"The Fed spoke and financial markets rallied," began the Associated Press report on how the stock market responded after the policy-making panel of the Federal Reserve Board issued a statement Tuesday, saying the federal funds rate (the interest banks charge other banks for borrowed money) would be held to 0 to 1/4 percent through the middle of 2013. The Dow Jones industrial average surged more than 429 points, just one day after its biggest decline since 2008.
Of all of the myriad agencies created and maintained by the Executive Branch, few have proven to be as detrimental to the United States as the Environmental Protection Agency. Since its birth under President Nixon’s executive order in 1970, the mission of the EPA has been to protect human health and the environment. The mission has been mutilated since the start, as the environment (or at least what we are led to believe is the environment) has taken so much precedent that the human health aspect — whether it is the physical, mental, social or economic sort — has been deemed worthless in comparison.
On a single day last month, a screener at New York’s John F. Kennedy International Airport helped herself to $100 in cash from a 16-year-old passenger’s bag while another swiped a senior citizen’s cell phone. And that’s only the froth on JFK's crime wave: earlier this year, cops arrested two screeners there for stealing $160,000 from checked luggage.
According to the Obama administration and our country’s leading liberal media, the Tea Party is responsible for all of our present financial woes. But, as anyone with a brain knows, what has led us to this crisis-turned-catastrophe is not the Tea Party, which is of recent formation, but the endless spending by leftist politicians over the last 60 years who have borrowed big-time to finance all of this government socialism. And since almost all Americans, whether they like it or not, have been hitched to this money train, we’ve been inclined to let it all happen with blinders on assuming that our elected leaders knew what they were doing.
President Barack Obama has called for a luxury tax on corporate jets as a means to generate revenue to fight federal deficits. The president's economic advisers ought to be fired for not telling him that doing so is unwise and counterproductive. They might have already told him so, only to have the president say, "Look, I know you're right, but I'm exploiting the public's envy of the rich!" Let's look at what happened when Obama's predecessor George H.W. Bush signed the Omnibus Budget Reconciliation Act of 1990 and broke his "read my lips" vow not to agree to new taxes.