Thu, Feb 28 2008
BERNANKE'S BOLDFACED BULLSHIT
"I don't anticipate stagflation," Ben Bernanke told the Senate Banking Committee today. "I don't think we're anywhere near the situation that prevailed in the 1970s."
Now, let's see here.... in the news today:
The Commerce Department reported that the 4th quarter GDP came in at a brilliant 0.6%. The previous quarter’s reading was 4.6%. The dollar is at $1.52 against the Euro. US jobless claims data continued to show a very sharp rise. Crude oil prices surged to over $102 barrel. The CCI index made another all-time high as commodity prices continue to go through the stratosphere. Gold closed at a record-breaking $971/oz, silver is almost a mind-blowing $20/oz.
So, to recap - jobs, money and production are dropping like a rock (growth down) and commodity prices are going through the roof (inflation up). That would be the textbook definition of stagflation, regardless of what that lying, corrupt tool Bernanke says.
Bullshit Benny's testimony on February 14th:
"A critical task for the Federal Reserve over the course of this year will be to assess whether the stance of monetary policy is properly calibrated to foster our mandated objectives of maximum employment and price stability and, in particular, whether the policy actions taken thus far are having their intended effects."
Bullshit Benny's testimony today:
"A critical task for the Federal Reserve over the course of this year will be to assess whether the stance of monetary policy is properly calibrated to foster our mandated objectives of maximum employment and price stability in an environment of downside risks to growth, stressed financial conditions, and inflation pressures."
*blink*
..."an environment of downside risks to growth, stressed financial conditions, and inflation pressures" perfectly describes stagflation.
The lying little gnome is right about one thing - this is not the same situation that prevailed in the 70's. Oh, no - it's much MUCH worse than the 70's... Oh yes, and I suppose that technically, you can't 'anticipate' something that is already happening...
Thu, Feb 28 2008
INFLATION TARGETING
Ben Bernanke is trying to reassure markets and lawmakers by stressing he is concentrating on something he calls "inflation targeting", keeping inflation at 2% annually.
Suspending disbelief long enough to, for the sake of argument, assume he can actually hit such a target (remember, actual inflation is currently running at around 11.8%), here's what 2% inflation over time actually looks like:
That's right folks - like warp drive on Star Trek, "inflation targeting" is EXPONENTIAL, not linear. Since when are ever-increasing prices a good thing? In light of the falling, yes falling value of wages and jobs, and the overall sinking of the dollar, how is deflation a bad thing here?
Ben's "inflation targeting" is one more example of the oligarchy's attempt to manage the avalanche just long enough for the wealth to finish transferring upward, a process that began when Nixon took us off the gold standard:
We're totally screwed, regardless of Ben, Hank and George's economic propaganda bullshit.
Thu, Feb 28 2008
DUBYA ASSURES US THE TITANIC IS NOT SINKING
"We'll make it through this period just like we made it through other periods of uncertainty during my presidency," Bush said. Who you gonna believe, me or your lying eyes?
If by "make it through" he means survive despite his best efforts to totally fuck things up and bleed the country dry, well, then, technically, he's right. If making it through is not actually dying of starvation as we turn into a third-world country thanks to his administrations corrupt enabling of the oligarchy to perpetrate the largest transfer of wealth from the bottom up in history and the gutting of the US Treasury, yeah, we'll make it through.
Everything this man says is a lie, everything he does is corrupt and/or incompetent. Whe he opens his mouth the IQ score in the room drops by 5%.
Bush: US is not headed into recession
WASHINGTON, Associated Press - President Bush said Thursday the country is not recession-bound and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts. "We acted robustly," he said.
"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference, acknowledging that some lawmakers already are talking about a second stimulus package. "Why don't we let stimulus package 1, which seemed like a good idea at the time, have a chance to kick in?"
Bush's view of the economy was decidedly rosier than that of many economists, who say the country is nearing recession territory or may already be there. "I'm concerned about the economy," he said. "I don't think we're headed to recession. But no question, we're in a slowdown."
The centerpiece of government efforts to brace the wobbly economy is a package Congress passed and Bush signed last month. It will rush rebates ranging from $300 to $1,200 to millions of people and give tax incentives to businesses.
On one issue particularly worrisome to American consumers, there are indications that paying $4 for a gallon of gasoline is not out of the question once the summer driving season arrives. Asked about that, Bush said "That's interesting. I hadn't heard that. ... I know it's high now."
Bush also telegraphed optimism about the U.S. dollar, which has been declining in value.
[yeah... dollar's fine. That's why it's at record lows against all other fiat currency, and why despite the best efforts of Daddy Bush over at Barricks, gold is currently at $966/oz and steamrolling up... for more complete lies and corrupt bullshit propaganda about things like warrantless eavesdropping, terrorism, that new Russian guy Medvedev, that new Cuban guy Raul, Turkey and Afghanistan, read on.]
"I believe that our economy has got the fundamentals in place for us to ... grow and continue growing, more robustly hopefully than we're growing now," he said. "So we're still for a strong dollar."
Bush also used his news conference to press Congress to give telecommunications companies legal immunity for helping the government eavesdrop after the Sept. 11 terrorist attacks.
He continued a near-daily effort to prod lawmakers into passing his version of a law to make it easier for the government to conduct domestic eavesdropping on suspected terrorists' phone calls and e-mails. He says the country is in more danger now that a temporary surveillance law has expired.
The president and Congress are in a showdown over Bush's demand on the immunity issue.
Bush said the companies helped the government after being told "that their assistance was legal and vital to national security." "Allowing these lawsuits to proceed would be unfair," he said.
More important, Bush added, "the litigation process could lead to the disclosure of information about how we conduct surveillance and it would give al-Qaida and others a roadmap as to how to avoid the surveillance."
The Senate passed its version of the surveillance bill earlier this month, and it provides retroactive legal protection for telecommunications companies that wiretapped U.S. phone and computer lines at the government's request and without court permission. The House version, approved in October, does not include telecom immunity.
Telecom companies face around 40 lawsuits for their alleged role in wiretapping their American customers.
Senate Democrats appeared unwilling to budge.
As Bush began speaking, Senate Judiciary Committee Chairman Patrick Leahy, D-Vt., cast the president's position as a "tiresome campaign...to avoid accountability for the unlawful surveillance of Americans."
"The president once again is misusing his bully pulpit," Leahy said. "Once again they are showing they are not above fear-mongering if that's what it takes to get their way."
Bush criticized the Democratic presidential candidates over their attempts to disassociate themselves from the North American Free Trade Agreement, a free-trade pact between the U.S., Canada and Mexico. Bush said the deal is contributing to more and better-paying jobs for Americans.
"The idea of just unilaterally withdrawing from a trade treaty because of, you know, trying to score political points is not good policy," he said. "It's not good policy on the merits and it's not good policy as a message to send to people who have in good faith signed a treaty and worked with us on a treaty."
Democratic Sens. Hillary Rodham Clinton and Barack Obama are feuding over NAFTA as they compete for their party's presidential nomination, as the pact is deeply unpopular with blue-collar workers. Though neither has said they were ready to pull the United States out of the agreement, both say they would use the threat of doing so to pressure Mexico to renegotiate tougher labor, environmental and enforcement provisions.
Bush fended off a question about why he has yet to replace Fran Townsend, his White House-based terrorism adviser, who announced her resignation more than three months ago. He said the job is being ably filled by her former deputy, Joel Bagnal.
On another issue, Bush said that Turkey's offensive against Kurdish rebels in northern Iraq should be limited — and should end as soon as possible. The ongoing fighting has put the United States in a touchy position, as it is close allies with both Iraq and Turkey. A long offensive along their border could jeopardize security in Iraq just as the U.S. is trying to stabilize the war-wracked country.
"The Turks need to move, move quickly, achieve their objective and get out," he said.
On Russia, Bush said he does not know much about Dmitry Medvedev, the handpicked successor to President Vladimir Putin who is coasting to the job. Bush said it will be interesting to see who represents Russia — presumably either Medvedev or Putin — at the Group of Eight meeting later this year in Japan.
The president advised his own successor to develop a personal relationship with whomever is in charge in Moscow.
"As you know, Putin's a straightforward, pretty tough character when it comes to his interests — well so am I," Bush said. He said that he and Putin have "had some diplomatic head butts."
Bush also said, however, that the pair have "a cordial enough relationship to be able to deal with common threats and opportunities, and that's going to be important for the next president to maintain."
Bush also defended his stance of not talking directly with leaders of adversaries such as Iran and Cuba without setting preconditions. In doing so, he offered some of his strongest criticism yet of Raul Castro, who assumed Cuba's presidency on Sunday after his ailing brother Fidel, who ruled for decades, stepped aside.
"Sitting down at the table, having your picture taken with a tyrant such as Raul Castro, for example, lends the status of the office and the status of our country to him," Bush said.
He said that Raul Castro is "nothing more than an extension of what his brother did, which is ruin an island."
Following his news conference, Bush traveled to the Labor Department to meet with his economic advisers.
Afterward, he expressed confidence in the nation's ability to weather the economic downturn.
"We'll make it through this period just like we made it through other periods of uncertainty during my presidency," Bush said.All news articles and images provided under the Fair Use Notice.