Federal Reserve leaders laughed and joked while housing marker crashed

This is why the federal reserve needs to be reigned in or better yet, ended:

The leaders of the Federal Reserve went around the room saluting Alan Greenspan during his last day as chairman of the central bank. Then Timothy F. Geithner, the future Treasury secretary, made a prediction.

“I’d like the record to show that I think you’re pretty terrific, too,” Geithner, who was president of the Federal Reserve Bank of New York, told Greenspan amid laughter on Jan. 31, 2006. “And thinking in terms of probabilities, I think the risk that we decide in the future that you’re even better than we think is higher than the alternative.”

On Thursday, the Fed released transcripts of its meetings in 2006, offering a new window into what was on the minds of some of the nation’s top economic and financial thinkers just ahead of the financial crisis and subsequent great recession. The transcripts, which are customarily released after five years, show that Fed leaders, armed with the best economic data available, had little idea of what was looming less than two years off.

Trusted to look toward the future and make decisions to keep the economy strong, they spent some of their time patting their leader on the back and even found time to joke about what turned out to be early-warning signs in the markets. While Fed officials — including several who are in key positions today — were aware that the nation’s rapid increase in housing prices was coming to an end, they significantly underestimated how much damage the popping of the real estate bubble would cause in the rest of the economy.

In his first meeting as Fed chairman, in March 2006, Ben S. Bernanke noted the slowdown in the housing market. But he said he shared the view that “strong fundamentals support a relatively soft landing in housing,” adding: “I think we are unlikely to see growth being derailed by the housing market.”

The year began with adulation all around for Greenspan. In that January meeting, Roger Ferguson, then Fed vice chairman and now head of the TIAA-CREF financial services group, called Greenspan a “monetary policy Yoda. — Greenspan image tarnished by newly released documents – The Washington Post

So far there is only one person even talking about the Federal Reserve and his foreign policy is horrible. So, nothing will change. In other words, business as usual. So much for that Tea Party eh?

(via HotAir Headlines)

Confirmed: Rudy Giuliani is an idiot

Ah, the old, “If you disagree with crony capitalism, you are not a true Conservative” trick.

Nice try Rudy. 🙄

I guess ol’ Rudy don’t like it that people, like me, have said, thanks, but, no thanks” to Mittens Willard.

The silly video:

The Story via Human Events:

Former New York City Mayor Rudy Giuliani, who ran for President in 2008 and dipped a toe in the waters of the 2012 contest, professed himself “shocked” by Newt Gingrich’s attacks on Mitt Romney’s private-sector career during a “Fox and Friends” appearance this morning.

Giuliani asked, “What the hell are you doing, Newt? I expect this from Saul Alinsky! This is what Saul Alinsky taught Barack Obama, and what you’re saying is part of the reason we’re in so much trouble right now.”

Giuliani broadened his criticism to include the attacks on Bain Capital launched by both Gingrich and Texas Governor Rick Perry, who he described as “a very close friend of mine.” “I’m shocked at what they’re doing,” said Giuliani. “It’s ignorant and dumb. It’s building something we should be fighting in America, ignorance of the economic system, playing on the dumbest, most ridiculous ideas about how you grow jobs.” He characterized the attacks on Romney’s private sector career as “unfair and bad for the Republican Party.”

Giuliani said he has a “strong inclination for Newt.” He has previously spoken highly of Gingrich as a candidate. In a December 12 appearance on CNN, he spoke of Gingrich’s comeback in the polls and praised his “common touch,” saying “he’s able to talk to people… he comes from a poor family and understands poverty from that point of view. He doesn’t come from the American elite, so it’s going to be hard to paint him that way.

So says the man, of whom his campaign strategy was a verb, a noun and the words “Nine Eleven.” Considering what this dolt’s ethnic background is, he must not mind seeing little people suffer, while mega-wealthy people like him make the money. Mussolini would be proud, very proud.

Update: Dan Riehl gets it:

Democrats must be rejoicing. I knew the GOP was stupid, but I never thought they were stupid enough to commit suicide in their own primary. The GOP is all but giving this election to Obama by accomplishing everything Democrats could hope to accomplish in the general election.

There will likely be little doubt come November, the GOP is completely out of touch with an extremely large faction of the working class, so out of touch that it can’t stop screaming it in headline after headline. Axelrod may, or may not be as genius, but he won’t need to be, now. His opposition is so stuck on stupid, the Republicans will be lucky if America puts them back in the white house for a decade. Hell, I can’t even stand them right now.

Way to go, you idiots.

Hear, Hear… I could not have put it better myself. 🙄

Memo to CAIR: Thou Doth Protest Too Much

Now this is unbelievable. A couple of Marines decided to treat a few dead Taliban terrorists to a good old fashioned “golden shower.”

Here is the video:

Quoting CAIR:

“We condemn this apparent desecration of the dead as a violation of our nation’s military regulations and of international laws of war prohibiting such disgusting and immoral actions.

“If verified as authentic, the video shows behavior that is totally unbecoming of American military personnel and that could ultimately endanger other soldiers and civilians.

“We trust that this disturbing incident will be promptly investigated in a transparent manner and that appropriate actions will be taken based on the results of that investigation. Any guilty parties must be punished to the full extent allowed by the Uniform Code of Military Justice and by relevant American laws.”

Allow me, as a proud American who lived through, witnessed on live TV and had to deal with the depression of what happened on September 11, 2001 — to show you, just WHO these Marines were pissing on….

They pissing on people that did this:

and this:

So, to you CAIR, I have two words for you turban wearing pieces of human excrement:

Piss Off!

If anything at all, you should be glad that angry Americans, like me, are not going around to Mosques in America and dragging your sorry asses out in to the streets of America and shooting you in the heads. You have been very highly protected by the United States Government, despite the fact that your backward religion instructs your mindless followers to kill people that disagree with your beliefs. You should be very grateful for this and should keep your mouths shut.

Remember you bastards, you started this little war on freedom — we did not. We did not want it — you did, and when you suffer, you complain. Crybaby pukes, you start a war against freedom and when some of our guys get the upper hand, you cry. Wah, Wah Wah…. cry me a river. 🙄

This is one of the many reasons why I believe that in the interest of National Security; that the ~~Religion~~ backward crap of ISLAM should be BANNED in America. This is not about Religion Freedom, this is about National Security and these bastards are a threat to humanity!

…and before anyone says it. I know it was Al-Qaeda that hit us, not the Taliban. Same difference, terrorists are terrorists, Jihads are Jihads… Big whoop. 🙄

Others: Pamela, American Power, Yourish.com,

Cross-Posted to Right Michigan

Update: it seems that most over at hotair.com agree with me.

Open Thread: What do you think of the Gingrich Ad?

I seem to have stirred a bit of a discussion over on Reddit with my posting of that Gingrich Video.

Well, here is Mitt Romney’s response: (H/T HotAir.com)

Personally, I think the response is weak tea myself. But what do you think? Comments welcomed, this is an open thread, and I will not moderate at all — just keep it civil please, or at least try. 😉

They’re watching us: DHS is now monitoring Twitter, Facebook, MySpace and More.

Governments that watch their people, fear them:

(Reuters) – The U.S. Department of Homeland Security’s command center routinely monitors dozens of popular websites, including Facebook, Twitter, Hulu, WikiLeaks and news and gossip sites including the Huffington Post and Drudge Report, according to a government document.

A “privacy compliance review” issued by DHS last November says that since at least June 2010, its national operations center has been operating a “Social Networking/Media Capability” which involves regular monitoring of “publicly available online forums, blogs, public websites and message boards.”

The purpose of the monitoring, says the government document, is to “collect information used in providing situational awareness and establishing a common operating picture.”

The document adds, using more plain language, that such monitoring is designed to help DHS and its numerous agencies, which include the U.S. Secret Service and Federal Emergency Management Agency, to manage government responses to such events as the 2010 earthquake and aftermath in Haiti and security and border control related to the 2010 Winter Olympics in Vancouver, British Columbia.

A DHS official familiar with the monitoring program said that it was intended purely to enable command center officials to keep in touch with various Internet-era media so that they were aware of major, developing events to which the Department or its agencies might have to respond. — Homeland Security watches Twitter, social media | Reuters

I made reference to this in my previous posting. I had a video up there that could have been misinterpreated by some idiot Government zealot, so I canned it. I just do not want to take any chances. Either way, if they’re looking at the big sites, like HotAir.com; you can bet they will be looking at the smaller blogs too. I guess they figure if they cannot pass SOPA/PIPA, they will just snoop on us anyhow.

Needless to say, I will not be shooting and posting anymore videos on this blog or anywhere else. I just don’t need the hassle. 😡

(cross posted at Right Michigan)

It is official: Mitt Romney just lost my support

To be fair, I really never did like the man anyhow. But this video? Brutal. As I say in my reaction video, Newt is not much better; but this — is just unacceptable to me.

Here is my video that I made seconds after watching the video:

(removed video due to this)

I wish Willard the best; but it’ll be a cold day in the devil’s hell, before this blogger will cast his lot for someone like that. 😡

(H/T HotAir)

Update: If you are wondering. Yeah, I know what I wrote here; and I also updated that posting too. Holy moly was I ever wrong about Mitt Romney and what he did. 🙁 Talk about eating my words! 🙄

Update #2: (August 30, 2012) I have formally changed my mind and am now supporting Mitt Romney. There is a very good reason too, click here to find out why.

Hannity to Perry: You sound like the #OWS crowd!

I have to hand it to Hannity, when he is right, he is right. I wrote the same thing. Which means I actually agree with Sean Hannity! Horrors! 😯

Video: (Via Mediaite) (H/T to HotAir Headlines)

Money quote:

Perry began the segment attacking President Obama, but Hannity quickly shifted gears to the “very harsh words” Perry has had for Romney. “It almost sounds like Occupy Wall Street,” he noted, “it doesn’t sound like someone who is governing Texas as a conservative.”

“There is a real difference between venture capitalism and vulture capitalism,” Perry replied, adding that “venture capitalism we like; vulture capitalism, no.” He justified his attacks saying that “the fact of the matter is he’s going to have to face up to this at some time or another.” Hannity wasn’t satisfied with this answer, asking Perry whether he was saying “that Mitt Romney is a vulture capitalist, that he is unethical.” Perry specified that he thought what happened with two specific companies bought by Bain was “irresponsible,” and that “the folks in South Carolina agree with that.” Hannity replied that it was still “as severe as they can get” as far as attacks go, though Perry insisted there were places where Bain had “destroyed people’s lives.

Rick Perry, making the Democrats arguments for them. Nice Ricky….real nice… 🙄

Bombing in Iran kills Commerce Deputy of Iran’s Nuclear Enrichment Site

Hmmmmm:

The magnetic bomb which was planted by an unknown motorcyclist under the car of Mostafa Ahmadi Roshan Behdast, a professor at Tehran’s technical university, also wounded two other Iranian nationals in Seyed Khandan neighborhood in Northern Tehran.

Ahmadi Roshan, 32, was a graduate of oil industry university and a deputy director of Natanz uranium enrichment facility for commercial affairs.

No more details have been revealed about the blast.— Fars News Agency :: Terrorists Kill Commerce Deputy of Iran’s Nuclear Enrichment Site

Mossad? CIA? (sarcasm of course…)

It is to wonder.

Whomever it is…. keep it up!

Others: YID With LID and Israel Matzav

Obama’s World? — Fines for Bio fuel that does not exist is stupid, says… The New York Times?!?!

When the Obama lead Government loses the New York Times, something is horribly wrong:

WASHINGTON — When the companies that supply motor fuel close the books on 2011, they will pay about $6.8 million in penalties to the Treasury because they failed to mix a special type of biofuel into their gasoline and diesel as required by law.

But there was none to be had. Outside a handful of laboratories and workshops, the ingredient, cellulosic biofuel, does not exist.

In 2012, the oil companies expect to pay even higher penalties for failing to blend in the fuel, which is made from wood chips or the inedible parts of plants like corncobs. Refiners were required to blend 6.6 million gallons into gasoline and diesel in 2011 and face a quota of 8.65 million gallons this year.

“It belies logic,” Charles T. Drevna, the president of the National Petrochemicals and Refiners Association, said of the 2011 quota. And raising the quota for 2012 when there is no production makes even less sense, he said.

Penalizing the fuel suppliers demonstrates what happens when the federal government really, really wants something that technology is not ready to provide. In fact, while it may seem harsh that the Environmental Protection Agency is penalizing them for failing to do the impossible, the agency is being lenient by the standards of the law, the 2007 Energy Independence and Security Act.

The law, aimed at reducing the nation’s greenhouse gas emissions, its reliance on oil imported from hostile places and the export of dollars to pay for it, includes provisions to increase the efficiency of vehicles as well as incorporate renewable energy sources into gasoline and diesel.

It requires the use of three alternative fuels: car and truck fuel made from cellulose, diesel fuel made from biomass and fuel made from biological materials but with a 50 percent reduction in greenhouse gases. Only the cellulosic fuel is commercially unavailable. As for meeting the quotas in the other categories, the refiners will not close their books until February and are not sure what will happen.

The goal set by the law for vehicle fuel from cellulose was 250 million gallons for 2011 and 500 million gallons for 2012. (These are small numbers relative to the American fuel market; the E.P.A. estimates that gasoline sales in 2012 will amount to about 135 billion gallons, and highway diesel, about 51 billion gallons.)

Even advocates of renewable fuel acknowledge that the refiners are at least partly correct in complaining about the penalties — Via NYT: Companies Face Fines for Not Using Unavailable Biofuel – NYTimes.com

It is very obvious that the attempt to inject politics into our economy has failed. This means vote different in 2012.

Others: National Review, The Enterprise Blog, Weasel Zippers, The Volokh Conspiracy, Doug Ross and The Jawa Report

I respect Ron Paul and all, But…..

This is one of the stupidest things, that I have ever seen come out of Ron Paul’s camp:

LAKE JACKSON, Texas – Ron Paul tonight scored an historic second-place victory in the 2012 New Hampshire Primary. Below please find comments from National Campaign Chairman Jesse Benton:

“Ron Paul tonight had an incredibly strong second-place finish in New Hampshire and has stunned the national media and political establishment.

“When added to Paul’s top-tier showing in Iowa, it’s clear he is the sole Republican candidate who can take on and defeat both Mitt Romney and Barack Obama.

“The race is becoming more clearly a two-man race between establishment candidate Mitt Romney and Ron Paul, the candidate of authentic change. That means there is only one true conservative choice.

“Ron Paul has won more votes in Iowa and New Hampshire than any candidate but Mitt Romney.

“Ron Paul and Mitt Romney have been shown in national polls to be the only two candidates who can defeat Barack Obama.

“And Ron Paul and Mitt Romney are the only two candidates who can run a full, national campaign, competing in state after state over the coming weeks and months. Ron Paul’s fundraising numbers — over $13 million this quarter — also prove he will be able to compete with Mitt Romney. No other candidate can do all of these things.

“Ron Paul is clearly the conservative alternative to Mitt Romney as the campaign goes forward.

“We urge Ron Paul’s opponents who have been unsuccessfully trying to be the conservative alternative to Mitt Romney to unite by getting out of the race and uniting behind Paul’s candidacy.

“Ron Paul has the boldest plan to cut spending, a dedication to protecting life, and a lifelong dedication to the Constitution and limited government. He also has the necessary support to campaign nationwide against Mitt Romney.

“Our campaign is already planning ahead for South Carolina, Florida, and beyond. Soon Ron Paul will head to South Carolina to begin a feverish round of campaigning.

“Ron Paul is in this race for the long haul. And he is ready to fight.

“See you on the campaign trail.” — Ron Paul To Everyone But Mitt: Drop Out

I respect the man and all; However, I do not respect his newsletters, neither do I respect his tin-foil hat crap that he and his supports are known for; especially when it comes to 9/11. I also do not have any use for his foreign policy, which I feel is worse than Rick Santorum’s Wilsonian foreign policy.

In other words, the man has no business being President.

Others: Hit & Run, Bloomberg, The Politico, The Other McCain, The Daily Dish, Outside the Beltway, The Gateway Pundit, Questions and Observations, Shakesville, ThinkProgress, No More Mister Nice Blog, Hot Air, Pirate’s Cove, American Spectator, CNN, Associated Press, The Atlantic Online, Mediaite, Flopping Aces, Ballot Box and Gallup