focus on supervised internships, the addition of clinics to hospitals so that beds are not going for $500.00 a night, they can be moved to an adjacent building and they would only cost $20.00 a night….. Hospitals for the most part are corporations…… Find the balance… Again, lot’s of arguments here, lot’s of approaches, lot’s of different tactics can be deployed… What is the goal, lower insurance costs, which can only happen with lower health care costs, with more coverage available…. Stop these morons from going to the E.R. and wasting time and resources for a headache, or an owieeeeeeee so that they can get pain pills, etc., etc., etc. Sickbay is to be respected….. We need clinics. This Obama schmuck scares the doggshIt out of me….. He wants to make sure the ‘System’ is funded. He said so..;. Well who’s system? Maybe the system needs changing…… Clinics, exercise, proper nutrition, the drug problem is crazy…. #1 #1 #! #! #1 PRIORITY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (After Nukes that is)………….. Mr. McCain, please be bold…………………………………………….. Get an alternative mouthpiece to speak unofficially where you cannot… And disavow if you want, but go ahead and follow the program once you get in…………………….. WE NEED COMMON SENSE……………………………………!!!!!!!!!!! NOW……..!!!!!!! Written by
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.. permit me to include another quote from the article: Politicians are not merely passive bystanders who go on "listening tours" of their constituencies and then faithfully enact the kinds of laws that the public wants. They are "entrepreneurs" who are experts at either creating genuine economic and social crises, or the perception of crises, and then offering their "services" in resolving the crises. The most obvious example of this phenomenon is war. War provides politicians with myriad rationales for controlling and regulating economic activity, and few of the controls are abandoned once the war is ended.
Written by okay, I'm tru wid dat
on 10/8/2008
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For those who place value on foresight (or simply sound economic principles) check out this article from 1999. If you do not wish to read the entire article scroll a bit more than half way down the "Examples of Political Blackmail" section which describes how the Community Reinvestiment Act "is a recipe for another savings-and-loan-type financial disaster in the future." "Those who cannot remember the past are condemned to repeat it." - George Santayana
http://mises.org/story/297 Written by kpf
on 10/8/2008
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