|The Federal Reserve Board met last week and lowered interest rates by 0.25 percent. That was good news for the economy.
But the Chairman of the Fed stepped to the microphone and spouted off, telling the world this was bad news. So, every “federal reserve” in every major country, and a few minor ones, slashed their own interest rates. Some are so scared they set interest below zero. Yes, you loan them $100,000 and a year from now they will give you back $98,000. What a deal.
[Here’s Will Rogers, April 1929, “There is two things that can disrupt business in this country. One is war, and the other is a meeting of the Federal Reserve.” He offered this advice, “Sell your house and lot this morning; the Federal Reserve Board meets this afternoon.”]
Joe Biden is leading the polls to become the Democrat candidate for President in 2020. He decided to borrow an idea from Hillary Clinton and go one giant step farther: Eliminate coal and all other fossil fuels. Has Joe Biden latched onto the Green New Deal?
The improving economy under the Obama-Biden Administration was greatly helped by the boom in our oil and gas production. Has Joe forgotten that though he spent most of his adult life serving in Washington, he went home almost every night to Delaware? On a train. Powered by diesel fuel. Replace diesel with solar? You couldn’t strap on enough solar collectors on a 100-car train to power one locomotive.
In Iowa, Senator Elizabeth Warren announced a plan to guarantee farm income by limiting the acres we plant to corn, soybeans, wheat, cotton and other crops. She did not know we tried this in the 1930s. (See quote below)
Historic quote by Will Rogers:
“It was a fine plan, well carried out. We wanted to raise commodity prices and Mr. (Henry) Wallace (Secretary of Agriculture), wanted to give farmers a profit…. It was a plan to plow under every third acre of wheat and the wind came along and blew out the other two acres. It was a plan to plow under part of the cotton. We did, and other nations like Brazil found out where we plowed it under, and they come along and dug it up, and now they’ve got more cotton than we have. Somebody had a plan to teach hogs birth control, and now it’s a habit with them… When a Senator comes to Washington with a plan, send ‘em to Russia. That’s the home of plans. They eat, sleep and drink plans in Russia. That’s why there’s starvation there, because you can’t digest a plan. Everything in Russia is run by plans; everything here is run by accident.” Radio, April 21, 1935 (this quote is slightly rearranged)