Mission Impossible for the Fed?

Below is a very interesting article from George Will in the Washington Post. He argues that the dual mandate given to the Fed in 1977 should be ended.

In another article by GMU economist Don Boudreaux, he claims that from 1790-1913, the dollar lost approx. 8% of its value. From 1913 (when the Fed was created to maintain price stability) to the present, the dollar has lost 95%. Apparently, the Fed has not done a very good job.

The Fed's Dual Mission Impossible

Climate Change Policy = Wealth Redistribution

I have long believed that the environmental movement in general, and the global warming crowd in particular, are essentially fronts for the socialist goal of wealth redistribution. Now comes further evidence that my instincts are correct.

IPCC Expert Admits U.N. Goal is Wealth Redistribution

TSA Job Opening

I have applied for a position with the TSA: 

Pat-Down Specialist -- Cheerleader & Lingerie Model Division.

Wish me luck.

Don't Ask, Don't Tell

I had forgotten that the military's "Don't Ask, Don't Tell" policy (DADT) is not the law of the land, and never was. Section 654, Title 10 of the US Code specifically prohibits homosexuals from serving in the military, openly or otherwise.  DADT was simply a Clinton-issued policy directing DOD on how to implement the 1993 Act.

The current debate over repealing DADT obviously stems from widespread confusion over the facts. The common perception is that gays are allowed to serve in the military as long as they keep their mouths shut. But they are not. Repealing DADT, in and of itself, still leaves Section 654, Title 10, in tact. I.e., gays should be careful what they wish for; they may get it.
 
Legislative History of the Law Regarding Homosexuality in the Military

Bad Week

Despite Obama's claim that "progress" was made at the G20 Summit in South Korea, it's difficult to avoid the conclusion that he got hammered. Badly.

First, world economic leaders are appalled at the move by the Fed to pump $600 billion (or 900, I'm hearing both numbers) into the economy. Adjectives used by world leaders to describe Obama include "hypocritical" and "clueless". Obama's attempts to defend the move fell on deaf ears. They aren't buying what Obama is selling (and they shouldn't).

Second, he failed to seal a Free Trade Agreement with South Korea. This FTA was a done deal at the end of the Bush administration, but Obama rejected it, at least partially because the unions didn't like it. No surprise there. Unions hate free trade. It has collected dust for almost two years. Then Obama submits a different FTA to the South Koreans, and the deal is off. AFL-CIO president Richard Trumka has already praised Obama for insisting on a more fair and balanced deal, as Trumka defines it. Rule of thumb: if Trumka likes something, it's bad for America.

Basically, Obama was soundly rejected on a very public world stage this week. It would seem that for many world leaders, the Obama bloom is off the rose.

No word yet on whether these world leaders are racists, or whether they just didn't understand Obama's communications.

Mencken's Hobgoblins

Interesting item in the Wall Street Journal...

When the health care debate was raging, we were led to believe that the insurance industry's victims were so numerous and pervasive that it was a crisis demanding a government solution. We were led to believe that a major element of this crisis was the denial of coverage for those with pre-existing conditions.

With the passage of Obamacare, the department of Health and Human Services was given the ability to design its own plans to insure those with pre-existing conditions. States were given the option of designing their own such plans, and 27 chose to do so. In July, HHS estimated that these plans would be insuring 375,000 people by now. As of Nov. 1, combined federal-state enrollment, according to HHS, is 8,011.

Now, government estimates on just about everything are famous for being wrong, but an estimate that is off by approximately 97% in just a few months has to be some kind of record. One has to wonder if the pre-existing condition crisis was as dire as Obama's rhetoric suggested. And one has to wonder if it was sufficient justification for the government to take over about one sixth of the economy. Perhaps a more modest fix should have been considered.

Is Obama A Keynesian?

MoveOn, Obama

Does this sound like a guy who is thinking about finding common ground with Republicans?


Obama pep talk to MoveOn

Hot Bottom

Reading about the election results, I saw an item on Barney Frank in which the guy who ran the male prostitution ring from Frank's home had acquired the nickname "Hot Bottom". Curious, I found an article from 1989 in the Washington Post. Sure enough...

"Although Frank and Gobie differ in some details of their relationship, they agree on the story line. They met on April Fool's Day 1985. The representative answered a classified ad in the Washington Blade, the local gay weekly. "Exceptionally good-looking, personable, muscular athlete is available. Hot bottom plus large endowment equals a good time."

Ironically, Frank did to the housing market what Hot Bottom did to him.