Saturday, April 28, 2012

Aussie Goes Down as CPI Growth Below Expectations

The Australian dollar fell today as a government report showed that nation’s consumer prices rose in the last quarter far slower that was anticipated by market analysts, triggering speculation about an interest rate cut.

Australia’s Consumer Price Index rose 0.1 percent in the first quarter of 2012, while much bigger growth by 0.7 percent was predicted by economists. The trimmed mean CPI (core CPI) increase 0.3 percent, while forecasters said that it would stay at 0.6 percent as in the the fourth quarter of 2011. The slowing inflation added incentive for the Reserve Bank of Australia will reduce interest rates. The problems in Europe also reduce demand for the Aussie, as well as other currencies with higher yield.

AUD/USD fell from 1.0321 to 1.0310 as of 14:35 GMT today, following the drop to 1.0246 — the lowest level since April 11. AUD/JPY was down from 83.76 to 82.85 before trading at 73.68.

If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

Euro is mostly rangebound today, making small gains against the US dollar, after a Dutch bond auction proved reasonably successful. The euro has been struggling lately due to concerns about the political stability of eurozone countries, as well as continued worries about Spain.


Japanese yen is mixed today as Forex traders look for direction. There is a lot to think about today, in terms of news and forecasts, and currencies are part of the confusion. Yen has slipped against the euro after choppy trading, but is higher against the pound and the dollar.

Euro is mostly rangebound today, making small gains against the US dollar, after a Dutch bond auction proved reasonably successful. The euro has been struggling lately due to concerns about the political stability of eurozone countries, as well as continued worries about Spain.


Japanese yen is mixed today as Forex traders look for direction. There is a lot to think about today, in terms of news and forecasts, and currencies are part of the confusion. Yen has slipped against the euro after choppy trading, but is higher against the pound and the dollar.

Euro Rangebound in Forex Trading


Euro is mostly rangebound today, making small gains against the US dollar, after a Dutch bond auction proved reasonably successful. The euro has been struggling lately due to concerns about the political stability of eurozone countries, as well as continued worries about Spain.

Euro Rangebound in Forex Trading


Euro is mostly rangebound today, making small gains against the US dollar, after a Dutch bond auction proved reasonably successful. The euro has been struggling lately due to concerns about the political stability of eurozone countries, as well as continued worries about Spain.

The Great Britain pound rose today against the US dollar after a report showed that confidence of Britons unexpectedly improved last month, muting speculations about quantitative easing from the Bank of England. The currency was down against the Japanese yen.

The Great Britain pound rose today against the US dollar after a report showed that confidence of Britons unexpectedly improved last month, muting speculations about quantitative easing from the Bank of England. The currency was down against the Japanese yen

The Great Britain pound rose today against the US dollar after a report showed that confidence of Britons unexpectedly improved last month, muting speculations about quantitative easing from the Bank of England. The currency was down against the Japanese yen.

The Great Britain pound rose today against the US dollar after a report showed that confidence of Britons unexpectedly improved last month, muting speculations about quantitative easing from the Bank of England. The currency was down against the Japanese yen

GBP/USD Higher as Consumer Confidence Improves



The Great Britain pound rose today against the US dollar after a report showed that confidence of Britons unexpectedly improved last month, muting speculations about quantitative easing from the Bank of England. The currency was down against the Japanese yen.

GBP/USD Higher as Consumer Confidence Improves



The Great Britain pound rose today against the US dollar after a report showed that confidence of Britons unexpectedly improved last month, muting speculations about quantitative easing from the Bank of England. The currency was down against the Japanese yen.

Euro Struggles on Weak Sentiment Data


Euro is struggling this morning, thanks in large part to weak sentiment data. Losses have been limited, though, by the information out of the United States about what could happen next with the Federal Reserve. As a result, the euro is hovering around the level of its open, and struggling to move much higher.

Euro Struggles on Weak Sentiment Data


Euro is struggling this morning, thanks in large part to weak sentiment data. Losses have been limited, though, by the information out of the United States about what could happen next with the Federal Reserve. As a result, the euro is hovering around the level of its open, and struggling to move much higher.

Swedish Consumer Confidence Rises, Krona Follows


The Swedish krona climbed today against most major currencies after a report showed that confidence on Swedish households improved this month, reducing probability of a next interest rate cut by the nation’s central bank.

Swedish Consumer Confidence Rises, Krona Follows


The Swedish krona climbed today against most major currencies after a report showed that confidence on Swedish households improved this month, reducing probability of a next interest rate cut by the nation’s central bank.

Aussie Gets a Boost Amidst Concerns


Aussie is getting a boost today, amidst concerns plaguing other currencies around the world. Australian dollar is moving higher, with a little help from higher gold prices, as well as comparisons to other currencies.

Aussie Gets a Boost Amidst Concerns


Aussie is getting a boost today, amidst concerns plaguing other currencies around the world. Australian dollar is moving higher, with a little help from higher gold prices, as well as comparisons to other currencies.

Euro Falls as S&P Downgrades Spain


The euro fell today as Standard & Poor’s downgraded Spain’s sovereign credit rating, adding to speculations that the debt crisis is spreading across Europe despite measures taken by European governments

Euro Falls as S&P Downgrades Spain


The euro fell today as Standard & Poor’s downgraded Spain’s sovereign credit rating, adding to speculations that the debt crisis is spreading across Europe despite measures taken by European governments

Yen Gains Even as Bank of Japan Adds Stimulus


The Japanese yen gained today as demand for safety overcame Bank of Japan’s attempts to weaken the currency. The yen slumped earlier as the BoJ expanded its asset purchase program to support the struggling economy.

Yen Gains Even as Bank of Japan Adds Stimulus


The Japanese yen gained today as demand for safety overcame Bank of Japan’s attempts to weaken the currency. The yen slumped earlier as the BoJ expanded its asset purchase program to support the struggling economy.

US Dollar Falls Across the Board


US dollar is falling across the board today as some optimism makes an appearance in the markets, and as traders continue to digest the latest statement from the Federal Reserve. The dollar index is down today, and greenback is struggling against its major counterparts.

US Dollar Falls Across the Board


US dollar is falling across the board today as some optimism makes an appearance in the markets, and as traders continue to digest the latest statement from the Federal Reserve. The dollar index is down today, and greenback is struggling against its major counterparts.

Canadian Dollar Gets a Boost in Forex Trading


Canadian dollar is getting a boost today in forex trading, receiving some help from disappointing US economic data. Indeed, a lot of the loonie’s gains today are coming as a result of disappointing news, and less about solid advances made by the Canadian currency.

Canadian Dollar Gets a Boost in Forex Trading


Canadian dollar is getting a boost today in forex trading, receiving some help from disappointing US economic data. Indeed, a lot of the loonie’s gains today are coming as a result of disappointing news, and less about solid advances made by the Canadian currency.

Aussie Posts Gains as Bank of Japan Boosts Liquidity


The Australian dollar climbed today, reaching a monthly high versus its US counterpart, after the stimulating measures of the Bank of Japan boosted commodities and global stocks. The currency was down against the yen, though.

Aussie Posts Gains as Bank of Japan Boosts Liquidity


The Australian dollar climbed today, reaching a monthly high versus its US counterpart, after the stimulating measures of the Bank of Japan boosted commodities and global stocks. The currency was down against the yen, though.

mexican-peso-erases-losses-as-bank-of-mexico-doesnt-cut-interest-rates


The Mexican peso trimmed its losses versus the US dollar today after the nation’s central bank left it key overnight interbank funding rate unchanged for the 26th consecutive meeting, disappointing traders who expected an interest rate cut.

mexican-peso-erases-losses-as-bank-of-mexico-doesnt-cut-interest-rates


The Mexican peso trimmed its losses versus the US dollar today after the nation’s central bank left it key overnight interbank funding rate unchanged for the 26th consecutive meeting, disappointing traders who expected an interest rate cut.

Bank of Japan Not Able to Spoil Good Week for Yen


The Japanese yen gained this week against other major currencies and headed to the biggest monthly gain since June against the US dollar on fears of the crisis in Europe and concerns that the health of the US economy is not as good as was previously considered.

Bank of Japan Not Able to Spoil Good Week for Yen


The Japanese yen gained this week against other major currencies and headed to the biggest monthly gain since June against the US dollar on fears of the crisis in Europe and concerns that the health of the US economy is not as good as was previously considered.

Film review: The Raven

Friday, April 27, 2012

Angry Boehner to Dems: Enough with the “war on women” crap already


The exciting conclusion to the great student-loan interest-rate debate. Remember, Romney sided with Obama on extending the current lower rate a few days ago so the questions for House Republicans were (a) whether they’d go along and (b) if so, how they’d pay for it. The solution: Extend the rate and offset the $6 billion cost by cutting a similar amount from the new Prevention and Public Health Fund in ObamaCare instead. No way were the Democrats going to let the GOP get away that easily, though, so here was Pelosi this morning demagoging the issue in the shrillest, most electorally advantageous way possible:
“Their priority is to protect the subsidies for Big Oil,” said Pelosi at a Capitol Hill press conference on Thursday. “Our priority is to prevent breast cancer, cervical cancer, to immunize our children, so that they are healthy.”
Pelosi also charged that Republicans view Obamacare as a slush fund for the administration. “It may be a slush fund to him [House Speaker Boehner], but it’s survival to women,” she said. “It’s survival to women. And that just goes to show you what a luxury he thinks it is to have good health for women. We do not agree.”
Interesting point. If the Prevention Fund is this important to saving lives, obviously it’s pure insanity to touch it. Except that … Democrats themselves already tried to cut billions from the Fund:
Democrats voted solidly earlier this year to take money from the preventive health fund to help keep doctors’ Medicare reimbursements from dropping. Obama’s own budget in February proposed cutting $4 billion from the same fund to pay for some of his priorities.
Turns out women’s health isn’t any special priority of the Fund either. Skim the list of programs for yourself; WaPo’s Suzy Khimm notes that it’s aimed mainly at training doctors and reducing obesity and tobacco use. “War on Obesity” doesn’t do much to move votes, though, which is where Pelosi comes in. And that bring us to Boehner’s angry meme-busting rebuttal, which, according to ABC, inspired Maxine Waters, Donna Edwards, Marcy Kaptur, Yvette Clark and a few other women Democrats to actually walk out in fake-outrage. Perfect Friday night viewing.
The bill passed 215-195, incidentally, although fully 30 Republicans defected. (So did 13 Democrats or else the measure would have failed.) Obama’s threatening a veto but that’s pure posturing since Senate Democrats are bound to reject the House proposal in favor of one of their own before it reaches his desk. O simply wants to be on record as opposing this dangerous woman-hating cancer-spreading legislation in case any undecideds are following the coverage. Exit quotation from the White House: “Women, in particular, will benefit from this Prevention Fund, which would provide for hundreds of thousands of screenings for breast and cervical cancer.”

* * Vault * Green Room * Ed Morrissey Show Video: Obama’s campaign movie gets the “Mystery Science Theater” treatment


Via Jim Treacher, this is actually more “Pop-Up Video” than MST but Andrew Klavan and Bill Whittle are game in the Tom Servo and Crow roles, respectively. Carve out eight minutes and then forward it to any fencesitters you know. It’s an engaging, easily digestible way to counter Team Hopenchange’s myth-making about his first term with facts that the average voter might not otherwise spend time on. A spoonful of sugar makes the medicine go down.

* * Vault * Green Room * Ed Morrissey Show Video: Obama’s campaign movie gets the “Mystery Science Theater” treatment


Via Jim Treacher, this is actually more “Pop-Up Video” than MST but Andrew Klavan and Bill Whittle are game in the Tom Servo and Crow roles, respectively. Carve out eight minutes and then forward it to any fencesitters you know. It’s an engaging, easily digestible way to counter Team Hopenchange’s myth-making about his first term with facts that the average voter might not otherwise spend time on. A spoonful of sugar makes the medicine go down.

The unserious nature of Washington, Exhibit A: The student loan debate


Over the last week, President Obama made a series of speeches at colleges around the country in which he decried the coming rise of student loan interest rates on July 1. Obama, joined by Mitt RomneySenate Minority Leader Mitch McConnell (R-KY)  and House Republicans, has said he refuses to let rates rise from 3.4% to 6.8%. Following his lead, as Morgen Richmond noted yesterday, Democrats immediately jumped on the chance to raise taxes on upper earners. Republicans, meanwhile, pushed a bill through the House today that takes $5.9 billion from what Speaker Boehner called an “ObamaCare slush fund” to pay for the extension.
Unwittingly, this student loan debate highlights the debacle that is politics in Washington. To wit:
1. House Minority Leader Nancy Pelosi (D-CA) said the House legislation was part of the “war on women” because it took from a women’s health program. I must say, she’s good at staying on message. Good at solving the nation’s problems, or leading her caucus to do so? Not so much.
2. Pelosi also denounced “robbing from Paula to pay Peter.” This from the same women who wants to tax the wealthy because they are wealthy. And while I actually agree with her that we should get rid of oil subsidies, tax credits, etc., a) I support eliminating all such subsidies and credits, not just for companies I personally or professionally dislike, and b) Pelosi is being intellectually dishonest in pretending many of the oil industry’s “subsidies” are specifically targeted to them. Jazz Shaw nicely pointed this out last year.
3. Much like they did with the payroll tax holiday extension, Republicans let themselves get suckered into a media game. The fact is that federal subsidies to higher education institutions and/or students increase the tuition students pay, and helps increase the size of the college bubble that is likely to come crashing down soon. Republicans would better serve the public in highlighting this fact instead of playing to the voters’ lack of economic knowledge.
4. The Republican National Committee has stepped up to challenge Obama’s travels to various states under the auspices of “official events,” despite the obvious campaign style and intention of the tour. (For the record, I am aware that President Bush did the same thing. That was just as wrong.) However, the fact that it took ABC News’ Jake Tapper to really bring this issue to the public’s attention says a lot about the willingness of Congress to do its duty and challenge the President on this and other issues of the public trust and corruption, since the RNC’s challenge has no actual legislative power or authority.
5. How many more “temporary” patches to subsidies, tax breaks, pay cuts and like can the federal government afford? The Alternative Minimum Tax, the Bush tax policies, the Doc Fix, the payroll tax holiday, etc. have all been temporarily patched to prevent angering this constituency or that demographic. Once again, elections take priority over effective policy on taxes, spending and other critical issues.
As the two parties head into formal election mode – Romney is about to be the GOP nominee for President, and President Obama just announced his first “official” campaign rally will be May 5 – the voters should note the unserious nature of Washington and give a bipartisan reminder in November that we want real solutions. After all, there are 1.2 million abortions annually in this country. We have the federal government violating the First Amendment with various mandates. Debt is skyrocketing, the economy stinks, Social Security and Medicare are going bankrupt fast, we refuse to solve our immigration problems, major tax hikes are on the horizon and we’re still sacrificing troops for Karzai despite no discernible national interest…and the primary focus of Washington is on student loans.
Of course, the people may not want real solutions. In that case, I’d say it’s time to start packing; America’s decline may soon be steepening.
Dustin Siggins is an associate producer with The Laura Ingraham Show and co-author with William Beach of The Heritage Foundation on a forthcoming book about the national debt. The opinions expressed are his own.
This post was promoted from GreenRoom to HotAir.com.
To see the comments on the original post, look here.

Study: Analytic thinking causes religious belief to diminish


Alternate headline: “Hey, who’s up for an angry, thousand-comment thread on Friday night?”
First, students were randomly assigned to look at images of Auguste Rodin’s sculpture “The Thinker,” or of the ancient Greek statue of a discus thrower, “Discobolus.” Those who viewed “The Thinker” were prompted to think more analytically and expressed less belief in God — they scored an average of 41.42 on a 100-point scale, compared with an average of 61.55 for the group that viewed the discus thrower, according to the study.
Two additional experiments used word games rather than images. In one case, participants were asked to arrange a series of words into a sentence. Some were given neutral words and others were presented with trigger words such as “think,” “reason” and “analyze” to prime them to think more analytically. And indeed, those who got the “thinking” words expressed less religiosity on a 10-to-70 scale: They ranked themselves at 34.39, on average, while those in the control group averaged 40.16.
In the final experiment, students in the control group read text in a clear, legible font, while those in the other group were forced to squint at a font that was hard to read, a chore that has been shown to trigger analytic thinking. Sure enough, those who read the less legible font rated their belief in supernatural agents at 10.40 on a 3-to-21 scale, compared with 12.16 for those who read the clear font.
Lots of news stories about this on the wires today, as you might expect, but I think people are overinterpreting the results. As I understand it, the researchers aren’t claiming that analytic thinking will turn you atheist or that nonbelievers are sharper critical thinkers than the faithful. They’re claiming that intuition is a component of religious belief and that intuition tends to dim when the mind is preoccupied with reasoning, which means religious belief dims with it. Note: Dims, but not disappears. Per the study, you’re talking about small, if statistically significant, differences in belief between the test subjects and the control group. Says one psychologist of the results:
“In some ways this confirms what many people, both religious and nonreligious, have said about religious belief for a long time, that it’s more of a feeling than a thought,” says Nicholas Epley, a psychologist at the University of Chicago. But he predicts the findings won’t change anyone’s mind about whether God exists or whether religious belief is rational. “If you think that reasoning analytically is the way to go about understanding the world accurately, you might see this as evidence that being religious doesn’t make much sense,” he says. “If you’re a religious person, I think you take this evidence as showing that God has given you a system for belief that just reveals itself to you as common sense.”
Yeah, I’m not sure why these results are controversial; they can be interpreted in different ways. For instance, religious friends tell me that their faith isn’t merely something they’ve reasoned through but something they “feel” or “experience.” For God to enter your heart, you must be “open” to him. In other words, faith isn’t strictly analytic; there’s more to it, or so I’m told. It may be that, as your mind adjusts to perform analytic tasks by applying certain known criteria, its capacity to analyze something that doesn’t operate according to known criteria momentarily decreases. You become less “open” to supernatural possibilities. If that’s true, then it’s not that “intuitive” understandings are necessarily false (although maybe they are), it’s that it’s hard for the brain to switch quickly from one paradigm to the other. Or maybe there’s another explanation? I’m all for the “atheists are inherently awesome” theory, if anyone wants to offer it!

Study: Analytic thinking causes religious belief to diminish


Alternate headline: “Hey, who’s up for an angry, thousand-comment thread on Friday night?”
First, students were randomly assigned to look at images of Auguste Rodin’s sculpture “The Thinker,” or of the ancient Greek statue of a discus thrower, “Discobolus.” Those who viewed “The Thinker” were prompted to think more analytically and expressed less belief in God — they scored an average of 41.42 on a 100-point scale, compared with an average of 61.55 for the group that viewed the discus thrower, according to the study.
Two additional experiments used word games rather than images. In one case, participants were asked to arrange a series of words into a sentence. Some were given neutral words and others were presented with trigger words such as “think,” “reason” and “analyze” to prime them to think more analytically. And indeed, those who got the “thinking” words expressed less religiosity on a 10-to-70 scale: They ranked themselves at 34.39, on average, while those in the control group averaged 40.16.
In the final experiment, students in the control group read text in a clear, legible font, while those in the other group were forced to squint at a font that was hard to read, a chore that has been shown to trigger analytic thinking. Sure enough, those who read the less legible font rated their belief in supernatural agents at 10.40 on a 3-to-21 scale, compared with 12.16 for those who read the clear font.
Lots of news stories about this on the wires today, as you might expect, but I think people are overinterpreting the results. As I understand it, the researchers aren’t claiming that analytic thinking will turn you atheist or that nonbelievers are sharper critical thinkers than the faithful. They’re claiming that intuition is a component of religious belief and that intuition tends to dim when the mind is preoccupied with reasoning, which means religious belief dims with it. Note: Dims, but not disappears. Per the study, you’re talking about small, if statistically significant, differences in belief between the test subjects and the control group. Says one psychologist of the results:
“In some ways this confirms what many people, both religious and nonreligious, have said about religious belief for a long time, that it’s more of a feeling than a thought,” says Nicholas Epley, a psychologist at the University of Chicago. But he predicts the findings won’t change anyone’s mind about whether God exists or whether religious belief is rational. “If you think that reasoning analytically is the way to go about understanding the world accurately, you might see this as evidence that being religious doesn’t make much sense,” he says. “If you’re a religious person, I think you take this evidence as showing that God has given you a system for belief that just reveals itself to you as common sense.”
Yeah, I’m not sure why these results are controversial; they can be interpreted in different ways. For instance, religious friends tell me that their faith isn’t merely something they’ve reasoned through but something they “feel” or “experience.” For God to enter your heart, you must be “open” to him. In other words, faith isn’t strictly analytic; there’s more to it, or so I’m told. It may be that, as your mind adjusts to perform analytic tasks by applying certain known criteria, its capacity to analyze something that doesn’t operate according to known criteria momentarily decreases. You become less “open” to supernatural possibilities. If that’s true, then it’s not that “intuitive” understandings are necessarily false (although maybe they are), it’s that it’s hard for the brain to switch quickly from one paradigm to the other. Or maybe there’s another explanation? I’m all for the “atheists are inherently awesome” theory, if anyone wants to offer it!

Quotes of the day


“A year after the raid that killed Osama bin Laden, President Barack Obama’s team is launching another precision operation: a full-scale public relations offensive aimed at using the bin Laden mission to boost the president’s reelection bid
“‘It was the defining moment of the first term. To think people aren’t going to talk about it, Republicans are really naive,’ said Chris Lehane, a former spokesman for Vice President Al Gore and Sen. John Kerry (D-Mass.). ‘It’s going to be very difficult for the Republican Party, [whose] entire campaign in 2004 was predicated on issues like this, complaining somehow about all of this. … Any number of presidents, Democrat and Republican, did not succeed in getting bin Laden, and there’s one who did.’…
“‘There really is a double standard. … President Bush could barely use the number 9/11 in a sentence without somebody accusing him of politicizing 9/11,’ Fleischer said, adding that he thinks it is ‘perfectly appropriate for both presidents’ to discuss such events in their campaigns.

***
“President Barack Obama, taking an election-year victory lap of sorts one year after the raid that killed Osama bin Laden, did an unprecedented television interview in the White House’s strategic nerve center, the Situation Room.
“NBC’s sit-down with Obama will air on May 2, one year after Navy SEALs dropped into the al-Qaida chief’s compound in the Pakistani garrison city of Abbottabad and killed him. The network said it had also interviewed Obama’s top national security and foreign policy aides, including: Vice President Joe Biden, Secretary of State Hillary Clinton, then-Joints Chiefs of Staff Chairman Adm. Mike Mullen, National Security Adviser Tom Donilon, Deputy National Security Adviser Denis McDonough and John Brennan, Obama’s homeland security and counterterrorism adviser.”

***
“U.S. Senator John McCain (R-AZ) released the following statement on President Obama’s decision to play politics with the one year anniversary of Osama bin Laden’s death:
“Shame on Barack Obama for diminishing the memory of September 11th and the killing of Osama bin Laden by turning it into a cheap political attack ad. This is the same President who once criticized Hillary Clinton for invoking bin Laden ‘to score political points.’
“This is the same President who said, after bin Laden was dead, that we shouldn’t ‘spike the ball’ after the touchdown. And now Barack Obama is not only trying to score political points by invoking Osama bin Laden, he is doing a shameless end-zone dance to help himself get reelected.
“No one disputes that the President deserves credit for ordering the raid, but to politicize it in this way is the height of hypocrisy.”

***
“Hours before McCain, a spokeswoman for Romney’s campaign likewise criticized the video.
“‘The killing of Osama bin Laden was a momentous day for all Americans and the world, and Governor Romney congratulated the military, our intelligence agencies, and the president. It’s now sad to see the Obama campaign seek to use an event that unified our country to once again divide us, in order to try to distract voters’ attention from the failures of his administration,’ press secretary Andrea Saul said.”

***
“But in 2008 Obama likewise thought killing the 9/11 mastermind wasn’t the central goal, saying the top priority should be capturing the leader alive.
“‘What would be important would be for us to do it in a way that allows the entire world to understand the murderous acts that he’s engaged in and not to make him into a martyr, and to assure that the United States government is abiding by basic conventions that would strengthen our hand in the broader battle against terrorism,’ Obama said as he unveiled his new national security team in June 2008.”

***
“Vice President Joe Biden traveled to New York University to give a speech lauding the decision to kill bin Laden, at the same time accusing Romney of shying away from the hunt. Biden quoted a 2007 Associated Press interview in which Romney said, ‘It’s not worth moving heaven and earth and spending billions of dollars just trying to catch one person,’ and suggested that Romney essentially gave up on the bin Laden hunt while Barack Obama courageously stayed the course…
“So just what did Romney say in that interview? Yes, he did say ‘moving heaven and earth,’ but he also discussed at some length a greater war on terror that targeted not only al Qaeda but other terrorist groups as well…
“GOVERNOR ROMNEY: I think, I wouldn’t want to over-concentrate on Bin Laden. He’s one of many, many people who are involved in this global Jihadist effort. He’s by no means the only leader. It’s a very diverse group – Hamas, Hezbollah, al-Qaeda, Muslim Brotherhood and of course different names throughout the world. It’s not worth moving heaven and earth and spending billions of dollars just trying to catch one person. It is worth fashioning and executing an effective strategy to defeat global, violent Jihad and I have a plan for doing that.”

***
“Earlier this week, an Obama-appointed federal judge ruled in favor of the government in a national security case (needless to say), when he denied a FOIA request to obtain all photos and videos taken during and after the raid in Pakistan that resulted in Osama bin Laden’s death. The DOJ responded to the lawsuit by arguing (needless to say) that the requested materials ‘are classified and are being withheld from the public to avoid inciting violence against Americans overseas and compromising secret systems and techniques used by the CIA and the military.’ Among other things, disclosure of these materials would have helped resolve the seriously conflicting statements made by White House officials about what happened during the raid and what its actual goals and operating rules were.
“But while the Obama administration has insisted to the court that all such materials are classified and cannot be disclosed without compromising crucial National Security secrets, the President’s aides have been continuously leaking information about the raid in order to create politically beneficial pictures of what happened.”

***
“President Obama is shamelessly turning the one decision he got right into a pathetic political act of self-congratulation,’ McCain boldly declared, despite backing the President on the killing of Anwar al-Awlaki, defending the President’s involvement in Libya from Republicans, and applauding the President’s decision to block the release of photos documenting abuse of prisoners in Iraq and Afghanistan.
“Candidate McCain also used the idea that he would make the decision to order the killing of Osama bin Laden while a putative President Obama would not on the campaign trail in 2008.
“Expect more to come of the Romney campaign trying to paint President Obama’s foreign policy as “weak” while agreeing in principle with everything the President’s done and pushing for more of the same.”

***
“If showing OBL-as-a-corpse photos would incite the Islamists, why wouldn’t reelection campaign ads incite them, too?”

Quotes of the day


“A year after the raid that killed Osama bin Laden, President Barack Obama’s team is launching another precision operation: a full-scale public relations offensive aimed at using the bin Laden mission to boost the president’s reelection bid
“‘It was the defining moment of the first term. To think people aren’t going to talk about it, Republicans are really naive,’ said Chris Lehane, a former spokesman for Vice President Al Gore and Sen. John Kerry (D-Mass.). ‘It’s going to be very difficult for the Republican Party, [whose] entire campaign in 2004 was predicated on issues like this, complaining somehow about all of this. … Any number of presidents, Democrat and Republican, did not succeed in getting bin Laden, and there’s one who did.’…
“‘There really is a double standard. … President Bush could barely use the number 9/11 in a sentence without somebody accusing him of politicizing 9/11,’ Fleischer said, adding that he thinks it is ‘perfectly appropriate for both presidents’ to discuss such events in their campaigns.

***
“President Barack Obama, taking an election-year victory lap of sorts one year after the raid that killed Osama bin Laden, did an unprecedented television interview in the White House’s strategic nerve center, the Situation Room.
“NBC’s sit-down with Obama will air on May 2, one year after Navy SEALs dropped into the al-Qaida chief’s compound in the Pakistani garrison city of Abbottabad and killed him. The network said it had also interviewed Obama’s top national security and foreign policy aides, including: Vice President Joe Biden, Secretary of State Hillary Clinton, then-Joints Chiefs of Staff Chairman Adm. Mike Mullen, National Security Adviser Tom Donilon, Deputy National Security Adviser Denis McDonough and John Brennan, Obama’s homeland security and counterterrorism adviser.”

***
“U.S. Senator John McCain (R-AZ) released the following statement on President Obama’s decision to play politics with the one year anniversary of Osama bin Laden’s death:
“Shame on Barack Obama for diminishing the memory of September 11th and the killing of Osama bin Laden by turning it into a cheap political attack ad. This is the same President who once criticized Hillary Clinton for invoking bin Laden ‘to score political points.’
“This is the same President who said, after bin Laden was dead, that we shouldn’t ‘spike the ball’ after the touchdown. And now Barack Obama is not only trying to score political points by invoking Osama bin Laden, he is doing a shameless end-zone dance to help himself get reelected.
“No one disputes that the President deserves credit for ordering the raid, but to politicize it in this way is the height of hypocrisy.”

***
“Hours before McCain, a spokeswoman for Romney’s campaign likewise criticized the video.
“‘The killing of Osama bin Laden was a momentous day for all Americans and the world, and Governor Romney congratulated the military, our intelligence agencies, and the president. It’s now sad to see the Obama campaign seek to use an event that unified our country to once again divide us, in order to try to distract voters’ attention from the failures of his administration,’ press secretary Andrea Saul said.”

***
“But in 2008 Obama likewise thought killing the 9/11 mastermind wasn’t the central goal, saying the top priority should be capturing the leader alive.
“‘What would be important would be for us to do it in a way that allows the entire world to understand the murderous acts that he’s engaged in and not to make him into a martyr, and to assure that the United States government is abiding by basic conventions that would strengthen our hand in the broader battle against terrorism,’ Obama said as he unveiled his new national security team in June 2008.”

***
“Vice President Joe Biden traveled to New York University to give a speech lauding the decision to kill bin Laden, at the same time accusing Romney of shying away from the hunt. Biden quoted a 2007 Associated Press interview in which Romney said, ‘It’s not worth moving heaven and earth and spending billions of dollars just trying to catch one person,’ and suggested that Romney essentially gave up on the bin Laden hunt while Barack Obama courageously stayed the course…
“So just what did Romney say in that interview? Yes, he did say ‘moving heaven and earth,’ but he also discussed at some length a greater war on terror that targeted not only al Qaeda but other terrorist groups as well…
“GOVERNOR ROMNEY: I think, I wouldn’t want to over-concentrate on Bin Laden. He’s one of many, many people who are involved in this global Jihadist effort. He’s by no means the only leader. It’s a very diverse group – Hamas, Hezbollah, al-Qaeda, Muslim Brotherhood and of course different names throughout the world. It’s not worth moving heaven and earth and spending billions of dollars just trying to catch one person. It is worth fashioning and executing an effective strategy to defeat global, violent Jihad and I have a plan for doing that.”

***
“Earlier this week, an Obama-appointed federal judge ruled in favor of the government in a national security case (needless to say), when he denied a FOIA request to obtain all photos and videos taken during and after the raid in Pakistan that resulted in Osama bin Laden’s death. The DOJ responded to the lawsuit by arguing (needless to say) that the requested materials ‘are classified and are being withheld from the public to avoid inciting violence against Americans overseas and compromising secret systems and techniques used by the CIA and the military.’ Among other things, disclosure of these materials would have helped resolve the seriously conflicting statements made by White House officials about what happened during the raid and what its actual goals and operating rules were.
“But while the Obama administration has insisted to the court that all such materials are classified and cannot be disclosed without compromising crucial National Security secrets, the President’s aides have been continuously leaking information about the raid in order to create politically beneficial pictures of what happened.”

***
“President Obama is shamelessly turning the one decision he got right into a pathetic political act of self-congratulation,’ McCain boldly declared, despite backing the President on the killing of Anwar al-Awlaki, defending the President’s involvement in Libya from Republicans, and applauding the President’s decision to block the release of photos documenting abuse of prisoners in Iraq and Afghanistan.
“Candidate McCain also used the idea that he would make the decision to order the killing of Osama bin Laden while a putative President Obama would not on the campaign trail in 2008.
“Expect more to come of the Romney campaign trying to paint President Obama’s foreign policy as “weak” while agreeing in principle with everything the President’s done and pushing for more of the same.”

***
“If showing OBL-as-a-corpse photos would incite the Islamists, why wouldn’t reelection campaign ads incite them, too?”

The Ed Morrissey Show: Kevin McCullough, John Lott


Weekly initial jobless claims at 388K

Up? Down? All around?  The new level for weekly jobless claims this week hit 388,000, according to the Department of Labor, which would have been an increase of 2,000 over last week’s initial level of 386,000.  Last week’s report got revised upward by 3,000, though, so the DoL calls this a decrease of 1,000:
In the week ending April 21, the advance figure for seasonally adjusted initial claims was 388,000, a decrease of 1,000 from the previous week’s revised figure of 389,000. The 4-week moving average was 381,750, an increase of 6,250 from the previous week’s revised average of 375,500.
The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending April 14, unchanged from the prior week.
The advance number for seasonally adjusted insured unemployment during the week ending April 14 was 3,315,000, an increase of 3,000 from the preceding week’s revised level of 3,312,000. The 4-week moving average was 3,311,750, a decrease of 9,750 from the preceding week’s revised average of 3,321,500.
The four-week moving average tells the story more clearly.  Just two weeks ago, it was at 368,500 while the jobless claims increased.  The ramp-up in joblessness is not a huge trend, but it’s definitely turning into a trend, and it’s going in the wrong direction.
AP’s Chris Rugaber notes that this is the highest level in three months, both in the weekly level and in the four-week rolling average:
The number of people seeking U.S. unemployment benefits remained stuck near a three-month high last week, a sign that hiring has likely slowed since winter.
The Labor Department said Thursday that weekly applications dipped 1,000 to a seasonally adjusted 388,000. It was little changed from the previous week’s figure, the highest since Jan. 7.
The four-week average, a less volatile measure, rose to 381,750, also the highest in three months.
Rugaber shoots down the notion that the slowdown occurred because of “temporary layoffs during the spring holidays” by noting that hiring has obviously not rebounded since.  I’m not aware of any significant seasonal cycle of drops in employment over spring breaks.  The fact that the March jobs report was so mediocre and that this trend has been under way for a month makes it pretty clear that this is no seasonal burp.
For comedy, try Reuters, which headlines its report “Jobless claims ease but four-week average rises”:
 New claims for unemployment benefits fell slightly last week but a trend reading rose to its highest since January, the latest sign of a weaker pace of healing in the still-struggling labor market.
Initial claims for state unemployment benefits dropped by 1,000 to a seasonally adjusted 388,000, the Labor Department said on Thursday. The prior week’s figure was revised up to 389,000 from the previously reported 386,000.
Er … right.  Jobless claims “eased” only if you compare the revised number from last week to the initial number from this week.  If the pattern holds, next week’s revised number will be a few thousand higher than today’s number, which is exactly what we saw over the last few weeks.  The story in this case isn’t that jobless claims are easing, but that they’re increasing.  The AP gets it right, while Reuters apparently is trying out for a spot on Team Obama.
Hey, at least they didn’t repeat the 400K myth this week.  Maybe we’ll see less of it as claims keep climbing higher to the 400K level.
Update: Suitably Flip has more on the revisions game:
For the 59th week of the last 60, the previous initial jobless claim report was revised upward, from 386,000 to 389,000.  And once again, this enables the Labor Department to report a week-over-week decline in new jobless claims, from the adjusted 389,000 to an adjusted 388,000.  Upon next week’s revision, this week will almost certainly have shown another increase.
If that sounds familiar, it may be because last week, the government reported a decline of 2,000 (but only after upwardly revising the previous week by 8,000).
Looking back over the last five weeks, the cumulative reported weekly changes (from previous weeks’ adjusted data to the new unadjusted numbers) showed a net decline of 1,000, despite an actual cumulative net increase of 24,000.  And that’s without the 5th revision factored in, at which point the cumulative increase will be closer to 30,000.
In addition to serving as fodder for another round of “Jobless Claims Fall” headlines, this week’s underestimate has the additional side effect of avoiding the probably true headline “Jobless Claims Reach New 2012 High” from being written (at least for another week).  They started at 390,000 in early January and, assuming next week brings an upward revision of more than 2,000 (revisions have ranged from +3,000 to +10,000 over the last month), then we’re already sitting at year-to-date highs.
Give credit to the AP for actually headlining the news, rather than the spin.

Weekly initial jobless claims at 388K

Up? Down? All around?  The new level for weekly jobless claims this week hit 388,000, according to the Department of Labor, which would have been an increase of 2,000 over last week’s initial level of 386,000.  Last week’s report got revised upward by 3,000, though, so the DoL calls this a decrease of 1,000:
In the week ending April 21, the advance figure for seasonally adjusted initial claims was 388,000, a decrease of 1,000 from the previous week’s revised figure of 389,000. The 4-week moving average was 381,750, an increase of 6,250 from the previous week’s revised average of 375,500.
The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending April 14, unchanged from the prior week.
The advance number for seasonally adjusted insured unemployment during the week ending April 14 was 3,315,000, an increase of 3,000 from the preceding week’s revised level of 3,312,000. The 4-week moving average was 3,311,750, a decrease of 9,750 from the preceding week’s revised average of 3,321,500.
The four-week moving average tells the story more clearly.  Just two weeks ago, it was at 368,500 while the jobless claims increased.  The ramp-up in joblessness is not a huge trend, but it’s definitely turning into a trend, and it’s going in the wrong direction.
AP’s Chris Rugaber notes that this is the highest level in three months, both in the weekly level and in the four-week rolling average:
The number of people seeking U.S. unemployment benefits remained stuck near a three-month high last week, a sign that hiring has likely slowed since winter.
The Labor Department said Thursday that weekly applications dipped 1,000 to a seasonally adjusted 388,000. It was little changed from the previous week’s figure, the highest since Jan. 7.
The four-week average, a less volatile measure, rose to 381,750, also the highest in three months.
Rugaber shoots down the notion that the slowdown occurred because of “temporary layoffs during the spring holidays” by noting that hiring has obviously not rebounded since.  I’m not aware of any significant seasonal cycle of drops in employment over spring breaks.  The fact that the March jobs report was so mediocre and that this trend has been under way for a month makes it pretty clear that this is no seasonal burp.
For comedy, try Reuters, which headlines its report “Jobless claims ease but four-week average rises”:
 New claims for unemployment benefits fell slightly last week but a trend reading rose to its highest since January, the latest sign of a weaker pace of healing in the still-struggling labor market.
Initial claims for state unemployment benefits dropped by 1,000 to a seasonally adjusted 388,000, the Labor Department said on Thursday. The prior week’s figure was revised up to 389,000 from the previously reported 386,000.
Er … right.  Jobless claims “eased” only if you compare the revised number from last week to the initial number from this week.  If the pattern holds, next week’s revised number will be a few thousand higher than today’s number, which is exactly what we saw over the last few weeks.  The story in this case isn’t that jobless claims are easing, but that they’re increasing.  The AP gets it right, while Reuters apparently is trying out for a spot on Team Obama.
Hey, at least they didn’t repeat the 400K myth this week.  Maybe we’ll see less of it as claims keep climbing higher to the 400K level.
Update: Suitably Flip has more on the revisions game:
For the 59th week of the last 60, the previous initial jobless claim report was revised upward, from 386,000 to 389,000.  And once again, this enables the Labor Department to report a week-over-week decline in new jobless claims, from the adjusted 389,000 to an adjusted 388,000.  Upon next week’s revision, this week will almost certainly have shown another increase.
If that sounds familiar, it may be because last week, the government reported a decline of 2,000 (but only after upwardly revising the previous week by 8,000).
Looking back over the last five weeks, the cumulative reported weekly changes (from previous weeks’ adjusted data to the new unadjusted numbers) showed a net decline of 1,000, despite an actual cumulative net increase of 24,000.  And that’s without the 5th revision factored in, at which point the cumulative increase will be closer to 30,000.
In addition to serving as fodder for another round of “Jobless Claims Fall” headlines, this week’s underestimate has the additional side effect of avoiding the probably true headline “Jobless Claims Reach New 2012 High” from being written (at least for another week).  They started at 390,000 in early January and, assuming next week brings an upward revision of more than 2,000 (revisions have ranged from +3,000 to +10,000 over the last month), then we’re already sitting at year-to-date highs.
Give credit to the AP for actually headlining the news, rather than the spin.

The Ed Morrissey Show: Kerry Picket, Steven Crowder

Today on The Ed Morrissey Show (3 pm ET), Kerry Picket brings us up to date on the goings-on inside the nation’s capital, and Steven Crowder returns to discuss his latest video efforts.
The Ed Morrissey Show and its dynamic chatroom can be seen on the permanent TEMS page — be sure to join us, and don’t forget to keep up with the debate on my Facebook page, too!Video streaming by Ustream

Marizela Perez has been missing for a year.

Marizela’s case has a connection here at Hot Air, as she is the cousin of the Boss Emeritus, Michelle Malkin. Michelle is trying to spread the word through Facebook and Q13Fox/KCPQ in Seattle. We want to encourage prayers for Marizela’s family, and also try to reach anyone in the area who knows where Marizela might be and ask them to contact the police.

The search has its own website now, Find Marizela, for the latest in the efforts to bring Marizela home. There is also a fund for the family to keep the search efforts going. Be sure to check there and at Michelle’s site for further developments, and keep the family in your prayers.

America’s Most Wanted is now on the case, too.

Michelle has a new update on the case on the one-year anniversary:

Exactly one year ago today, my 18-year-old cousin Marizela (known affectionately to her family and friends as “Emem” or “Mei”) Perez disappeared from the University of Washington campus in Seattle.

She is still missing.

Those words form on the computer screen with disembodied disbelief. But my heart is screaming:

SHE IS STILL MISSING. WHY, DEAR GOD, WHY?!!!!!

The not-knowing is every parent’s worst nightmare. It brought normal life to a standstill for Marizela’s parents, Edgar and Jasmin. And yet, they have to keep living and working and praying for their only daughter. Because that is what they must do. Their strength and dignity through all the suffering has been an inspiration to me.

There have been no new developments in Emem’s case. No word from the police or the medical examiner’s office. No activity on her bank accounts or social media accounts.

And no response from the Google legal department to our request for help in January.

Keep the prayers coming.

The Ed Morrissey Show: Kerry Picket, Steven Crowder

Today on The Ed Morrissey Show (3 pm ET), Kerry Picket brings us up to date on the goings-on inside the nation’s capital, and Steven Crowder returns to discuss his latest video efforts.
The Ed Morrissey Show and its dynamic chatroom can be seen on the permanent TEMS page — be sure to join us, and don’t forget to keep up with the debate on my Facebook page, too!Video streaming by Ustream

Marizela Perez has been missing for a year.

Marizela’s case has a connection here at Hot Air, as she is the cousin of the Boss Emeritus, Michelle Malkin. Michelle is trying to spread the word through Facebook and Q13Fox/KCPQ in Seattle. We want to encourage prayers for Marizela’s family, and also try to reach anyone in the area who knows where Marizela might be and ask them to contact the police.

The search has its own website now, Find Marizela, for the latest in the efforts to bring Marizela home. There is also a fund for the family to keep the search efforts going. Be sure to check there and at Michelle’s site for further developments, and keep the family in your prayers.

America’s Most Wanted is now on the case, too.

Michelle has a new update on the case on the one-year anniversary:

Exactly one year ago today, my 18-year-old cousin Marizela (known affectionately to her family and friends as “Emem” or “Mei”) Perez disappeared from the University of Washington campus in Seattle.

She is still missing.

Those words form on the computer screen with disembodied disbelief. But my heart is screaming:

SHE IS STILL MISSING. WHY, DEAR GOD, WHY?!!!!!

The not-knowing is every parent’s worst nightmare. It brought normal life to a standstill for Marizela’s parents, Edgar and Jasmin. And yet, they have to keep living and working and praying for their only daughter. Because that is what they must do. Their strength and dignity through all the suffering has been an inspiration to me.

There have been no new developments in Emem’s case. No word from the police or the medical examiner’s office. No activity on her bank accounts or social media accounts.

And no response from the Google legal department to our request for help in January.

Keep the prayers coming.

Great news: Pitiful sporting event likely to be canceled


In an age when left and right agree on so little, my friends, let’s at least agree on this.
Many players who will be selected during this week’s NFL draft are regarded as future Pro Bowl selections, but the game itself likely will be suspended this season and beyond, according to league sources…
If the game is suspended, the league still would have a Pro Bowl balloting process to identify the season’s top players and would direct teams to remain open to negotiating Pro Bowl clauses into player contracts and to honor Pro Bowl incentive and escalator clauses to avoid any serious conflict with the players association. Those players also likely would be honored in some fashion during Super Bowl week.
The league and union held discussions last week on whether the Pro Bowl can become more attractive but neither side has embraced an alternative solution, sources said. Both sides also concede that heightened player health and safety issues have been a contributing factor to a diminished product.
Over at NBC’s “Pro Football Talk” site, the online poll on whether to cancel the game is currently split 82/17 in favor of euthanasia. I’ll neither confirm nor deny that I’ve ever watched the Pro Bowl, but if I’ve watched, then hypothetically I might have wondered if the game would actually be better as flag football. With the fear of brute contact gone, guys could play harder. You’d tune in to watch the NFL’s best and brightest using rules designed for eight-year-olds, right?
In honor of the occasion, here’s one of my all-time favorite Onion vids. Question: Is there any way to make this game kinda sorta competitive? There are plenty of other things the league could do the week before the Super Bowl to pique fans’ interest — here’s one — but if they’re intent on keeping the Pro Bowl, their options are slim. One obvious possibility is paying giant bonuses to the winners. To America’s everlasting shame, the Pro Bowl actually gets higher ratings than baseball’s All-Star Game; a newly competitive Pro Bowl would get higher ratings still. Give the winning side an enormous chunk of the ad revenue. The other possibility that occurs to me is following baseball’s lead by rewarding the winning side with some sort of home-field advantage. That won’t work for the Super Bowl since it’s played on a neutral field, but what if teams in the winning conference got an extra home game the following season against teams in the losing conference? I doubt that’d fly since there’s likely too much money to be lost in playing seven games at home instead of eight, but if you want a competitive game, that’d do it. Any other ideas? Surely there are ways to make this embarrassing spectacle slightly less embarrassing.

Great news: Pitiful sporting event likely to be canceled


In an age when left and right agree on so little, my friends, let’s at least agree on this.
Many players who will be selected during this week’s NFL draft are regarded as future Pro Bowl selections, but the game itself likely will be suspended this season and beyond, according to league sources…
If the game is suspended, the league still would have a Pro Bowl balloting process to identify the season’s top players and would direct teams to remain open to negotiating Pro Bowl clauses into player contracts and to honor Pro Bowl incentive and escalator clauses to avoid any serious conflict with the players association. Those players also likely would be honored in some fashion during Super Bowl week.
The league and union held discussions last week on whether the Pro Bowl can become more attractive but neither side has embraced an alternative solution, sources said. Both sides also concede that heightened player health and safety issues have been a contributing factor to a diminished product.
Over at NBC’s “Pro Football Talk” site, the online poll on whether to cancel the game is currently split 82/17 in favor of euthanasia. I’ll neither confirm nor deny that I’ve ever watched the Pro Bowl, but if I’ve watched, then hypothetically I might have wondered if the game would actually be better as flag football. With the fear of brute contact gone, guys could play harder. You’d tune in to watch the NFL’s best and brightest using rules designed for eight-year-olds, right?
In honor of the occasion, here’s one of my all-time favorite Onion vids. Question: Is there any way to make this game kinda sorta competitive? There are plenty of other things the league could do the week before the Super Bowl to pique fans’ interest — here’s one — but if they’re intent on keeping the Pro Bowl, their options are slim. One obvious possibility is paying giant bonuses to the winners. To America’s everlasting shame, the Pro Bowl actually gets higher ratings than baseball’s All-Star Game; a newly competitive Pro Bowl would get higher ratings still. Give the winning side an enormous chunk of the ad revenue. The other possibility that occurs to me is following baseball’s lead by rewarding the winning side with some sort of home-field advantage. That won’t work for the Super Bowl since it’s played on a neutral field, but what if teams in the winning conference got an extra home game the following season against teams in the losing conference? I doubt that’d fly since there’s likely too much money to be lost in playing seven games at home instead of eight, but if you want a competitive game, that’d do it. Any other ideas? Surely there are ways to make this embarrassing spectacle slightly less embarrassing.

Thursday, April 26, 2012

* Home * Vault * Green Room * Ed Morrissey Show Fed to WH: We’re not going to bail you out


With economic indicators flashing red all over the place, the Obama administration may be looking at some bad news this spring on economic growth. If they’re looking to the Fed to toss them a lifeline, they may be waiting a while. Despite some expectations that the Federal Reserve might embark on a third round of quantitative easing, Fed chair Ben Bernanke announced yesterday that they will wait and see — and keep from causing any more damage:

Facing fire from the left and the right, Federal Reserve Chairman Ben S. Bernanke on Wednesday mounted a spirited defense of the central bank’s wait-and-see approach to the economy, arguing that his detractors fail to grasp the damage that could be done if the Fed were to prematurely take any new actions.

After its third policymaking meeting of the year, the Fed left short-term interest rates near zero on Wednesday and said it planned to hold them there until at least late 2014. As it has all year, the Fed continued to say that the economy faced headwinds but would gradually improve. Economic projections from senior Fed officials suggested the economy would grow a bit faster than anticipated early this year and the unemployment rate would come down a bit more than earlier thought, perhaps ending the year around 8 percent.

Bernanke attacked Paul Krugman for demanding an inflationary policy in order to produce a little more incentive for jobs growth. One would think that the two previous rounds of quantitative easing — which has weakened the dollar and helped drive energy prices higher — would be enough for any interventionist to love. Bernanke called Krugman’s demands “very reckless”:

Bernanke seemed to take most umbrage at Krugman’s critique, in the New York Times Magazine, which suggests that the Fed has refused to take action to help the out-the-work because it worries too much that such efforts can cause inflation. Economic theory holds that creating money to spur lending and drive economic growth — what the Fed does — tends to cause prices and wages to rise, but the Fed expects that inflation will come in at or below its target of 2 percent for the next few years.

“The question is, does it make sense to actively seek a higher inflation rate in order to achieve a slightly increased pace of reduction in the unemployment rate?” Bernanke said. “That would be very reckless.”

Not to mention ineffective. We’ve already had two rounds of quantitative easing. Has that solved unemployment? Spurred economic growth? Not at all. In fact, we’re heading into the third straight Stagnant Spring thanks to the incompetent and interventionist policies of this administration, the weakening of the dollar, and regulatory and tax environments which have predictably driven investors out of the market. Few of those who hold capital want to take risks in the US economy, thanks in large part to all of the uncertainties introduced by Obama’s team and all of the ad hoc interventions that keep taking place.

Bernanke did say that if the economy deteriorates significantly, the Fed would be prepared to intervene again. They don’t have much choice. The current administration won’t change course, and the only option Bernanke has is to take the helm and steer the ship away from the biggest icebergs. If the Fed has to do that a third time by essentially printing money, the temporary lift it provides to the economy will be far outweighed by the demonstration of Obama’s impotence and incompetence in economic policy.