The Federal Reserve, the body responsible for macroeconomic stabilization and Ron Paul's nightmares, is governed by a dual mandate: the maintenance of price stability and promotion of full employment. Since the economy is currently producing fewer goods and services than it's capable of, Chairman Ben Bernanke and other members of the Federal Reserve Open Market Committee have been engaging in expansionary monetary policy — though not aggressively enough, according to many economists — to boost nominal GDP and employment.
The downside of activist monetary policy is inflation. Though it's negligible now — the Consumer Price Index rose just 0.3 percent in March — Federal reserve policy can eventually increase the price of everything from house rentals to hooker rentals. Which I presume is where Senator, confirmed john and alleged diaper fetishist David Vitter comes in, with a hold on Barack Obama's two nominees to the Federal Reserve Board…
Sen. David Vitter (R., La.) has effectively blocked Senate confirmation of the nominees, Harvard University economics professor Jeremy Stein and former private-equity executive Jerome Powell. Wall Street firms have been quietly pressing Mr. Vitter to drop his objections, an aide to the senator said.
Senate leaders aren't expected to bring the nominees to the floor for debate, a potentially lengthy process unlikely to be welcomed by either party in an election year. The Senate generally confirms nominees through the faster process of unanimous consent. Unless Mr. Vitter changes his mind, the two Fed nominations are unlikely to advance.
Political Science research suggests election results are influenced in great measure by macroeconomic performance, so it's little wonder an Obama critic like Vitter would want to stave off a recovery. More than anyone else in the Senate, he has a keen understanding of "swing" voters.
As for the Democrats' ability to break the logjam, options for Harry Reid are limited. He can force the Republicans to engage in a full-scale filibuster, but Democrats are unlikely to corral the 60 votes needed for cloture. And even if Reid forced to Vitter to actually hold the floor in a marathon session without sleep or bathroom breaks, something that rarely happens in today's Senate, the outlook for Democrats remains grim. Though Vitter is well below the Senate's median age, he's one politician guaranteed to know how to put Depends to good use.
Photo by Alex Wong/Getty Images News/Getty Images
Tags: Ben Bernanke, David Vitter, Federal Reserve, Senate, Unemployment
"The next time some fool sends a picture of his penis somewhere and you think that resignation is the best alternative, I hope you'll remember the disaster in NY-9, the fact that Larry Craig didn’t resign, David Vitter’s easy re-election, and Charlie Rangel’s apparently successful quest to die in office."
Shame is definitely not a trait of any value in politics.
Tags: Anthony Weiner, Bob Turner, Charlie Rangel, David Vitter, Democrats, House of Representatives, Larry Craig, New York, Quote Unquote, Scandalgate
* Michele Bachmann delivers an inspirational Back to School message to our nations students suffering under the yoke of our state-run education system.
* The American Family Association's Bryan Fischer loves those obnoxious, needy, abominations-before-God gay people so so much.
* Professional wrestling magnate Linda McMahaon not giving up on her quest to restore dignity to the U.S. Senate.
* Sen. David Vitter forced into attending President's jobs speech as though he were a U.S. senator.
* President Obama gives liberals their opinions about jobs speech a few hours early.
* Did Rick Perry point his finger at Ron Paul last night in an untoward manner?
Tags: American Family Association, Barack Obama, Bryan Fischer, David Vitter, Debates, Education, LGBT, Linda McMahon, Michele Bachmann, Pork Barrel, Primaries, Republicans, Rick Perry, Ron Paul, Sara Benincasa, Senate, Sports, Unemployment, Wrestling
Ben Greenman's musical got me thinking. We need more spectacle in the blogosphere. And, as much as I love musicals, that's not really my forté. I'm much better at writing Arthur Miller-style heart-wrenching gritty dramas. So, take a look at this when you get a chance. It's kind of a work in progress.
The curtain rises on two Republican politicians speaking to one another.
Republican #1: So, about Weiner. We're gonna make this guy resign, right?
Republican #2: Oh, totally! There's no way that we can allow a man with such low moral principles to serve in the highly esteemed United States Congress.
Republican #1: Exactly! Our bicameral legislative branch is a shining paragon of morality. It can never be sullied by the base habits of a man who uses his genitals for anything other than the sacred act of procreation.
Republican #2: I couldn't have said it better myself. And another thing–
Sen. David Vitter enters, interrupts.
Sen. David Vitter: Hey, guys! Wassup?! Listen, you're coming to my fundraiser tonight, right? Gotta keep the ol' Vitter doin' his thang on the Senate floor, comprende?
Republican #1: Oh, absolutely!
Republican #2: I wouldn't miss it for anything!
Sen. David Vitter: Excellent. I'll see you over there. Gotta make a quick pit stop at drugstore and pick up some Huggies for my, uh… baby… Alright, goodbye.
Sen. David Vitter leaves.
Republican #1: So, who do you like for President?
Republican #1: I'm leaning toward Newt.
Inspired by this segment from The Rachel Maddow Show…
Photo by Tom Williams/CQ-Roll Call Group/Getty Images
Tags: Anthony Weiner, Anthony Weiner's Penis, Bob Livingston, David Vitter, House of Representatives, Larry Flynt, MSNBC, Porn, Prostitution, Rachel Maddow, Senate, Sex
Anything can happen on live TV, and Jon and Stephen's Midterm Teapartyganza was no different. Who will ever forget Aasif Mandvi's nude report from Washington D.C.? Or John Oliver and Jason Jones repeatedly shouting "f**k the FCC" while suspended from that ceiling fan? Or Samantha Bee straight up murdering that dude?
None of that happened, of course, but what did happen were the following quotes about last night's Democratic mega-massacre. You should read them until your brain explodes from being amused.
"John Boehner will be the new Speaker of the House. It is the highest elected office ever to be reached by an Orange-American." – Olivia Munn
14 more quotes after the jump…
Tags: Aasif Mandvi, Alaska, David Vitter, Jason Jones, Joe Manchin, John Boehner, John Oliver, Jon Stewart, Kentucky, Midterms, Nancy Grace, Olivia Munn, Rand Paul, Russ Feingold, Samantha Bee, Senate, Stephen Colbert, The Colbert Report, The Daily Show, West Virginia