XIAM007 - Making Unique Observations in a Very Cluttered World: 05/28/10

Friday, 28 May 2010

Eighty percent (80%) of Americans now agree with Congress that Auditing The Federal Reserve Board is a good idea -

Eighty percent (80%) of Americans now agree with Congress that auditing the Federal Reserve Board is a good idea, according to a new Rasmussen Reports national telephone survey.

Just nine percent (9%) oppose an audit of the Fed, and 12% more are not sure.

This marks little change from December. But it’s up five points from last July when Congressman Ron Paul’s proposal began to gain steam in Congress.

Fed Chairman Ben Bernanke has consistently opposed such an audit of the Fed’s monetary policies, but it’s included in the major financial regulatory legislation now being pushed through Congress. Forty-six percent (46%) of Americans oppose more government regulation of the U.S. financial system, but 37% are in favor of it. Just 27% favor giving the Fed more regulatory control over the financial system.

(Want a free daily e-mail update? If it's in the news, it's in our polls). Rasmussen Reports updates are also available on Twitter or Facebook.

The survey of 1,000 U.S. Adults was conducted on May 21-22, 2010 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.

Investors support an audit of the Fed even more strongly than non-investors.

Republicans and adults not affiliated with either major party also favor an audit more than Democrats do, but support for auditing the Fed is high across all demographic groups.

Congressional supporters of the audit see it in part as a way to check how much the Fed’s actions are influenced by political pressure. Sixty percent (60%) of Americans believe the Fed chairman is influenced by the president in his decision-marking. Just 20% say the chairman acts independently.

Bernanke and the Fed have been key players in the Obama administration’sunpopular stimulus and bailout plans.

Americans were evenly divided over whether Bernanke should stay or go just before the Senate confirmed the president’s nomination of him to a second term as Fed chairman.

Hurricane season could be stronger than usual because Black Oil would heat the water and speed formation of hurricanes -

A predicted busy hurricane season this summer is on a collision course with an unprecedented oil spill in the Gulf of Mexico, and the results are anyone's guess, weather experts say.

"The problem is that this is a man-made experiment we wish we hadn't made," said Jenni Evans, a professor of meteorology at Penn State University. Scientists on Thursday said as much as 19,000 barrels of oil have been spewing every day from the BP well in the Gulf, making it the largest oil spill in U.S. history. Most of the oily water lies off the coast of Louisiana, where marshes and wildlife have been coated and the state's fishing and tourism industries have taken direct hits. Not only is it hard to track how contaminants would be redistributed by a hurricane, but it's also hard to predict how the slick would affect the storm, NOAA Public Affairs Officer Dennis Feltgen and Evans agreed. Evans said the storm could either move the oil along the water's surface or it could mix the oil with the water and cause it to sink. If the oil moved horizontally, the shoreline would be polluted, she said. If it moved vertically, the marine life under the surface would suffer. The oil could slow the storm's growth, Feltgen said. Evaporated ocean water fuels hurricanes, and the oil forming a film across the Gulf could buffer the water from the air, preventing the ocean water from feeding the hurricane, he said. CNN meteorologist Chad Meyers said there was another threat from the volatile mix of hurricanes and oil: storm surge.But other scientists say the storms could be stronger than usual because the black oil would heat the water faster and accelerate formation of hurricanes, which rely on warm waters for their development, Evans said. "All the winds would be coming here," he said, indicating the coast on a map, "and there would be storm surge here. All the winds would be going this way, and there would be scouring and cleaning of the beaches on this side. But the storm surge that could make its way up and bring the oil miles inland could be completely contaminating the oil inland." Oil in the Gulf coast isn't the only worry for hurricane forecasters this year: In earthquake-devastated Haiti, roughly 1.5 million displaced people are at risk. They are living under tarps and in tents in makeshift camps. In Haiti, aid agencies relocated about 20,000 people who were vulnerable to flooding and mudslides when the rainy season began. But it is impossible to hurricane-proof the congested tent cities that many are calling home right now, said Heather Paul, CEO of the aid program SOS Children's Villages. Paul's program is working to provide permanent, stable homes to orphans in the form of polypropylene shelters. While her program's anchored shelters have the greatest potential to withstand strong winds, the outlook appears grim for many Port-Au-Prince residents. "It's only short of a miracle to prepare these people for hurricane season," she said.