The Fed, the White House and Congress Are Setting Up the Next Financial Bubble

Posted on October 16th, 2015

Financial help or Bombardmant from www.caglecartoons.com # 142648By Stephen Moore

My 13-year-old son told me at the dinner table the other day that Franklin Roosevelt was one of America’s “greatest presidents” because “he ended the Great Depression.” He’s usually a good student, so I checked where he got this tripe and sure enough the fairy tale was right there in his American history book.

Sure enough his text book tells kids that the New Deal ended the Great Depression and even saved capitalism. Of course the New Deal exacerbated the pain and financial devastation of a stock market crash, and unemployment lingered in double digits for a decade after Roosevelt was elected until the start of World War II.

We get this kind of rampant revisionism because the left writes the history books — which they are doing right now.

Here’s the latest story line: bailouts, trillions of dollars of government spending and debt, easy money, and re-regulation of Wall Street ended the 2008 Great Recession. The myth took on new life last week when Ben Bernanke took a bow in The Wall Street Journal for in his mind saving the economy with his $3 trillion of quantitative easing and zero interest rate policy. No, actually this is what created the crisis. Don’t be surprised if Mr. Bernanke receives a Nobel Peace Prize. Read More..

Re-Directing Public Concern from Global Warming to Global Cooling

Posted on October 16th, 2015

Global warming blown forecast from www.caglecartoons.com # 159326By S. Fred Singer

I want to change public concern from Global (GW) to Global Cooling (GC).  Presented here are three arguments in favor of such a drastic shift — which involves also a drastic shift in current policies, such as mitigation of the greenhouse (GH) gas carbon dioxide.

My main argument relies on the fact, backed by historical evidence, that cooling, even on a regional or local scale, is much more damaging than warming.  The key threat is to agriculture, leading to failure of harvests, followed by famine, starvation, disease, and mass deaths.

Also, GC is reasonably sure, while GW is iffy.  The evidence, again, is historical — from deep-sea sediment cores and ice cores.  Our planet has experienced some 17 (Milankovitch-style) glaciations in the past 2 million years, each typically lasting 100,000 years, interrupted by warm inter-glacials, typically of around 10,000-yr duration. The most recent glaciation ended rather suddenly about 12,000 years ago.  We are now in the warm Holocene, which is expected to end soon. 

In fact, we may have already entered into the next glaciation — as we can discover only in retrospect.  (Past cycles suggest a very gradual cooling initially — with ice accumulation and a drop in global sea levels, a decrease in atmospheric CO2 into the cooling oceans and lowest temperatures occurring only much later in the cycle.)

Archeological data show that the recent glaciation wiped out the Neanderthalers and much of the fauna that constituted their source of food.  Most of humanity may not survive the next, inevitable glaciation.

We need to consider also the warming-cooling (Dansgaard-Oeschger-Bond — DOB) cycles, which seem to be solar-controlled and have a period of approx 1000-1500 years; its most recent cooling phase, the “Little Ice Age” (LIA), ended about 200 years ago.  For details, see Unstoppable Global Warming: Every 1500 Years by Singer and Avery [2007].

The LIAs are not nearly as severe as the major glaciations; yet they present an important threat to the food supply and to current civilization.  Available technology seems adequate to assure human survival — at least in industrialized nations.  The main threat is warfare, driven by competition for food and other essential resources.  With nuclear weapons and delivery systems widely dispersed, the outcome of future wars is difficult to predict. Read More..

Wikileaks Release of TPP Deal Text Stokes ‘Freedom of Expression’ Fears

Posted on October 14th, 2015

Trans-Pacific-Partnership.from www.caglecartoons.com # 169755By Sam Thielman

Wikileaks has released what it claims is the full intellectual property chapter of the Trans-Pacific Partnership (TPP), the controversial agreement between 12 countries that was signed off on Monday.

TPP was negotiated in secret and details have yet to be published. But critics including Democrat presidential hopefuls Hillary Clinton and Bernie Sanders, unions and privacy activists have lined up to attack what they have seen of it. Wikileaks’ latest disclosures are unlikely to reassure them.

… Michael Wessel was one of the advisers who was asked by the US government to review what he said were woefully inadequate portions of the document. Wessel said the thrust of the TPP does nothing for Americans. “This is about increasing the ability of global corporations to source wherever they can at the lowest cost,” he said.

… Obama has pledged to make the TPP public but only after the legislation has passed. Read More..

Obama Will Be the Only Person Sticking to Iran Deal

Posted on October 13th, 2015

Tick Tock Iran DealBy Amir Taheri

Sometime this week, President Obama is scheduled to sign an executive order to meet the Oct. 15 “adoption day” he has set for the nuclear deal he says he has made with Iran. According to the president’s timetable the next step would be “the start day of implementation,” fixed for Dec. 15.

But as things now stand, Obama may end up being the only person in the world to sign his much-wanted deal, in effect making a treaty with himself.

The Iranians have signed nothing and have no plans for doing so. The so-called Joint Comprehensive Plan of Action (JCPOA) has not even been discussed at the Islamic Republic’s Council of Ministers. Nor has the Tehran government bothered to even provide an official Persian translation of the 159-page text.

“Obama won’t do anything that might jeopardize the deal,” says Ziba Kalam, a Rouhani adviser. “This is his biggest, if not the only, foreign policy success.”

Nor have Britain, China, Germany, France and Russia, who were involved in the so-called P5+1 talks that produced the JCPOA, deemed it necessary to provide the Obama “deal” with any legal basis of their own. Obama’s partners have simply decided that the deal he is promoting is really about lifting sanctions against Iran and nothing else.

The Obama deal may end up as the biggest diplomatic scam in recent history. Read More..

Even Hillary Clinton’s Fans Don’t Believe a Thing She Says

Posted on October 13th, 2015

The end game Hillary lyingBy Jonah Goldberg

Hillary Clinton revealed on Wednesday that she opposes the Trans-Pacific Partnership trade deal, providing just the latest evidence that she is little more than political ambition wrapped in a pantsuit.

Pay attention to the press coverage, because it’s fascinating: Nobody takes Clinton at her word. I’m not just referring to her conservative critics.

Slate’s Jim Newell asks, “Will anyone find Clinton’s position convincing?” The question is purely rhetorical.

The article is headlined “Hillary Clinton Comes Out Against TPP, at Least Until the Democratic Convention.”

“Yes, Hillary Clinton’s new opposition to the Trans-Pacific Partnership trade accord cleans up something she needed to do before next week’s first Democratic debate. And, yes, it puts pressure on Vice President Joe Biden getting into the race (because he’d be on the only major candidate in support of TPP). But make no mistake: This flip-flop isn’t believable at all.”

Clinton had long touted TPP as “the gold standard” of trade deals. A tally by CNN in June found at least 45 instances where she had plumped, praised, pushed or otherwise promoted the agreement.
Read More..

Pleasant Surprise! U.S. Officials Conclude Iran Deal Violates Federal Law

Posted on October 9th, 2015

Iran deal survives Republican attacks Obama from www.caglecartoons.com # 168776By James Rosen

Some senior U.S. officials involved in the implementation of the Iran nuclear deal have privately concluded that a key sanctions relief provision – a concession to Iran that will open the doors to tens of billions of dollars in U.S.-backed commerce with the Islamic regime – conflicts with existing federal statutes and cannot be implemented without violating those laws, Fox News has learned.

At issue is a passage tucked away in ancillary paperwork attached to the Joint Comprehensive Plan of Action, or JCPOA, as the Iran nuclear deal is formally known. Specifically, Section 5.1.2 of Annex II provides that in exchange for Iranian compliance with the terms of the deal, the U.S. “shall…license non-U.S. entities that are owned or controlled by a U.S. person to engage in activities with Iran that are consistent with this JCPOA.”

In short, this means that foreign subsidiaries of U.S. parent companies will, under certain conditions, be allowed to do business with Iran. The problem is that the Iran Threat Reduction and Syria Human Rights Act (ITRA), signed into law by President Obama in August 2012, was explicit in closing the so-called “foreign sub” loophole.

Indeed, ITRA also stipulated, in Section 218, that when it comes to doing business with Iran, foreign subsidiaries of U.S. parent firms shall in all cases be treated exactly the same as U.S. firms: namely, what is prohibited for U.S. parent firms has to be prohibited for foreign subsidiaries, and what is allowed for foreign subsidiaries has to be allowed for U.S. parent firms.

What’s more, ITRA contains language, in Section 605, requiring that the terms spelled out in Section 218 shall remain in effect until the president of the United States certifies two things to Congress: first, that Iran has been removed from the State Department’s list of nations that sponsor terrorism, and second, that Iran has ceased the pursuit, acquisition, and development of weapons of mass destruction. Read More..

Obama Needs to Stop Talking Trash

Posted on October 9th, 2015

Putin Syria Bully Obama Kerry from www.caglecartoons.com  # 169515By Mike Ford

In an article in Politico on October 2 titled, “Obama’s Trash Talk,” Edward-Isaac Dovere writes regarding President Obama’s statements at that day’s press conference:

“Putin, meanwhile, is just a liar,” Obama said, “a silly, weakened, ridiculous liar, as anyone could see.” Obama smacked away statements the Russian president made in public and in private in their Monday sitdown. He even did a double shot of mine’s-bigger-than-yours, tearing into the size and growth of the Russian economy and noting with pleasure that though Putin seemed confident in his America-bashing, Assad-supporting address to the General Assembly in New York, “I didn’t see after that speech at the United Nations suddenly that 60-nation coalition we have lining up behind him.”

Trash Talking is fine when your name is Muhammad Ali and you have not only the ability, but also the willingness to use your fists to win the day. If your name is Barack Obama and you are President of the United States, you may have the ability in the form of the world’s finest military, but the willingness and intellect to back up your trash talk with effective actions just isn’t your forte.

Trash talking without substance to back it up appears to be a common theme with President Obama. We all can recall his comment to Governor Mitt Romney during the presidential debates, when Romney opined that Russia might be the biggest threat to the United States and world stability. Obama snarked back, “The 1980s called and they want their foreign policy back.” Recent events have proven Governor Romney right and President Obama’s trash talk to be ill informed and out of place. Russia, led by President Vladimir Putin, is indeed a threat and growing more so each day.

More recently, when queried about the potential of ISIS to cause major disruption in Southwest Asia, President Obama referred to them as a “JV Team.” That “JV Team” appears to have gotten the full attention of two major powers and a host of not-so-major ones. Again, the president’s trash talk is not in line with the facts on the ground or his own actual performance. Read More..

FBI Seizes Four State Department Servers in Clinton Email Probe

Posted on October 8th, 2015

Hillary Detour emails investigation from www.caglecartoons.com # 167271By Bill Gertz

The FBI has seized four State Department computer servers as part of its probe into how classified information was compromised on former Secretary of State Hillary Clinton’s private email system, according to people familiar with the investigation.

The four servers, which were located at the State Department’s headquarters building, were seized by the FBI several weeks ago. They are being checked by technical forensic analysts charged with determining how Top Secret material was sent to Clinton’s private email by State Department aides during her tenure as secretary from 2009 to 2013, said two people familiar with the probe. The people spoke on condition of anonymity because it is an ongoing investigation.

The State Department uses two separate networks, one for classified information and one for unclassified information. The two networks are kept separate for security reasons. Most classified networks are equipped with audit systems that allow security managers to check who has accessed intelligence or foreign policy secrets.

The FBI is trying to determine the origin of the highly classified information that was found in Clinton emails.

Farrell said in an interview that the department also has been unwilling to say whether the private email system, used by Clinton and close aides Huma Abedin and Cheryl Mills, should be considered an official State Department network covered by FOIA laws. Read More..

The GOP’s Senate Worries

Posted on October 8th, 2015

GOP controls Senate from www.caglecartoons.com # 155999By Charlie Cook

No mat­ter how en­ter­tain­ing the cir­cus of the pres­id­en­tial cam­paign, also re­mem­ber this: Con­trol of the Sen­ate is def­in­itely in play. Mag­gie Has­san offered a re­mind­er Monday when the Demo­crat­ic gov­ernor of New Hamp­shire an­nounced that she will chal­lenge Sen. Kelly Ayotte, a first-term Re­pub­lic­an, in next year’s elec­tions. Has­san had been si­lent about her in­ten­tions, but pub­lic polling sug­gests that the race would be very close; most sur­veys show the Re­pub­lic­an in­cum­bent with the nar­row­est of leads.

Re­pub­lic­ans hold a 54-to-46 ad­vant­age in the Sen­ate. This means that Demo­crats would need a net gain of four seats if they hold onto the White House, or five seats if they don’t (be­cause the vice pres­id­ent can break a Sen­ate tie).

The GOP’s ma­jor­ity is flimsy, though. Re­pub­lic­ans have 24 seats at risk next year, com­pared to just 10 for the Demo­crats, and sev­en are in states that Pres­id­ent Obama car­ried in 2012. One of those sev­en seats looks safe; Iowa’s six-term in­cum­bent Chuck Grass­ley is widely seen as both un­beat­able and un­likely to re­tire. But the oth­er six are in real danger—in­cum­bents Ayotte, Mark Kirk (Illinois), Ron John­son (Wis­con­sin), Pat Toomey (Pennsylvania), and Rob Port­man (Ohio), plus a seat in Flor­ida held by Marco Ru­bio, who is run­ning for pres­id­ent rather than Sen­ate reelec­tion.

The res­ult: Demo­crats have fared well in Sen­ate races when the pres­id­ency was up for grabs. In 2008 and 2012, they picked up eight and two seats, re­spect­ively. Their gain in 2012 wasn’t lar­ger be­cause they’d already picked up four seats in 2000 and six more in 2006—the two pre­vi­ous times this class of sen­at­ors had faced voters—leav­ing few­er ad­di­tion­al seats with­in their reach. Read More..

Bernanke: Wall Street Execs Should Have Gone to Jail for Crisis

Posted on October 6th, 2015

Mission Impossible by Luojie, China Daily, ChinaEDITOR’S COMMENT: Now, he tells us! Actually, while in office, Bernanke didn’t discourage anyone nor make any effort to hold government employees, bankers & brokers responsible for all the risky lending and government-induced housing financing, both of which helped create the so-called housing bubble. He was clearly not a bystander in this debacle and crisis. And, finally, let me remind you that the Federal reserve only watches out for its various large-bank owners.

By Newsmax

Former Federal Reserve Chairman Ben Bernanke says some Wall Street executives should have gone to jail for their roles in the financial crisis that gripped the country in 2008 and triggered the Great Recession.

Billions of dollars in fines have been levied against major banks and brokerage firms in the wake of the economic meltdown that was in large part triggered by reckless lending and shady securities dealings that blew up a housing bubble.

But in an interview with USA Today published Sunday, Bernanke said he thinks that in addition to the corporations, individuals should have been held more accountable.

“It would have been my preference to have more investigations of individual actions because obviously everything that went wrong or was illegal was done by some individual, not by an abstract firm,” Bernanke said.

Asked if someone should have gone to jail, the former Fed chairman replied, “Yeah, I think so.” He did not, however, name any individual he thought should have been prosecuted. Read More..

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