The headless chickens are in charge; the Republican flock insists that Ben Bernanke is socialist liberal fascist and is really from Kenya like his boss (no matter that the Fed Chairman doesn’t answer to the President, the Fed isn’t Federal and has no reserves). They are predicting Weimar levels of inflation and they’ve got gold to sell you for your protection (ask them why they are selling). Gold set yet another new record today at about $1410.
The bond trading chickens are trying to create a panic over the Irish debt and this is driving up the USD which is exactly the opposite of what the Fed is trying to do. A weaker USD would make imports more expensive and give a boost to domestic manufacturing (it would be nice if we had some).
The grain trading chickens are squawking about the worldwide grain shortage, of course they’re making a lot of scratch from this panic. It’s hard to grow reliable crops with the wild swings in weather due to extra 15% of moisture in the atmosphere thanks to global warming. The new Congress will outlaw global warming so we have nothing to worry about. (the sky isn’t falling, that bird just won’t show his hatching certificate)
The banks that were responsible for the bad mortgages on all the chicken coops are “co-operating” with the state attorneys general, at least that’s what the fox’s PR spokes people are saying. Handcuffs and shackles would make them even more co-operative.
All the pundits are saying Obama really laid an egg in the election. Historically, he is in far better shape than Bill Clinton after 1994 when he lost both houses of Congress. Obama is much better shape than Harry Truman after the 1946 election when he not only lost both houses but the Republicans had 2/3 majorities. Truman called them the “do nothing” Congress and they set a record for sloth and passed more bad legislation than any Congress until the Bush Administration.
The economy however doesn’t compare in Obama’s favor. Basically it’s Chicken… errr, ahh, feathers. Truman still had the New Deal reforms in place and the Republicans were all thrown out in the election of 1948 for their attempting to nuke them. Clinton managed to ride a series of bubbles created by the Fed but had to sign away the New Deal to keep things going his way.