Quotes of the Day

posted at 10:41 pm on March 19, 2014 by Jazz Shaw

Global equity markets ended lower on Wednesday while yields on U.S. Treasuries jumped after comments by U.S. Federal Reserve Chair Janet Yellen raised the possibility that interest rates could rise soon than has been expected.

Yellen, speaking at her first press conference as the Fed chief after the close of the U.S. central bank’s two-day policy meeting, said the Fed could start to raise interest rates around six months after its current asset purchase program ends…

“She certainly moved it up a little bit and I don’t think the market was expecting that at all because she is widely viewed as being more on the dovish side of the aisle than she is on the hawkish side,” said Peter Kenny, chief executive officer of Clearpool Group in New York.

“That is not a particularly hawkish comment, but the fact of the matter is it was not expected.”

Fears that the Fed’s policy-setting Federal Open Market Committee might move away from its near-zero rate policy sooner than some traders had previously thought unleashed a wave of selling in the bond market. Short-dated and intermediate Treasuries suffered the biggest losses since they are seen as the most vulnerable to a swifter change in Fed policy.

***

“I think the market being reminded that the Fed will eventually raise rates is getting traders’ attention,” John Canally, an economic strategist at LPL Financial Corp. said in a phone interview from Boston. His firm oversees about $438.4 billion. “We’ll probably get a couple days of back and forth in the markets, but this is all good change.”

Bonds and U.S. equities retreated as the Fed said officials predicted their target interest rate would be 1 percent at the end of 2015 and 2.25 percent a year later, higher than previously forecast, as they upgraded projections for gains in the labor market. The central bank also reduced the monthly pace of bond purchases by $10 billion, to $55 billion.

Benchmark indexes extended losses as Yellen said the quantitative easing program would end this fall if the Fed continues to taper purchases in measured steps. She said she sees a “considerable time” between the end of the stimulus and the first rate increase, meaning “six months or that type of thing.”

***

Janet Yellen isn’t one to declare victory and go home. Today, the Federal Reserve chair announced that the central bank will keep working to stimulate the economy even though it has already almost achieved the goal it set for itself in 2012, to bring the unemployment rate down to 6.5 percent.

We know we’re not close to full employment, not close to an employment level consistent with our mandate,” Yellen told reporters. She added that “unless inflation were a significant concern, we wouldn’t dream of raising the federal funds rate target.” The target for the federal funds rate—the short-term interest rate that the Fed directly controls—has been a historically low 0 to 0.25 percent since December 2008.

At her first press conference since becoming chair of the Fed in February, Yellen explained that Fed rate-setters will abandon the 6.5 percent target and instead look at a broader range of data to decide when and how much to curtail stimulus.

***

***

Janet Yellen was boring. And that’s exactly what she wanted to be.

The newly installed Federal Reserve chair, in her first big policy meeting and news conference, gently nudged the central bank away from its extraordinary easy-money policies and toward a more normal footing in a way that only mildly upset markets, which sank a bit on the slightly more hawkish tone.

It was surprising but I don’t place much weight on it,” Pantheon Macroeconomics’ Ian Shepherdson said of the “six-month” comment. “I guess the pressure of the occasion got to her. Otherwise her performance was solid, she did her best to make the dove case, having been dealt a poor hand by her colleagues, nudging up their rate forecasts.”

Stocks quickly sold off following the “six-month” comment but recovered later as investors got more comfortable that the remark was hardly a firm policy commitment and was not really out of line with what the FOMC said in its consensus projections. It also happens to be exactly the consensus among Wall Street analysts for when the Fed will start bumping up rates.

***

The Fed, under Bernanke, promised that when the unemployment rate hit 6.5%, the central bank would raise interest rates. This was called quantitative guidance, and it fed Wall Street’s fetish for largely made-up numbers. The 6.5% benchmark was a big hit with traders. It meant they didn’t have to think very hard: when unemployment hit 6.5%, Wall Street could start girding itself for a rise in interest rates.

Then Yellen shut down the betting parlor. In a statement, the Fed said it “will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. This is what is now called ‘qualitative guidance’”.

Translation: the Fed is looking at when the economy improves, and the economy comprises a giant number of measures and statistics. If Wall Street wants Cliffs Notes, it will have to look elsewhere.

That was Janet Yellen’s declaration of independence. And that matters even – especially! – if you don’t work on Wall Street.

***

There are complicated structural reasons why we are in the longest and weakest recovery of the post WW II period. When I interviewed Yellen earlier this year, she made it quite clear that she knew that the Fed’s firepower was running low—although she still believed that clear and thoughtful forward guidance could help calm markets. (Today’s reaction shows that will be a tricky act to pull off.) Still, by proving hawks that had predicted a Yellen-led Fed would remain too dovish for too long wrong, she’s showing a careful regard for the market impact of long-term loose monetary policy. She may be concerned about the “human impact” of unemployment, but she clearly doesn’t want markets to crash, either.

All in all, I’m rather surprised that the markets took the rate hike news as so hawkish and definitive, given that she stressed again and again that the Fed would be watching a broad range of economic indicators to make sure that they were getting the timing of internet rate tightening right…

To me, that’s reassuring. It’s interesting that to markets it was worrisome. That shows just how dependent investors have become on Fed news going in one direction only and how removed some asset prices have become from fundamentals. When I close my eyes, breathe deeply and visualize the future, I see…more volatility.

***

PROGRAMMING NOTE: Allahpundit is still standing in line to volunteer for the Crimean Army, but should be returning as soon as that no longer exists.

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Over and over

Schadenfreude on March 20, 2014 at 12:47 AM

Nite grandpa Ken :)

Schadenfreude on March 20, 2014 at 12:48 AM

2m
Australian Maritime Safety Authority: Debris spotted 2,500 km southwest of Perth; merchant ship expected to arrive in the area at 6 pm local time – live video

Murphy9 on March 20, 2014 at 12:49 AM

Nite NatB

Schadenfreude on March 20, 2014 at 12:49 AM

Schadenfreude on March 20, 2014 at 12:31 AM

Hi Schad. Hi everyone.

Despite all the crazy speculation on the missing airliner, I’m inclined to prefer the simplest explanations, like the one I linked above.

novaculus on March 20, 2014 at 12:50 AM

thatsafactjack on March 20, 2014 at 12:38 AM

I would be remiss
If I forgot to tempt a kiss
From the moon hottie that is (now I’m out of rhymes)

You know what I mean though. That is what counts because ignorance is bliss.

Hey bliss. That rhymes.

SparkPlug on March 20, 2014 at 12:51 AM

Echo & The Bunnymen – The Killing Moon

Just re-watched Donnie Darko

Murphy9 on March 20, 2014 at 12:51 AM

“Don’t Chase Imaginary Butterflies Into Something Highly Illegal!…..”

williamg on March 20, 2014 at 12:51 AM

Have great dreams, all the sleepy people who’ve decided to go to sleep.

I’ll watch your stuff.

Good tune. I wonder if she likes that song. You know who I mean. The post turtle post hammer bucket Axe weilder pounder.

SparkPlug on March 20, 2014 at 12:46 AM

I dunno. :) I try to pay attention, but she doesn’t spin much. And she almost never throws out little comments like, “love that” or “rotf” or “stfu.”

Axe on March 20, 2014 at 12:52 AM

Life Is Hard – Twelve Bar Blues Band

thatsafactjack on March 20, 2014 at 12:52 AM

SparkPlug on March 20, 2014 at 12:51 AM

Good evening, Spark. :)

My kisses are from the heart, and so they last.

But here’s another… just because… *Smooch* :)

thatsafactjack on March 20, 2014 at 12:56 AM

novaculus on March 20, 2014 at 12:50 AM

Good evening, Nova. :) Good to see you.

thatsafactjack on March 20, 2014 at 12:57 AM

SparkPlug on March 20, 2014 at 12:51 AM

Good evening, Spark. :)

My kisses are from the heart, and so they last.

But here’s another… just because… *Smooch* :)

thatsafactjack on March 20, 2014 at 12:56 AM

MG smooches someone, they stay smooched. :)

Axe on March 20, 2014 at 12:59 AM

Axe on March 20, 2014 at 12:59 AM

lol! Indeed. :)

thatsafactjack on March 20, 2014 at 12:59 AM

Heh, the fools of the world just now realized, since the Washington Post said so, that all phone conversations are listened to by the NSA.

They are shocked…laughing at them. Only morons believed when the NSA said that they only gather summary info, but not actual discussions :)

Schadenfreude on March 20, 2014 at 1:01 AM

HI Jackie-

Here’s a”local” band, Howard and the White Boys:

Cold Cold Feeling

novaculus on March 20, 2014 at 1:03 AM

For the over and over folder

Nite HA

Nite America

Schadenfreude on March 20, 2014 at 1:04 AM

Still Got The Blues – Moore

I bid you all a fond goodnight. It’s been a pleasure, as always.

Live in the moment.

“Keep yourselves where the light is.”

thatsafactjack on March 20, 2014 at 1:04 AM

lol! Indeed. :)

thatsafactjack on March 20, 2014 at 12:59 AM

…..nighty, MG………<3

williamg on March 20, 2014 at 1:04 AM

Thanks, Nova. I’ll check it out. :)

williamg, :)

Goodnight, guys. :)

thatsafactjack on March 20, 2014 at 1:06 AM

MG smooches someone, they stay smooched. :)

Axe on March 20, 2014 at 12:59 AM

Schadenfreude on March 20, 2014 at 1:06 AM

There had to be a limit on the asset purchasing, the Fed banks are getting overloaded with the low interest mortgage securities and federal bonds. They can’t keep it up, or their own banks will risk problems.

It’s bad for stocks because so much of the cheap money has flowed into equities due to the depressed-to-nonexistent returns on bonds. If interest rates tick upward, funds will naturally flow back to the safety of bonds. Which means equities will fall somewhat.

In the longer term, there was never going to be a robust recovery as long as we continued holding onto near-zero interest rates and high deficits and high levels of spending. That was the policy of the Bank of Japan after their own banking crisis a quarter century ago, and it led to what is now known as “The Lost Decade.”

Adjoran on March 20, 2014 at 1:06 AM

night mr Schad and ms J…thanks for the tunes…cheers

going2mars on March 20, 2014 at 1:07 AM

MG smooches someone, they stay smooched. :)

Axe on March 20, 2014 at 12:59 AM

Schadenfreude on March 20, 2014 at 1:06 AM

rotf :)

damn straight.

Axe on March 20, 2014 at 1:08 AM

This poor woman has no idea where reality may be found … keep looking honey pie.

ORrighty on March 20, 2014 at 1:08 AM

Nite g2m – find that plane.

Schadenfreude on March 20, 2014 at 1:09 AM

thatsafactjack on March 20, 2014 at 1:06 AM

G’night Jackie

novaculus on March 20, 2014 at 1:10 AM

Schadenfreude on March 20

the guy on the aussie presser said satellites saw a 26m long something floating…

http://news.ninemsn.com.au/national/2014/03/20/14/13/objects-found-in-malaysia-airlines-search

so sounds like were close..

going2mars on March 20, 2014 at 1:12 AM

g2m, “the largest of which is 24m long”…if it crashed this is waaaay big. I’m doubtful, but I wish they’d find it soon.

The insanity on TV is disturbing.

Schadenfreude on March 20, 2014 at 1:19 AM

Yippee. I just got a smooch from MG. Now I’m dizzy. My propeller beanie is spinning even though there are smushed turtle guts on it.

SparkPlug on March 20, 2014 at 1:20 AM

SparkPlug on March 20, 2014 at 1:20 AM

See what she said about you…in her heart…page 3.

Schadenfreude on March 20, 2014 at 1:21 AM

Hi Merm. Haven’t seen you make any waves lately.

So I will wave to you first.

SparkPlug on March 20, 2014 at 1:23 AM

The insanity on TV is disturbing.

Schadenfreude on March 20, 2014 at 1:19 AM

agreed…
till they find it …its almost live who done it..??

going2mars on March 20, 2014 at 1:25 AM

Schadenfreude on March 20, 2014 at 1:21 AM

The same goes for you, Paladin. :)

I’m going back to work, now.

Goodnight, my friend. :)

thatsafactjack on March 20, 2014 at 1:26 AM

Schadenfreude on March 20, 2014 at 1:21 AM

Golly. I missed that. Now I’m all choaked up.

Schad taught me to blog. Schad and MG helped raise me from a pup.

SparkPlug on March 20, 2014 at 1:29 AM

The insanity on TV is disturbing.

Schadenfreude on March 20, 2014 at 1:19 AM

agreed…
till they find it …its almost live who done it..??

going2mars on March 20, 2014 at 1:25 AM

Disturbing indeed. Fox woke up Shep Smith. Must be serious then. He’ll probably stay on non-stop til the ships get to the suspected objects.

Brat on March 20, 2014 at 1:30 AM

Nite J. – work well. Kill the bad ones, but slowly.

Writing background noise

Schadenfreude on March 20, 2014 at 1:30 AM

Nite J. – work well. Kill the bad ones, but slowly.

Schadenfreude on March 20, 2014 at 1:30 AM

rotf :)

yur killin me tonight

Axe on March 20, 2014 at 1:33 AM

I looked inside Dires fedora. And Dave was embroidered therein. Hmm.

SparkPlug on March 20, 2014 at 1:34 AM

Disturbing indeed. Fox woke up Shep Smith. Must be serious then. He’ll probably stay on non-stop til the ships get to the suspected objects.

Brat on March 20, 2014 at 1:30 AM

does he have that…I was just in a bar look??.. lush

going2mars on March 20, 2014 at 1:35 AM

going2mars

Yep. Bad makeup.

Brat on March 20, 2014 at 1:39 AM

he looks swacked..!!

going2mars on March 20, 2014 at 1:43 AM

Axe on March 20, 2014 at 1:33 AM

It’s not fair. Half of Schads brain works like a full brain. So it’s like he has an extra brain if you do the math, which he can do with one quarter of his extra brain.

So he has a spare brain to do other stuff while we use 70% of our brains just to login in.

SparkPlug on March 20, 2014 at 1:44 AM

I looked inside Dires fedora. And Dave was embroidered therein. Hmm.

SparkPlug on March 20, 2014 at 1:34 AM

OK, I’m just spit balling here, so let’s not overreact. But what. if. Dire and Dave are identical twins, but no one knows there are two of them; and they both live as Dire, day to day; and one of them (Dave?) commits the crimes, and the other one (Dire?) creates the alibi, so that when the detectives come and question (him), (he) has air-tight proof he couldn’t possibly have stolen the diamonds?

You know what that would mean, right?

We should probably go rob Dire.

Axe on March 20, 2014 at 1:45 AM

. . . or burgle Dave.

Axe on March 20, 2014 at 1:50 AM

this Chinese ship is curiously in the area…

http://www.vesselfinder.com/?mmsi=413501228

going2mars on March 20, 2014 at 1:53 AM

Axe on March 20, 2014 at 1:45 AM

Yep Dire creates the alibi. I believe you could be right. But when the detective (who happens to also be named Dave) finds his name embroidered in Dires fedora he will suspect that the twins got their hats mixed up so he needs to find Daves hat with Dires name embroidered therein.

Then he will have proof. Proof of the classic twin paradox hoax deception ploy trick.

Those basterds are devious.

SparkPlug on March 20, 2014 at 1:55 AM

marine traffic also has a ship
without a tag…could be the same Chinese ship…or not

http://www.marinetraffic.com/

going2mars on March 20, 2014 at 1:57 AM

SparkPlug on March 20
Axe on March 20

question…if I may..
wouldn’t the one brother.. caught by the police
be able to not only have a alibi..
but also be able to pass a lie detector test..??
or am I lost?

going2mars on March 20, 2014 at 2:02 AM

So they found the plane? How did it get that far the wrong direction? Still think something is fishy…

sandee on March 20, 2014 at 2:05 AM

going2mars on March 20, 2014 at 2:02 AM

They wouldn’t be able to pass the test but the problem is that you don’t know whether Dire is Dave or whether Dire is just Dire and vice versa. So no one knows who didn’t tell the truth.

They were switched at birth so even they don’t know who Dave is.

SparkPlug on March 20, 2014 at 2:06 AM

sandee on March 20

not just yet..
could be just shipping containers
that fell overboard while ‘stacked high it transit’

going2mars on March 20, 2014 at 2:07 AM

going2mars on March 20, 2014 at 1:57 AM

The Aussies said there was a cargo/merchant ship near objects that may get to the area before them.

Brat on March 20, 2014 at 2:08 AM

g2m
Apparently that area is a trash magnet, an “eddy” where debris collects.

Brat on March 20, 2014 at 2:09 AM

Unless Dire embroidered Dave into both hats, sort of as an insurance policy in case anything went wrong.

but also be able to pass a lie detector test..??
or am I lost?

going2mars on March 20, 2014 at 2:02 AM

I didn’t think of that. That’s good.

I still don’t know why they should be able to keep the diamonds. I mean, booty’s booty, and I am a serious fan of booty. And I think we need to be considering the possibility of grabbing some of that booty.

They wouldn’t be able to pass the test but the problem is that you don’t know whether Dire is Dave or whether Dire is just Dire and vice versa. So no one knows who didn’t tell the truth.

SparkPlug on March 20, 2014 at 2:06 AM

That makes no sense at all, but having read it on the Internet, I know it’s true.

Axe on March 20, 2014 at 2:11 AM

Pretty sure they won’t find that plane in the water.

Axe on March 20, 2014 at 2:12 AM

Pretty sure they won’t find that plane in the water.

Axe on March 20, 2014

whats your guess?

I was thinking Pakistan Tuesday
now I dunno so much..
I flew last week on a 757
and in a few weeks ill fly again to cali
so id like to know if its a plane problem..
on the other hand
Pakistan is within one full gas tank from Israel..
they have been on high alert for almost 2 weeks..

going2mars on March 20, 2014 at 2:19 AM

whats your guess?

going2mars on March 20, 2014 at 2:19 AM

I dunno. :) I’m trying not to pay any attention to it, but from what I’ve picked up despite myself, it looks like someone went through a lot of trouble to steal that plane. No idea who, why, or where it landed. But is sounds, at least, like someone simply made off with it.

There’s no evidence of a hardware problem or a crash. That I’ve heard.

^ Total, uninformed, nearly worthless speculation. :)

Axe on March 20, 2014 at 2:30 AM

^ Total, uninformed, nearly worthless speculation. :)

Axe on March 20, 2014 at 2:30 AM

we are all in that boat…

going2mars on March 20, 2014 at 2:38 AM

Does anyone know if the Australian version of the P3 has the ability to take FLIR pix or photos and then upload them back to base via satellite?

going2mars on March 20, 2014 at 2:42 AM

You guys are into the plane. :) I’ll move. I should crash anyway.

– HA! “I should crash anyway.”

Have a great day, Sophie Ro! You need anything, I’ll be doing excellent things, all of which are less important than you.

*huge yawn*

Does anyone know if the Australian version of the P3 has the ability to take FLIR pix or photos and then upload them back to base via satellite?

going2mars on March 20, 2014 at 2:42 AM

Not me, man.

Night, Mars. :)

Axe on March 20, 2014 at 2:48 AM

sleep well mr Axe…cheers

going2mars on March 20, 2014 at 2:56 AM

Thee Latest as of this time:

Malaysia Airlines flight missing, March 2014

Australia

2m
Photo: Australia releases 2nd image of objects found during Malaysia Airlines search – @AMSA_News
see original on twitter.com
Australia
8m
Photo: Australia releases satellite image of objects found during search for missing Malaysia Airlines jet – @ANSA_News
see original on twitter.com
China
22m
Family reaction: ‘I don’t believe anything they say,’ said Wen Wancheng, whose son was on the flight. ‘I just don’t believe this news,’ said Mr. Wen, who is from the Chinese city of Jinan – @WSJ
read more on blogs.wsj.com
Australia
57m
Photo: Australia releases updated map of search zone for missing Malaysia Airlines plane southwest of Perth – @BuzzFeedNews
see original on twitter.com
Australia
1h
Chinese embassy in Australia activated emergency measures after being informed of debris possibly related to missing plane of Perth, China’s Foreign Ministry says – @STForeignDesk
end of alert
Australia
1h
Malaysia Airlines briefs families about information provided by Australian government, spokesperson says – @KyungLahCNN
end of alert
Indian Ocean
1h
Editor’s note: Crew on U.S. Navy P-8 spotter tell ABC correspondent David Wright “significant radar returns” are coming from site in Indian Ocean where possible missing Malaysia Airlines flight objects spotted, ABC News editors report. – Stephanie
see original on twitter.com
Perth, Western Australia, AU
2h
Photo: Search zone southwest of Perth, Australia, where objects possibly related to missing flight spotted – @KJBar
see original on twitter.com
Australia
2h
New Zealand Air Force Orion, US Navy P-8 Poseidon aircraft sent to area where objects possibly related to missing plane search found, Australian officials confirm – @smh
read more on smh.com.au
Australia
2h
Australian Maritime Safety Authority spokesman says the objects possibly related to missing flight are ‘probably awash with water bobbing up and down under the surface’ – @abcnews
read more on abc.net.au
Australia
2h
Full statement from Australian Maritime Safety Authority on objects possibly related to search of the missing Malaysia Airlines plane – via @smh
see original on smh.com.au
Australia
2h
Australian Maritime Safety Authority on objects found in the search for missing Malaysia Airlines jet: ‘This being regarded as a possible sighting’ – @KJBar
see original on twitter.com
Australia
2h
Australian Maritime Safety Authority: Debris spotted 2,500 km (1,550 miles) southwest of Perth; merchant ship expected to arrive in the area at 6 pm local time – live video
end of alert
Australia
2h
Australian Maritime Safety Authority: This is a lead, it’s probably the best lead we have right now – live video
end of alert
Australia
2h
Australian Maritime Safety Authority: Largest object spotted is estimated to be 24 meters (78 feet) long; credible enough to divert the search for missing jet to this area – @dailytelegraph
see original on twitter.com
Australia
2h
Australian Maritime Safety Authority: Objects are ‘relatively indistinct’ on satellite imagery; experts indicate they are credible sightings of a reasonable size – @dailytelegraph
see original on twitter.com
Australia
2h
Australian Maritime Safety Authority: 4 aircraft reoriented to locate objects possibly related to search of missing jet; objects may be difficult to locate and may not be related to the search – live video
end of alert
Australia
2h
Australian Maritime Safety Authority: Received satellite imagery of objects possibly related to search of missing jet, which may or may not be related to the aircraft; further images expected – live video
end of alert
Australia
2h
Live video: Australian Maritime Safety Authority holds a press conference on search activities for missing Malaysia Airlines jet – @NBCNews
read more on nbcnews.com
Indian Ocean
2h
Editor’s note: ABC News correspondent David Wright reports that a U.S. Navy P-8 crew says there is intel of some sort of unidentified debris in the Indian Ocean. Wright had previously said he was on board a P-8 involved in the search for the missing Malaysia Airlines plane. – Stephanie
see original on twitter.com
Malaysia
2h
Malaysian minister confirms there is a new lead in investigation of missing plane – @Reuters
end of alert
Australia
3h
Editor’s note: Citing a U.S. Navy commander, ABC News is reporting that a U.S. Navy P-8 is nearing the search area where Australian Prime Minister Tony Abbott says satellite imagery has noted 2 objects of interest in the search for the missing Malaysia Airlines jet. – Stephanie
see original on twitter.com
Australia
3h
Australian Prime Minister Tony Abbott says 3 aircraft sent to area for intensive search after possible ‘objects found,’ says he spoke to Malaysian Prime Minister Najib Razak – @thewest_com_au
read more on yahoo.com
Australia
3h
Some families of missing flight passengers in China skeptical of Australia’s announcement of possible objects found; ‘many dreading the news at Canberra media briefing,’ @eyoonCNBC reports
see original on twitter.com
Australia
3h
Editor’s note: Update: Australian Maritime Safety Authority to give an update on the search for missing Malaysia Airlines flight MH370 at 3:30 pm local time, or 12:30 am ET, @dailytelegraph reports. We will provide updates. – Stephanie
read more on dailytelegraph.com.au
Australia
3h
Video of Australian Prime Minister Tony Abbott announcing satellite imagery identifies objects in waters off Perth that could be related to missing Malaysia Airlines flight – @smh
read more on smh.com.au
Australia
3h
Australian Prime Minister Tony Abbott says locating these objects will be extremely difficult; ‘it may turn out that they aren’t related to the search for [Malaysia Airlines] flight’ – @KJBar
see original on twitter.com
Australia
3h
Australian Maritime Safety Authority to hold a briefing at 3:15pm local time on the search for missing Malaysia Airlines jet, @KJBar reports
see original on twitter.com
Australia
3h
Australian Prime Minister Abbott says objects found in southern Indian Ocean – @abcnews
read more on abc.net.au
Australia
3h
More: Australian Prime Minister Tony Abbott stresses it is not yet clear whether objects are parts of plane; aircraft diverted to investigate – @smh
read more on smh.com.au
Australia
3h
Australian Prime Minister Tony Abbott says objects found possibly related to search for missing Malaysia Airlines jet – @KJBar via @abcnews
see original on twitter.com

http://www.breakingnews.com/topic/malaysia-airlines-loses-contact-with-flight-march-8-2014/

canopfor on March 20, 2014 at 3:17 AM

canopfor on March 20

smiles…you don’t drink decaf do ya?

going2mars on March 20, 2014 at 3:20 AM

they are using military planes
so they are not showing up on flight tracker.

http://www.flightradar24.com/#-30.84,112.61/6?&_suid=139530011060205508224153856631

going2mars on March 20, 2014 at 3:23 AM

Good morning ladies and gentlemen on the vernal equinox. Shall we try to stand an egg on end? I never remember to try it.

crankyoldlady on March 20, 2014 at 5:40 AM

The Fed, under Bernanke, promised that when the unemployment rate hit 6.5%, the central bank would raise interest rates. This was called quantitative guidance, and it fed Wall Street’s fetish for largely made-up numbers. The 6.5% benchmark was a big hit with traders. It meant they didn’t have to think very hard: when unemployment hit 6.5%, Wall Street could start girding itself for a rise in interest rates.

To reach the impossible dream… Keynesian economics never, and I mean never, reduce unemployment

Brock Robamney on March 20, 2014 at 5:47 AM

To reach the impossible dream… Keynesian economics never, and I mean never, reduce unemployment

Brock Robamney on March 20, 2014 at 5:47 AM

Socialists never, and I mean never, see that. They always keep trying and hoping it will work next time. It’s always the fault of the mean old Republicans that their plans never work.

crankyoldlady on March 20, 2014 at 5:56 AM

March Maddness is now in full swing and will enter a two week slow down.

HonestLib on March 20, 2014 at 6:53 AM

Good Morning, Patriots! And, Trolls.

Government’s first duty is to protect the people, not run their lives.

- Ronald Reagan

My take: Of Russian Bears, “Kenyan” Community Organizers, and Unrepentant Mooches

kingsjester on March 20, 2014 at 6:54 AM

I remember the double-digit interest rates of the ’80s to try and sop up some of the low quality cash floating out of the Federal Reserve. And the problem, back then, was nothing like it is today.

You know, if the Federal Reserve actually had a policy of defending the purchasing power of the dollar instead of servicing and making money off the US National Debt, it wouldn’t have this sort of problem. That would mean that the federal government would have to start paying out way more in debt servicing, of course. And cut out the middle-man’s mark-up.

And just where are the Lefties about the Federal Reserve being run by a bunch of anonymous Big Banks that pushed the Federal Reserve into being? Why aren’t they getting the vapors over that? I mean beyond the money that flows into Democratic Party coffers from them. Where are the Leftists in holding this big set of commercial institutions to account in their unregulated activity at the price of the poor, women and minorities?

The crickets, my friend, are blowing in the wind…

ajacksonian on March 20, 2014 at 6:55 AM

The crickets, my friend, are blowing in the wind…

ajacksonian on March 20, 2014 at 6:55 AM

Tell me about it, my windshield is a mess! ;0

Seriously, we need to make fiscal responsibility the cool thing to do. Hardly unlikely with the child-king who has been given an unlimited credit card.

Happy Nomad on March 20, 2014 at 7:18 AM

Hardly unlikely

Highly unlikely.

Where is the grumble thread for auto-correct!

Happy Nomad on March 20, 2014 at 7:20 AM

My take: Of Russian Bears, “Kenyan” Community Organizers, and Unrepentant Mooches

kingsjester on March 20, 2014 at 6:54 AM

…great piece!…and the cartoon at the top…was ingenious!

KOOLAID2 on March 20, 2014 at 8:10 AM

My take: Of Russian Bears, “Kenyan” Community Organizers, and Unrepentant Mooches

kingsjester on March 20, 2014 at 6:54 AM

good post…

http://www.aei-ideas.org/wp-content/uploads/2013/09/391x600xPutinObama-391×600.jpg.pagespeed.ic_.o1QmmlJbhL.jpg

workingclass artist on March 20, 2014 at 8:18 AM

Thanks, y’all!

kingsjester on March 20, 2014 at 9:00 AM

So is AllahPundit gone for good?

Murphy9 on March 20, 2014 at 10:46 AM

He doesn’t care about booty.

SparkPlug on March 19, 2014 at 11:22 PM

Er

Axe on March 20, 2014 at 10:58 AM

So is AllahPundit gone for good?

Murphy9 on March 20, 2014 at 10:46 AM

Nope.

Axe on March 20, 2014 at 11:17 AM

I remember the double-digit interest rates of the ’80s to try and sop up some of the low quality cash floating out of the Federal Reserve. And the problem, back then, was nothing like it is today.

You know, if the Federal Reserve actually had a policy of defending the purchasing power of the dollar instead of servicing and making money off the US National Debt, it wouldn’t have this sort of problem. That would mean that the federal government would have to start paying out way more in debt servicing, of course. And cut out the middle-man’s mark-up.

And just where are the Lefties about the Federal Reserve being run by a bunch of anonymous Big Banks that pushed the Federal Reserve into being? Why aren’t they getting the vapors over that? I mean beyond the money that flows into Democratic Party coffers from them. Where are the Leftists in holding this big set of commercial institutions to account in their unregulated activity at the price of the poor, women and minorities?

The crickets, my friend, are blowing in the wind…

ajacksonian on March 20, 2014 at 6:55 AM

Shhh! We’re trying to watch television.

Axe on March 20, 2014 at 11:18 AM

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