Congressional testimony given yesterday by Federal Reserve Chairman Ben Bernanke to my mind tried to paint a picture of an economy that's weak in spots but that also possesses spots where households are doing fine and are indeed spending.
He went on to say that although there are risks to the current economic "recovery" both here and abroad an added bonus is the recent move down in energy prices that will serve to put more disposable income into the hands of the people who can then spend it in any frivolous way they desire.
Observation #1: During the recent move down in energy prices there was little to no political rhetoric about speculators and the outsized profits that they earn by shorting the energy market the same way that there was when the energy market was rising. This despite the fact that you can often make even more money and make it even faster trading the market from the short side versus long.
Observation #2: Excess money from lower energy prices will be used for frivolous purchases unless of course the excess is needed to pay credit-card debt, mortgage or rent payments, food, clothing, medical etc.
If, however, you are really in the market for excessive spending, here's a statistic about living in New York City. The rent for an average NYC apartment set a new record in May at $3,438!
What's more frivolous than that?
Now on to the Watchers Council voting results!
The Watchers Council nominations for the week of June 4th were presented, the votes were cast and counted, and the winner will now been announced!
For those who may be enjoying their first Watchers Council experience, it is a group that consists of some of the top conservative bloggers from around the world.
A group that The Political Commentator is extremely proud to have been asked to be part of!
Each week members select and submit an article of their own creation in addition to one article from a non-council blog they find to be particularly topical and important.
While you may not always agree with what you read, that alone may make the experience that much more valuable!
Once the submissions have been received at an undisclosed location in secret ballot form, the Watchers Council members then individually vote for their favorites.
Those votes are protected and held by outside auditing firm Arthur Andersen until such time as they are counted and a winner named for the Grand Prize.
This Grand Prize consists of the appreciation of ones peers.
In the end though, we all win because of the range of information and important analysis received on the critical issues of the day.
In a nutshell, the Watchers Council is the ultimate conservative blog aggregator!
So without further ado the winner(s) of the Watcher's Council for the week of June 4th is (are)...?
*First place with 5 2/3 votes! The Right Planet – Memorial Day Tribute: My Granddad
Second place *t* with 2 votes – The Independent Sentinel- The President Is Leaking Top Secret Information to Improve His Re-election Chances
Second place *t* with 2 votes – Joshuapundit- Obama: ‘Some Of My Best Friends Are Jews’
Third place with 1 2/3 votes – The Noisy Room-Silencing the Clarions
Fourth place with 2/3 vote – Simply Jews- Ali Larijani threatens Israel, lost in translation again
Fifth place *t* with 1/3 vote – The Mellow Jihadi- Peril At Sea
Fifth place *t* with 1/3 vote – The Razor-Playing the Victim Card: Students And the Student Loan Debt
Fifth place *t* with 1/3 vote – The Political Commentator – Finally, something intelligent out of the mouth of John Rocker!
First place with 3 votes! – George C. Gross-A Train Near Magdeburg submitted by The Right Planet
Second place with 2 1/3 votes – Yid With Lid –The Socialist Rabbi Who Taught Obama About Israel submitted by The Independent Sentinel
Third place with 1 1/3 votes –Campus Watch–UC Berkeley and the ‘Islamophobia’ Lobby submitted by The Watcher
Fourth place *t* with 1 vote -KausFiles Notes On Wisconsin submitted by The Glittering Eye
Fourth place *t* with 1 vote – Kings of War – The End of Western Military Interventionism? submitted by GrEaT sAtAn”S gIrLfRiEnD
Fifth place *t* with 2/3 votes - Sultan Knish –The State at the End of the Universe submitted by The Noisy Room
Fifth place *t* with 2/3 vote - The Contentious Centrist –The Mos Eisley Spaceport submitted by Simply Jews
Fifth place *t* with 2/3 vote -PJ Tatler/Zombie –I Just Heard the N-Word 30,000 Times (content warning) submitted by Bookworm Room
Fifth place *t* with 2/3 vote -The New Criterion –Future tense, XI: The lessons of culture submitted by The Colossus of Rhodey
Fifth place *t* with 2/3 vote -The Enterprise Blog –The 7 scariest facts from the new CBO long-term budget forecast submitted by Gay Patriot
Fifth place *t* with 2/3 vote -The Gates Of Vienna –Whose Country? submitted by The Razor
Sixth place with 1/3 vote -Maggie’s Notebook –Don’t vote for the Jew submitted by The Political CommentatorPhoto Source
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