SAR #15078

It wasn't the snow, it was the economy.

Down Is The New Up: The FOMC abandoned revised its guesses for the year, dropping the GDP estimate to a 2.3 to 2.4% range; 2016 & 2017 were sliced, too, 2017 to a 2.0 to 2.4% range, which should doom any “imminent” rate hike. Doom the recovery too. PCE inflation is expected to be about 07%, down from 1.6% just three months ago. The Fed also said the labor market “needs improvement.” The markets celebrated. 
 
Party Responsibly: The peasants celebrated the opening of the ECB's new $1.4 billion palace by waving placards and burning cars. Wonder how far that money would have gone towards meeting the healthcare needs of destitute Greeks...

Free Enterprise: It is hard to pick a winner in the rush to the corporate welfare trough. Energy companies make out pretty well across the board, but BofA was clearly the winner at nearly $3.5 trillion. Boeing, proud builder of the F-35 fighter – the one that can't fire its guns nor even load its bombs – has received more than $13 billion in state and local tax breaks, $50 million in direct subsidies, and $64 billion in government-backed loans.

Clause & Effect: Alabama Chief Justice Roy Moore's kid, arrested for drug possession for the third time, is blaming “the media”. It wasn't clear if the media was responsible for the arrest or for his possession of the drugs.

Prophet Motive: Oklahoma is working on a bill that would ban “non-religious people” (for which read “gays”) from marrying and requring that “a member of the clergy” approve every marriage. This will be a cash cow for Unitarians and Presbyterians. Indianna passed a bill that permits Hoosiers to discriminate against anyone, anywhere, at any time, as long as they pretend they have “deeply held religious beliefs.”

Quoted: “ISIL is [a] direct outgrowth of Al-Qaida  in Iraq which grew out of our invasion which is an example of unintended consequences which is why we should generally aim before we shoot.” Barack Obama, who should know.
 
Participatory Democracy: Oregon has made it the state's responsibility to make sure that every eligible voter is registered, and that every registered voter votes. Well, not the last part – but it would be a good idea.

Noted: “Ninety-five percent of self-identified Republican primary voters are white.”

Your Results May Vary: The Pentagon, being taken by surprise by the revolt in Yemen, has let more than $500 million in US military equipment and supplies wander off to Iranian-backed rebels or al-Qaeda, or whatever the next new thing will be...

What's In Your Wallet? “A currency is far more than just a medium of exchange … A currency is also part of the identity of people. It reflects what they have in common, now and in the future.” Mario Draghi, President of the ECB. What does it say about Americans, who mostly have credit/debit cards in their wallet?

Fairness Doctrine: Connecticut's Supreme Court, noting that the state had decriminalized what had been the misdemeanor possession of marijuana, ruled that convictions for marijuana possession can and should be erased. Okay, this seems appropriate, but are there instances in which retroactively decriminalizing actions is a bad idea? How does this differ from retroactively criminalizing previously innocent behaviors?

Without Comment: The longer babies breastfeed, the more they achieve in life.