Team Obama Deflects Blame for Higher Prices

Dr. Mark W. Hendrickson,

As Americans increasingly feel the pinch of higher prices for food and fuel, the Federal Reserve’s QE2 policy of creating more money has been called into question. Asked if the Fed bore some responsibility for these vexing price increases, Fed Chairman Ben Bernanke essentially replied, “It’s not our fault.” Instead, Bernanke blamed the price increases on “global supply and demand conditions.”

Is Chairman Bernanke correct? To use a well-known phrase: Not exactly.

Far be it from me, as an economist, to downplay the importance of supply and demand in determining prices. Certainly supply and demand have been pushing food and fuel prices higher. But those factors don’t account for all of the increases. For Bernanke to claim that the Fed’s inflationary monetary policies have not put upward pressure on prices is preposterous.

Let’s examine some of the causes of higher food and fuel prices more closely.

First, fuel: For decades, it has been federal policy to declare huge tracts of domestic territory off-limits to petroleum production. Team Obama—whose secretary of energy, Steven Chu, publicly declared in 2008, “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe” (i.e., $8 per gallon)—has been the most radical anti-drilling administration ever. With government having succeeded in artificially suppressing supply to such a great degree, prices for oil and gasoline can’t help but be higher than they should be….

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“Natural Born” Does Not Equal “Loyal Citizen”

Carlos Calwianka,

Obama finally produced his “long form birth certificate,” and Ann Coulter crowed she was right all along about the birth certificate, but she really proved herself a crack shot when she said the birther controversy distracts from what a terrible presidency the Obama administration is. Quite well said, but did his parents have the qualifications to confer on Barack Obama Jr. undivided loyalty to his nation of birth? You know a tree by its fruit, and you know the loyalty of a president to his nation by his leadership.

Nowhere is this more evident than in current White House energy policy. Recently, the president recounted speaking to OPEC about opening its oil spigots: “We are in a lot of conversations with the major oil producers like Saudi Arabia to let them know that it’s not going to be good for them if our economy is hobbled because of high oil prices.”

This is all pretty strange when you consider what Obama’s prime offshore oil drilling official, Michael Bromwich — who heads the Bureau of Ocean Energy Management, Regulation and Enforcement — stated last week: “You can’t drill your way to lower oil prices. It’s a world market. We have a very limited impact on that.”

Does Obama understand supply and demand? The past year has seen the administration virtually halt nearly all offshore oil drilling permitting, costing the U.S. approximately 400,000 barrels of oil production per day.

The average price of crude (Dated Brent, West Texas Intermediate, and the Dubai Fateh) over the October 2010-March 2011 time period of $92/barrel means that this restriction has cost the U.S. economy more than $36 million a day. The impact on our trade deficit during that six month time frame surpasses….

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Video: Congressman, Tap the Oil Reserve in the Gulf of Mexico

Impeach Obama: Common Sense from the Heartland

Ben Johnson,

The movement to impeach Barack Obama has added a number of high-level spokesmen in recent days. Calls for investigation have came from Newt Gingrich (however tentatively), to Tammy Bruce, to Howard Phillips (wholeheartedly). But not everyone who speaks up for the rule of law is a nationally known author. The move to hold the president accountable for his Constitutional violations and personal corruption includes ordinary citizens from all across the country.

One of those is Fillmer Hevener of Farmville, Virginia, who published an article in the (Culpepper, VA) Star-Exponent today entitled, “Impeach Obama Over Energy Policy.” It reads, in part:

The time has arrived for the U.S. House of Representatives to seriously consider the impeachment of President Obama.

Article 2, Section 4 of our Constitution grants removal of the president, vice president and all civil officers “on impeachment for, and conviction of, treason, bribery, or other high crimes and misdemeanors,” which include abuse of power and misconduct in office.

President Obama has abused his power and demonstrated misconduct in the office of presidency in the following ways:

1. By stopping drilling for oil offshore, his administration has ignored the absolute military necessity for oil in protecting our nation; our military is heavily dependent on oil for such machines as missiles, airplanes, drones, trucks, automobiles, etc. In an emergency, as the current unrest in the Middle East shows, we cannot rely safely on Middle East oil to supply our national security needs.

2. In addition, our civilian need for oil is at an all-time high. With gas prices now well over $3 per gallon and rising rapidly, the cost of producing most commodities, goods and services will rise dramatically; these include farming, heating/cooling, food, delivery of goods, clothing, housing, manufacturing, travel, etc. Rising prices will destroy more jobs, bring about more layoffs, cause more real estate foreclosures and reduce tax income for local, state and federal governments, all of which are even now strapped for cash.

You can read the full article here.

Hevener is right that….

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When Will The GOP Go After Obama For His Crimes?

Edward L. Daley, The Land of the Free

That’s right, I used the word crimes in the title of this article, and I make no apologies for it. What else would you call contempt of court, breach of official oath and possible seditious conspiracy?

As Monica Crowley wrote recently in an opinion article entitled “Obama Channels His Inner Mubarak”:

Over the past week, Obama’s signature “achievement,” the monstrous ObamaCare, was ruled unconstitutional by a second federal judge. In his opinion, U.S. District Judge Roger Vinson stated that his declaratory judgment that the entire law be voided was a de facto injunction. In other words, without an administration request for a stay, Judge Vinson’s ruling stands. The federal and state governments should thus cease and desist. The current status of ObamaCare is that it’s been declared unconstitutional and all implementation must stop.

Obama’s reaction? “What? Did someone say something?”

As The Wall Street Journal reported this week, “The Obama administration said it has no plans to halt implementation of the law.” A senior administration official said, “We will continue to operate as we have previously.”

In other words: Up yours, judicial branch!

What do you think would happen to you, an average American citizen, if you decided to simply ignore a federal injunction against you?

Perhaps our representatives in Congress don’t think that a single, criminal act constitutes a substantial enough affront to our Constitution and the rule of law to warrant impeachment proceedings. But if that’s the case, one needs to consider that this is not the first time President Obama has willfully disregarded an unambiguous federal court ruling against his administration…

I ask you, where is the honor in allowing the head of the Executive branch to trample, in a most shockingly belligerent manner, upon the very laws he has sworn before God and country to preserve, protect and defend?

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