« Fred Thompson channels Ronald Reagan | Main | Feds »

Thursday's Business News

Retail Sales

Retail sales in November increased 1.2%. That was twice the gain expected by economists. Consumer spending accounts for 70% of all economic activity.

Club Fed

On Tuesday the Fed cut rates yet again.

I sat down that day and dutifully wrote an annual summary of the Fed's actions, trying not to be too harsh but also trying to be realistic. I presumed, of course, the Fed was done for the year.

Nope.

On Wednesday the Fed went from acting strangely and arguably recklessly to outright chugging from the Kool-Aid.

The Fed set up the strawman fiction of live auctions at which banks can bid for billions of dollars of public money.

Oh, brother.

That's not all.

The Fed also set up a line of credit to the EUropean Central Bank and to the Bank of Switzerland.

What's next?

Bernanke will ride around on a Segway throwing stacks of hundred dollar bills to each homeowner he sees???

I mean, seriously, this is getting absurd. We don't need all of that liquidity. We're not in a credit crisis. For Pete's sake there are private wholesale lenders out there giving 90-plus percent financing to people with barely-above-average credit scores on jumbo loans (that means > than $417,000) with fully-amortized fixed rates under 7% and no up-front points. And I know that for a fact because I've been depositing commission checks for brokering those f'n loans. If that's a credit crisis we probably should think real hard about what a *real* credit crisis would look like. Sheesh.

Memo to Ben Bernanke and to other members of the FOMC:

Turn off CNBC.
Take a chill pill.
Relax.

Deaf, Dumb and Blind

I got a kick out of this article (which, keep in mind, has its own underlying and liberal agenda):

Climate Change Skeptics Say Debate Stifled

The head of the U.N. panel on climate change compared him to Hitler. Another leading scientist called him a parasite. A third described his latest book as a 'stealth attack' on mankind.

This list of allegations against Bjoern Lomborg, one of the world's leading climate change skeptics, almost reads like an indictment for war crimes.

Ah, yes.

But as any long-term observer can tell you the phenomenon of liberal academics demonizing and degrading their opponents is as common and as long-standing as high relative rates of poverty, crime, school dropouts, unemployment, murder and teen pregancies, in big liberal cities controlled for decades by liberal Democrats.

That's just how they roll, baby.


TrackBack

TrackBack URL for this entry:
/cgi-bin/mt-tb.cgi/26107.

Comments (2)

Empirical evidence...ventur... (Below threshold)
nogo war:

Empirical evidence...venture (pun intended)out to a home development area that started in or after 2005.
See how many homes are abandoned. Venture out to these places and see how many homes are being built and sold.
Being in
Denver and home to Silverado and Neil Bush during RR years I remember the S&L open trough and bailout. That was nothing compared to this.
Credit not a problem?

As for global warming...it is cold here in Denver...everything is fine..nothing to see here...move along

Why does Lomborg hate the c... (Below threshold)

Why does Lomborg hate the children?




Advertisements









rightads.gif

beltwaybloggers.gif

insiderslogo.jpg

mba_blue.gif

Follow Wizbang

Follow Wizbang on FacebookFollow Wizbang on TwitterSubscribe to Wizbang feedWizbang Mobile

Contact

Send e-mail tips to us:

[email protected]

Fresh Links

Credits

Section Editor: Maggie Whitton

Editors: Jay Tea, Lorie Byrd, Kim Priestap, DJ Drummond, Michael Laprarie, Baron Von Ottomatic, Shawn Mallow, Rick, Dan Karipides, Michael Avitablile, Charlie Quidnunc, Steve Schippert

Emeritus: Paul, Mary Katherine Ham, Jim Addison, Alexander K. McClure, Cassy Fiano, Bill Jempty, John Stansbury, Rob Port

In Memorium: HughS

All original content copyright © 2003-2010 by Wizbang®, LLC. All rights reserved. Wizbang® is a registered service mark.

Powered by Movable Type Pro 4.361

Hosting by ServInt

Ratings on this site are powered by the Ajax Ratings Pro plugin for Movable Type.

Search on this site is powered by the FastSearch plugin for Movable Type.

Blogrolls on this site are powered by the MT-Blogroll.

Temporary site design is based on Cutline and Cutline for MT. Graphics by Apothegm Designs.

Author Login



Terms Of Service

DCMA Compliance Notice

Privacy Policy