Greenspan and company will probably raise rates again today at about 2:15. This marks level that experts suggest is "neutral" where rates are not encouraging or discouraging the market. Maybe just maybe the new chair, to be confirmed today along with Alito, will allow rates to float with market conditions and as Steven Forbes has suggested, will use money supply as the inflation fighter.
Milton Friedman was asked if he would like to see another genius at the Fed. His response, she reported, was, "Of course, we'd like to have another one." Then he reconsidered, "Though wouldn't it be better if we learned that we could do without one?" From Forbes
Maybe the new chair will allow the markets to balance themselves?
Publius Pundit wonders aloud if there is some form of racism in our world view of Palestine and the Middle East? Could it be that we think that they are incapable of democracy, that they aren't smart enough to be given the chance to vote? Or, worse, that they think that?
So, Judge Alito joins the Supreme Court with today's confirmation. And the court turns just a bit more to the right. The Democrats looked pretty foolish attacking the man, but what happens with the next nomination? Won't it just get worse? Who's next to retire or die, Stevens.
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