Emerging economies expressed displeasure at the Fed's move, making any substantive deal on global imbalances and currencies at next week's Group of 20 meeting in Seoul even less likely.
"As long as the world exercises no restraint in issuing global currencies such as the dollar -- and this is not easy -- then the occurrence of another crisis is inevitable, as quite a few wise Westerners lament," Xia Bin, an advisor to China's central bank wrote in a newspaper managed by the bank.
South Korea's Ministry of Finance and Strategy said it had sent "a message to the markets" on Thursday and would "aggressively" consider controls on capital flows, while Brazil's Foreign Trade Secretary said the Fed's move could cause "retaliatory measures." http://news.yahoo.com/s/nm/20101104/bs_nm/us_usa_fed_reaction
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Bloomberg writes: Federal Reserve Chairman Ben S. Bernanke may have to renew his battle to preserve the central bank’s independence after Republican victories in yesterday’s congressional elections.
With Republicans reclaiming a majority in the House of Representatives and eroding Democrats’ hold on the Senate, Tea Party candidates who campaigned in part against the Fed get an opportunity to call Bernanke to task for taking part in the unpopular financial rescues that helped propel them to office.
“There’s certainly going to be more hearings and more pressure,” said Mark Calabria, a former Republican Senate Banking Committee aide who is now director of financial- regulation studies at the Cato Institute, a policy research group in Washington that favors free markets. http://www.bloomberg.com/news/2010-11-03/bernanke-faces-more-congressional-scrutiny-after-republican-election-gains.html
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From the Wall Street Journal: Republicans Scott Walker of Wisconsin and John Kasich of Ohio, who won their races for governor Tuesday, both have sharply criticized the high-speed passenger-rail projects championed by President Barack Obama. Their victories cast doubt on high-profile projects in their states that were awarded hundreds of billions of dollars in federal stimulus funds.
In Ohio, Mr. Kasich has said the proposed $450 million train connecting Ohio's three major cities—Cleveland, Columbus and Cincinnati—would cost too much and run too slowly to be more convenient than driving or flying.
Wisconsin's Mr. Walker made opposing the train, which he deemed too expensive, a major part of his campaign. He has said he would like Congress to allow him to use the $810 million allocated to Wisconsin for a high-speed line between Madison and Milwaukee to repair the state's roads and bridges instead. http://online.wsj.com/article/SB10001424052748703509004575592950988005216.html?mod=WSJ_WSJ_US_News_5
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Fox News reports: The Senate's Republican leader says congressional lawmakers can and should vote to repeal President Barack Obama's health care law, repeatedly if necessary. If Obama should veto laws repealing the health care overhaul, Senate Minority Leader Mitch McConnell says, the House should cancel funding for its programs. As for the Senate, he says that senators should vote against what he calls the law's "most egregious provisions." http://www.foxnews.com/politics/2010/11/04/senate-gop-leader-takes-aim-health-law/
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The Hill reveals: On the day after Republicans reclaimed control of Congress, a Democratic lawmaker said he will introduce a measure that would "disavow" the impeachment of former President Clinton.
Rep. Chaka Fattah (Pa.) said that the resolution is necessary so that Democrats and Republicans can work together in a bipartisan fashion.
"As we enter a period in which bipartisanship will be a major priority for the Congress, it is vital that we disavow the most highly partisan example of the politics of personal destruction in the recent history of this House," Fattah said in a statement.
Fattah said he is introducing the resolution on Nov. 15, the first day of the lame-duck session, noting that Clinton's impeachment took place during the December 1998 lame-duck session.
Republicans have already said they do not plan to impeach President Obama when they take power next year. http://thehill.com/blogs/blog-briefing-room/news/127537-dem-wants-house-to-disavow-clinton-impeachment
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Posts
Yes, vote to dismantle one of the absolute WORST pieces of legislation in modern times...even if they must do it on a piecemeal basis, go after the healthcare "reform" laws(what a joke to call it reform--it is simply insane politics without doing any good for health care!). And, do not allow any funding to proceed while debating the repeal of all or sections of this pile of crap!
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