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Fed Cuts Rate a Quarter Point, Dollar Drops

The dollar lost ground again today against other major currencies, a slight bounce occurred after the fed rate cut announcement but did little to help offset the day’s significant losses. The Fed announced a quarter-point rate cut that many investors had expected. The benchmark rate was cut from 4.75% to 4.5%.

Pulp Finance explains: “This also makes US treasuries less attractive to foreign investors which in turn lowers our ability to pay off our government overspending by increasing our debt. Its the equivalent of a company printing more stock shares and putting them on the market, this then lowers the value of every share held and eventually no one wants to buy the diluted paper.” The dollar index also hit an all time low suggesting spikes in inflation and decreased purchasing power.

View USD charts here:

USD vs CAD — beyond parity, USD vs EUR, USD vs GBP, USD vs CNY (CHINA)

Ron Paul’s Tonight Show Appearance 10/30/2007

If you’re looking for Ron Paul’s second appearance on the Tonight Show from 01/07/2008 click here.

Ron Paul had a very favorable appearance on the Tonight Show with Jay Leno last night. Leno’s question were fair and direct, and gave Paul a great opportunity to clarify his positions to a wide audience.

When Leno asked Paul about his tax policy he responded, “I lean toward a flat tax but I want to make it real flat, like zero.”

Paul noted the popularity of the freedom message and said, “I have my shortcomings, but the message has no shortcomings,” Paul added, “The message of liberty is what its all about.”

Paul expressed his positions confidently and while speaking of the success of his presidential campaign seemed to address his detractors by stating “yes, there probably is a risk I could win.”

Paul appeared on the show with other guests including Tom Cruise and the Sex Pistols. Johnny Rotten even offered a warm greeting to “Mr. Paul,” and also sung “when are we gonna get out of Iraq?” during the Sex Pistols’ performance.


Bush Says Congress Is Wasting Time

More bullying today came from an executive branch that has too much power:

WASHINGTON, Oct. 30 — President Bush lashed out at Congress today, the third time he has done so in two weeks, this time saying the House had wasted time on “a constant string of investigations” and the Senate had similarly wasted its efforts by trying to rein in the Iraq war. Its failure to send a single annual appropriations bill to his desk, he said, amounted to “the worst record for a Congress in 20 years.” Full Story. . .

Maybe if there wasn’t so much corruption that needed to be investigated they could accomplish more. However, the whole idea of a “checks and balances” system is to limit the amount of junk that gets pushed through congress and written into law. “Wasting time” on investigations is not wasted time in my opinion, unless of course the investigations are meaningless.

House speaker Nancy Pelosi responded to the president, “The president calls Congressional oversight that has uncovered tens of billions of dollars in waste, fraud and abuse in Iraq a ‘waste of time.’ We call billions spent in no-bid contracts to Halliburton a waste of money.”

Socialized Healthcare Doomed to Fail

Would a U.S. socialized healthcare system be doomed to follow in the footsteps of the UK system?

British publication “Daily Mail” is reporting that “Record numbers of Britons are travelling abroad for medical treatment to escape the NHS [National Healthcare Service].” The report stated that an expected 70,000 patients will seek treatment in other countries to avoid the long waiting periods (often several months) and the lower quality of care found in the publicly funded health care system.

Continue reading

Senate approves extension of Internet tax ban

“WASHINGTON (Reuters) – The Senate has approved legislation extending a moratorium on state Internet access taxes for seven years.” Full Story. . .

Remember the 5th of November

MSNBC Interview with Ron Paul 10.24.07

Here’s a good clip of an MSNBC interview discussing the “buzz” surrounding Paul’s campaign and his desire to bring the troops home. The reporter mentioned she has been receiving a “flood” of emails from Ron Paul supporters.

The reporter says, “Congressman you are 72 years old and you are a sensation among young people. . .”

During the interview Ron Paul confirmed his position against the Iraq war, his desire to save America the 2.4 trillion dollar cost of the war and bring the troops home.

The report concluded with her asking, “Will you tell your supporters not to flood my inbox?”

Paul responded, “Oh no, I think you should enjoy reading them all.”