GOP must consider military spending cuts.

Government spending is sure to be one of the biggest targets now that Republicans have won back the House, but there have been few details on exactly what programs will see their budgets slashed.Link

That Right moment.

The worst.

Results of Fed Stimulus Could Be 'Horrendous'.

German Finance Minister Wolfgang Schäuble has sharply criticized the US Federal Reserve's decision to pump a further $600 billion into the country's ailing economy. He says the move could create problems for the global economy. Others have joined in the condemnation. Germany is not impressed. One day after the United States Federal Reserve announced that it would pump $600 billion (€423 billion) into America's banking system over the next eight months, German Finance Minister Wolfgang Schäuble sharply criticized the decision. "I don't think they are going to solve their problems that way," Schäuble told German public broadcaster ZDF in a Thursday evening interview. "They have already pumped an endless amount of money into the economy via taking on extremely high public debt and through a Fed policy that has already pumped a lot of money into the economy. The results are horrendous." In a separate interview on public broadcaster ARD, Schäuble said that the move by Fed Chair Ben Bernanke would "create additional problems for the world." He promised to bring up the issue in talks with the US and said that, by following such a monetary path, the US was violating a pledge that all industrialized countries agreed to at the last G-20 summit in Toronto in June.Link

Federal Reserve oversight...........

Republican Representative Ron Paul on Thursday said he will push to examine the Federal Reserve's monetary policy decisions if he takes control of the congressional subcommittee that oversees the central bank as expected in January. "I think they're way too independent. They just shouldn't have this power," Paul, a longtime Fed critic, said in an interview with Reuters. "Up until recently it has been modest but now it's totally out of control." Paul is currently the top Republican on the House of Representatives subcommittee that oversees domestic monetary policy, and is likely to head the panel when Republicans take control of the chamber in January.Link

Six Americans killed...................

(Reuters) - Gunmen have killed six U.S. citizens in separate attacks since Saturday in the violent border city of Ciudad Juarez, the U.S. consulate said on Thursday, as Mexico struggles to halt surging murders. University of Texas students Manuel Acosta and Eder Diaz, who studied at the El Paso campus just across the border from Ciudad Juarez, became the latest victims when they were gunned down as they drove through the city on Tuesday. The killings followed the deaths of four other Americans, including a woman who died of multiple gunshot wounds inside a tortilla shop in Ciudad Juarez on Saturday. Two U.S. citizens died on Saturday when they came under fire in their vehicle. "Police said shooters fired 50 rounds, ... peppering the black BMW with bullets during an assault Saturday morning," the consulate said in a statement.Link

Close Encounter With Comet Hartley.

Link

Bernanke's Case For Quantitative Easing.

What's amazing about the latest bout of quantitative easing is the total lack of pretense. By that we mean Bernanke isn't even pretending that that QE would actually benefit the real economy. We noted yesterday that buy concentrating buying at the short end of the yield curve, Bernanke was punishing savers (pinning short-term rates to the mat) and bailing out banks (keeping the yield curve steep).Link

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‘Damn right’..... I ordered waterboarding.

President George W. Bush admits for the first time in his new memoir that he personally approved the use of waterboarding, a technique in which an interrogator simulates drowning on a suspect. The method, which most describe as torture, has since been banned by the Justice Department. In his book, "Decision Points," Bush asserts that he was asked by the Central Intelligence Agency whether he would support the agency's waterboarding of Khalid Sheik Mohammed, the alleged 9/11 mastermind. "Damn right," Bush says that he said.Link