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$2 million dollars to start a handjob company behind the car wash!Wasn't the Fed supposed to cut rates in half today, from 1 percent to 0.5 percent? Well, that wasn't good enough, for this failed economy and economic system. So now it's "near zero," which means "zero." Just like Japan tried for years and years, to no effect! The Federal Reserve Bank is now out of "traditional ammunition," according to almost-president Barack Obama, and your government is now printing money at an insane pace, and then banks are taking this money and immediately buying U.S. Treasury bonds, because nothing else is safe, and that is pretty much the end of this particular feedback loop.


Here's something kind of funny: This current economic collapse can be largely traced back to the 2003-2004 1% Fed Rate era that fueled the housing boom by making absurdly inflated real estate prices "affordable" because these interest rates -- both fixed and the evil adjustable ones -- hadn't been so low in half a century.

While it was sloppy/greedy "stated income" no-doc teaser-rate reverse-equity 105% loans that enabled Juan Drywallhanger and his old lady, Amber Asstattoo, to "buy" a 2,800-square-foot stucco monstrosity on a 3,000-square-foot lot in the Adobe Falls development behind the Sunburst Towne Center's (now closed) Bennigan's and Linens 'n Things in the first place, it was the artificially cheap borrowing costs that made the option-ARM introductory payments on a $579,000 "Tuscan inspired" vulgarity briefly plausible for people making $40,000 per year and already buried in credit-card and SUV debt.

So, now that grand era can return again! Except for the loan part, as banks are not using any of this bailout money for, uh, lending.

Fed Cuts Benchmark Rate to Near Zero [NYT]

Fed Cuts Rate to Zero-0.25%, Will Use All Tools (Update1) [Bloomberg]

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'Miga and Carlos' by Wonkette Operative 'Chica'

It's Father's Day, which means it's time for Yr Dok Zoom and his son to go to brunch and check out the downtown Boise Father's Day Car Show so we can ooh and ah over the very same Corvettes 'n' Mustangs 'n' lovingly-restored classic cars that are there every year, and I will probably once again point at the '68 Beetle converted to run on electricity and say, "Oh look, a Voltswagen!" Traditions matter. (Kid Zoom is 22, so I may also/instead meet him for cocktails later like grown up human people.)

Don't worry about any deep thoughts on the Meaning of Fatherhood here -- we're just going to enjoy the goofy side of dadding, which as far as I'm concerned is the best thing I've done with my time. Especially since my role model for parenting was the unnamed Dad from "Calvin and Hobbes."

As any fool knows, ice rises to the top of liquids because it's cold, and just wants to be closer to the sun so it can warm up. It's all in the book you get when you become a father.

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Spinal Tap - Gimme Some Money

Some dick is suing your Wonkette! If you are able, will you please send money?

1. Pick "just once" or "monthly."

2. Pick an amount, like say "all of the money."

3. Click "paypal" if you are paypal or "stripe" if you are not paypal.

4. MONEY.

5. Carry on with your day, and with new posts below!

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