Ed’s Daily Notes for September 18th   Leave a comment

There are only two things you need to know today: The Federal Reserve’s announcement is at 2:00 pm EST (followed by Chairman Ben Bernanke’s press conference at 2:30 pm EST), and the technicals are overbought (more on that later in the Traders Corner).

That leaves politics…

Fox News: New GOP strategy looks at delaying ObamaCare

Faced with a politically risky push by some Republicans to defund ObamaCare, other party members are turning to an alternative strategy: delay it instead.

Republicans are divided on how to confront the Affordable Care Act. Some, such as Senators Ted Cruz of Texas and Mike Lee of Utah, are pushing to permanently defund it.

But attaching such a measure to a resolution that funds the government after October 1 runs the risk of a government shutdown if it doesn’t pass. If that happens, Republicans fear they would be blamed.

Former White House chief of staff Karl Rove told Fox News people who overwhelmingly oppose ObamaCare also oppose shutting down the government by a 2 to 1 margin.
“They clearly do not like ObamaCare,” Rove said. “They think it’s a failed piece of legislation that is going to hurt the country and hurt their families, but they don’t agree with the strategy of tying it to a defund measure that might lead to a temporary shutdown of the government.”

So many Republicans now have a new strategy — delay the law by a year, especially the individual mandate, just as the president delayed some of its other provisions.
Senate Republican leader Mitch McConnell of Kentucky put it this way: “Doesn’t the administration think these folks deserve some relief too? The same kind of delay, at least, that businesses will get? Well, Republicans do.”

Here is the key to the strategy:

For Republicans, the key to delay is finding a measure that will win Democratic votes in the Senate.

A measure to delay the law by a year got more than 20 Democratic votes in the House. Senator Jeff Flake of Arizona said matching the president’s other delays might well get votes from Democrats facing tight re-election races next year

“This is gonna be a tough sell in some of those red states that Democrats have to defend anyway,” he said. “So I think it’s quite possible they’ll put a lot of pressure on the leadership to go ahead and delay for a year.”

“Just think about it,” Flake added.”Out on the campaign trail, to try to justify why the law is being delayed for businesses but not individuals.”

Others argue that Democratic votes for delay could change the political equation for the president.

“If the narrative changes from simply Republicans versus Democrats,” Rove said,”to Republicans and Democrats versus President Obama, that is a better narrative for Republicans.”

The only problem with this is it only delays Obamacare for a year. We will be back here again next year, and right before the mid-term elections too. The GOP should try for a delay up to January 2015 instead.

CNS News: ‘If We Had the Ammunition, We Could’ve Cleared that Building,’ Son at Navy Yard Told Dad

Interesting facts to consider about the Navy Yard shooting the other day:

Back in 1993, the Clinton administration virtually declared military establishments “gun-free zones.” As a result, the policy banned “military personnel from carrying their own personal firearms and mandates that ‘a credible and specific threat against [Department of the Army] personnel [exist] in that region” before military personnel ‘may be authorized to carry firearms for personal protection.” Indeed, most military bases have relatively few military police as they are in heavy demand to serve in Iraq and Afghanistan,” according to economist John Lott.

Additionally, Lott discovered that “every public shooting since at least 1950 in the U.S. in which more than three people have been killed has taken place where citizens are not allowed to carry guns.”

The answer is simple. Murderers pick places where they know their victims will be unarmed. It’s time we debate having concealed carry on military bases. After all, there’s no evidence showing that firearms owners are more irresponsible than the police, as Wall Street Journal columnist John Fund noted back in December of 2012:

“According to a 2005 to 2007 study by researchers at the University of Wisconsin and Bowling Green State University, police nationwide were convicted of firearms violations at least at a 0.002 percent annual rate. That’s about the same rate as holders of carry permits in the states with ‘shall issue’ laws.”

The best protection against nuts with guns is sane people with guns.

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Posted September 18, 2013 by edmcgon in Federal Reserve, News, Politics

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