"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat

Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput


Friday, March 25, 2011

Please pass the Kool-Aid

Yes sir - there is absolutely NO CONNECTION whatsoever between rising prices, a soaring stock market and Quantitative Easing. It's all the weather, those nasty protests and unrest across MENA and the terrific housing and labor markets.

Oh, and one more thing - there is no inflation as a result of QE - it is just the fact that there are rising commodity prices???????

I don't know which is worse - the outright distortion and spin or the fact that these guys get paid a salary for vomiting out this sort of repulsive nonsense.

Keep in mind that it was Bernanke himself who when announcing the justification behind the second round of QE stated that it was necessary to produce inflation in the economy and fend off deflation.

DJ Fed's Lockhart: Bond-Buying Program Not Boosting Inflation
By Alan Zibel


  FORT MYERS, Fla. (Dow Jones)-- Federal Reserve Bank of Atlanta President
Dennis Lockhart said Friday that the Federal Reserve's $600 billion bond-buying
program has not resulted in rising prices.

  Projections of inflation directly stemming from the Fed program that's due to
wrap up in June, "really haven't materialized." Instead, he said higher costs
for food and energy in recent months have been the result of turmoil in the
Middle East and rising commodity prices.

Consumers' expectations of higher prices are rising in the short term, he

  "When you see your money clicking away at the pump, it makes an impression,"
Lockhart said in response to a question at a business conference at Florida
Gulf Coast University. Long-term inflation expectations remain stable, he said.

  The Fed is currently embarked upon a second round of asset purchases that was
announced in early November and is set to be complete in June.


  1. Dan: Looks like the new half-life of a margin hike is about 18 hours.

  2. Who the hell does this guy think he is kidding Dan?

    The man is an insult to the seat.


  3. I think this guys is right, you can't blame QE2 alone for this. What about QE1, TARP, Negative Rates and the general debauchery towards the dollar?

  4. His arrogance and temerity is of biblical proportions!


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