Federal Reserve Buys U.S. Treasuries

On Tuesday, April 21, 2009, the Fox Business Network printed this on their website:

NEW YORK -- The Federal Reserve Bank of New York bought $7 billion in Treasurys on Tuesday, part of a program aimed at improving conditions in private credit markets and spurring lending. The debt bought included notes maturing between 2016 and 2019. Dealers submitted $26.8 billion in debt to be purchased. The Fed will continue its buybacks with another operation on Thursday, heading towards purchasing $300 billion in Treasury securities over the next six months. Ten-year note yields stayed down by 2 basis points to 2.82%.

Copyright © 2009 MarketWatch, Inc.

Isn’t this just moving debt from one pocket to another?  I am not a financial guy or an economist but having to buy your own treasuries I wouldn’t think is a good idea.  If anybody has any thoughts on this that are smarter than me it would be great it hear them.

Fed Buys $7 Billion In Treasurys

Source: Fox Business Network

Earth Day Tomorrow!

Here is a great quote from Glenn Beck’s free Newsletter that I thought we would all appreciate:

“Earth Day is tomorrow! Celebrate by cutting down a tree with a chainsaw or leaving your lights on while you are gone or anything else that would hack off an environmentalist --- and tune in to Glenn on radio tomorrow to celebrate the most useless day of the year.”

I tend to agree with Glenn.  I’m not big on the once a year days to show how much you care (kind of like Valentine’s Day).  If you really cared about the environment, you would show it in your daily actions not just once a year.

By the way, for all those people who are worried about the ice caps melting and flooding everything, they might be interested in knowing that they aren’t melting, they are actually growing.  Too bad!  Those so called environmentalists are going to have to find something to use to try and increase their control and power over the rest of us.

Report: Antarctic Ice Growing, Not Shrinking

Sources: Glenn Beck Free Newsletter, Foxnews.com

Budget Cuts by Obama Not Worth Much

When you have a budget of $3.5 trillion, $100 million in budget cuts is like taking one drop of water out of an Olympic size swimming pool because it was too full.

As is stated in an article on Hot Air, “This is an insult to the intelligence of fiscal conservatives.”  We complain that you are spending too much in Washington and that is the best you can do?  Give me a break.  If that was all you, Barak Obama, are willing to do, then you might well have done no budget cuts.  Maybe you should start with stopping all of this TARP nonsense and bailing out businesses that are “too large to fail.”  How about this radical idea: cut all the wasteful spending on Washington on useless departments and programs that don’t work.

Enough of my rant.  Read the articles below if you want to know more about these budget cuts.

Obama demands 0.0029% budget cut after running up spending
SPIN METER: Saving federal money the easy way

Sources: BreitBart.com, Hot Air