Monthly Archives: February 2013

What Happens When the Fed Really Does Run Out of Ammunition?

Ben Bernanke

Stocks dropped sharply last week, with the Dow falling some 200 points, after the Federal Reserve released the minutes of its January Open Market Committee meeting. Although the minutes reaffirmed the Fed’s easy-money policy, they also showed that some members of the committee had voiced concerns. The dissenters cautioned that quantitative easing, the current program of massive bond buying, could not be continued indefinitely without serious risks.

Loading the Fed up with bonds creates the danger of big losses for the central bank if interest rates rise (which causes bond prices to fall). In a worst-case scenario, those losses could total half a trillion dollars over three years, according to one estimate. As a result, the January minutes included a carefully worded caveat: “Evaluation of the efficacy, costs and risks of asset purchases might well lead the committee to taper or end its purchases before it judged that a substantial improvement in the outlook for the labor market had occurred.”

Fed Chairman Ben Bernanke remains undaunted, however. In his testimony before Congress on Tuesday he defended his easy-money policy, noting that it has “supported real growth in employment and kept inflation close to our target.” With consumer prices up only 1.6% over the past year, Bernanke declared: “My inflation record is the best of any Federal Reserve chairman in the postwar period — or at least one of the best.”

DeMint, Paul, and Lee earn perfect Club for Growth scores

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Three Republican politicians received perfect scores Tuesday in the 2012 Club for Growth congressional scorecard: former Sen. of South Carolina, and Sens. of Kentucky and of Utah.

Marco Rubio of Florida, Pat Toomey of Pennsylvania and Ron Johnson of Wisconsin were three additional GOP senators to receive the anti-tax group’s “Defender of Economic Freedom” award, meaning they scored better than 90 percent for both the year and over the course of their careers.

Toomey is a former Club president, and DeMint is now president-elect of the conservative Heritage Foundation.

Positive scores are based on voting to cut marginal tax rates, lower and limit federal spending, reform entitlements and expand free trade. The Club for Growth often supports primary challenges for Republican officeholders it deems insufficiently conservative on fiscal policy.

Rand Paul: GOP rooted in push for racial progress

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On June 30, 1870, 10,000 African-Americans gathered in Court Square in Louisville, where slaves had historically been sold and separated from their families.

They came to celebrate the passage of the 15th Amendment to the U.S. Constitution, which prohibited using race as a disqualification for voting.

George C. Wright recounted the event at Court Square in his book, Life Behind a Veil: Blacks in Louisville, Kentucky, 1865-1930. According to Wright, those gathered sang: “Come all ye Republicans, faithful and true, here is a work for you/The Democrat Party its race has run, to give a way for an era that freedom has won.”

It was the Republican Party that ushered in abolition, then emancipation and then voting rights. And blacks — virtually all blacks — became Republicans.

Democrats in Louisville, led by Courier-Journal editor Henry Watterson, were implacably opposed to blacks voting. Watterson wrote in the Courier-Journal that his opposition was “founded upon a conviction that their habits of life and general condition disqualify them for the judicious exercise of suffrage.”

Wright’s book also tells of Democrat-turned-Republican John M. Palmer, an abolitionist and Civil War general who commanded the federal forces in Kentucky.

Roger Stockton Announces Day of Resistance Medallion

Roger Stockton co-founder of Western Representation PAC and national organizer of Day of Resistance joins Open Currency Update with Kurt Wallace for ‘ Announces Day of Resistance Medallion’ Roger discusses reasons for the Day of Resistance 2nd Amendment rallies around the country. He also shares thoughts on an upcoming financial crisis and why it may spin into hyperinflation. Along with taking action to defend our right to keep and bear arms he introduces the Day of Resistance Silver medallion as a way to get out of the dollar while holding a piece of history and supporting the fight for freedom.

Roger Stockton is a small business owner and former firefighter. Roger has owned several small businesses including a successful small technology firm specializing in supporting manufacturing operations and small business systems. As an employer, he understands the burdens placed on job creators by over reaching bureaucracies and the challenges business owners face every day. Click here to listen.

 

Senator Ted Cruz Sets the Record Straight on Guns

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Newly elected senator Ted Cruz has jumped right into the fray. So far he is the only senator who has dared challenge the many blatant falsehoods President Obama and many congressional Democrats have been pushing regarding guns, in particular the bogus claim that 40 percent of gun sales are done without background checks.

Unsurprisingly, his willingness to speak out has recently made Cruz a target of the media. While he has come in for a range of attacks from the New York Times, recently Politifact has focused on his statement: “the jurisdictions with the strictest gun-control laws, almost without exception . . . have the highest crime rates and the highest murder rates.” In the last case, they labeled his statement “false.”

Is the “false” rating deserved? In Politifact’s explanation, it becomes more than a little bit obvious that their verdict is seriously strained, not least because they do acknowledge that context clarifies Cruz’s point. When using the term “strictest gun-control laws,” the senator was referring to gun bans (either a ban on handguns or all guns), and he was referring to so-called panel data as the evidence.

Read article here

Congressman Stockman statement on 2-23 Day of Resistance

I whole heartedly endorse the February 23rd “2-23 Day of Resistance” and urge every gun owner, and everyone concerned about civil rights and peace, to call their member of Congress and urge him or her to oppose all anti-gun legislation.

The right of the people to keep and bear arms in an unalienable civil and human right.  An armed populace is the reason the United States are the world’s oldest and most stable democracy.

The purpose of the Second Amendment is clear.  Every peaceful person should be able to possess arms without restrictions, reporting or permission to serve as an unorganized civilian military force to resist violence, oppression or invasion.

And that is why I have introduced several pieces of legislation to not just fight gun control, but restore the Second Amendment’s full constitutional protections.

The Safe Schools Act would repeal the federal government’s failed, deadly experiment with so-called “gun free school zones.” Since their introduction in 1990, the number of mass shooting on college and school campuses has increased 500%.  So-called “gun free school zones” have made our schools more dangerous.

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U.S. Rep. Justin Amash introduces bill to make legislation more transparent, easier to understand

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GRAND RAPIDS, MI — In his first two years on Capitol Hill, U.S. Rep. Justin Amash and his staff tried to read every piece of legislation that crossed his desk.

They learned a lot, chiefly that federal laws can be nearly impossible to understand.
Earlier this week, Amash, R-Cascade, introduced the Readable Legislation Act, H.R. 760. The bill, one of a few pieces of transparency legislation expected from the conservative Congressman, intends to make bills easier to understand for both the public and members of Congress.
“It gives members of Congress one fewer excuse to not study bills before voting on them,” said Amash’s spokesman, Will Adams, who added it will “allow members of the public to follow what Congress is doing.”
Bills are often riddled with cross-references to other laws, amendments and sections of U.S. code. Laws sometimes change simply because they are referenced in a bill without explanation. Amash’s Readable Legislation Act aims to stop that practice.

Rand Paul Introduces Sequester Bill

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Not only is Senator Rand Paul (R., Ky.) calling out the Obama administration’s “dishonest” doom-mongering on the sequester, he also put forward his own plan, released today, to replace the impending cuts with alternative savings, and to do so “without layoffs,” according to a release from the senator’s office.

Paul’s bill would reduce federal spending by more than $85 billion annually by directing the government to:

Stop Hiring New Federal Employees ($6.5 billion per year)

More than 60,000 people left the federal workforce in 2011. This provision would end the practice of hiring new employees to replace them.

Bring Federal-Employee Pay in Line with Private Jobs ($32 billion per year)

The Congressional Budget Office estimates that federal-employee compensation is 16 percent higher compared with the private sector. This provision would reduce federal salaries to a more commensurate level.

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Video: Rand Paul supports ‘Day of Resistance’ says ‘We have a President not a King’

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There are over 120 rallies being held today in peaceful protest the US Federal Governments attempt to violate American’s 2nd Amendment rights and President Obama’s 23 Executive Orders. The debate over guns has inspired millions of political trans-partisan Americans to voice  that their innate right to keep and bear arms shall not be infringed.

Rand Paul – ‘I support the peaceful resistance against any politician who thinks they can cherry pick what constitutional rights they think Americans should have’

Senator Rand Paul produced this video in support of the 2nd Amendment rallies across the United States on .223 known as the Day of Resistance. In the video below Senator Paul said some very strong words, ‘the notion that a president of the United State can simply issue executive orders limiting citizens constitutional rights, even as much as 23 executive orders, is something the 2nd Amendment was designed to prevent – we have a president not a king, kings make demands by issuing edicts and decrees’

Senator Mike Lee asks Obama to withdraw nominee Hagel

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Washington » Sen. Mike Lee is calling on President Barack Obama to withdraw his nominee to head the Defense Department, while Utah’s other senator, Orrin Hatch, isn’t sure he’ll vote for his former Senate colleague, Chuck Hagel, to oversee the Pentagon.

Lee joined 14 fellow GOP senators in opposing Hagel’s nomination, requesting in a letter to Obama on Thursday that the president pull back the nominee rather than put in place a secretary lacking support.

“Senator Hagel’s performance at his confirmation hearing was deeply concerning, leading to serious doubts about his basic competence to meet the substantial demands of the office,” Lee said in the joint letter. “While Senator Hagel’s erratic record and myriad conversions on key national security issues are troubling enough, his statements regarding Iran were disconcerting.”

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