Politics Blogs (944)

WASHINGTON (CNN) — In a bold, emergency action to support the economy during the coronavirus pandemic, the Federal Reserve on Sunday announced it would cut its target interest rate near zero.

The swifter-than-expected rate cut is designed to prevent the kind of credit crunch and financial market disruptions that occurred the last time the Fed had to cut rates all the way to the bottom: The Fed last cut rates to zero during the global financial crisis just over a decade ago.

In addition to rate cuts, the Fed also said it would purchase another $700 billion worth of Treasury bonds and mortgage-backed securities. It also struck a deal with five other foreign central banks, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, to lower their rates on currency swaps to keep the financial markets functioning normally.

The Fed last lowered currency swaps during the European debt crisis in 2011. The move makes borrowing US dollars cheaper for banks around the world. Swapping currencies, particularly dollars, is a staple of global financial transactions.

The coordinated move will lower the cost of short-term borrowing for banks around the globe, and it could also keep the global economy clear of an all-out credit crunch similar to the one the world’s economies encountered a decade ago.

The bond and mortgage security purchases are tools the Fed previously used during the most recent recession. They helped to shore up housing and US government debt — two crucial markets that keep the gears of the American financial system turning.

Although the underlying US economy has remained on solid ground — unemployment is at a historic low and consumer confidence has stood near all-time highs — the Fed said the coronavirus outbreak has significantly hurt the global financial conditions.

The Fed could, in theory, take rates negative, as some other central banks have, but Federal Reserve Chairman Jerome Powell has resisted that idea. The Fed said Sunday it would hold rates steady near zero until it is confident that the US economy pulls out of the coronavirus-fueled economic quagmire.

Several White House officials have accused House Speaker Nancy Pelosi of trying to slip in an exception for the Hyde Amendment into a coronavirus stimulus bill.

The officials said Thursday that Pelosi tried to negotiate a provision that would have created a "slush fund" with access for groups previously banned from receiving funds under the Hyde Amendment, according to the Daily Caller.

"A new mandatory funding stream that does not have Hyde protections would be unprecedented," one of the officials said. "Under the guise of protecting people, Speaker Pelosi is working to make sure taxpayer dollars are spent covering abortion, which is not only backwards but goes against historical norms."

Another official asked, "What do the Hyde Amendment and abortion have to do with protecting Americans from coronavirus?"

Pelosi said that Democrats agreed to "most" changes that Republicans had asked for in the House bill.

"We are responding to their concerns. We don't want them moving the goal posts, and that's it," the California Democrat said.

The Hyde Amendment bans federal funds from being used to fund abortions. Many Democrats, including presidential primary front-runner Joe Biden, have called for a repeal of the provision.

He walks, he talks
He exporiates,
All kinds of crazy
He’s our leader,
Our liar in chief
He’s the Donald
How sad is that?

LOL - Shakespeare ain't got nottun to worry about from me - LOL

Mike Bloomberg suspends presidential campaign after Super Tuesday flop.

Former New York City Mayor Mike Bloomberg suspended his presidential campaign Wednesday after spending record amounts from his own fortune on an ad-blitz strategy that failed to yield any wins on Super Tuesday beyond a single victory in the American Samoa caucuses.

He immediately announced he would be endorsing Joe Biden, following in the footsteps of other moderate-leaning Democratic presidential candidates who have consolidated support behind the former vice president in his primary brawl against Vermont Sen. Bernie Sanders.

NY Times headline story tonight 2/20/20

Russia Backs Trump’s Re-election, and He Fears Democrats Will Exploit Its Support



So it is time for all you Conservative Wrongs to leap in with denies and lies supporting your LordGod Trump. Have fun.

It's a bit of surprise, but makes some sense.

He decided his runningmate will be;

Michelle Obama
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.
.
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Just kidding. You conservatives can go clean your pants now.

Hey, it COULD happen.

I just heard this on Fox News. This is actually pretty interesting. A lot of pros, but also cons to this selection.

Pros: Hillary has name recognition, a lot of people like her, former first lady, she won't be able to jump right in as an independent candidate for president if Bloomberg does with the dem nomination taking votes from him.

Cons: A lot of people don't like her, another career politician, she's already had her moment in the sun. Bloomberg, like Trump, is a "alpha male", and needs someone on his ticket that isn't "alpha" like him, even if it's a "alpha" woman like Hillary Clinton.

If Bloomberg does pick her, he's considering moving his residency to Colorado since both a presidential and vice presidential candidate cannot reside from the same state.

Any thoughts, feel free to post.

Like Supply & Demand. This is Middle School stuff, when the Supply goes up, the price goes down.
When the price is High, you Sell, when the price is Low, you Buy.
The price of crude oil is low right now so it's the worst time to sell oil from the SPR (Strategic Petroleum Reserve). Besides, that oil is supposed to be used as a hedge against domestic supply disruptions causing widespread economic impact akin to what happened in 1973 due to the Arab Oil Embargo, NOT for bailing us out of the $Trillions of extra debt Trump has created by mismanaging the countries finances.

This reminds me of the time when another ignorant Republican president GW Bush was Filling the SPR when the price of Crude was around $98. a barrel.