Lake Erie Conservative

thoughtful discussion(s) about issue(s)

Posts Tagged ‘Committee’

… I believe that Boehner has the Votes …

Posted by paulfromwloh on Monday,October 7th,2013

.. what am I saying ?

.. first , Pelosi does not have the votes . The DemoCraps only have about 200 members in the current House , and their numbers are unlikely to go up all that much . Then , you do figure that the Dems have about 25 to 30 moderates left in their caucus .

.. That many ? Yes , that many . I would be willing to bet as many as 10 to 15 of them will not vote for a CR , possibly 20 . That means (since 218 is a majority) , the DemoCraps need nearly 30 votes . Yes , nearly 30 votes . Why that many .

218 – (202 – 15) = 31 ; or 218 – 187 = 31

Official portrait of United States House Speak...

Official portrait of United States House Speaker John Boehner (R-Ohio). (Photo credit: Wikipedia)


.. 31 votes . It will take that many votes to make it . it is the votes of the moderates who vote against the CR , plus the votes to reach a majority , plus a 1 or 2 vote safety margin (considering the machinations a House majority can pull) ..

.. why ?

[-] there are not that many moderates in the House GOP anymore . There are some , but not many .

[-] they are loyal enough to Boehner to not cross him on a vote that is this important ,

[-] a number of them are or have been in leadership positions , such as subcommittee chairman or committee chairman . They want to be again , and realize crossing a sitting Speaker of the House is not a way to get back into that position . Especially since , these days , the Speaker appoints (with caucus approval , which is ususally a formality) the committee and subcommittee chairs .


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… Bad News For POTUS , Worse News for the Economy …

Posted by paulfromwloh on Thursday,September 19th,2013

.. Well , the Fed met today , and released its policy statement . Better to give it to you , and then tell you what it really means …

Here is the statement the Federal Reserve released Wednesday after its two-day
policy meeting:

Information received since the Federal Open Market
Committee met in July suggests that economic activity has been expanding at a

In 1935, Cret designed the Seal of the Board o...

In 1935, Cret designed the Seal of the Board of Governors of the Federal Reserve System. (Photo credit: Wikipedia)

moderate pace. Some indicators of labor market conditions have shown further
improvement in recent months, but the unemployment rate remains

Household spending and business fixed investment advanced, and
the housing sector has been strengthening, but mortgage rates have risen further
and fiscal policy is restraining economic growth. Apart from fluctuations due to
changes in energy prices, inflation has been running below the Committee’s
longer-run objective, but longer-term inflation expectations have remained

Consistent with its statutory mandate, the Committee seeks to
foster maximum employment and price stability. The Committee expects that, with
appropriate policy accommodation, economic growth will pick up from its recent
pace and the unemployment rate will gradually decline toward levels the
Committee judges consistent with its dual mandate.

The Committee sees the
downside risks to the outlook for the economy and the labor market as having

Official portrait of Federal Reserve Chairman ...

Official portrait of Federal Reserve Chairman Ben Bernanke. (Photo credit: Wikipedia)

diminished, on net, since last fall, but the tightening of financial conditions
observed in recent months, if sustained, could slow the pace of improvement in
the economy and labor market.

The Committee recognizes that inflation
persistently below its 2 percent objective could pose risks to economic
performance, but it anticipates that inflation will move back toward its
objective over the medium term.

Taking into account the extent of federal
fiscal retrenchment, the Committee sees the improvement in economic activity and
labor market conditions since it began its asset purchase program a year ago as
consistent with growing underlying strength in the broader

However, the Committee decided to await more evidence that
progress will be sustained before adjusting the pace of its purchases.
Accordingly, the Committee decided to continue purchasing additional agency
mortgage-backed securities at a pace of $40 billion per month and longer-term
Treasury securities at a pace of $45 billion per month. The Committee is
maintaining its existing policy of reinvesting principal payments from its
holdings of agency debt and agency mortgage-backed securities in agency
mortgage-backed securities and of rolling over maturing Treasury securities at

Taken together, these actions should maintain downward pressure
on longer-term interest rates, support mortgage markets, and help to make
broader financial conditions more accommodative, which in turn should promote a
stronger economic recovery and help to ensure that inflation, over time, is at
the rate most consistent with the Committee’s dual mandate.

The Committee
will closely monitor incoming information on economic and financial developments
in coming months and will continue its purchases of Treasury and agency
mortgage-backed securities, and employ its other policy tools as appropriate,
until the outlook for the labor market has improved substantially in a context
of price stability.

In judging when to moderate the pace of asset
purchases, the Committee will, at its coming meetings, assess whether incoming
information continues to support the Committee’s expectation of ongoing
improvement in labor market conditions and inflation moving back toward its
longer-run objective. Asset purchases are not on a preset course, and the
Committee’s decisions about their pace will remain contingent on the Committee’s
economic outlook as well as its assessment of the likely efficacy and costs of
such purchases.

To support continued progress toward maximum employment
and price stability, the Committee today reaffirmed its view that a highly
accommodative stance of monetary policy will remain appropriate for a
considerable time after the asset purchase program ends and the economic
recovery strengthens. In particular, the Committee decided to keep the target
range for the federal funds rate at 0 to 1/4 percent and currently anticipates
that this exceptionally low range for the federal funds rate will be appropriate
at least as long as the unemployment rate remains above 6-1/2 percent, inflation
between one and two years ahead is projected to be no more than a half
percentage point above the Committee’s 2 percent longer-run goal, and
longer-term inflation expectations continue to be well anchored.

determining how long to maintain a highly accommodative stance of monetary
policy, the Committee will also consider other information, including additional
measures of labor market conditions, indicators of inflation pressures and
inflation expectations, and readings on financial developments. When the
Committee decides to begin to remove policy accommodation, it will take a
balanced approach consistent with its longer-run goals of maximum employment and
inflation of 2 percent.

Voting for the FOMC monetary policy action were:
Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard;
Charles L. Evans; Jerome H. Powell; Eric S. Rosengren; Jeremy C. Stein; Daniel
K. Tarullo; and Janet L. Yellen. Voting against the action was Esther L. George,
who was concerned that the continued high level of monetary accommodation
increased the risks of future economic and financial imbalances and, over time,
could cause an increase in long-term inflation expectations.

.. Bad news for POTUS . The lack of any economic progress on the fiscal front is no good for POTUS . He needs for there to be concrete and definitative progress on the budget , and on taxes . Oh , on taxes , it does not mean more tax increases . That would be a definite downer for the economy .

.. The economy needs stimulus . What it needs is private sector stimulus , not government stimulus . In particular , the economy most definitely DOES NOT need more government spending . There has been enough growth in government spending in the last 5 to 6 years as it is . Nothing has been done on entitlements . And the financial markets know it . They expect that something needs to be done , that something must be done , and there is no leadership coming out of the ObamaCrap White House . They also know that they will not get any concrete leadership out of Obama . He is a weak – kneed wus , who has no comprehension of the word ” leadership . ”

.. The economy does not need political hot air . It does not need a President who has a bad case of diarheaa of the mouth , as POTUS seems to have . It needs a good swift kick of investment stimulus . Ideally , it should get a good dose of supply – side tax cuts , especially a sliding – scale  of capital gains tax cuts . The investment markets need to understand  that the United States is truly open for business . It may take a Republican blowout to get the message fully , if President Obama is truly that dense .

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