One word…. Awesome. 😀 (H/T HotAir)
Category: Economy
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UPDATED: Video: Democrat Voters give up on hope and change
Folks, this one hits close to home. I have family that lives over near Albion, Michigan.
Video: (H/T HotAir.com)
The Story via the WSJ:
ALBION, Mich.—Michelle Rena Jones cheered when candidates Barack Obama and Joe Biden visited south-central Michigan in 2008. She supported Mr. Obama that November along with a slate of Democrats, including Mark Schauer in the 7th congressional district.
Job creation is one of the top issues among voters. In districts with high unemployment, that could spell trouble for a host of Democrats in tight congressional races. WSJ’s Neil Hickey reports.
Now, the 40-year-old is rethinking her lifelong support for the party. She has been without steady work for two years, lost her home and car and began receiving cash assistance from the state for the first time. This year, she says, “I’m willing to take a chance on something different.” Another possibility, she says, is that she won’t vote at all.
Ms. Jones is part of an unmeasured, agitated mass: unemployed Americans who don’t believe the Obama Administration and Congress have done enough to produce jobs. With elections coming up, their unease is especially troublesome for the Democrats, who control both chambers.
Welcome to my world! I have been in the same spot, since 2005. Thankfully, and very fortunately; I do not have any children to worry about. I could not imagine having kids in a economy like this. Some would say, “Well, you live in a bigger area, you should be able to find a job!” Two words: Yeah Right. 🙄 Bigger Area, means more people out of work and more people looking for a job.
It’s tough everywhere folks, don’t let nobody fool you.
Update: TalkLeft, A very liberal Blog says this:
Robert Gibbs and Jane Hamsher can argue all they want about ‘what’s progressive enough,’ but voters care about jobs. And the Obama Administration and Dems have simply failed on this issue. It is why they will lose the November election.
That’s very true. The Democrats and the Obama White House were hell bent on getting a healthcare bill passed, that one half of America did not understand and the other half understood and did not want; but they passed it anyhow. Meanwhile, people like me and Michelle Rena Jones are sitting here — unemployed. 🙄 A lot of damned good that Healthcare bill does one, if you do not have a job. I give great Kudos to “Bing Tent Democrat” for having the “Stones” to say as much.
Something tells me, that the short-lived era of “Home and Change” is officially over, the love affair and novelty of a new black President is over; and now the America people are sitting around going, “Dang, nothing has changed.” Those people will vote accordingly come November 2, 2010.
Economic report: We are so farking screwed, Obama White House adviser bolts
First the bleak outlook, from the Old Gray Lady:
With the American economic recovery hanging in the balance, private employers added 71,000 jobs in July, up from a downwardly revised 31,000 in June but well below the consensus forecast of 90,000. The unemployment rate stayed steady at 9.5 percent.
Over all, the nation lost 131,000 jobs last month, but those losses came as 143,000 Census Bureau workers left their temporary posts, the Labor Department said. June’s number was revised dramatically downward to a total loss of 221,000 jobs. The agency originally reported that the nation lost 125,000 jobs in June.
Figures released last week confirmed that the United States economy slowed in the spring, and the Department of Labor’s monthly statistical snapshot of hiring pointed toward a stall in hiring this summer, as employers failed to add jobs at the rate they were earlier this year.
What’s more, the number of jobs added in July is about half the 125,000 to 150,000 that economists generally say employers need to generate simply to accommodate new entrants to the labor market. With more than 8 million people having lost their jobs during the recession, such tepid job growth can’t begin to plug the hole.
“The private sector is still hobbled and certainly is not nearly strong enough to overcome the drain on the government side,” said Robert A. Dye, senior economist at PNC Financial Services Group in Pittsburgh.
Which, of course, results in the proverbial “Rats Jumping from the ship.”
The Story Via Hotline on Call:
Christina Romer, chairwoman of Pres. Obama’s Council of Economic Advisers, has decided to resign, according to a source familiar with her plans.
Romer, an economics professor at the University of California (Berkeley) before taking the key admin post, did not respond to repeated calls to her office.
“She has been frustrated,” a source with insight into the WH economics team said. “She doesn’t feel that she has a direct line to the president. She would be giving different advice than Larry Summers [director of the National Economic Council], who does have a direct line to the president.”
[…]
Instead, the jobless rate is 9.5%, after exceeding 10% last year. It was “a horribly inaccurate forecast,” said Bert Ely, a banking consultant. “You have to wonder why Summers isn’t the one that should be taking the fall. But Larry is a pretty good bureaucratic infighter.
So much for all the wonderful economic recovery promised under the promised “Hope and Change” of the Barack Obama Administration. This should be a textbook example of why “Tax and Spend” strategies to get a Country out of a recession does not work. If that does not convince you, this might:
and…..
(H/T Calculated Risk)
Welcome to Obama’s America. It is going to be long four years. Remember this come 2010 and 2012.
A few words about yesterday’s primary race here in Michigan
Obviously I am not happy about Mike Bouchard not winning the primary.
However, I do understand why it is that Mike Bouchard was not able to pull off a victory. Well, frankly, it was this:
Governor Republican
Rick Snyder 380,489 36%
Pete Hoekstra 280,326 27%
Mike Cox 239,752 23%
Mike Bouchard 126,991 12%
Tom George 16,965 2%
100% reporting(Via WXYZ-TV)
There we just too many people running on the Republican ticket. As you can see above, there were five names on the ballot for Republicans; there were two on the Democratic Party side. If it had been Tom George and Mike Bouchard; Bouchard would have aced the race. But because you had three big ticket names in the race and one person that I had never heard of; Bouchard just was not able to pull it off.
Seeing that Bouchard is out of the race, I will support and do endorse Rick Snyder for Governor of Michigan.
In other news locally here in Michigan; there was a HUGE upset in the race for Congress. Hansen Clarke, who grew up on Detroit’s lower east side, has soundly defeated Congresswoman Carolyn Cheeks Kilpatrick. WXYZ-TV has the videos and the story:
(WXYZ) – Hansen Clarke has won the Democratic nomination in the 13th Congressional District.
Clarke’s victory is an upset over sitting Congresswoman Carolyn Cheeks Kilpatrick. Many political analysts believe the legal troubles of the congresswoman’s son, former Detroit Mayor Kwame Kilpatrick, contributed to her loss.
Because of the nature of the district, the nomination is viewed as an automatic path to the Congressional seat.
Okay, the whole “power to the people” thing was a bit creepy. But that is to be expected amongst Democrats; as the Democratic Party was founded as the “Party of the people.” Anyhow, even as a “Right of Center” blogger, I, as someone who has lived here all my life, watching Kilpatrick having to eat crow, is one of the best things I have ever seen. The really cool part is, Kilpatrick cannot scream “Race!” at all. The man who beat her was a minority too. The truth is, Kilpatrick screwed herself, when she said, “I’m proud of my son, very proud…” I mean, that just sealed it for her. She is proud of a corrupt man? Not that anyone actually believes that; but in politics perception is a big of reality. Heck, just look at Ron Paul and Pat Buchanan. There are some on the right that cannot look at those two, without going into a Tourette’s Syndrome-type fit and screaming “Jew Hater! Anti-Semite! Racist!”
I just am hoping and Praying that the Republicans can pull off a nice victory in November. The climate is right; we just need to get the message right and not louse it up.
It is time to vote in the Michigan Primaries
I should have posted this earlier. But, I was busy.
I voted in today’s primary. I voted for Mike Bouchard for Governor of the State of Michigan.
I ask that if you live in Michigan and you are registered to vote, that you do so. When you vote, vote for Mike Bouchard.
A little about Mike Bouchard:
Born and raised in Michigan, Mike Bouchard has been committed to improving our state. Growing up in Oakland County, he attended Birmingham Brother Rice high school. He and Pam, his wife of twenty years, are teaching the same Michigan values they learned growing up to their three kids. From police officer to small business owner to elected office, Mike has taken on many different roles in his efforts to preserve and protect our way of life.
Mike brings all his experience, knowledge and leadership to the race for Governor. He understands it’s a critical time for the state, as many families face uncertain times as our economy continues to struggle. As governor, he’ll be prepared on day one to start making the tough choices that will turn our state around. He knows it took a long time to get here, so there are no easy fixes or simple solutions. But we need to take the first steps in order to get us back on the road to prosperity.
Mike believes if we fix Lansing, we’ll get Michigan back to work.He’ll be able to bring his knowledge from serving as a leader in the state Senate to develop lasting solutions. He was in the Senate when our leaders worked together to deliver balanced budgets and tax cuts every year he was there. As Assistant Senate Majority Leader, he worked closely with leaders like Governor Engler and then Senate Majority Leader Posthumus. Mike placed a priority on helping families. He pushed for the Michigan Sex Offender Registry requiring sex offenders to register with local law enforcement agencies and making that information publicly available for concerned parents and neighbors. He also chaired the education committee where he worked to empower parents and students to make more decisions about their future.
Go read the rest of that. Mike’s a proven leader, that knows how to get things done. Just we need for Michigan and for jobs to be returned to this area. I supported Mike Bouchard since day one and I do truly hope that he does win this primary.
Check out Mike Bouchard for Republican Governor of the State of Michigan.
Funny photo of the day
Comes via Newsweek:
No, but that icy psycho-looking stare from Ezra Klein just might!
Sorry, but, no one rescued me
I feel the need to write about this, but I am not. I am going to post a video reply.
Over at “The Other McCain”, I saw this headline:
EMERGENCY: SAVE STOGIE!
Aside from the “ZOMG! Eleventy!!!!” element to it. I didn’t think much of it. So, I went over and looked:
Home foreclosures are continuing at a brisk pace, according to an article by McClatchy News. Many of the first foreclosures that began three years ago, when the housing bubble began to burst, were for subprime mortgages. Now, however, a fresh batch of foreclosures is occurring because people have lost their jobs and can’t pay them. I am now in that category. I didn’t pay my July mortgage payment and probably will miss August as well. I haven’t been answering the phone, which rings constantly from bill collectors.
Our savings kept us afloat for a year. When it was gone, I borrowed the equity out of my life insurance. That’s gone too. We were hoping to ride out this recession, to survive until it was over.
This prompted a back and forth between me and Robert Stacy McCain:
Pat
July 31st, 2010 @ 6:30 amMeh, No pity…
Maybe Rupert Murdok or one of his Zionist friends can bail him out.
—-
Robert Stacy McCain
July 31st, 2010 @ 6:50 amDammit, Pat, if you knew what a great guy Stogie is, you wouldn’t say useless crap like that. I was tempted to delete your comment, but I’ll leave it up, just to chastise your conscience when you see the testimonials to Stogie’s valiant character.
Pat
July 31st, 2010 @ 7:10 amI’m sure he is a great guy. But nobody bailed my ass out when I was over 18 grand in the hole back in 2004. I filed for chapter 7 and started over.
I’m just sayin’…
Of course, McCain’s sock puppets came out in full force against me; which is of no surprise.
Here’s my video reply on the subject and my apologies in advance for the poor audio quality and picture:
That’s my opinion, and I welcome yours.
Believe it when I see it: Obama to Target CRA
Responding to the collapse in home prices and the huge number of foreclosures, the Obama administration is pursuing an overhaul of government policy that could diverge from the emphasis on homeownership embraced by former administrations.
“In previous eras, we haven’t seen people question whether homeownership was the right decision. It was just assumed that’s where you want to go,” said Raphael Bostic, a senior official in the Department of Housing and Urban Development. “You’re not going to hear us say that.”
Bostic, who has published leading scholarship on homeownership, added that owning a home has a lot of value, but “what we’ve seen in the last four years is that there really is an underside to homeownership.”
The administration’s narrower view of who should own a home and what the government should to do to support them could have major implications for the economy as well as borrowers. Broadly, the administration may wind down some government backing for home loans, but increase the focus on affordable rentals.
The shift in approach could mean higher down payments and interest rates on loans, more barriers to lower-income people buying houses, and fewer homeowners overall, government officials said. But it could also pave the way for a more stable housing market, one with fewer taxpayer dollars on the line and less of a risk that homeowners will not be able to pay their mortgages. And it could spell changes throughout the financial markets, as investors choose new places to put their money if the government withdraws some incentives for investing in the U.S. mortgage market.
I don’t buy it. But, it could happen.
Ed Morrissey, who is one of the more honest right-wing bloggers out there, says:
Will the White House go through with it? It’s one thing to leak this to the Post. It’s another thing entirely to follow through with the necessary rulemaking and legislative effort needed to succeed in it. The Post notes that La Raza, one of the groups that gains material benefit from participating in government programs for these home-ownership efforts, is already unhappy with the idea. At a time when Obama’s approval ratings are sinking towards Bush levels, this could alienate his ideological base and leave him utterly abandoned in 2012.
Let’s hope Obama commits to this reform. If he does, it will easily be the most significant economic reform of his tenure, and would represent a significant retreat from the government interventions and social engineering that have ruined the American economy, and could set the stage for even further constraints on federal power. That would show actual leadership and strength.
Pardon me if I sound about as jaded as an atheist on Easter Sunday; but it would make no sense for President Obama to do this. As it was the Democrats that created this whole mess in the first place. Social engineering is what they do; so, I will not break out the pom poms just yet. I will believe it, when the speculation of the real estate market ends. I will believe when they stop trading mortgages on the stock market. I will believe it when the sub-prime mortgages are gone. I will believe it, when Fannie Mae and Freddy Mac are gone for good.
Until then, I remain unconvinced.
Quote of the Day
(H/T to Ryan)
“Yes, of course I want to come back to Detroit and work for an auto company after college,” I told a perplexed neighbor at my high-school graduation party. A little background might help.
At the height of the Roaring Twenties, my great-grandfather, living in Rhode Island, was an unemployed immigrant from Quebec. Desperate and looking for a way to achieve the American Dream, he turned to the “Paris of the Midwest” for hope. In a letter to Henry Ford, my great-grandfather said he was a hard worker and wanted to come to Detroit for Ford’s new $5-a-day jobs. Ford wrote him back and hired him; my family planted its roots in Detroit.
My great-grandparents endured the mass layoffs of the 1930s, they became U.S. citizens in Detroit in the 1940s, and they died in Detroit. My grandfather did his time at Ford and moved on to other sectors of the automotive industry. My father currently works for Pacific Insight Electronics, an automotive supplier that deals almost exclusively with Ford.
It was my family’s history with the blue oval that prompted me to choose Ford for my senior project. My former high school offers seniors the opportunity to take the month of May off school to study an industry.
[….]
Participating in an activity for a higher purpose is what Detroit needs if it is to truly reinvent itself. Of course, the poor economy and some poor choices made by the Big Three damaged the city’s status, but there is a lot to learn from companies like Ford. Communication, passion, sacrifice and, most importantly, hard work have reinvigorated Ford. The same traits can help reinvigorate the Motor City.
Although I am going away to college in the fall, to Johns Hopkins University in Baltimore, Md., I believe my professional aspirations will eventually bring me back to the city that made me possible.
Detroit gave my forefathers hope and prosperity; I believe it is my responsibility to return the favor in whatever way I can.
First Lady Michelle Obama: America Still Unequal
This comes BreitBart.TV with a H/T to Riehl World View:
Yeah, she is going to keep fighting alright; fighting for the handouts to the lazy ass idiots who would rather get a handout, instead of getting a job and being a productive part of society. Her and her socialist twit hubby, would rather give handouts to their people; than get America back to work.
Also, she makes reference to “Her people”, yeah, the people who were brought to America as damned criminals. Criminals who were freed by a Republican named Abraham Lincoln — against the wishes of the people of the South. A freeing that also destroyed the economy of the South. A people who in 1964, by an unconstitutional act of Congress, were integrated in the south; again, against the will and wishes of the southern people.
…But yet, they are still not free. 🙄
Someone needs to tell Mrs. Bambi Bitch Teleprompter to get over it and that the slaves were freed and her people are free to roam the south as they wish.
In case you are still on the fence politically…
This comes via Wizbang, which got it from Bookworm Room:
Living proof that spending the way out of a recession does not work
Well, looks like my job prospects just got worse:
The train that is the nation’s economic recovery has slowed noticeably, unable to generate enough jobs in the last two months to keep pace with population growth, much less reduce the vast numbers of unemployed Americans.
The United States added just 83,000 private sector jobs in June, according to the monthly statistical snapshot released by the Labor Department. The unemployment rate declined to 9.5 percent, from 9.7 percent in May. But that was a largely illusory decline, as 652,000 Americans left the work force.
Over all, the nation lost 125,000 jobs in June, but those losses came as temporary federal Census workers headed for the exits.
With the economy slowing — housing sales plummeted, while earnings and hours worked ticked downward last month — the stakes grow larger, economically and politically. The next few monthly unemployment reports will unfold during the run-up to the midterm Congressional elections this fall. Incumbents feel particularly precarious, and major economic decisions about financial reform, unemployment benefits, and aid to states still sit on their desks.
via Recovery Slows With Weak Job Creation in June – NYTimes.com.
Think maybe now the Democrats will finally get it? Guess again. (h/t The Other McCain)
Quote:
“Now, let me say that unemployment insurance, we talk about it as a safety net and the rest — this is one of the biggest stimuluses [sic] to our economy. Economists will tell you, this money is spent quickly. It injects demand into the economy and it’s job-creating. It creates jobs faster than almost any other initiative you can name because, again, it is money that is needed for families to survive, and it is spent. So it has a double benefit — it helps those who have lost their jobs, but it also is a job-creator and so, uh, for that reason — for those two reasons at least — it should be passed, and I’m optimistic that it will.”
– Nancy Pelosi, July 1, 2010
Democrats, clueless as usual.
1.3 unemployed won’t get unemployment, Democrats grandstand the issue
I got four words for ’em — Cry Me a River:
WASHINGTON – More than 1.3 million laid-off workers won’t get their unemployment benefits reinstated before Congress goes on a weeklong break for Independence Day.
And hundreds of thousands more will lose their benefits in the coming weeks.
The House voted 270-153 Thursday to extend jobless benefits for people who have been laid off for long stretches, but the gesture was made futile by the Senate’s inability to pass the bill. For the third time in as many weeks, Republicans in the Senate successfully filibustered a similar measure Wednesday night before senators adjourned for vacation.
A little more than 1.3 million people have already lost benefits since the last extension ran out at the end of May, according to the Labor Department. By the end of the week, the number will jump to 1.7 million. By the end of July, it would top 3 million.
“It is hard to understand how anybody can come to this floor and say, for 1.7 million people and their families, this is not an emergency,” said Rep. Sander Levin, D-Mich., chairman of the House Ways and Means Committee. “There is no excuse for voting no.”
The bill would extend unemployment payments for up to a total of 99 weeks, for people whose state-paid benefits have run out. The benefits would be available through the end of November, at a cost of $33.9 billion. The money would have been borrowed, adding to the budget deficit.
via 1.3 million unemployed won’t get benefits restored – Yahoo! News.
Steve Gilbert over at Sweetness and Light points out:
This is political grandstanding of the worst kind. The Republicans have repeatedly said that they would extend unemployment benefits if the Democrats would strip out all the other things they have larded up the bill with. That is to say, the Republicans have said they would vote for a stand-alone unemployment extension.
But the Democrats refuse present such a bill because they think they can score political points by claiming that the GOP opposes extending benefits for those out of work.
As for me; I have no pity for those people who have been on the Government dole and are now losing the dole. Why? Because when I became unemployed back in 2005. I was not eligible for unemployment, at all. Why? Because I quit my job. The job was making me physically sick and I could not take it anymore and I quit. So, that automatically disqualifies me from getting any benefits. (Looking back on it, I MIGHT have been able to collect… But, at the time, I thought I had another job lined up. Needless to say, that never happened…)
So, since 2005; I have been having to basically live off my folks and making whatever little this blog brings in for cash. Which really is not much at all, when you get right down to it. But I do much enjoy writing about politics and the idiotic Democrats! 😉 You think the Government would push aside its rules and regulations for this white boy? Yeah Right! Now maybe if I was some sort of an oppressed minority or something. But, I am just another evil white man and the Government hasn’t established a fund for the evil poor white man yet.
You would think that the condition that the Country is in that the Democrats would just say, “Okay, Unemployment Benefits only.” But, no, they would rather grandstand an issue, all just to try secure votes come November. Which to be truly honest, is not going to guarantee the Democrats anything at all. Heck, if I were a Republican or a Democrat right now; I would be very worried, because there is a good deal of anti-incumbent sentiment in American right now.
This, in a long list of issues, is why I will never, ever vote Democratic Party again, ever.
Unemployment continues to go through the roof, Obama’s heads in the clouds
The pie in the sky from Bambi Teleprompter:
We had to take some tough steps to pull the country out of the freefall we faced when I took office. Back then, the economy was shrinking faster than it had in decades. Today, it’s growing again. Back then, we were losing an average of 750,000 jobs a month. Today, we’ve added private sector jobs for five months in a row.
So now the economy is headed in the right direction.
The Goodyear meets the asphalt reality of the situation on the ground:
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT
SEASONALLY ADJUSTED DATA
In the week ending June 26, the advance figure for seasonally adjusted initial claims was 472,000, an increase of 13,000 from the previous week’s revised figure of 459,000. The 4-week moving average was 466,500, an increase of 3,250 from the previous week’s revised average of 463,250.
The advance seasonally adjusted insured unemployment rate was 3.6 percent for the week ending June 19, unchanged from the prior week’s revised rate of 3.6 percent.
The advance number for seasonally adjusted insured unemployment during the week ending June 19 was 4,616,000, an increase of 43,000 from the preceding week’s revised level of 4,573,000. The 4-week moving average was 4,567,500, a decrease of 25,250 from the preceding week’s revised average of 4,592,750.
The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU trigger, was 5.077 million.
UNADJUSTED DATA
The advance number of actual initial claims under state programs, unadjusted, totaled 438,305 in the week ending June 26, an increase of 14,867 from the previous week. There were 559,857 initial claims in the comparable week in 2009.
The advance unadjusted insured unemployment rate was 3.4 percent during the week ending June 19, unchanged from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 4,311,264, an increase of 3,471 from the preceding week. A year earlier, the rate was 4.5 percent and the volume was 6,078,254.
Extended benefits were available in Alaska, Arizona, California, Connecticut, the District of Columbia, Georgia, Kansas, Maine, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oregon, Puerto Rico, Rhode Island, Vermont, Virginia, Washington, and Wisconsin during the week ending June 12.
Initial claims for UI benefits by former Federal civilian employees totaled 2,083 in the week ending June 19, a decrease of 64 from the prior week. There were 2,381 initial claims by newly discharged veterans, a decrease of 118 from the preceding week.
There were 18,082 former Federal civilian employees claiming UI benefits for the week ending June 12, an increase of 245 from the previous week. Newly discharged veterans claiming benefits totaled 34,334, a decrease of 2,589 from the prior week.
States reported 4,515,499 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending June 12, a decrease of 217,513 from the prior week. There were 2,503,379 claimants in the comparable week in 2009. EUC weekly claims include first, second, third, and fourth tier activity.
via ETA Press Release: Unemployment Insurance Weekly Claims Report.
Heckuva Job Berry!
This right here ought to be text book proof that you just do not spend your way out of a recession.
Others: Hot Air, protein wisdom
Ambrose Evans-Pritchard channels Ron Paul?
Now 20 years ago; this would have been considered crazy talk! Now, it’s main stream… Somewhere Ron Paul is smiling broadly.
Like a mad aunt, the Fed is slowly losing its marbles.
Kartik Athreya, senior economist for the Richmond Fed, has written a paper condemning economic bloggers as chronically stupid and a threat to public order.
Matters of economic policy should be reserved to a priesthood with the correct post-doctoral credentials, which would of course have excluded David Hume, Adam Smith, and arguably John Maynard Keynes (a mathematics graduate, with a tripos foray in moral sciences).
[…]
“Economics is hard. Really hard. You just won’t believe how vastly hugely mind-boggingly hard it is. I mean you may think doing the Sunday Times crossword is difficult, but that’s just peanuts to economics. And because it is so hard, people shouldn’t blithely go shooting their mouths off about it, and pretending like it’s so easy. In fact, we would all be better off if we just ignored these clowns.”
via Time to shut down the US Federal Reserve? – Telegraph Blogs.
I encourage you to go read the rest of this; because it is very, very interesting. I just cannot believe that talk of closing the fed is now mainstream! WOW!
Others: The Other McCain
Steve Wynn on the State of America
This comes from CNBC: (H/T to James Best on Facebook, who found it on InfoWars.com)
Normally, I would not even credit or link to anything on Infowars, because I happen to believe that Alex Jones is a rube. But, this was quite good and I think it warranted credit.
The Southern Avenger on American Empire and Israel
Note to all my readers: I am posting these videos here, because I happen to believe in a diversity of opinion and discussion. The opinions expressed in these video should NOT be considered an opinion of the owner of this blog. I simply believe that ALL VOICES, not just a collective few, should be heard in the continuing discussion that is post-Bush Conservative Politics.
—————
Quote of the Day
As several recent surveys make clear, concern about deficits and debt is rising sharply. An NBC/Wall Street Journal survey conducted in early May showed that the share of individuals rating “the deficit and government spending” as the top priority for the federal government to address has jumped since January from 13 to 20 percent—second only to job creation and economic growth. According to Gallup, “federal government debt” now ties with terrorism for the top spot in perceived threats to our future well-being. It is entirely possible that we are reaching an inflection point in public attitudes that will force the political system to change course.
[….]
In plain English: the higher spending and public debt go, the stronger the economic case for fiscal restraint. At some point, serious deficit reduction ceases to be a green eye-shade exercise and becomes essential for sustainable economic growth. But when? After summarizing the grim prognosis for U.S. deficits and debt during this decade and beyond, Auerbach and Gale formulate the choice as follows:
“[P]olicy makers will need to decide when to cut off stimulus and start imposing fiscal discipline. Cutting off stimulus too soon could plunge the economy into a new downturn, as happened to the United States in 1937 and Japan in 1997. Letting stimulus run for too long could ignite investors’ fears and create a ‘hard landing’ scenario.”
It is a good question
It is really…:
It is a darned good question.....
Thanks to an advertiser who wishes to remain anonymous, cars and trucks on Arizona Highway 260 in East Central Arizona are driving by a billboard advertisement that recently went up, bearing President Obama’s face on what appears to be a mock U.S. $100,000,000,000,000 (One-Hundred Trillion Dollar) bill.
The billboard’s caption: “But Who Will Pay the Piper?”
Chuck Perrine of Jones Outdoor advertising in Tucson, Ariz., confirmed to CNSNews.com that his company created the 10 ft- by-40 ft. billboard, which he said “went up within the last month.”
Perrine said the sign is located “near Linden (Ariz.),” but said that the advertiser is “not interested” in disclosing any further information about his identity–or his reason for purchasing the ad.
It is a very good question to ask and you want to know the answer? That would be us, the American Tax Payer, that is whom will pay the piper for many years to come. After all the stimulus that the Democrats rushed out the door? It failed. Don’t believe me? Here’s the video proof: (H/T HotAir)
Visit msnbc.com for breaking news, world news, and news about the economy
As all of us, who are right of Obama, said over and over and over; you cannot prime the pump of the economy — it is either there or it is not. Further more, the huge housing bubble burst and subsequent collapse of the stock market; which wiped out many people’s 401K’s, not just the rich — is living proof that you cannot socially engineer the economy. It works, but only for a season. Bubbles burst, and things come back to normal and people lose and sometimes lose big.
Hats off to the person who decided to put this up. Of course, in the lame stream media he will be denounced as some sort of evil racist or something….
Others: Another Black Conservative, Weasel Zippers and The Other McCain
Stupid: General Motors plays a shell game
Here’s one for the “Stuck on Stupid” file that seems to be getting bigger and bigger by the day.
AP Headline: Gas in the tank: GM repays $8.1B in gov’t loans
Quote:
WASHINGTON – Fallen giant General Motors Co. accelerated toward recovery Wednesday, announcing the repayment of $8.1 billion in U.S. and Canadian government loans five years ahead of schedule.
The Obama administration crowed about the “turnaround” at GM and fellow bailout recipient Chrysler LLC, saying the government’s unpopular rescue of Detroit’s automakers is paying off.
Much of the improvement comes from GM slashing its debt load and workforce as part of its bankruptcy reorganization last year. But the automaker is a long way from regaining its old blue-chip status: It remains more than 70 percent government-owned and is still losing money — $3.4 billion in last year’s fourth quarter alone. And while its car and truck sales are up so far this year, that’s primarily due to lower-profit sales to car rental companies and other fleet buyers.
Chrysler, now run by Italy’s Fiat Group SpA, said Wednesday it lost almost $200 million in the first quarter. But it said it boosted its cash reserves by $1.5 billion, reducing the likelihood that it will need more government aid.
“This turnaround wasn’t an accident of history,” said White House economic adviser Larry Summers. “It was the result of considered and politically difficult decisions made by President Obama to provide GM and Chrysler — and indeed the auto industry — a lifeline, if they could demonstrate the will to reshape their businesses.”
Vice President Joe Biden said President Barack Obama “took a lot of heat” to keep GM alive. “And this has even exceeded our expectations.”
Everything is happy yappy and yippie skippy right?
Wrong.
Jamie Dupree dishes the straight dope on this little shell game: (H/T Q & O)
General Motors will make a big splash in the news today by announcing that the automaker will repay several billion dollars loans from the federal government earlier than expected. But it’s not really coming out of the GM wallet.
The issue came up yesterday at a hearing with the special watchdog on the Wall Street Bailout, Neil Barofsky, who was asked several times about the GM repayment by Sen. Tom Carper (D-DE), who was looking for answers on how much money the feds might make from the controversial Wall Street Bailout.
“It’s good news in that they’re reducing their debt,” Barofsky said of the accelerated GM payments, “but they’re doing it by taking other available TARP money.”In other words, GM is taking money from the Wall Street Bailout – the TARP money – and using that to pay off their loans ahead of schedule.
“It sounds like it’s kind of like taking money out of one pocket and putting in the other,” said Carper, who got a nod of agreement from Barofsky.
[….]
Most of Uncle Sam’s bailout money that was given to GM has now been turned into stock in the U.S. automaker.“The assumption is that, over time, hopefully the value of the stock will appreciate,” said Carper.
Long term that could prove to be a money-making investment for the feds – or if things go the wrong way for General Motors – a big, fat loss for Uncle Sam.
As most of you know, my Father is a 31 year veteran of the General Motors company. I find this little idiotic shell game right here to be just plain immoral. I mean, how in the hell are you going to use money from the Government to pay off the Government? That is basically taking money out of one pocket and putting into another. That is not paying off your debt; that is nothing more than a shell game. The reason why this is so upsetting to me is; that it is just going to hurt my Father. Because sooner or later, this company is not going to be able to pay my Dad’s pension.
As the son of a General Motors worker, I want to see G.M. succeed; but I want to see them succeed the right way and honestly. Not by playing a dirty, underhanded shell game, and that my friends is what this is, a dirty shell game to fool the American people and the workers at G.M. into believing that they are on to the road to recovery, when in all honesty, they are not.
The American Taxpayers, The workers and retirees for General Motors; deserve better than this.
Shame on General Motors for their deceptive tactics and shame on the White House and Yes, the President for aiding and abetting in this little scam.
The real cute part is that not a word of this, has been said in the media, as to just HOW this loans are being paid back. That my friends is a damned human tragedy.
Others: Questions and Observations, Mish’s Global Economic …, TigerHawk, Sweetness & Light, JammieWearingFool and The TrogloPundit
Update: Not surprisingly, Ed Morrissey Agrees with me.
Justice: Goldman Sachs sued by the SEC for the Meltdown of 2008
Finally, some justice to these bastards:
Via the NYT:
Goldman Sachs, which emerged relatively unscathed from the financial crisis, was accused of securities fraud in a civil suit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly devised to fail.
The move marks the first time that regulators have taken action against a Wall Street deal that helped investors capitalize on the collapse of the housing market. Goldman itself profited by betting against the very mortgage investments that it sold to its customers.
The suit also named Fabrice Tourre, a vice president at Goldman who helped create and sell the investment.
In a statement, Goldman called the S.E.C. accusations “completely unfounded in law and fact” and said the firm would “vigorously contest them and defend the firm and its reputation.”
The instrument in the S.E.C. case, called Abacus 2007-AC1, was one of 25 deals that Goldman created so the bank and select clients could bet against the housing market. Those deals, which were the subject of an article in The New York Times in December, initially protected Goldman from losses when the mortgage market disintegrated and later yielded profits for the bank.
As the Abacus deal plunged in value, Goldman and a prominent hedge fund made money on their negative bets, while European investors like IKB and ABN Amro lost more than $1 billion, the S.E.C. said.
According to the complaint, Goldman created Abacus 2007-AC1 in February 2007, at the request of John A. Paulson, a prominent hedge fund manager who earned an estimated $3.7 billion in 2007 by correctly wagering that the housing bubble would burst.
Goldman let Mr. Paulson select mortgage bonds that he wanted to bet against — the ones he believed were most likely to lose value — and packaged those bonds into Abacus 2007-AC1, according to the S.E.C. complaint. Goldman then sold the Abacus deal to investors like foreign banks, pension funds, insurance companies and other hedge funds.
But the deck was stacked against the Abacus investors, the complaint contends, because the investment was filled with bonds chosen by Mr. Paulson, who is not named in the suit, as likely to default. Goldman told investors in Abacus marketing materials reviewed by The Times that the bonds would be chosen by an independent manager.
“The product was new and complex, but the deception and conflicts are old and simple,” Robert Khuzami, the director of the S.E.C.’s division of enforcement, said in a statement. “Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party.”
In response Goldman Sachs says:
The SEC’s charges are completely unfounded in law and fact and we will vigorously contest them and defend the firm and its reputation.
Yeah, sure the accusations are unfounded. If I were a Goldman employee; I would be looking for a new job pronto.
From the SEC Press Release:
The SEC’s complaint alleges that after participating in the portfolio selection, Paulson & Co. effectively shorted the RMBS portfolio it helped select by entering into credit default swaps (CDS) with Goldman Sachs to buy protection on specific layers of the ABACUS capital structure. Given that financial short interest, Paulson & Co. had an economic incentive to select RMBS that it expected to experience credit events in the near future. Goldman Sachs did not disclose Paulson & Co.’s short position or its role in the collateral selection process in the term sheet, flip book, offering memorandum, or other marketing materials provided to investors.
The SEC alleges that Goldman Sachs Vice President Fabrice Tourre was principally responsible for ABACUS 2007-AC1. Tourre structured the transaction, prepared the marketing materials, and communicated directly with investors. Tourre allegedly knew of Paulson & Co.’s undisclosed short interest and role in the collateral selection process. In addition, he misled ACA into believing that Paulson & Co. invested approximately $200 million in the equity of ABACUS, indicating that Paulson & Co.’s interests in the collateral selection process were closely aligned with ACA’s interests. In reality, however, their interests were sharply conflicting.
According to the SEC’s complaint, the deal closed on April 26, 2007, and Paulson & Co. paid Goldman Sachs approximately $15 million for structuring and marketing ABACUS. By Oct. 24, 2007, 83 percent of the RMBS in the ABACUS portfolio had been downgraded and 17 percent were on negative watch. By Jan. 29, 2008, 99 percent of the portfolio had been downgraded.
Investors in the liabilities of ABACUS are alleged to have lost more than $1 billion.
The SEC’s complaint charges Goldman Sachs and Tourre with violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Exchange Act Rule 10b-5. The Commission seeks injunctive relief, disgorgement of profits, prejudgment interest, and financial penalties.
Allow me to humbly submit that I hope that these bastards get exactly what is coming to them. I mean, these guy literally gambled as the stock market and by proxy; our economy went straight into the toilet. Many people that I know; like my parents, lost a good deal of money on this stuff. Not only that, after the credit crises hit; G.M. ended up having to shed a bunch of expenses; and as a result, my parents lost their optical and dental insurance. That came as a indirect result of this Wall Street mess. So, as far as I am concerned; throw the book at these bastards.
Capitalism is one thing, heartless greed is another; and these bastards crossed that line, big time. 😡
Ohio News: Judge tells the people of Ashtabula County, Ohio to “Arm Themselves”
The Video: (H/T to reader Dan)
The Story Via WYKC-TV in Cleveland, Ohio:
JEFFERSON — In the ongoing financial crisis in Ashtabula County, the Sheriff’s Department has been cut from 112 to 49 deputies. With deputies assigned to transport prisoners, serve warrants and other duties, only one patrol car is assigned to patrol the entire county of 720 square miles.
“I did the best with what they (the county commissioners) gave me. If it wasn’t enough, don’t blame me, don’t blame this department,” said Sheriff Billy Johnson.
Johnson said he is suing the commissioners to get a determination of whether he should use his limited budget to carry out obligations defined by law or put more patrol cars on the streets.
“I just can’t do it anymore,” he said. “I have to have the court explain to the commissioners and to me what my statutory duties are.”
The Ashtabula County Jail has confined as many as 140 prisoners. It now houses only 30 because of reductions in the staff of corrections officers.
Signs of the times indeed. I believe this recession and economic downturn are going force people to fend for themselves and no rely on the Government. Best way to do that, is to own a gun.
I just wonder, is this a sign of things to come in America? It is to wonder.