In the minutes from its last meeting, the central bank said it expects GDP to decline in 2009 and unemployment to rise into 2010.

NEW YORK (CNNMoney.com) -- The U.S. economy is likely to deteriorate further this year and unemployment will rise into 2010, according to the latest forecasts from the staff of the Federal Reserve.

This bleak forecast was presented to Fed policymakers when they met last month and lowered interest rates to near zero. Low interest rates are one key tool the central bank uses to try to spur economic activity.

According to the minutes from that meeting, the central bank is now predicting that gross domestic product, the broadest measure of economic activity will fall in 2009.

"I think that the Fed is really very scared right now -- like everybody else -- and they want to pull out all the stops," said David Wyss, chief economist for Standard & Poor's.

The Fed indicated that most members at its meeting expected a slow recovery to begin in the second half of the year, but that unemployment would still rise "significantly" into 2010.

Employers cut 1.9 million jobs over the first 11 months of 2008, which took the unemployment rate up to 6.7%. The December report will be released by the Labor Department Friday and economists surveyed by Briefing.com expect a loss of 475,000 jobs and that the unemployment rate will rise to 7%, which would mark a 15-year high.

The Fed cited a multitude of problems dragging down the economy besides rising unemployment, including stock market declines, low consumer confidence, weakened household balance sheets and tight credit conditions. It said business spending is also likely to fall due to weak retail sales and the credit crunch.

In addition, some members of the Fed expressed concerns that the economy could worsen even more than currently expected.

http://money.cnn.com/2009...

(If you don't get punished, you didn't do anything wrong, right?)....

That's the message Vice President Dick Cheney gave in an interview with CBS' Bob Schieffer on Sunday, suggesting that a president's actions are legal if those actions didn't result in his impeachment.

Asked by Schieffer if he believed that anything the president does in time of war is legal, Cheney said there is "historic precedent of taking action that you wouldn't take in peacetime."

Uncle Sam does not give a rats tail about us or these fine people who served!

http://www.alternet.org/e...

http://www.youtube.com/wa...
Let your kid tell the world on a nationally televised commercial that "It's not their debt!"

This video brought to you by http://FreedomsPhoenix.co... "It's not my debt" is an Idea Ernie Hancock (the man who invented the Ron Pau Revolution sign) came up with. Tesla gave me the idea for the video and the use of his house. Thanks to all.

Now please start making your videos and upload them...lets make this go viral!

Here's a little food for thought:

"The Republican Party was always, from its inception, the party of big government in America. It was the Democratic Party that was the party of Jefferson and of limited government..." - Tom DiLorenzo, Lincoln Unmasked

Thread update:
Democrats of today tend to be way (as compared to Republicans) better on:
a) civil liberties
b) war

Some might say that Republicans tend to be better on the economy. I say balderdash. That is a myth that has been carried along since the days of the phony Ronald Reagan. Republicans on average are huge economic statists...

by Ron Paul | Texas Straight Talk

Note: You can listen to Dr. Paul read his essay in the Texas Straight Talk section of his Congressional website!

Last week I discussed our worsening economic situation and the fact that there are very few options for the new administration to improve things in the long run. The same is not true on the foreign policy front. Our interventionist foreign policy stands ready to be put on a new course with the new administration. Unfortunately, it seems the new administration is likely to continue the mistakes of the past. I've often discussed interventionist foreign policy and the resulting blowback. The current administration's foreign policy, I'm afraid, has created a huge impetus for blowback against the United States. However, I truly believe much of the world stands ready to look beyond our nation's recent blunders if the new administration proves to be heading in a more reasonable direction.

Other nations around the world find our interference in their affairs condescending, and it is very dangerous for us. We may think we have much to gain by inserting ourselves in these complex situations, but on the contrary we suffer from many consequences. Other countries have their problems, to be sure. But how would we feel if China or Russia came to our soil and tried to depose our problematic leaders or correct our policies for us? Our problems are ours to solve, and we need to give other countries that respect as well. Instead, we have been turning alleged, phantom threats into real, actual threats.

We should follow the foreign policy advice of the Founders – friendship and commerce with all nations. One positive step would be to end our destructive embargo of Cuba, which deprives our farmers of a market just 90 miles from US shores while strengthening the Communist regime. We've seen 50 years of statist restrictions not accomplish anything. A change is needed. Other countries should decide how to govern themselves. Even if we don't necessarily approve, it's none of our business. If other people foolishly choose to live under statist experimental regimes, they need to fail in their own right, and not have us as a scapegoat. We need to focus on our own affairs.

http://www.lewrockwell.co...

Editor's note: Vulgar language. If you are offended by vulgar language, do not watch. And now, onto the regularly scheduled post. - MN
---------

I think everyone will love this one. :-)

F**k The Fed Video

This is a NEAL FOX video. It's great.

http://www.cnbc.com/id/15...

http://www.youtube.com/wa...

Part II below:

"Beijing has launched the experiment of using the yuan as a reserve currency in relations with 8 countries. Chinese exporters are asking to charge in yuan instead of dollars, because the U.S. currency is losing value. But China needs to revise its model of development, too much inspired by eighteenth century mercantilism..."

"But Asia now understands that the increase of money supply decreases the intrinsic value of a currency. That is why China is seeking a possible and rational attempt to decouple Asian currencies from the dollar, as recent news stories report."

City, county, state, national candidates.

In order to quickly separate the wheat from the chaff, what questions would you ask a potential candidate? Either a direct question TO the candidate, or questions about the candidate.

Questions regarding personal liberties, taxes, accountability, anything goes. But it would be really nice to have a list of questions that anyone could ask, even the NON-RON educated.

Given the attention span of the average American these days, it needs to be a short list. No more than probably 10 questions.

If they don't pass the test, they don't get to go to round two. Which would be US, possibly throwing support their way.

You questions?

!! Digg It !!

CSPAN-2, or online at CSPAN.org, at 1:00 PM Eastern Standard Time!

!! D I G G I T !!

From Ben Smith's blog on Politico:

Here's a mark of the continuing energy behind Ron Paul, and the parallel lack thereof among other Republican Party structures, particularly online: the Digg-style website set up by Americans for Tax Reform for its Republican National Committee Chairman debate tomorrow has been entirely taken over by Paul supporters....

Read it here. Thanks duff for the tip!

In case you missed it, what Ben is talking about is us, and you can read the original alert here. When I posted that thread on Saturday night, the question had 117 votes. The story stayed at the top of the Daily Paul all weekend, and thanks to all of you, the question had 1,081 votes as of Monday morning, not to mention a number of other questions reflecting our positions, as Ben points out in his blog.

What remains to be seen is whether they'll ask any of our questions at the debate. The RNC Chairmanship Candidates Debate is scheduled for Monday January 5, 2009 at 1 PM EST. You can watch it on CSPAN-2, or online at CSPAN.org

Hopefully we'll hear our questions asked, but knowing the Republican leadership, don't hold your breath. Fool me once, shame on...how does that go again?

!! Digg It !!

http://www.youtube.com/wa...

Update: Watch the RNC Chairmanship Candidates Debate on January 5, 2009 at 1 PM EST, live from the National Press Club on CSPAN-2, or online at CSPAN.org

Hopefully we'll hear our question asked, but knowing the Republicans, I'm not holding my breath. Fool me once, shame on...how does that go again?

-----
The message below comes from Joe Seehusen, Ron Paul 2008 Deputy Campaign Manager:

Action Alert Memo:

Help remind the national Republican Party Leadership of the success of the Ron Paul 2008 Presidential Campaign in front of a national television audience on C-SPAN.

Go to: http://www.rncdebate.org/...

Click the REGISTER icon, give your e-mail and zip code (this does NOT appear to put you on a mailing list)

Then LOGIN and VOTE for QUESTION #59 which is ...

"In light of the success of the Ron Paul presidential campaign attracting large numbers of young activists to the conservative cause, what specifically will you do to ensure they become Republicans?" Joe Seehusen

To find the question, you can SORT by vote total and it should be in the top 10 questions, or you can SORT by QUESTION NUMBER (#59).

BE sure to click on the UP ARROW and watch the vote total grow !

On January 5, 2009 at the National Press Club in Washington DC, Americans for Tax Reform, will hold a debate among the announced candidates for the chairmanship of the Republican National Committee (RNC).

C-SPAN is scheduled to cover it. There will be hundreds of "inside the beltway" conservative and Republican activists in the live audience.

What a waste of our money that was givien to them illegally. 100's of thousands of dollars already on thank you ads? My God when will it end?

Here is the comment section GIVE THESE PEOPLE A PIECE OF YOUR MIND.

Please be polite but firm with your comments.

http://blog.chryslerllc.c...

www.rtrradio.com