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Fed Leaves Interest Rate Unchanged

Central bank policy-makers unanimously agreed to leave their target for the federal funds rate, an overnight bank lending rate, unchanged at 1.25 percent, the lowest level since 1961, but said they could not decide whether the economy’s risks were tilted towards weakness or inflation.

This means they basically think the economy is worse than when last they met, but they can’t decide how much worse.

AB

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More on Robin Cook

For those interested, the BBC’s has a page devoted to Cook’s resignation, which includes a link to video of the speech. There’s also an editorial here. The article describes Mr. Cook as receiving an “unprecedented standing ovation in the House of Commons” (the BBC’s political analyst explained that “MPs applauding one another [was] simply not done.”) Here’s an interesting line from the speech:

“What has come to trouble me most over past weeks is the suspicion that if the hanging chads in Florida had gone the other way and Al Gore had been elected we would not now be about to commit British troops”.

Oddly, there’s basically nothing on this on CNN (one paragraph in a story headlined “Bush ultimatum to Iraq“). Damned Liberal Media.

AB

UPDATE: From Altercation (scroll down):

At a seminar Saturday night in Los Angeles, journalist Robert Scheer was ticking off succinct and persuasive arguments against going to war when the picture began to break up. Suddenly a C-SPAN announcer declared that technical difficulties made the telecast impossible (in fact, the audio could still be heard) and so the seminar was yanked and replaced — by Army-supplied footage of military maneuvers. An antiwar speech from the British House of Commons yesterday afternoon was also abruptly interrupted.

Parliamentarian Robin Cook was giving reasons to avoid the war when he was replaced suddenly on the screen by a color test pattern and the words ‘FOX NEWS QATAR.’ ”

UPDATE: Full transcript available on CNN.

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This Should be Worth Watching

Robin Cook, Jack Straw’s predecessor as Foreign Secretary and currently leader of the Commons resigned in protest over the impending war today. And he’s scheduled to give a speech, probably around 3:00 Eastern, after Jack Straw’s speech. It’s not on CSPAN’s web page and I’d be surprised but not shocked if CNN carries it, but it should be worth watching if you can find it. I’ll post a transcript when I find one. Why do I think it will be interesting? Here’s a quote from the Guardian describing Mr. Cook:

Mr Cook is now expected to make a public statement on his resignation in the Commons tonight, following Jack Straw’s address to MPs at 7pm.

This could be a highly dramatic moment, as Mr Cook is a veteran Commons orator, and is expected to take apart the legal basis for a pre-emptive attack on Iraq with forensic skill.

Here’s a quote from his resignation letter:

“In principle I believe it is wrong to embark on military action without broad international support. In practice I believe it is against Britain’s interests to create a precedent for unilateral military action.”

AB

Update: Many “liberal hawks” on Iraq find solace in the fact that Tony Blair is in favor of the war. Their logic is something along the lines of “I don’t fully trust the current [U.S.] administration and I don’t think they’ve fully demonstrated the need for war. However, there is probably much evidence that isn’t being made public, for security reasons. Whatever that evidence, it is compelling to Prime Minister Blair. If Blair is convinced that Saddam has or will soon have WMD, then that’s good enough for me.”

It occurs to me that Cook’s resignation may do a lot of damage to this theory. This assumes that as a former foreign secretary, current Leader of the Commans and historical ally of Blair, Cook knows what Blair knows. This may not be a safe assumption though. Blair essentially fired Cook as Foreign Secretary (though Cook remained in the cabinet–the position he resigned today), replacing him (also see this) with the much less liberal and less Europhilic Jack Straw.

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This Seems Worth Passing Along

Dear bloggers, webmasters, journalists, yada, yada, It seems that we’re now on the eve of war, with Bush’s final ultimatum, the White House saying that “diplomacy [sic] has ended”, Robin Cook’s resignation in Britain, and the announcement that there will be no additional U.N. Security Council vote.
NOW is the time to make voices heard, whether you’re for the war or against

it. Please ask your readers, listeners, friends and family to contact their elected officials today, right now, to tell them how they feel. (If you’re cool, you’ll say something like, “If you’re reading this, you have time to call these people…” — not that I’m cool). Here, for your convenience, are some ways to contact elected officials.

White House Comment Line: (202) 456.1111
White House Email: president@whitehouse.gov,
vice.president@whitehouse.gov.

Contacting your House Representative:
http://www.house.gov/writerep/

Contacting your Senator:
http://www.senate.gov/

Thanks,
the good reverend
good_reverend@hotmail.com

AB

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Slow Post Day

But I did finally watch Friday’s Real Time with Bill Maher. Once again, it was very good. I’ve read a few posts here and there about how bad Dennis Miller–who I once enjoyed watching–has become, but I didn’t realize he had sunk so low. He clearly spent some time preparing 5 to 10 rants in favor of Bush, against Clinton, and against the French. Here’s a typical example of the new Miller [paraphrase]: “The only time Clinton likes the UN is when it’s surrounded by a C and a T”. Old Miller might have at least tried to make a point related to Bosnia and Clinton getting NATO approval instead of UN approval there. Not so the new Miller. Apparently in the wake of losing his HBO gig and then getting fired by CBS from his Monday Night Football gig, he has decided that there’s big money in being a frothing and moronic conservative commentator (sadly, he may be right). Fortunately, Arianna Huffington (who generally leans a bit too much towards Nader policy-wise for me) did an excellent job of making Miller look like a fool.

AB

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Did my last post imply…

…that new and obscure members of the House might be particularly motivated by the chance to get national press coverage? I’m probably just being cynical. On the other hand, there’s this:

WASHINGTON (AP) — In another swipe at the French, a Florida congresswoman [Rep. Ginny Brown-Waite, first-termer] has proposed that the government pay for families who might want to bring home from France the remains of Americans who fought and died in the world wars.

And for that matter, who outside of Ohio had heard of Bob “Freedom Fry” Ney (R-OH) or Walter “Freedom Toast” Jones (R-NC) until they de-Frenchified House cafeteria menu? (My take on the menu change is here)

AB

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Bush Budget to Pass House by One Vote?

Eleven moderate Republicans signed a letter, sent to Dennis Hastert, opposing the House version of the President’s proposed budget. The group of moderates argue that the additional tax cuts and accelerations of cuts under the 2001 reform are too much, given the ballooning deficit and ongoing spending needs. They basically want to cut the tax cut to one third it’s current size (cynics might argue that Bush intentionally proposes an absurdly large cut just so Moderate Republicans and Democrats can declare victory when the enacted additional tax cuts are only a few hundred billion dollars over 10 years).

The House has 229 R’s, 205 D’s, and one Independent/Socialist whose name I can’t recall at the moment. If only the eleven defect then there are 218 yae votes and 205+11+1=217 nay votes.

But it may not be so simple. Really close votes like these present an opportunity for relatively unknown Representatives to get, relatively speaking, a lot of press coverage. Look for lesser-known Republicans in moderate districts to draw out making a statement for or against the budget. Also watch for a little extra pork going to those same districts. And of course, both of these warnings apply equally to Democrats in moderate to conservative districts.

AB

P.S. Here are the signers: GOP House members who signed Friday’s letter were Amo Houghton, Jack Quinn and Sue Kelly of New York; Mike Castle of Delaware; Nancy Johnson and Rob Simmons of Connecticut; Jo Ann Emerson of Missouri; Fred Upton of Michigan; Todd Platts of Pennsylvania; Steven LaTourette of Ohio; and Ray LaHood of Illinois. 6 out of 8 of these are “Blue States”.

P.P.S. Yes, it’s very close. For those inclined to blame Nader, please read this. For those inclined to vote Nader again, reading it is mandatory.

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