MoDo MustGo

Now.

Hillary's like soooo loser.

Please stop hurting our discourse.

Please, Oh Please

Don't let the Fed cut rates again:

U.S. stocks coasted higher Wednesday, with investors cheered by thoughts the day could bring another interest-rate reduction by the Federal Reserve.

With a decision due at 2:15 p.m. Eastern, consensus estimates say the central bank will cap a two-day Federal Open Market Committee gathering by trimming rates a quarter-point to 4.5%, following up on a 50-point cut in September.

"Today all eyes are on the FOMC. We expect [a] 25 basis point cut with further action likely as the economy slips through quarter two of 2008," said Tom Di Galoma, head of U.S. Treasury trading at Jefferies & Co. Inc.

Others agreed. "I think the market will get the treat" of the rate cut, said John Derrick of U.S. Global Investors.

This is one of the most colossally stupid things I've ever heard. They've been good, little financial worker bees, so they deserve a big ole rate cut just in time to get their big fat bonuses!!!! Yeah!!!

No. The market is insane if it thinks the Fed will cut rates, and the Fed may very well be insane if it lets itself be held captive to the market's - and all its participants - desire for a fatter paycheck.

Considering what actual inflation - food and energy, not this inflation ex-inflation bullshit analysts have been trying to push off on us - has been doing, the Fed should do its job and try to rein in inflation, not let it run wild.

Furthermore, there is another very tangible downside to cutting rates - further accelerating the dollar's decline. That means lots of pain for everyone. Keep reading the Big Picture post for more or see this Reuters article:

OPEC is likely to discuss creating a basket of currencies for oil pricing at its next summit due to the steady decline in the dollar, Venezuela's Energy Minister Rafael Ramirez said on Friday.

"The need to establish a basket of currencies ... will probably be a point of discussion in the next OPEC summit," Ramirez told reporters during an evening event in the presidential palace.

"The dollar as a benchmark currency has been weakening quite a lot and it creates distortions in oil markets."

Lower rates means lower interest earned. If that's the case, then foreign government don't have the incentive to hold U.S. securities or U.S. dollars. People sell dollars, which causes the price of the dollar to decline, which means Americans have less purchasing power.

A weaker dollar also doesn't help oil exporting countries, who have thus far exported in dollars, or the petrodollar. Why does this matter to us? Because they're sure to switch to more reliable currencies, like the Euro, since keeping their exports denominated in dollars will cause their profits to decline. When that happens, the U.S. will need to spend more money on exchanging dollars to purchase oil, which means the price of gas will go up even further.

So, what's the Fed gonna do? Give the kids Halloween candy that will later give them cavities, or show a little responsibility?

Update: Stupid, irresponsible Fed:

The Federal Reserve cut its benchmark interest rate by a quarter point to 4.5 percent to cushion the U.S. economy from the housing recession that officials predict will extend into next year.

...

"The committee judges that, after this action, the upside risks to inflation roughly balance the downside risks to growth.''

Paul Volcker needs to Schoolhouse Rock Bernanke on the 1980s. Now.

Fun with Blackwater

Standing down so they can stand up:

Iraqi politicians are moving quickly to rescind a three-year-old decree that gives foreign security companies immunity from local law. The push comes less than two months after Blackwater USA employees killed 17 Iraqis in Baghdad, igniting a diplomatic firestorm.

While the Iraqi cabinet approved a draft law yesterday that would make contractors subject to Iraqi law, politicians in the U.S. questioned why the State Department may have granted limited immunity to several Blackwater guards involved in the Sept. 16 shooting. The Iraqi government has called the shooting unprovoked.

I wonder what Boy Bush will have to say about this. But about that immunity,

So I just learned on CNN that the State Department offered immunity to the Blackwater guards. That they don't have the power to do it. That they did it anyway. That senior State people didn't sign off on this thing they didn't have the power to do. This thing they didn't have the power to do will inhibit any efforts to prosecute them.

Is every part of this administration FUBAR?

Yes, I already know the answer to that question.

Worst Legislation Ever

The Telecom Act of 1996. Made it possible for a company to own more than one of each TV/radio station in an area. It gave us crap like this:

Republican radio network Clear Channel, a monopoly in many cities and a dominant player in most of the rest, isn't interested. Is it because Springsteen has been an outspoken campaigner for Democrats and progressives? Clear Channel has taken a political stand with its programming in the past. Just think back to their boycott of the Dixie Chicks. Oh, no... not way back, just back to when they released their most recent album. Despite being one of the top 10 best-selling American albums of the year-- across all genres and demographics-- radio studiously ignored it. There were maybe half a dozen country stations that even played it at all. What Clear Channel did to the Dixie Chicks is a watertight case for the need to break the media companies up into a thousand pieces.

Thanks assholes!

We're Doomed

So says Krugman.

It's telling to the degree which the Beltway media is focused on the navel-gazing aspects and the aspects that only matter to people as cynical and focused on the superficial minutiae as much as they are.

And yet I wonder why CNN makes my head hurt.

WAAAAAHHH!!!!!

Everybody's being mean and not doing what I want them to do!!!!

President Bush blasted the Democratic-controlled Congress on Tuesday for having "the worst record in 20 years."

"Congress is not getting it's work done," President Bush said on Tuesday.

"Congress is not getting it's work done," Bush said, flanked by members of the Republican House leadership. "The House of Representatives has wasted valuable time on a constant stream of investigations, and the Senate has wasted valuable time on an endless series of failed votes to pull our troops out of Iraq."

Does this article once bother to mention the constant threat of Bush's veto or the most obstructionist Senate minority ever? No.

Bush is a joke and if he makes statements like that he should only be able to air them in a platform where he is subject to only ridicule, instead of elevated like an actual statesman.

Obama's Campaign Loses It

Atrios:

Part of the reason that we have had a faith outreach in our campaigns is precisely because I don't think the LGBT community or the Democratic Party is served by being hermetically sealed from the faith community and not in dialogue with a substantial portion of the electorate, even though we may disagree with them.

Aside from the adoption of right wing frames, this kind of statement is incredibly insulting to both the LGBT community who are apparently "hermetically sealed from the faith community" and to the "faith community" which is apparently defined as nothing more than a bunch of anti-gay bigots. Not to mention the Democratic Party, which apparently includes no actual religious people.

It's really just insulting to everyone, with a touch of "shut the hell up I know best."

John Aravosis:

So, in the end, Obama let his "best" and "favorite" artist slam gays to thousands of African-Americans, in his name, and neither he nor his hand-chosen white gay preacher said anything in response. Class act, that Obama campaign. For them, creating a "dialogue" means the gay-basher gets to spread his bigotry to thousands while the candidate and the token gay STFU.

This campaign needs to be restarted or retired.

Real, Clear Leadership

Dodd:

"Mr. Mukasey's position that the President does not have to heed the law disqualifies him from being the chief attorney for the United States. We have seen for too long, and at great expense to our national security, an Administration that has systematically attacked the rule of law and turned our Justice Department into a political wing of the White House. I'm afraid that Mr. Mukasey as Attorney General would be more of the same."

Before I become a complete hack, let me point out I think that any of the top-tier Democrats would make fine presidents and I will vote for whoever wins the nomination. However, Dodd would be better. His statements demonstrate that he understands how to communicate crisply and effectively - one of the most important things a person can do.

Holy Joe Is Down and Dirty

Surprised?

Contributions from associates and friends of now-indicted garbage executive James Galante to the 2004 presidential campaign of U.S. Sen. Joseph Lieberman have sparked the interest of federal investigators.

Lieberman's bid for the White House took in at least $14,000 from Galante, his associates and their relatives in the fall of 2003, according to a Courant review of campaign records.

The contributions to Lieberman, a longtime Democrat who became an independent in 2006, are similar to allegedly bundled contributions to three Republican officeholders that earlier this month led to state charges against Galante, who is also facing a 2006 federal racketeering indictment.

Go home, Joe. You're stupid and ugly and nobody likes you.

Waaahhh!!!!

Deciderer in Command:

President George W. Bush said Congress has failed to complete work on a host of important spending measures while wasting time resending him legislation he has already vetoed.

``This is not what congressional leaders promised when they took control of Congress earlier this year,'' Bush said at the White House. ``With only a few weeks left on the legislative calendar, Congress needs to keep their promise to stop wasting time and get essential work done on behalf of the American people.''

He said he still objects to revised legislation that the House passed yesterday to expand a U.S. children's health insurance program.

``It costs more over the next five years than the one I vetoed,'' he said.

He's such a whiny ass titty baby. The country doesn't like you, Mr. 28%, so get over it.