Fed sends reinforcements into battle against unemployment

Ben Bernanke (AP)

Ben Bernanke (AP)

The Federal Reserve’s Open Market Committee has voted 11-1 to continue and even accelerate its infusion of cash into the national economy. More importantly, perhaps, it announced that it will continue that policy as long as the unemployment rate remains above 6.5 percent and projected inflation remains below 2.5 percent.

That represents a new, even historic level of commitment on the Fed’s part. In effect, Fed Chairman Ben Bernanke and the committee have re-committed themselves to an analysis that joblessness, not inflation, remains by far the biggest challenge to the economy, and that the Fed is obligated to address that challenge aggressively.

With unemployment still at 7.7 percent, well above historic averages, and inflation at roughly 2 percent, well below historic averages, that’s hardly a controversial conclusion. It’s also important to note that in making this decision, Bernanke and the committee are merely carrying out the responsibilities given them by federal law under the so-called dual mandate. Under that law, they are obligated to manage the money supply to both maximize employment and limit inflation, two goals that at times can come into conflict.

However, that dual mandate is highly controversial among many conservatives, who believe that the Fed ought to focus exclusively on inflation — protecting the value of money and property — while taking no responsibility for trying to encourage low unemployment.

Paul Ryan, for example, has introduced legislation that would strip the Fed of the power to pursue low unemployment as a goal. “The Fed should be tasked with the single goal of long-run price stability within a clear framework of overall economic stability,” he wrote in a 2010 op-ed with economist John Taylor. Sen. Marco Rubio recently expressed similar sentiments in a speech to the Jack Kemp Foundation, as have Mitch McConnell, Bob Corker, Jim DeMint and others.

It’s pretty clear that without intervention by the Fed authorized under the dual mandate, unemployment would not have fallen as quickly as it has from the high of 10 percent to its current 7.7 percent. It’s also clear that Bernanke, who was born in Augusta, Ga. and grew up in South Carolina, embraces the dual mandate. As he noted in a press conference this afternoon, it is very important for policymakers to keep in mind the toll taken by unemployment, foreclosures and low-wage growth on actual human beings.

That’s kind of what it’s all about, right?

– Jay Bookman

389 comments Add your comment

Robert Lee - Cogito ergo zoom

December 12th, 2012
3:23 pm

Common Sense isn't very Common

December 12th, 2012
3:27 pm

Jay

It seems as if Ryan is doubling down on his battle against WAGE EARNERS.

TaxPayer

December 12th, 2012
3:27 pm

Paul Ryan, for example, has introduced legislation that would strip the Fed of the power to pursue low unemployment as a goal.

Yet Ryan’s own (Heritage Club) yellowbrick roadmap to prosperity requires an unemployment rate of 2.8% in order for his tax cuts to pay for themselves. It sounds like Ryan is either contradicting himself or else he does not really care to pay for his tax cuts.

getalife

December 12th, 2012
3:28 pm

“it is very important for policymakers to keep in mind the toll taken by unemployment, foreclosures and low-wage growth on actual human beings.”

gop obstruction is to blame for the costs of the fed’s actions.

Joe Hussein Mama

December 12th, 2012
3:30 pm

TaxPayer — “It sounds like Ryan is either contradicting himself or else he does not really care to pay for his tax cuts.”

Ya think? :D

moonbat betty

December 12th, 2012
3:31 pm

Cool! Money trees in every town square!

Common Sense isn't very Common

December 12th, 2012
3:31 pm

get

Yep, I have yet to see the FIRST STANDALONE jobs bill that Congress has passed since 2010.

80 something were touted as jobs bills, but if you read them they are everything from anti-choice to screww the EPA.

:-)

Fly-On-The-Wall

December 12th, 2012
3:33 pm

It’s just amazing how time and again the Conservative in Congress will step all over the little guy. They should be willing to do any and everything to lower unemployement but they only seem to have one answer – which was rejected back in November.

Keep Up the Good Fight!

December 12th, 2012
3:34 pm

I wonder when I can get the 1% mortgage.

stands for decibels

December 12th, 2012
3:35 pm

I’m aware of the objection, but…just how loudly do these single-mandate guys actually shout their views, anyway? Who among their base are even aware of this?

I am genuinely curious; I can’t see that this would be terribly popular with actual voters.

“We can’t have the Fed concern itself with keeping you peasants employed because, um, uh…”

Fly-On-The-Wall

December 12th, 2012
3:36 pm

Just seems like it is a race to the bottom with the Republicans way out in front. Back in the day each side would have been trying to out do each other with jobs bills and other plans to help the country. This group of conservatives doesn’t want to do anything. They’re stuck in a rut and can’t get out.

Erwin's cat

December 12th, 2012
3:36 pm

Keep – I wonder when I can get the 1% mortgage.

3.5% – 4% now
I need to pull the trigger soon, I’m still at 6% due to my own laziness

Common Sense isn't very Common

December 12th, 2012
3:38 pm

sfd

They don’t want to lower UE because people MIGHT be able to afford insurance then.

This way they can get Medicaid and the GOP gets to scream SOLCIALISM

:-)

Common Sense isn't very Common

December 12th, 2012
3:39 pm

cat

I need to pull the trigger soon, I’m still at 6% due to my own laziness

—————————————————————

Been curled up in the sun too much

:-)

Alex

December 12th, 2012
3:41 pm

It’s also about retirees not being able to live on their investments because of the low interest rate…Complicated issue, not to be lightly discussed as only about unemployment…..Economics is DISMAl . I like big ben , but economists have rightfully questioned his infusion of money and were it actually went, I’ll give you an idea WALL STR–T….

BlahBlahBlah

December 12th, 2012
3:42 pm

And later I’m sure they’ll know EXACTLY how to put the toothpaste back in the tube.

Robert Lee - Cogito ergo zoom

December 12th, 2012
3:43 pm

It would seem hard to argue against efforts to improve employment but I’m sure we’ll have some good attempts. I’m gonna get popcorn.

barking frog

December 12th, 2012
3:43 pm

As long as the government encourages banks to borrow from
the Fed at zero percent and buy bonds for a higher rate and use
the bonds to improve their balance sheet rather than lending it to
the public, nothing will change.

HDB

December 12th, 2012
3:44 pm

“The Fed should be tasked with the single goal of long-run price stability within a clear framework of overall economic stability…..”

Don’t you think that increased EMPLOYMENT would assist in creating long term stability?? Paul Ryan needs to see a proctologist to assist in getting his head out………

getalife

December 12th, 2012
3:44 pm

These billions are spent because congress failed to act.

ryan is a sore loser.

Erwin's cat

December 12th, 2012
3:46 pm

Been curled up in the sun too much

lol…or trapped in a box with a Geiger counter, a glass flask of poison, and, a hammer

barking frog

December 12th, 2012
3:46 pm

Erwin’s cat
If you’re gonna pull the trigger be careful where you point the gun,
the ricochet could be dangerous or you could open the box….

stands for decibels

December 12th, 2012
3:47 pm

I need to pull the trigger soon, I’m still at 6% due to my own laziness

when you refi, do you think you can manage to make it a shorter-term deal for similar monthly payments? That’s always good.

Finn de Siècle (The System isn't Broken; It's Fixed)

December 12th, 2012
3:50 pm

protecting the value of money and property

wealth envy!!!

MANGLER

December 12th, 2012
3:51 pm

Didn’t Mitt yell into the crowd that “the Government doesn’t create jobs”? I seem to remember that.
It was overshadowed by the “can you say that a little louder Candy” thing.

refi in march

December 12th, 2012
3:52 pm

had a 5.75% 30 yr with 22.5 yrs left
got a 3.55% 15yr an my payment only went up 25 bucks

5

stands for decibels

December 12th, 2012
3:54 pm

It was overshadowed by the “can you say that a little louder Candy” thing

Please proceed, Governor.

Erwin's cat

December 12th, 2012
3:55 pm

when you refi, do you think you can manage to make it a shorter-term deal for similar monthly payments? That’s always good.

That’s the plan. I’d hate to start a 30 over again. Worst case, I will do a 30 but but make a couple extra payments a year toward principle and accomplish the same thing as a 15-20 yr note

Whatever

December 12th, 2012
3:56 pm

Fiat currencies have always failed and at this rate ours won’t be the exception.

Not that I don’t want to help others because I do but when will we realize that we cannot make money out of thin air and that we can’t keep spending what we don’t have?

killerj

December 12th, 2012
3:58 pm

Where does it all end?,in 4 years when “HE” cannot run for Prez again.

Atlas Shrugging

December 12th, 2012
3:59 pm

Pouring more money down that rat hole full of underachievers. Can please just go over the cliff before the DEM-wits and REP-ugants do something really stupid

paulo977

December 12th, 2012
4:00 pm

Jay…”As he noted in a press conference this afternoon, it is very important for policymakers to keep in mind the toll taken by unemployment, foreclosures and low-wage growth on actual human beings.”
____________________________________________________

Guess Ryan is an ardent Christian who ‘mouths’ Christian words from the Bible but fails to apply them in practise

stands for decibels

December 12th, 2012
4:00 pm

That’s the plan. I’d hate to start a 30 over again.

You probably already know this, but there’s no reason you can’t customize the loan period–it doesn’t have to be 15 or 30, it can be 20, 25, whatever. (of course you can effectively do that yourself by paying extra each month, but if you can negotiate a slightly lower rate over a slightly shorter period…)

Joe Hussein Mama

December 12th, 2012
4:01 pm

Whatever — “Fiat currencies have always failed and at this rate ours won’t be the exception.”

What is your recommendation? A return to a gold or silver standard, perhaps? Surely you recognize that’s impractical, simply given the amount of value we’re talking about. There isn’t enough gold above ground on the entire planet to equal the outstanding US debt (at current spot gold prices).

I recognize the problems with fiat currencies, but I fail to see what sort of practical solutions are available.

Jefferson

December 12th, 2012
4:03 pm

Raising rates will encourge borrowing as nobody want to miss the boat, savings rates are too low alonge with mortgage rates. Artificial.

TaxPayer

December 12th, 2012
4:04 pm

Pay cash. It’s the lowest cost option unless you’re using money borrowed at a few percent to reduce money costing 39.6 percent or whatever.

Redneck Convert (R--and proud of it)

December 12th, 2012
4:08 pm

Well, Lord knows I’m no Norman Einsteen, but if this Bernanke can come up with billions to keep inflation low—and all without telling Congress so much as to kiss his behind—then why can’t he come up with about 16 trillion to pay off our debt and about a trillion a year to make up the budget shortfall? Seems to me he’s the Magic Man. I guess that’s why he’s the Fed Chairman and I’m just a beer truck driver that’s about $987,000 short of being a millionaire—but still working on it, thanks to Capitalism, Free Innerprize, and Trickle Down.

I reckon there’s some things I’ll never understand. Heck if I had the power to come up with billions whenever I felt like it, I’d be shovin’ this beer truck up the boss’s rear end.

Have a good night everybody.

Nero

December 12th, 2012
4:08 pm

They never learn. It goes from one created crisis to the next. When it eventually gets to the point where the dollar is worthless, just point to the Fed and say “they wanted to prove they cared.”

SPC

December 12th, 2012
4:09 pm

Printing money is treating the symtom, not the disease. The disease is lack of economic vitality.

Regnad Kcin

December 12th, 2012
4:11 pm

“Printing money is treating the symtom, not the disease. The disease is lack of economic vitality.”

I doubt anybody disagrees – but you have to keep the patient alive while the cure is affected, right?

Erwin's cat

December 12th, 2012
4:11 pm

I recognize the problems with fiat currencies, but I fail to see what sort of practical solutions are available

x2

TP – Pay cash

I probably could or come close to paying off the note from savings, but with rates so low and getting lower it’s almost free money…and I see too much uncertainty in the future to give up the cash

getalife

December 12th, 2012
4:13 pm

The crybaby can’t get his party to vote on anything.

No deal.

Bottom line...

December 12th, 2012
4:16 pm

Don’t buy from liberals because they are the most unappreciative pricks in the world. Gee, it’s not enough that the producers in this country pay for everything, let’s vilify them too! That’s a winning formula….how about the 99% throw a party on April 16th to thank the 1%? It’s called gratitude, you should show it sometime instead of contempt.

Thulsa Doom

December 12th, 2012
4:17 pm

“However, that dual mandate is highly controversial among many conservatives, who believe that the Fed ought to focus exclusively on inflation — protecting the value of money and property — while taking no responsibility for trying to encourage low unemployment.”

We’ve discussed this many times on here. Ryan is correct. Pursuit of long term price stability should be first and foremost despite the dual mandate. We are all better off in the long term with price stability as the maximum focus. Unemployment will take care of itself long term if we opt for price stability. The pain of this is that unemployment takes a back seat shorter term.

Europe I think uses a hierarchical approach which if we did that would be better than the dual mandate. Unemployment would still be a goal to reduce but wouldn’t be the chief goal.

Why do we support price stability? Because its believed that having price stability as the primary goal reduces speculative bubbles. Anyone remember the housing bubble collapse? Nuff said.

getalife

December 12th, 2012
4:18 pm

This 45 billion a month should be paid for by the gop for obstructing.

And get your failed party out of our recovery cons.

indigo

December 12th, 2012
4:19 pm

“protecting the value of money and property”

Just add “especially for the very rich” to that sentence and the true intent of Republican politicians will shine thru.

“While taking no responsibility for trying to encourage low unemployment” only makes their priorities crystal clear even to those who don’t want to admit it.

Moderate Line

December 12th, 2012
4:19 pm

However, that dual mandate is highly controversial among many conservatives, who believe that the Fed ought to focus exclusively on inflation — protecting the value of money and property — while taking no responsibility for trying to encourage low unemployment.

Paul Ryan, for example, has introduced legislation that would strip the Fed of the power to pursue low unemployment as a goal. “The Fed should be tasked with the single goal of long-run price stability within a clear framework of overall economic stability,” he wrote in a 2010 op-ed with economist John Taylor. Sen. Marco Rubio recently expressed similar sentiments in a speech to the Jack Kemp Foundation, as have Mitch McConnell, Bob Corker, Jim DeMint and others.
+++++
This is misleading. Some conservatives are monetarist and some are from the Austrian school. Jay picks the ones from the Austrian school to paint a broad brush of all conservatives.
I believe most of these people believe the route to lowering unemployment is lowering inflation. Jay seems to imply they really don’t care or have little concern about unemployment which is really not the case. In fact in the last election who were the people who were bringing up the unemployment rate? It was the Republicans so to say that they don’t believe the Fed should be concerned with unemployment is not really true. They believe that lower inflation in the long run will result in lower unemployment. Whether you believe that to be the case or not is something else.

Thulsa Doom

December 12th, 2012
4:23 pm

“Printing money is treating the symtom, not the disease.”

True. Not only is that true but I don’t believe many of the liberals understand what this hidden inflation via money printing is. Its a hidden tax on the economy in the way of reduced purchasing power.

You guys remember a couple of months ago when the govt came out with a report that the average family has lost 9% of its purchasing power over the last 4 years? Well what in the hell do you guys think that is? Its the money printing machine reducing your purchasing power. The shame of it is that liberals just can’t see this.

You can fix being broke; it's not so easy to fix being poor."

December 12th, 2012
4:24 pm

“Paul Ryan, for example, has introduced legislation that would strip the Fed of the power to pursue low unemployment as a goal.”

=================================

Wonder Boy Lying Ryan is at it again.

Throwing everyone under the bus.

INCLUDING his CONS.

And the CONS wanted him to be our Vice President

heeheeheeheeheeheehee :)

JamVet

December 12th, 2012
4:24 pm

Bottom round, just curious.

How does the 1%’s boot polish taste?

Regnad Kcin

December 12th, 2012
4:25 pm

“In fact in the last election who were the people who were bringing up the unemployment rate? It was the Republicans”

I remember that. “Nyah nyah, the unemployment rate’s too high, Obama sux!” I don’t remember them actually DOING anything about it (aside from accasionally chanting “JOBS JOBS JOBS” around election time.

I think Jay’s point stands…

Thulsa Doom

December 12th, 2012
4:27 pm

indigo

December 12th, 2012
4:19 pm
“protecting the value of money and property”

“Just add “especially for the very rich” to that sentence and the true intent of Republican politicians will shine thru.”

Indigo,

That’s just pure hyperbole. The people who get penalized are the savers whether they be your average Joe putting away $100 a month in a mutual fund or a senior nearing retirement trying to build up his nest egg enough.

ATL Tiger

December 12th, 2012
4:27 pm

If the economy is doing so well, and we have unemployment rates the lowest they’ve been in 4 years, why is the Fed continuing to print?

TaxPayer

December 12th, 2012
4:27 pm

Regnad Kcin

December 12th, 2012
4:27 pm

“You guys remember a couple of months ago when the govt came out with a report that the average family has lost 9% of its purchasing power over the last 4 years? Well what in the hell do you guys think that is?”

Because conservatives KNOW those who became unemployed aren’t dragging that average down. *sigh*

You can fix being broke; it's not so easy to fix being poor."

December 12th, 2012
4:30 pm

@Thulsa Doom

December 12th, 2012
4:23 pm
The shame of it is that liberals just can’t see this.

++++++++++++++++++++++++++++++++++++++++++++++

A know-it-all is a person like you who knows everything except for how annoying he is.

Thulsa Doom

December 12th, 2012
4:30 pm

“I reckon there’s a lotta things I’ll never understand’

I had to help out pencilneck convert with one small typo correction.

Thulsa Doom

December 12th, 2012
4:31 pm

You can fix being broke,

Annoying? Well just scroll on by punkin.

JamVet

December 12th, 2012
4:31 pm

Cutting Pentagon spending recognizes that national security is more than military power. The United States is stronger with a strong economy, sustainable jobs, investment in education, renewal of our infrastructure and a sensible energy strategy. Continuing to waste money when our nation should have other priorities is bad policy and bad for security. ~Lt. Gen. Robert Gard

Erwin's cat

December 12th, 2012
4:32 pm

Because conservatives KNOW those who became unemployed aren’t dragging that average down. *sigh*

try again….

Keep Up the Good Fight!

December 12th, 2012
4:33 pm

Kcin, and of course there are no actual increases in prices because of a variety of factors that have nothing to do with inflation. :D

Keep Up the Good Fight!

December 12th, 2012
4:35 pm

Correction: should have said “rising costs” and not inflation.

indigo

December 12th, 2012
4:36 pm

Doom – 4:27

It’s really interesting how different people see things differently.

From what I know, your 4:27 is nothing more than total hot air.

Erwin's cat

December 12th, 2012
4:38 pm

indigo – From what I know,…

exactly

indigo

December 12th, 2012
4:38 pm

Doom – 4:30

Be careful using the word “pencilneck”.

Jay almost kicked me off for that.

Thulsa Doom

December 12th, 2012
4:39 pm

Because conservatives KNOW those who became unemployed aren’t dragging that average down. *sigh*

Regnad,

Let me help you out there sir. As a typical liberal its obvious you don’t understand the difference between purchasing power and lower income- the 2 are completely separate issues. Basic economics 101 so its no surprise you don’t understand. Here’s a little tutorial that will hopefully splain it better for ya.

If your income is flat and prices go up, you’re worse off. That’s what’s happened to the median U.S. household. From January 2009 to August 2012, the income for a household at the midpoint of all U.S. incomes rose by a seasonally adjusted 0.2 percent, according to Sentier Research. But the price of a bundle of goods and services that a typical family might buy went up 9.1 percent. This squeeze has reduced the buying power of the median household by 8.2 percent.

indigo

December 12th, 2012
4:40 pm

Erwin’s cat – 4:38

If you think I’m wrong, then let’s hear it.

“Exactly” doesn’t cut it.

Regnad Kcin

December 12th, 2012
4:40 pm

“Kcin, and of course there are no actual increases in prices because of a variety of factors that have nothing to do with inflation. ”

Keep – you are, of course, correct.

2.5% seems like a reasonable guardrail.

Thulsa Doom

December 12th, 2012
4:40 pm

“From what I know, your 4:27 is nothing more than total hot air.’

Indigo,

That’s because its above you and you don’t know much to begin with.

Keep Up the Good Fight!

December 12th, 2012
4:43 pm

You would think that someone who professes to know so much about Econ 101 would understand that disasters and droughts (from climate change) and other events cause prices to rise. Nothing to do with inflation and “hidden taxes”. Maybe that was taught in Econ 102.

Erwin's cat

December 12th, 2012
4:43 pm

indigo – If you think I’m wrong, then let’s hear it

I think you’re your wrong

Regnad Kcin

December 12th, 2012
4:43 pm

Thanks, for the clarification, Mr. Doom. My understanding has been improved by your cogent explanation.

But I wonder, why did you feel the need to include gratuitous insults?

guy

December 12th, 2012
4:45 pm

Print more so I can get me a newer scooter paid for,of course,by the government. I want a new Harley!

Thulsa Doom

December 12th, 2012
4:46 pm

“Don’t you think that increased EMPLOYMENT would assist in creating long term stability?? Paul Ryan needs to see a proctologist to assist in getting his head out………”

HDB,

Nope. It works better the other way around. At least that’s what a lot of economists say. So if Ryan needs to see a proctologist apparently a lot of economists do too.

Erwin's cat

December 12th, 2012
4:46 pm

I think you’re your wrong

well if that doesn’t clear things up nothing will :D …gotta run for a while

obviously I meant “I think you’re wrong”

Thulsa Doom

December 12th, 2012
4:47 pm

Common Sense isn’t very Common

December 12th, 2012
3:27 pm
Jay

“It seems as if Ryan is doubling down on his battle against WAGE EARNERS.”

And it seems common sense is doubling down in his war against economic literacy.

Scooter

December 12th, 2012
4:49 pm

Yeah, take that Baby Boomers! Your food cost will continue rising, your investments will continue earning measly returns and any dividend, or capital gains, income you rely on will be reduced by increased taxes.

Thulsa Doom

December 12th, 2012
4:52 pm

“I like big ben , but economists have rightfully questioned his infusion of money and were it actually went, I’ll give you an idea WALL STR–T….”

Yep. Remember a month or so ago when the next round of QE was announced? The market surged something like 200 pts that day. The reason given?- QE. After all that money has to go somewhere- equities.

I coulda sworn the liberals and the ows folks didn’t like all those greedy wall street fatcats. Apparently not.

Welcome to the Occupation

December 12th, 2012
4:53 pm

Under that law, they are obligated to manage the money supply to both maximize employment and limit inflation, two goals that at times can come into conflict

Yeah, that’s a bit of understatement isn’t it?

It has been precisely that conflict that has really been the major driver of Fed behavior since Volcker’s brutal attack on inflation — which was so brutal because it really was an attack on employment per se insofar as the (in capital’s view) perverse relationship between low unemployment and inflation had to be decoupled and broken at any cost or else risk an unraveling of the dollar’s position at the center of the world financial system. That the Fed now feels it is safe to explicitly pursue lower unemployment more aggressively at this time says a lot about how far we’ve come from those days and how difficult it has become to stimulate growth with fiscal policy completely strangled and monetary policy nearly helpless.

TaxPayer

December 12th, 2012
4:56 pm

My purchasing power is highly correlated with the amount of money I have.

Brosephus™

December 12th, 2012
4:57 pm

Yep, I have yet to see the FIRST STANDALONE jobs bill that Congress has passed since 2010.

80 something were touted as jobs bills, but if you read them they are everything from anti-choice to screww the EPA.

Think of all the jobs that were created in printing out all that legislation and putting it all in pretty little binders. :)

Somebody’s gotta grow, harvest, and turn that wood into paper…

Thulsa Doom

December 12th, 2012
4:58 pm

“But I wonder, why did you feel the need to include gratuitous insults?”

Regnad,

Because you printed my comment and then took a swipe at us cons with it. But perhaps I was a little too hard and snarky in retort. Therefore I apologize for being rude to you.

indigo

December 12th, 2012
4:58 pm

Doom – 4:40

Obama, the Democrats and Bernanke are operating on the principle of “the greatest good for the greatest number of people”.

Voters rather convincingly told the Republicans that “the greatest good for only the rich” would no longer be tolerated by the majority.

I know that’s a bitter pill for you to swallow.

I also know that your trying to hold on to a rejected ideology here is like being stuck in church with chewing gum in your mouth. You can’t chew it, swallow it or spit it out without looking foolish.

Brosephus™

December 12th, 2012
4:59 pm

3.5% – 4% now
I need to pull the trigger soon, I’m still at 6% due to my own laziness

EC

Hopefully, you won’t get screwed like me. For some reason, Fannie Mae has me flagged so that I can’t get a refi. Credit scores in the high 7’s and one 8, and I’m still getting screwed.

Georgia

December 12th, 2012
4:59 pm

Continuing the leftist’s war on Christmas, I think we should ban those reindeer horns that you stick in your car’s windows. They just make me hate Christmas more. And everyone sporting them drives like a m……..

Orange12

December 12th, 2012
5:01 pm

Yeah. Greece the skids.

JamVet

December 12th, 2012
5:04 pm

I LOVE the War on Christmas!

I just ask that our “Christian” bloggers here keep Christ the focal point of this pagan holiday!

Sunraynews | Top US news

December 12th, 2012
5:09 pm

[...] Atlanta Journal Constitution [...]

Keep Up the Good Fight!

December 12th, 2012
5:11 pm

Jam, I think the “War on Christmas” has been lost. It looks like the retailers are demanding that Thanksgiving surrender and they are moving in on Halloween.

Mr. Stockdale

December 12th, 2012
5:14 pm

Great Jay – Ben will have them raking the forests as government workers for those Federal Reserve Notes and pretty soon that government script isn’t going to be worth the paper its printed on. But it won’t be as bad as Weimar Germany – they didn’t have EBT cards – so they actually had to push the wheelbarrows full of script when they went to buy bread. Real purchasing power of the dollar is in a free fall because quantitative easing is SMOKE and MIRRORS. That’s what its about.

Thulsa Doom

December 12th, 2012
5:15 pm

“You would think that someone who professes to know so much about Econ 101 would understand that disasters and droughts (from climate change) and other events cause prices to rise.”

First of all droughts and disasters occur during every administration so you’re argument is without merit. In fact its downright dumb. Did W blame Katrina and the tragic Asian tsunami of 2004? Um. No. Did purchasing power get reduced by 8% durig those years? And those disasters were enormous.

To compound the absurdity of your argument the latest storm happened after this report so the effects of the recent superstorm had nothing to do with reduced purchasing power over the last 4 years. Jeez you make some dumb points. Why do you make it so easy to obliterate your ridiculously weak arguments?

“Nothing to do with inflation and “hidden taxes”. Maybe that was taught in Econ 102.”

Sir. All you have to do is study post ww 1 Germany, Zimbabwe, and a slew of other nations that began printing money to understand the effects of money printing on inflation.

What’s more is that I encourage you to look up on Hulu a pretty good documentary from that ultra con outlet PBS. Its on fiat currency and on our current money printing and QE woes. And in that rather well made documentary it makes note of the fact that real inflation is in the double digits. The reason? The govt has changed the items in the CPI basket of goods to mask the rate of true inflation.

The program made note of the fact that if we used the same CPI that was in effect in Jimmy Carter’s days that our real inflation rate would be in the double digits- 12% if memory serves me correctly. You really need to educate yourself a little better before spouting off with complete and utter freaking nonsense.

Nero

December 12th, 2012
5:16 pm

Jammie,

Gen Gard retired 31 years ago and the closest he got to actual policy making was being a secretary for two Secretaries of Defense, and the first Director of Human Resources Development for the U.S. Army. He is an Iran appeaser, and surrender monkey who cried about Irag and is currently on record for enacting an international and U.S. ban on the production, sale, transfer, and use of antipersonnel landmines. His ideas put U.S. military personnel in increased danger. Go find another Jimmy Carter era empty uniform to make your case for DoD cuts.

DannyX

December 12th, 2012
5:18 pm

“I LOVE the War on Christmas!”

It’s the most wonderful time of the year

Thulsa Doom

December 12th, 2012
5:19 pm

indigo, there’s just no helping you and your 4:58 post to me is just plain silly.

Keep Up the Good Fight!

December 12th, 2012
5:20 pm

Doom: You really need to educate yourself a little better before spouting off with complete and utter freaking nonsense.

In simple words, you deflect and spout your nonsense. You don’t know squat child. You prove that every day. All you have is name calling and lies. You lose again.

Common Sense isn't very Common

December 12th, 2012
5:22 pm

DannyX

This is going to be my War on Christmas

:-)

Common Sense isn't very Common

December 12th, 2012
5:23 pm

Jay

December 12th, 2012
5:24 pm

“But it won’t be as bad as Weimar Germany – they didn’t have EBT cards – so they actually had to push the wheelbarrows full of script when they went to buy bread. Real purchasing power of the dollar is in a free fall because quantitative easing is SMOKE and MIRRORS.”

The buying power of the dollar is in freefall, Mr. Stockdale?

Let’s see: How much did prices increase in October, the most recent month for which we have data?

The answer is: 0.1 percent.

How much has it increased in the past calendar year?

The answer is: 2.2 percent.

And you’re talking Weimar Republic and wheelbarrows?

Welcome to the Occupation

December 12th, 2012
5:24 pm

Keep: “In simple words, you deflect and spout your nonsense. You don’t know squat child. You prove that every day. All you have is name calling and lies. You lose again. ”

You took the very words out of my mouth. I mean the very same words. It’s kind of kooky. :)

clem

December 12th, 2012
5:24 pm

nero, that’s hilarious. i doubt you even live in zip code where someone set policy.