Tuesday, March 22, 2011

Good Judgements

Obama is criticized by congressional Republicans for not acting in Libya quickly enough, then criticized by Republicans for acting too quickly because he didn't consult congress. What he did do was get the international support we never had for Iraq. Days before, when it looked like UN support was all but impossible, the press was digging a foreign policy grave for the policies of the Obama administration.  If you can't see it by now, Obama acts deliberately, carefully, and pragmatically and is usually right in the long run.

And finally finally finally we are back to important economic news!!!  The Fed will release the detailed records of the 3.5 trillion dollars of hidden money they used to stop international financial collapse during bailout one. link The Supreme Court did not side with the financial industry possibly because they have no use for political donations. Unfortunately politics is not out of the equation as Fox News and Bloomberg seem to be very interested in the information. At first glance, I would say the Tea Party is the reason for this. Like I said before, many of the Tea Party folks I met in the beginning seemed to really hate the Bush era bailouts. But assuming the Fed looked at the numbers and correctly loaned out the 3.5 trillion in hidden funds (we sure don't want anyone to panic about anything) a depression of immense magnitude must have been avoided, lessened, evaded or delayed. To me this was the story no one looked at when we first learned of the huge amount of money needed to right the ship. Perhaps, with embarrassing details about specific financial organizations, the story will have more potential of reaching the general public.

But, my suspicion is that there are things that might well cause the Fed itself a lot of embarrassment (secrecy about committing our country to 3.5 trillion in loans not being bad enough on it's own) after being scrutinized by the Fox News spotlights. Tea Party agenda does seem to be the abolition of central planning which the Fed's control of the money supply represents in the strongest of ways, and have this planning replaced with anarchy, otherwise known as laisez faire capitalism. And Fox News looks more and more like the Tea Party.