Fed risks political fallout from QE3
By Robin Harding and James Politi in Washington
The US Federal Reserve was always going to catch a few political bullets if it launched an aggressive new easing only eight weeks before a presidential election.
Mitt Romney, the Republican candidate, duly opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month.
In some of the most aggressive comments he has made on the Fed, Mr Romney said QE3 was nothing but a “sugar high”, and would fail to get the economy moving.
“Recognise that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” said Mr Romney in remarks at a fundraiser.
Why Obama Is Failing the Middle East Meltdown and How to Fix It
James CarafanoSeptember 14, 2012 at 8:57 am
The breaking news keeps breaking when it comes to revelations surrounding the attacks and protests aimed at U.S. embassies going on throughout the Islamic world. Protests have spread to at least eight countries. Reports indicate that four people have been arrested relating to the killing of the U.S. Ambassador to Libya and three other embassy staff there. That offers at least the promise of getting more information about the deliberate attack on the U.S. compound in Benghazi.
Meanwhile, in the U.S., government authorities identified the man behind the controversial film purported as the cause for the protests as Nakoula Basseley Nakoula, a 55-year-old Californian with a shadowy past including many aliases and a criminal record.
Unlike a Brad Thor novel, however, we can’t just jump to the end of the story to find out what this all means for American policy in this troubled part of the world.
But (again, unlike a Brad Thor novel) without cheating we can predict how the story is going to end—because the result of the President’s Middle East policies was predictable from the start.
Obama’s strategy for this part of the world started out much the way Jimmy Carter’s did—with acts of conciliation and accommodation. The President narrowly focused his priorities on three objectives: 1) withdrawing from Iraq as quickly as possible; 2) engaging with Syria and Iran; and 3) transforming the U.S. into a neutral party—to negotiate peace between Palestine and Israel.
For starters, we know that all three of those objectives have met with abject failure.
Iraq was not only left a shaky state; it has become a shaky friend—defying U.S. requests to block Iranian flights that are rearming the Syrian military so they can kill more Syrian civilians.
After wasting three years of trying to find common ground with the totalitarian regimes in Syria and Iran, even the White House has acknowledged failure, calling for the government in Damascus to step down and asking for more sanctions on Tehran.
Finally, the peace process has collapsed—a blessing in disguise, because if Obama succeeded in creating a Palestinian state today, it would look an awful lot like the Syrian regime the rest of the region is trying to bring down—a corrupt state that oppresses its own people, a state sponsor of terrorism, and a tool of Iran.
The President’s policy, however, has been more than unsuccessful—the “Obama doctrine” has taken the cause of protecting U.S. interests in the region backward—because it relied on a self-imposed agenda of self-weakening. It included distancing the U.S. from Israel and playing politics with the U.S. defense budget—where even his own officials acknowledge that if the automatic cuts required under the Budget Control Act of 2011 go into effect, they will undermine the readiness and reduce the capabilities of the armed forces. (Watch our new video featuring real stories from veterans about the readiness challenges facing our military.)
The war on terrorism began when Osama bin Laden wrote his fatwa proclaiming America a paper tiger in withdrawal. With a sharp push, he believed, the Americans would fall away. It is not the President’s policies, nor the promises he made at his historic speech in Cairo, nor the pledges he made to punish the perpetrators of the attack in Benghazi that America’s enemies are responding to. They believe the U.S., by its actions, has demonstrated it is in retreat.
Attacks on embassies and anti-American riots in the street can happen on any President’s watch. What we need to be most concerned about is that those who are deliberately plotting against us are on the offensive—again.
It is time for a different course:
Don’t lose focus on Iran. Tehran is the number one troublemaker in this part of the world. From its nuclear aspirations to sponsoring terrorism, plotting attacks of its own, and promoting an extremist agenda across the region to crushing the aspirations of freedom from its own people—peace in this part of the planet has no greater enemy.
Reassert the need for close strategic cooperation with Israel. The instability that continues to sweep the region only underscores the fact that Israel is the only ally in the region that the U.S can reliably count on.
Acknowledge that the war against a global Islamist insurgency isn’t over. There are evil people out there trying to kill us, and we have to stop them. Chasing down their leaders with drone strikes is not enough—dealing with the “next wave” of transnational terrorism will require a different course. The strategy for the next wave must regain the initiative that has been lost by this President, bring a successful end to the long war, and leave behind an enduring and sustainable counterterrorism enterprise—one that can adeptly respond to emerging threats, like the recent attack in Benghazi.
Adopt an economic freedom agenda. The 2012 Index of Economic Freedom confirms that countries of the Middle East lag in many areas of economic freedom and that the lack of jobs and opportunity is at the root of much of the anger. It is past time to move the economic freedom agenda from an afterthought to the centerpiece of U.S. Middle East policy. Even the best security policy will never be sufficient. We can lower our own barriers to trade and encourage governments in the Middle East to do likewise. We can encourage reforms to open up investment, create jobs, and empower individuals economically.
To protect America’s interest in this part of the world, we must be:
A faithful, responsible, and enduring ally;
A champion of supporting the cause of liberty and economic freedom; and
A strong, resilient, and confident nation prepared to defend itself, its allies, and its interests.
It will take that kind of shift in U.S. policies to weather this crisis well.
White House details ‘destructive’ spending cuts
By Stephen Dinan-The Washington Times
With excruciating detail, the White House’s budget office on Friday laid out exactly where it will have to cut $109 billion from federal spending in January, including $11.1 billion from Medicare and $54.7 billion from defense spending.
The defense cuts include $21.5 billion from operations and maintenance for the Army, Navy, Air Force and Marines and the reserves and National Guard, and nearly $1.4 billion from military aide to Afghanistan, with tens of billions coming from procurement and other Pentagon accounts.
“The report leaves no question that the sequestration would be deeply destructive to national security, domestic investments, and core government functions,” the White House’s budget office said in the report
Read more: White House details ‘destructive’ spending cuts – Washington Times https://www.washingtontimes.com/news/2012/sep/14/white-house-details-deep-spending-cuts/#ixzz26WiTWUTT
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Ridgewood Veterinary Hospital 5th Annual Adopt-A-Pet Day
Ridgewood NJ, Ridgewood Veterinary Hospital 5th Annual Adopt-A-Pet Day is just 15 days away! Mark your calendars for Sunday, September 30, 2012. Gates open at 11:00 a.m.! We will continue to post pictures of pets adopted last year and their families up until the event!
While we already have more than 25 committed groups attending our 5th Annual Adopt-A-Pet Day, we are making room for additional shelters and rescue organizations! Spaces are available on a first come, first serve basis. All organizations must meet our requirements.
If you volunteer at a shelter or rescue organization and would like to participate, or if you know an organization who you think would love to be included in our event this year, please contact us at: contact@ridgewoodvet.com. Please email us by Thursday, September 20th at 5p.m.
“If you have room in your home and love in your heart, someone is waiting for you!” And in 20 days… the wait will be over! Our 5th Annual Adopt-A-Pet Day is less than 3 weeks away. If you haven’t done it already, mark your calendars for Sunday, September 30, 2012. The gates open at 11:00 a.m.!
RHS 2012 Varsity Football Schedule – All Home Games Are Night Games?
September 14,2012
the staff of the Ridgewood blog
8:13 PM
Ridgewood NJ, Weren’t the residents who live near RHS advised that there would be a limited number of night football games in response to concerns they expressed about the installation of stadium lights?
Well, it would appear that every single home football game in the 2012 season will be played at night.
Tribute for Ridgewood student Nick Campanello sought
FRIDAY, SEPTEMBER 14, 2012
BY DARIUS AMOS
STAFF WRITER
THE RIDGEWOOD NEWS
The Village Council will work with friends and family of Nicholas Campanello in creating an appropriate memorial for the Ridgewood teen who died suddenly last month, only weeks before the start of his senior year of high school.
Friends painted Nick Campanello’s nickname, ‘Campi,’ on the wall at The View on Crest Road. Campanello, who died suddenly last month, often hung out with his friends there.
The debate, however, is the location of the memorial as proposed by those closest to the family.
Campanello, 16, suffered an asthma attack at a village residence in the early morning hours on Aug. 8. He was taken by ambulance to the hospital, where he was later pronounced dead.
In the hours immediately following his death, many of Campanello’s friends found solace together at the stone wall along Crest Road. With an unobstructed panoramic view of the New York City skyline, the location, known to many as The View, was a popular hangout for Campanello and his buddies.
Ridgewood parking ticket fines are divided up
FRIDAY SEPTEMBER 14, 2012, 12:52 PM
BY LAURA HERZOG
STAFF WRITER
THE RIDGEWOOD NEWS
The meter ran out and you got a parking ticket. You go to Village Hall and pay $19.
So where does that money go?
According to Ridgewood’s violations office, the village receives only about 40 percent of the money for parking tickets. The rest goes to the Bergen County treasurer, to be contributed to legislative funds established for a variety of purposes ranging from autism research and DNA testing, to body armor and modernization of the automated traffic system (ATS).
This system of distribution has been in place in some form for about 20 years, according to Ridgewood Court Administrator Maria Doerr. However, even though the information is available at njcourtsonline.com, Doerr said, few people seem to know where the money goes.
N.J. economic experts say hiring on hold until economy rebounds
Many midsize New Jersey businesses have been resilient in the face of a slow recovery and the fiscal and political dysfunction in Washington, and they are looking for more consistent positive signals from the economy before making the commitment to hire more workers to fuel growth.
That was one view that emerged from a roundtable discussion of New Jersey business trends hosted by the accounting and consulting firm Deloittetoday at its Parsippany office.
Participant Tom Bracken, president of the state Chamber of Commerce, said companies have maintained profits by reducing their work forces, and “when top-line revenue growth comes, I think you’ll see an increase in the employment base — but we’re not there yet.” (Fitzgerald, NJBIZ)
U.S. nonfarm private-sector employers maintained a sluggish hiring pace in August by adding 103,000 jobs, though the national unemployment rate nudged down to 8.1 percent as more people stopped looking for work, according to the U.S. Department of Labor’s Bureau of Labor Statistics.
US Credit Rating Cut by Egan-Jones … Again
Published: Friday, 14 Sep 2012 | 3:43 PM ET Text Size
By: CNBC.com With Reuters
Ratings firm Egan-Jones cut its credit rating on the U.S. government to “AA-” from “AA,” citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country’s credit quality.
The Fed on Thursday said it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market. (Read more: Fed’s ‘QE Infinity’ — Four Things That Could Go Wrong)
In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.’s real gross domestic product, but reduces the value of the dollar.
In turn, this increases the cost of commodities, which will pressure the profitability of businesses and increase the costs of consumers thereby reducing consumer purchasing power, the firm said.
In April, Egan-Jones cuts the U.S. credit rating to “AA” from “AA+” with a negative watch, citing a lack of progress in cutting the mounting federal debt.
NY Giants name Ridgewood’s Johnson Coach Of The Week
September 14, 2012
The Giants selected Mr. Charles Johnson of Ridgewood High School as “The Lou Rettino High School Football Coach of the Week”
The New York Giants have selected Mr. Charles Johnson of Ridgewood High School (Ridgewood, NJ) as “The Lou Rettino High School Football Coach of the Week” for the week of September 10, 2012. The Maroons shutout the Kennedy Knights 27-0 at their season opener on Friday, September 7th.
In recognition of Coach Johnson’s success and commitment, he will receive a certificate of recognition signed by NFL Commissioner Roger Goodell and Giants Head Coach Tom Coughlin and a $1,000 check will be granted to the Maroons football program. Coach Johnson will be acknowledged by a stadium announcement when the Giants host the Tampa Bay Buccaneers on September 16th and an announcement will also be posted on the Giants website, www.giants.com.
The Lou Rettino High School Football Coach of the Week Award is part of the Giants’ continuing effort to promote youth football. The Giants elected to name the award in memory of former Union High School (NJ) coach, Lou Rettino, for his fine commitment to the game of football, his community and the betterment of his athletes’ lives.
Each week during the 2012 high school football season, the Giants will select one area high school head coach as the Coach of the Week winner. The selection is based on the coach’s continuing commitment towards promoting youth football, developing motivated student-athletes and his overall community involvement. At the conclusion of the 2012 season, the Giants will choose a Coach of the Year. That coach will receive $2,000 for their school’s football program. They will also be invited to attend a dinner hosted by the Giants.
Coach Johnson has been at Ridgewood High School in Ridgewood, NJ since 1984. This year marks his 29th season with the Ridgewood Maroons Football team and he has compiled a 182-99-1 record. His teams have won three Group IV State Sectional Championships and eight Division Championships. His overall football record, which includes his years coaching at Bogota High School in Bogota, NJ, is 217-114-2.
Coach Johnson and his family grew up in Ridgewood and his children attended the Ridgewood school systems. He is currently a Wellness teacher at Ridgewood High School.
9-year-old Nicholas Lampiasi of Ridgewood debuts in Newsies on Broadway
FRIDAY, SEPTEMBER 14, 2012
BY JANE HARLIN
CORRESPONDENT
THE RIDGEWOOD NEWS
Learning how to brace yourself when you get stuffed in a barrel during a fight scene isn’t in the curriculum followed by most fourth graders. But that’s just one of the things 9-year-old Nicholas Lampiasi of Ridgewood had to learn in preparation for his Broadway debut this week.
Nicholas, known to most people as Nick, just took on the role of Les Jacobs in the Broadway production of “Newsies,” a musical about the New York newsboys’ strike of 1899. He is the youngest and smallest of the newsboys, so he fits perfectly into that barrel. The tricky part is to come out without bumps and bruises.
Leading up to his opening night, Nick spent a lot of time in rehearsals, typically lasting five to seven hours a day. Karen, his mom, who drove him to most rehearsals, said, “I’ve spent a lot of time walking around the city. It’ll be better once the show starts … right now it’s tough because on these long days, it’s 10 to 12 (o’clock) and then they have a one-hour break. We’re responsible for them on the breaks. They aren’t responsible for themselves on breaks until they’re 16.”
For the last four years, talk of MTV’s “Jersey Shore” has become fodder for water cooler conversations. Soon, chatter about reality television could reach the floor of the Statehouse.
Assemblyman Ronald Dancer, R-Ocean, is set to introduce a bill Sept. 24 that would give local officials more power to regulate reality shows, like the “Jersey Shore,” when production teams arrive to shoot in their towns.
The proposed bill, which Dancer nicknamed the “Snookiville Law,” would allow municipalities that choose to adopt licensing ordinances to impose conditions such as requiring the crew to pay for additional police, if needed. (Huba, Asbury Park Press)
Egypt intelligence warns of attacks on Israel, US embassies on September 4
By JPOST.COM STAFF09/11/2012 16:58
Egypt’s General Intelligence Service warned that a jihadi group is planning to launch terrorist attacks against the US and Israeli embassies in Cairo, according to a report Tuesday by Egypt Independent, citing a secret letter obtained by Al-Masry Al-Youm.
According to the report, the attack is being planned by Global Jihad, the group suspected of killing 16 Egyptian border guards in Sinai on August 5.
Al-Masry Al-Youm reportedly obtained a copy of the September 4 letter, sent to all Egyptian security sectors, warning that Sinai- and Gaza-based Global Jihad cells were planning attacks on the two embassies.
State Department sets up 24-hour monitoring team for embassy crisis
Posted By Josh Rogin Friday, September 14, 2012 – 2:21 PM
The State Department has gone into full-blown crisis mode, organizing a round-the-clock effort to coordinate the U.S. government’s response to the expanding attacks on U.S. embassies in the Middle East and North Africa.
“The State Department has stood up a 24-hr monitoring team to insure appropriate coordination of information and our response. In addition, our consular team is working with missions around the world to protect American citizens and issue appropriate public warden information,” a senior State Department official told reporters Friday afternoon.
“We have been monitoring events in the Middle East and North Africa intensively today, and working with our personnel and missions overseas and host governments to strengthen security in all locations and to respond effectively where protests have turned violent,” the official said.
