@MataHarley:

As I’ve seen others comment in response to his antics, “We are so screwed!”

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Caught that today, Yon. Figured when I found out more about why he decided to disarm commercial pilots, I’d do a post. Not much to do with the economics, but certainly a quiet action that popped my head up.

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MORE UNDER THE RADAR
http://doctorbulldog.wordpress.com/2009/03/19/obama-secretly-ends-program-that-allows-pilots-to-carry-guns/

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Yeah, I saw that in some emails I got about TALF, the treasuries and MBSs, Aye. I mentioned them in passing in the paragraph under the first blockquote section. But didn’t want to get off into a tangent about the specifics. Thanks for laying the laundry list of spending in the past couple of days.

Two House Republicans, Ted Poe (R-TX) and Trent Franksk (R-AZ) introduced HR 835, the Dollar Bill Act of 2009, attempting to tie the US dollar value back to gold in the attempt to shore up it’s value. This is Poe’s second attempt at doing this after last year’s failure of HR 6690. That sure would put a kink in Obama/Pelosi/Reid spending sprees.

Meaning, it will go no where.

This goes hand in hand with a WSJ op-ed today by Judy Shelton, Is Inflation Baked Into the Budget Plan?

We must require the Obama administration to abide by its professed willingness to be held to account. We should demand a new form of savings bond from the government aimed at safeguarding the purchasing power of the currency. “Make the dollar, once again, an honest dollar,” Jack Kemp urged as a Republican candidate for president in 1988. “The dollar should be so trustworthy, so predictable, so lasting in value, that it’s as good as gold.” Thirty years later, gold remains a surrogate for long-term confidence in U.S. fiscal policies. Judging from the steep rise in the dollar price of gold — and runaway sales of gold coins — the verdict is not positive.

It is time to take a stand. Honest money is essential to an honest budget; we need to safeguard the integrity of America’s currency. As Republicans put forward an alternative blueprint for America’s future based on pro-growth tax policies and entitlement reform, they should also seek to pass legislation authorizing the issuance of gold-backed Treasury bonds — payable at maturity in dollars or ounces of gold, at the option of the holder.

A limited issuance of gold-backed Treasury bonds would serve as a sign to U.S. citizens that the dollar will not be the default mechanism for governmental excesses. “The Honest Dollar Act” will function as a barometer measuring the fiscal rectitude of the Obama administration. If the promised deficit reduction has been sufficiently accomplished to stem inflationary fears, holders of gold-backed Treasury obligations are unlikely to redeem in gold; after all, gold pays no interest and normally engenders warehousing costs. Unless the utter lack of progress toward fiscally conservative goals has unleashed even more egregious levels of deficit spending, repayment in dollars will be preferred. But the right to convert the face value of the note for gold at a fixed rate — say, $1,000 per troy ounce — conveys a trust-but-verify provision that marks the first solid step toward sound money.

As for Beck, been watching him for years. But I’m really annoyed that the media is allowing themselves to be diverted with these AIG bonuses, allowing the admin to do so much damage under the radar.

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The best part Mata is the purchase of the other goodies that the Fed made yesterday.

In a surprise move today, the Bernanke Fed launched another shock-and-awe stimulus plan that will expand the Fed’s balance sheet another $1.2 trillion through the purchase of $300 billion in long-dated Treasuries, $750 billion in mortgage-backed securities (Fan/Fred), and another $100 billion in U.S. agency debt. The Fed also is launching its Term Asset-Backed Securities Loan Facility (TALF), which could go as high as $1 trillion when it’s all said and done.

Glenn Beck has been ringing the bell on this topic for three years now.

People dismissed him as C-R-A-Z-Y.

I wonder what they think now.

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