Category: Wall Street

This is one of those times, when you could not pay me to work in the White House

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That’s right folks, the President and his Administration are in one hell of a huge bind. If they do not do something fast; they are going to be sunk come the midterms and possibly come 2012.

Here’s your video:

Visit msnbc.com for breaking news, world news, and news about the economy

Now, for the Stories….

Via the New York Times:

American businesses added more jobs in the last three months than originally estimated, but the wheels of the economic recovery are still spinning in place.

The private sector added 67,000 jobs in August, according to the Department of Labor, higher than consensus forecasts, and the government upwardly revised its numbers for June and July, suggesting that job creation was slightly stronger over the summer than originally reported.

But the continuing wind-down of the 2010 Census, as well as state and local government layoffs, led to an overall loss of 54,000 jobs in August.

With businesses adding about half the number of positions needed simply to accommodate population growth — much less dent the ranks of the jobless — the unemployment rate ticked up to 9.6 percent, from 9.5 percent.

“The overall picture is one where the labor market is still kind of treading water,” said Joshua Shapiro, chief United States economist at MFR Inc. “It’s better than sinking, but it’s certainly not surging ahead.”

Given the continuing addition of private jobs — albeit at a tepid pace — Friday’s monthly snapshot of the labor market seemed to calm fears of a double-dip recession. But the numbers are likely to do little to assuage political pressure on the Obama administration in the run-up to the midterm elections.

Speaking from the White House Rose Garden on Friday morning, Mr. Obama called the latest job report “positive news,” but said he would be unveiling “a broader package of ideas next week,” to shore up the flagging economy, although he declined to give specifics. The president once again urged Congress to pass a stalled bill that would offer tax breaks to small businesses and create a $30 billion program to encourage community banks to lend.

“There’s no quick fix for this recession,” he said. “The hard truth is that it took years to create our current economic problems, and it will take more time than any of us would like to repair the damage.”

Responding to the higher-than-expected private sector numbers and revisions, investors pushed up the major stock gauges. By early afternoon, the Standard & Poor’s 500-stock index was up 1 percent. Market reaction to the jobs data was tempered somewhat by a report that said growth in the services sector had slowed in August.

The Labor Department revised its private sector number for July, raising the number of jobs added to 107,000 from the 71,000 originally reported. And private sector hiring in June, originally reported at 83,000 and lowered to 31,000, was raised again to 61,000.

This is not making Democrats happy at all… Jack Tapper Reports:

Flanked by members of his economic team – including outgoing Council of Economic Advisers Dr. Christina Romer, whose replacement has yet to be named – President Obama chose to look at the silver lining in the economic clouds of today’s jobs report – not even mentioning that August saw a net job loss of 54,000 jobs.

“In the month I took office, we were losing 750,000 jobs a month,” the president said. “This morning, new figures show the economy produced 67,000 private sector jobs in August, the eighth consecutive month of private job growth. Additionally, the numbers for July were revised upward to 107,000. Now that’s positive news, and it reflects the steps we’ve already taken to break the back of this recession.”

The net job loss for August is largely because of the layoffs of 114,000 Census temporary workers.

….and from David Corn:

Democrats are spooked by recent polls and predictions indicating the GOP may slam the Dems so badly that the D’s lose the House and possibly the Senate. The Republicans need to gain 39 seats to seize the House, and it’s not difficult these days to find nonpartisan handicappers who predict the R’s could gain 40 to 50 seats. The conventional wisdom in D.C.: A tsunami is heading toward the Democrats. A Democratic strategist toiling on the party’s House efforts refers to working on the “Titanic” (though he claims there may be some hidden life rafts). “The president keeps saying it’s a tough environment,” says a Democratic House staffer. “We know that. We want to know what he’s going to do about it.”…

“He still wants to be seen as post-partisan and bipartisan,” says a House Democratic leadership aide. “But we’re in a fight here.” Democrats expect Obama to come out swinging nonstop — bashing the R’s repeatedly and proposing economic initiatives that actually register with voters. At the same time, members of the House Democratic leadership are worried that Obama will cave and yield to GOP demands that George W. Bush’s expiring tax cuts for the wealthy be extended. “If he doesn’t do something immediately, our members will be livid,” says a House Democratic aide. “And when there’s fear of a bloodbath, it’s never too early to start the blame game.”

I just blogged about how the Democrats can fix this mess. However, knowing them like they do; they would rather let the Nation suffer and blame the Republicans for the entire mess, while living large on the taxpayers dime —- than to actually do something to fix the problem. FDR did this, to a certain extent as have many other Democrat Party Presidents; I mean, it is not like Obama is going to be affected by any of this economic downturn.

One there is very certain, the tide is turning, Democrats had the chance to actually fix things and they have failed at it miserably. The Tea Party has now crystallized into a political force to be reckoned with — even among Republicans. RINO’s are being flushed out and true-blue Conservatives are being brought to the battle. It is so bad that the liberal media is gone to terrible spinning facts, an example:

It is possible that coming at the end of the summer an uptick in people looking for work is not as positive as it appears. This is the time of year, after two hot months, when recent graduates start to actually think about their future and send out resumes. And you can image many other out of work people deciding to take off looking for a job in the summer. In August, with the summer ending, some of those people started looking again in earnest. But you would expect the big uptick in post-summer people searching for work to come in September. So the fact that it is coming early is a good sign.

Oh Yes, it is that bad on that that side of the political aisle. When you start reading that sort of idiotic spin in a liberal publication, you know that things are horrifically bad right now for the Democrats. This midterm election and possibly in the general election; will most likely go down as the worst ever failure of the Democrat Party ever. The Democratic Party roared into power in 2006 to take the keys away from the Bush Administration, then they won the General election in 2008. They then got the entire key chain of the Country —- and proceeded to drive the Country as a whole over a cliff!  Because of that and because of this economic that we are in, which was, in fact, created by the Carter and Clinton Administrations; whom were, Democratic Party Administrations — we are about to see a major collapse of a party’s authority in the political realm. I have written here, time and time again; that the Democratic Party has horribly overreached…..again. This happens just about every time the Democrats get into power. To be fair and as non-partisan as I can be; Republicans have done it too — Nixon did it, Bush did it and some others. However, this administration took it to another more frightening level.  Because of this; they are about to do what many call, “Paying the Piper.”

The ship is sinking and the rats are jumping. It should be very interesting to watch. 2010 looms and they have no answers.

Welcome to the meltdown. Get popcorn. Hold on tight and enjoy the show.

(H/T to HotAir on the story leads for this posting. Good show AP! 😀 )

End Freddie Mack and Fannie Mae says Barney Frank?!?!?

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Okay, first Mosque supporters are crying for George W. Bush and now this. Okay, has someone been dorkin’ around with the Space Continuum Thingamabob again? I mean, really.

The very, um, Ironic Video:

Okay, did anyone else’s Irony meter just go off of the scale? Mine did. Pegged to the corner… WOW! 😯

I will say, in Barney’s defense, and yes, I am defending the idiot, if you can believe that; fair point about if you remove either of these, what do you put in their place? That is a fair point. But I have a novel idea — How about putting NOTHING in their place?!?!?

Ed Morrissey as always, has the wisdom of the day:

That’s certainly the lesson from the collapse of the housing bubble and the secondary derivative markets. It’s also a sea change for Frank. While he nearly dislocates his shoulder attempting to pat his own back by claiming that he has said this all along, it’s simply not true. Frank, in his role on the House Financial Services Committee, played a huge part in creating and maintaining the government intervention that severely distorted the lending markets. Whether or not he ever uttered a comment along the way about overdoing home ownership, Frank’s actions helped to create and maintain those policies, and he defended them repeatedly over the last twelve years.

However, the New Modesty isn’t a reference to Frank’s self-promotion, but the way that the adherence to the free market seems to have gained traction over the last few months. Just last year, Frank and his allies were busily claiming that the free market caused the collapse, and that only government intervention could restore American prosperity. Eighteen months into the Obama administration, Frank now wants to sound like a born-again acolyte of Adam Smith, or at least as close as Frank can approximate such a pose. Modesty in government is suddenly hot, even among Massachusetts liberals.

Amen. May we all learn our lessons from this craziness of the last few years.

Market and Gold Advice: Updated Forecasts for Gold and SP 500

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Please note: This is a sponsored posting, to promote a website and it’s offerings. If you click and sign up, I get paid.

The article which is found over at The Market Trend Forecast.com:

In my last article a few weeks ago for Kitco.com, I was concerned that the market could have a hangover after the recent rally.  Apparently, my concern was not un-founded as we dropped from a rising bearish wedge near 1130, to the 1070 Fibonacci pivot earlier this week.  Although my subscribers were prepared for this drop by shorting the SP 500 in advance of that move, we covered our short near 1070 on the SP this week.

Bringing things up to speed, the market rallied up from July 1st to near 1130, which was a maximum target I mentioned in my last article.  This completed a 3-3-5 elliott wave pattern that I identified, and broke the rising wedge on cue.  At 1130, the SP 500 had re-traced a Fibonacci 61% of the April highs to Jul 1st lows, and had completed that re-tracement over a Fibonacci 5 week window. At TMTF, we believe that markets move in extremely reliable patterns and are not at all random.  At the 1221 SP 500 top in April, it landed exactly at a 61% Fibonacci upward re-tracement of the 2007 highs and the 2009 lows.  At the 2009 lows, the SP 500 had corrected 61% of the 1974 lows to 2000 highs right on the nose at 666!

Check out the rest of that and also head on over to Trend Market Forecasts Dot com for the latest in Stocks, Gold, Futures and other stock related advice.

Video: “Those voices don’t speak for us”

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One word…. Awesome. 😀 (H/T HotAir)

Stock Trading Secrets

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Please note: this is a Sponsored Posting…

Some great trading advice from The Technical Traders:

At Active Trading Partners, we take a different approach to trading than most online services in terms of advising our subscribers.   Our methodology revolves around behavioral characteristics of the crowd, and taking advantage of the extremes in sentiment, whether bullish or bearish.

In the case of ETF trading, we often work with 3x Bull or Bear ETF’s like BGZ, ERY, ERX, TZA, TNA and so forth.  Using a combination of Fibonacci re-tracements and Elliott Wave theory, we look for high probability set-ups and extreme overbought or oversold situations to trigger a trade recommendation.  A most recent example with ETF’s was a short position we took against the rising energy stock index, the XLE.  This index had become incredibly overbought in just a few weeks, and looking at prior topping indicators and fibonacci trading day cycles, we felt it was a “Low Risk” bet to short the rally.  We recommended ERY at $45.40 as the XLE headed over $56 and was becoming overbought.  Within 7 days we had a 15% plus gain by going against the crowd.  I saw a 13 fibonacci day trading rally at extremes, so we used the XLE chart below, to identify the timing to enter into ERY.

Read the rest at Active Trading Partners.

Believe it when I see it: Obama to Target CRA

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WaPo Reports:

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.

Ambrose Evans-Pritchard channels Ron Paul?

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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

Rick Santelli goes off again: Stop Spending!

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This comes via the AmSpec Blog: (HotAir.com)

Steve Wynn on the State of America

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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.

It is a good question

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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.

via CNSNews.com – Mysterious Billboard Puts Obama’s Face on $100,000,000,000,000 Bill, Asks: ‘But Who Will Pay the Piper?’.

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

Obama Says: “I do think at a certain point you’ve made enough money”

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This is unbelievable.  (H/T HotAir)

Video:

Partial Transcript:

We’re not, we’re not trying to push financial reform because we begrudge success that’s fairly earned. I mean, I do think at a certain point you’ve made enough money. But, you know, part of the American way is, you know, you can just keep on making it if you’re providing a good product or providing good service. We don’t want people to stop, ah, fulfilling the core responsibilities of the financial system to help grow our economy.

The problem is; that was not a part of his prepared remarks, here is what he was supposed to say:

Now, we’re not doing this to punish these firms or begrudge success that’s fairly earned. We don’t want to stop them from fulfilling their responsibility to help grow our economy.

By the way, the radio host is Mark Levin, whom I normally find to be highly annoying; mainly because his voice sounds like the equivalent of dragging a cat backwards through a fan. But, I have to say, that I agree with everything that is said here.

Ed Morrissey, whom I have much respect for, points out the glaringly obvious here:

He should have stuck with the TelePrompter. The President doesn’t get to decide when people have “made enough money.” In fact, as the radio host notes, that’s a statist point of view. Furthermore, the responsibility of an entrepreneur isn’t to “grow our economy,” core or otherwise. It’s to grow his own economy. In a properly regulated capitalist system, the natural tension of self-interests create economic growth through innovation and efficient use of capital and resources.

Put simply, a free people work for themselves, not for the government. Barack Obama seems to have a problem understanding that.

But then again; Marxists usually do. Yesterday, I posted a video by Chris Matthews over at MSNBC basically saying that we should cool it with the Nazi references, when it comes to politics and the Right…and Left. The reason why I say that I agreed with that; is because comparing this President to Adolf Hitler is giving Hitler and this President way too much credit.  Nazism was started because Hitler saw the failures of socialism and sought to improve upon it; a plan the ultimately failed thankfully. This President is just a flat out socialist; he is highly against any sort of unfettered Capitalism at all. I mean, do not misunderstand me here; I am all for seeing the people that capitalized on our economy going down the toilet, having to pay the piper.  But to get in front of people and make a statement like this, is just inexcusable. This might come as a shock to those on the left; I am for Capitalism, but I am not for the reckless greed, that leads to destruction. There is a big difference.

The Bottom Line: The President needs to stick to the teleprompter. Because every time that he goes off of that teleprompter, he exposes himself and that exposure is starting to look very, very ugly.

Update: Others: RedState, Left Coast Rebel, Whiskey Fire, The TrogloPundit, Beltway Confidential, Cassy Fiano, ProfessorBainbridge.com, Neptunus Lex, Confederate Yankee, YID With LID, Animal Farm, Villainous Company, protein wisdom and Pajamas Media

Video: We Will Remember

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(H/T HotAir)

Sign the Pledge at We Will Remember.

Justice: Goldman Sachs sued by the SEC for the Meltdown of 2008

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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. 😡


Not everyone is sold on the iPad

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Irk! Now this is not a good thing to read:

Gadgets come and gadgets go. The iPad you buy today will be e-waste in a year or two (less, if you decide not to pay to have the battery changed for you). The real issue isn’t the capabilities of the piece of plastic you unwrap today, but the technical and social infrastructure that accompanies it.

If you want to live in the creative universe where anyone with a cool idea can make it and give it to you to run on your hardware, the iPad isn’t for you.

If you want to live in the fair world where you get to keep (or give away) the stuff you buy, the iPad isn’t for you.

If you want to write code for a platform where the only thing that determines whether you’re going to succeed with it is whether your audience loves it, the iPad isn’t for you.

via Why I won’t buy an iPad (and think you shouldn’t, either) – Boing Boing.

I have to give props to Mr. Cory Doctorow for his brutal honesty. The article is quite the good read; from a standpoint of someone, who does not even own a iPod, much less an iPhone! 😀 I mean, I am just not big into, what I like to call, useless gadgets. To me, a phone is for making phone calls. Not for sitting there and playing games and all the crap you can do on them today. I mean, there is a thing called “Sexting” which is transmitting rather nasty pictures of one’s self over the internet. We never had to contend with stuff like that when I was a kid. (I am 37, by the way…) Besides that, you would not want to be transmitting naked pictures of my body anyhow; as I am almost sure it would cause someone great problems of the psychological sort to see me naked.

Now, from a greedy capitalist’s stand point; if I had a bunch of shares with Apple right about now and I saw this article. I would be asking for this guys head on a platter. I mean, just who the hell does this grumpy old jackass think he is? I am sure that Steve Jobs is not too happy about someone dissing his product, that he’s worked his rear end off to produce. On the other hand, this is just one man’s opinion of this product and I am sure that there are many others who have written that this is an exciting product to try.

The bottom line is this; we live in a free market, capitalistic society, and that free market will decide if this product is a smashing success or if it will be a flop. That is because that Free Market allows the PEOPLE, not the Government, to choose whether a product will be sold or even successful or not. Granted, it will take effort to make this happen; promotion by the company, the sales people and even the customer to buy the product. However the point is….. the freedom of choice is there. You can choose which product you wish to own by apple, all of them or none of them at all. That is the beauty of America. The only thing stopping you is your financial situation and also possibly your personal desire to own such product. Personally, even if I did have the money to own one of these iPads, I most likely would not own one. Because I personally do not see the point in owning such a thing. I have a very nice laptop, which suits my needs perfectly. I also do not see the point in owning something like this, and then having to own a iPhone or something similar, why not just put a camera and the ability to make phone calls in it as well? Again that is wonderful power of personal freedom and choice.

Now I could yammer on here about how the some of the Democrats and the socialists want to do away with all this freedom and change the system we have here in America. But I think everyone that reads this knows my position on those subjects. It also is not lost on me, where this thing is produced and the political positions of some of the people that will own one of these things.  However, I will not bring that into this discussion here, as I am blogging about an iPad. 😉 😀 😛

Update: Others Talking about the iPad: Pajamas Media, The Confluence, Althouse, Vanity Fair, Bits, Scripting News, VentureBeat and Gawker

Update #2: Message to AllahPundit: Do you really want to be known as the dude who owns a electronic gadget, who’s name basically invokes thoughts of a Electronic Maxi-Pad or Internet Maxi-Pad? Not if you are Beta-Male. I mean, you are already being called a candy-ass Rhino as it is; you do not need anymore help. I’m just sayin’ 😛

Video: Is the Stimulus Working?

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This comes via R.S. McCain:

Obama announces spending freeze, Liberals heads explode

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I am sure that you have already heard about President Obama’s proposed spending freeze.  I’m sure you also have read the reaction of the Blogosphere as well. To be blunt, the left is not happy at all. To see a representation of this, check out this video of Rachel Maddow going toe to toe with Biden’s economic guy.

Visit msnbc.com for breaking news, world news, and news about the economy

I have to give Rachel Maddow credit; She might be as left wing-dingy as a I am a right wing-dingy — But she sure as hell can make the Obama Administration explain themselves and defend their policies very well. So, I give her credit for that, she handled herself very well and did not give this guy a pass or go light on him. Color me quite impressed. Now, as for her politics, I disagree with it. Further more, the spending thing is nothing more than good political theater. See Rachel Maddow maintains that Obama would be pulling a Hover, sorry, that is just wrong. There are many things that have changed in way Wall Street and further more, the United States handles its affairs, since the big wall street crash of 1939 and the subsequent depression. Further more, it would help stop this out of control deficit that we have on our hands. Now, I will give her credit, she does rightly (Um, sorry, just a figure of speech) observe that this politically for the Obama Administration is a political blunder; because basically, Obama is doing what John McCain ran on in the 2008 election and lost. However, Obama’s guy explained that the cuts are not across the board. Hence my idea that it is nothing more than political slight of hand.

Further more, as much as I know this is going to make me sound like Pat Buchanan; (NTTAWT!) we need to repeal NAFTA and TAFTA and the rest of those Free Trade agreements with all these Countries. We need to go back to imposing tariffs on ALL imports from around the world. That would raise capital that our Nation so desperately needs. Now politically, that could cause us problems; but it would put a huge dent in our Nation’s debt to China. It would also encourage manufactures to build their products here in America, instead of overseas — and as an “America First” type of Conservative, that would make me extremely happy.  😀

Bottom Line: While Rachel might be good at interrogation, her hypothesis is just flat out wrong or at the least, overstated.

Are the Democrats jumping from the ship?

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It is a plausible question, and an interesting one at that.  Are the Democrats now jumping from the bloated ship of socialist waste ever known to humankind?  Are Democrats preparing themselves for the “Nuclear Option” on healthcare?  The questions abound, the speculation is running rampant, and internet meme’s are burning up the bandwidth.  I, on the other hand, will tell you what I do know.

First off, let us start with the local story; Michigan Lt Governor John Cherry was expected to be the person to succeed Michigan Governor Jennifer Granholm at the helm of Michigan Governorship.  However, Democrat Governor Jennifer Granholm’s performance as Governor of this state has been less than stellar.  I ought to know this, I have lived here all of my life.  Double-digit unemployment, a one state recession that towered over the national recession for many years now; put quite bluntly, there are no jobs here in Michigan. Sure, there are jobs, if you want to work in a fast food joint, making minimum wage.  However, if you happen to be a 37-year-old man, looking for a decent paying, full time job, with health insurance — you are frankly out of luck.

However, to be fair, some of Michigan’s woes cannot be laid at the feet of the Democratic leadership.  GM’s credit crisis cannot be blamed entirely on the Democrats, at least not the current ones in office here in Michigan.  GM and Chrysler’s troubles are a direct result of the mortgage crisis, which was caused by President Jimmy Carter and President Bill Clinton and that idiotic piece of legislation that opened up the mortgage market to high-risk individuals.  When the credit markets froze up, due to the stock market crash and subsequent credit freeze, the big three found themselves in the middle of it.  This is my biggest issue that I have with the “Republicans” or those within the Conservative movement.  They always, without fail, blame the unions for the troubles of the big three; when in all honesty, unions had zero to do with the meltdown or its effect on the automakers.  The entire mess was, in fact, lack of proper regulation in the mortgage industry and the stock market in regards to credit swaps that caused this whole mess in the first place.  Sorry to my fellow Conservatives, but I am just not buying that talking point.

However, it would be fair to mention that the unions did play a role in the financial woes of the big three, as did the big three’s failure to listen to the automotive experts, who saw what Japan was doing in the 1970’s and their arrogant attitudes.  The big three could have saved themselves much heartache, by building smarter, higher quality vehicles.  However, by the time the big three got around to embracing the ISO standards, it was too little, too late.  As for the talking point of Union workers making too much money, I find it amazing how many Conservatives have axe to grind with those who simply want to make a decent working wage.  Most of the people that make these idiotic claims are those who are making more than two hundred and fifty thousand a year and have no financial worries at all; but they want to rip away the comfortable living of others.  Do you see now why I have not voted “Republican” yet?

Another point that I feel that is important to make, is the fact that the big three are just designing some of the most god-awful looking car nowadays.  Heck, even the trucks are now getting just plain butt-ugly.  Does it make any damned sense to build cars for every day Americans that look like they taken from the pages of a twenty fifth century comic book?  Whatever happened to graceful, classic designs from the 1950’s, 1960’s and 1970’s?  Those were real cars back then, now all the big three can produce is glorified garbage — and do not even get me started on the idea of an electric car, now that is a idea that is going to go right straight were the Chevy EV1 went, right straight into the scrap heap.

Now back on the subject of politics, it seems that Chris Dodd, going to retire.  Getting sweetheart deals on a house mortgage can do that to a fellow, especially when people in your district are losing their houses left and right.  I also notice that Bryon Dorgan is also retiring; he supported Obama’s healthcare plan, which made him damaged goods.  I also notice that Colorado Governor Bill Ritter is withdrawing from that race — corruption will do that to a fellow.

Now what is my personal take on these retirements and how it affects the 2010 elections?  My take is this; I believe that there are going to be some very big upsets come election time.  Now, I do not necessarily see a Republican wave or anything like that.  However, I do see a drastic change in Washington D.C.  I do also see a “defanging” of the socialist monster that exists on Capitol Hill right now.  As for the Governor’s race here in Michigan, I believe that the Republicans can win Michigan, but they are going to have to work to earn the trust of the American people.  It would take some very hard work and some massive breaking of some very established political rules to do it.  However it can be done.  The people of Michigan want real answers, real results, not political grandstanding, and platitudes.

It is going to be a very interesting 2010.  I look forward to writing about it and giving you my take.

Quote of the Day

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Barack Obama ran for president as a man of the people, standing up to Wall Street as the global economy melted down in that fateful fall of 2008. He pushed a tax plan to soak the rich, ripped NAFTA for hurting the middle class and tore into John McCain for supporting a bankruptcy bill that sided with wealthy bankers “at the expense of hardworking Americans.” Obama may not have run to the left of Samuel Gompers or Cesar Chavez, but it's not like you saw him on the campaign trail flanked by bankers from Citigroup and Goldman Sachs. What inspired supporters who pushed him to his historic win was the sense that a genuine outsider was finally breaking into an exclusive club, that walls were being torn down, that things were, for lack of a better or more specific term, changing.

Then he got elected.

Hey America, Welcome to my World!

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Just wanted to be nice about it.

Welcome to my World!

Via The Old Grey Lady:

The United States economy shed 190,000 jobs in October, and the unemployment rate reached a 26-year high of 10.2 percent, up from 9.8 percent in September, the Department of Labor said Friday in its monthly economic appraisal.

While the pace of job losses has slowed significantly since the peak of the recession last winter, the unemployment rate, which measures the number of people actively seeking work, continues to climb, and economists do not foresee relief until well into next year.

“There’s no doubt that the slashing and burning of jobs has abated quite a lot,” said Allen L. Sinai, the founder of Decision Economics, a research firm. “The economy is recovering, but it is a very soft recovery.”

The biggest losses came in the construction, manufacturing and retailing sectors. Health care companies added 29,000 jobs to their payrolls, and the number of temporary workers increased by 34,000 — a significant gain that could indicate employers are beginning to expand their businesses again.

The Labor Department also revised September’s losses to 219,000 from 263,000.

Dean Baker, a director for the Center for Economic and Policy Research, said he did not expect declining unemployment rates until next spring. “We may be looking at very high levels,” Mr. Baker said, “barring a policy response, for several years into the future.”

Um, Why should there be any policy response? I believe that we are already tapping our resources to the limit now.

On Thursday, in anticipation of the unemployment report, Congress overwhelmingly voted to extend benefits for jobless workers for up to 20 weeks. That will soothe the short-term financial pain of many families, but demands for a new wave of government relief may intensify if companies continue to cut back.

Yes, let’s encourage people NOT to look for a job and continue to spend ourselves into a hole; by being a nanny state.

So far, the federal stimulus package has injected billions into local economies, giving states money, for instance, to finance construction projects or retain teachers. The housing and auto sectors have been propped up with government credits meant to encourage spending. But weak consumer demand and hefty labor costs are still forcing many employers to cut positions and reduce hours to survive.

So much for Hope and change!

The article goes on trying to defend President Obama, which is so typical for the New York Times, but it is quite obvious, this President has failed on all fronts, the stimulus, the bailouts —- everything. He is, in fact, a black Jimmy Carter.

Ed Morrissey says:

This is now Obama’s economy.  He owns the double-digit unemployment level, having bought it with the $787 billion stimulus plan that he promised would keep unemployment no higher than 8%.

I agree with that. Obama simply continued the bailouts that President Bush started, which was a huge mistake.

The AP Reports:

But the loss of jobs last month exceeded economists’ estimates. It’s the 22nd straight month the U.S. economy has shed jobs, the longest on records dating back 70 years.

Counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.

Now, if I were a partisan Blogger, I would simply sit here and blame Obama for it all. However, I am a bit more smarter than this. This all goes to Carter and then to Clinton. This video from the Wayne County Republicans will explain:

These unemployment numbers are just a ripple effect of all of this. Bush had a hand in it, as well as Obama. This is what happens when you elect faux Conservatives as Republicans and it is what happens when you elect Socialists.


Ron Paul on the Fed

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(H/T to the Daily Paul)

Okay, I will be the first to admit it; I do NOT agree with Ron Paul on Foreign Policy.

But he sure makes a hell of a great deal of sense; when it comes to economic policy.

Here he is on Bloomberg TV:

While I personally believe some of his followers are a bit goofy. The man himself, is another story.

…and let me give this fair warning. First idiot that comes in here and leaves a stupid comment about me being a damn Neo-Conservative will get sent to the damn twit filter so fast, it will make your head swim. 😡

White House asks New York Governor Paterson to drop out of election race

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There has been quite a bit of discussion about this story in the Blogosphere already. Most of it has focused on the way that the White House handled the situation; which I will admit was less than professional. But the thing that I want to focus on, is why this is even happening.

First off, let us look at the New York Times Story:

Gov. David A. Paterson defiantly vowed to run for election next year despite the White House‘s urging that he withdraw from the New York governor’s race.

Appearing tired and agitated at a parade in Harlem on Sunday, the governor told a crowd of reporters that he would not abandon his campaign to seek a full term.

“I have said time and time again that I am running for governor next year,” he said at the 40th annual African-American Day Parade.

Mr. Paterson would not characterize what he was told by the White House, saying that he would not “discuss confidential conversations.”

“I’m not talking about any specific conversations,” he said. “As I said, I am running for office.”

President Obama had sent a request to Mr. Paterson that he withdraw from the New York governor’s race, fearing that Mr. Paterson cannot recover from his dismal political standing, according to two senior administration officials and a New York Democratic operative with direct knowledge of the situation.

The decision to ask Mr. Paterson to step aside was proposed by political advisers to Mr. Obama, but approved by the president himself, one of the administration officials said.

“Is there concern about the situation in New York? Absolutely,” the second administration official said Saturday evening. “Has that concern been conveyed to the governor? Yes.”

The administration officials and the Democratic operative spoke on condition of anonymity because the discussions with the governor were intended to be confidential.

First off the confidentiality part got blown out of the water, and the President’s communication went public. I believe that part was totally intentional. It basically was done to send a message to Governor; one of “Hey, you idiot! Get out of the race, because you are going to lose!”  That is pretty much a given.

My question is this; why all of the sudden are Democrats or more specifically the President of the United States asking the Governor of New York to drop out of an election race? I have an idea, and part of my explaining that reason is in this video, please watch it: (H/T HotAir)

Is it clear to you now? Well, in case it is not. I will explain. We Conservatives have taken control of the conversation. When I say “we”, I mean, the Conservative media, like Glenn Beck, who’s really an Independent; Bill O’Reilly, Who is a traditionalist and the rest of the talk radio world. Plus, you have the Conservative Blogosphere who were the forerunners in this fight. We were criticizing the President and polices from day one! The old media finally caught to us, oh, around three months later! This is why I had the screaming fit at Jim Hoft for linking to that site!  We have seized the ship and taken the wheel away from the socialist media; we cannot afford to screw it up!

We have the Democrats running scared; and when I say “We”, I mean everyone that is involved in this operation, the Conservative media, like Fox News and all of the little media guys, The Conservative Blogosphere; who have been on this President’s butt since the day he botched up the oath of office. The rest of America; after watching the stimulus basically flop and the economy not recover, after watching the Government bailout the big two (and not the big three; Ford did not take any money…) and assume control of these companies, and after those employees, like my Father, watched their Dental and Optical benefits disappear, after working 31 hard years for that Company. —– Those people are starting to pay attention to the situation and are wondering, “Hey, what on earth is going on here??” and let’s not even get into that whole Healthcare debacle! —- They were promised change, and so far, they have gotten nothing. Nothing but trillions of dollars of debt, that their grandchildren and great-grand children will paying for, for the rest of their lives.

The sad part about all this is that the Democrats have about used every trick in the book to stop this movement; and have failed horribly. First, it was the tactic of the Bush Administration; of calling everyone that is opposed to Obama’s polices as being Anti-American. Then they trotted out the fear card, saying that we who were against Obama were stirring up violent tendencies among the people. Now they have trotted out their last refuge and that is the race card. In fact, the Democrats have used that race card, so much in fact that now even the Associated Press is basically saying, “Um, Guys? You are overplaying that defense.” Even African-Americans are even starting cringe. The sad part is, that is all they have, and now as you can see, they are on the run.

So, what happens now? Do we quit? Oh, heaven’s no. We keep fighting; Bloggers keep writing, Fox News and the media guys keep reporting, keep being critical of the President. It never ends, until the battle is over in 2012, and even then; whomever is elected, we criticize them too. That is what a Constitutional Republic with a free press does, and we Blogging folk, we are the independent, non-corporate media. The sixth estate, if you will.  We keep the Murdoch, the G.E. and the turner empires honest.  If they fall down on the job, we call them on it. That goes for Fox News, MSNBC, CNN, ABC, NBC, CBS, or whomever else is not doing their jobs properly.

We are in the battle of our lives, for our Country, for our freedoms. We must not quit, we must not grow faint. We must carry on.

“Finally, my brethren, be strong in the Lord, and in the power of his might. Put on the whole armour of God, that ye may be able to stand against the wiles of the devil. For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. Wherefore take unto you the whole armour of God, that ye may be able to withstand in the evil day, and having done all, to stand. Stand therefore, having your loins girt about with truth, and having on the breastplate of righteousness; And your feet shod with the preparation of the gospel of peace; Above all, taking the shield of faith, wherewith ye shall be able to quench all the fiery darts of the wicked. And take the helmet of salvation, and the sword of the Spirit, which is the word of God:” (Ephesians 6:10-17 King James Version of the Bible)

Yikes! – About half of U.S. mortgages are seen to be underwater by 2011

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Tim Geithner call your office!

The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday.

Home price declines will have their biggest impact on prime “conforming” loans that meet underwriting and size guidelines of Fannie Mae and Freddie Mac, the bank said in a report. Prime conforming loans make up two-thirds of mortgages, and are typically less risky because of stringent requirements.

“We project the next phase of the housing decline will have a far greater impact on prime borrowers,” Deutsche analysts Karen Weaver and Ying Shen said in the report.

Of prime conforming loans, 41 percent will be “underwater” by the first quarter of 2011, up from 16 percent at the end of the first quarter 2009, it said. Forty-six percent of prime jumbo loans will be larger than their properties’ value, up from 29 percent, it said.

“The impact of this is significant given that these markets have the largest share of the total mortgage market outstanding,” the analysts said. Prime jumbo loans make up 13 percent of the total market.

via About half of U.S. mortgages seen underwater by 2011 | Reuters.

I wonder what “The One” will do about this? Cash for Refinancing?

Here’s why:

The drop in home prices is fueling a vicious cycle of foreclosures as it eliminates homeowner equity and gives borrowers an incentive to walk away from their mortgages. The more severe the negative equity, the more likely are defaults, since many borrowers believe prices will not recover enough.

Homeowners with the riskiest mortgages taken out during the housing boom have seen the greatest erosion in equity, in part because they were “affordability products” originated at the housing peak, Deutsche said. They include subprime loans, of which 69 percent will be underwater in 2011, up from 50 percent in March, Deutsche said,

Of option adjustable-rate mortgages — which cut payments by allowing principal balances to rise — 89 percent will be underwater in 2011, up from 77 percent, the report said.

Regions suffering the worst negative equity are areas in California, Florida, Arizona, Nevada, Ohio, Michigan, Illinois, Wisconsin, Massachusetts and West Virginia. Las Vegas and parts of Florida and California will see 90 percent or more of their loans underwater by 2011, it added.

“For many, the home has morphed from piggy bank to albatross,” the analysts said.

It is classic; The textbook reason why you DO NOT give home loans to high risk persons. Because they are the first to lose their jobs when the economy takes a dump.  This is the invention of the Clinton Administration. But yet, no one on the left wants to blame slick willy. Call it the Clinton bubble, call it a huge screw up by the Democrats. I call it reality. Welcome to the Obama Economy and the Democratic Future, brought to you by Clinton stupidity.

Oh Wonderful….: The Economy is screwed to hell, worse than originally thought!

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Hope and Change……and Unemployed:

The recent unemployment numbers have undermined confidence that we might be nearing the bottom of the recession. What we can see on the surface is disconcerting enough, but the inside numbers are just as bad.

The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion.

Here are 10 reasons we are in even more trouble than the 9.5% unemployment rate indicates:

  • – June’s total assumed 185,000 people at work who probably were not. The government could not identify them; it made an assumption about trends. But many of the mythical jobs are in industries that have absolutely no job creation, e.g., finance. When the official numbers are adjusted over the next several months, June will look worse.
  • – More companies are asking employees to take unpaid leave. These people don’t count on the unemployment roll.
  • – No fewer than 1.4 million people wanted or were available for work in the last 12 months but were not counted. Why? Because they hadn’t searched for work in the four weeks preceding the survey.
  • – The number of workers taking part-time jobs due to the slack economy, a kind of stealth underemployment, has doubled in this recession to about nine million, or 5.8% of the work force. Add those whose hours have been cut to those who cannot find a full-time job and the total unemployed rises to 16.5%, putting the number of involuntarily idle in the range of 25 million.
  • – The average work week for rank-and-file employees in the private sector, roughly 80% of the work force, slipped to 33 hours. That’s 48 minutes a week less than before the recession began, the lowest level since the government began tracking such data 45 years ago. Full-time workers are being downgraded to part time as businesses slash labor costs to remain above water, and factories are operating at only 65% of capacity. If Americans were still clocking those extra 48 minutes a week now, the same aggregate amount of work would get done with 3.3 million fewer employees, which means that if it were not for the shorter work week the jobless rate would be 11.7%, not 9.5% (which far exceeds the 8% rate projected by the Obama administration).
  • – The average length of official unemployment increased to 24.5 weeks, the longest since government began tracking this data in 1948. The number of long-term unemployed (i.e., for 27 weeks or more) has now jumped to 4.4 million, an all-time high.
  • – The average worker saw no wage gains in June, with average compensation running flat at $18.53 an hour.
  • – The goods producing sector is losing the most jobs — 223,000 in the last report alone.
  • – The prospects for job creation are equally distressing. The likelihood is that when economic activity picks up, employers will first choose to increase hours for existing workers and bring part-time workers back to full time. Many unemployed workers looking for jobs once the recovery begins will discover that jobs as good as the ones they lost are almost impossible to find because many layoffs have been permanent. Instead of shrinking operations, companies have shut down whole business units or made sweeping structural changes in the way they conduct business. General Motors and Chrysler, closed hundreds of dealerships and reduced brands. Citigroup and Bank of America cut tens of thousands of positions and exited many parts of the world of finance.

Job losses may last well into 2010 to hit an unemployment peak close to 11%. That unemployment rate may be sustained for an extended period.

via Average length of unemployment highest since 1948. – WSJ.com.

So much for “The One” fixing the economy. Oh, right; he misread it. Looks like this Blogging gig get might be my only job for a long time to come.  The Left is now spinning saying it will never recover.

Here’s ol’ Floppy ears talking about it:

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Others: Hot Air, Pajamas Media, QandO, The Strata-Sphere, Stop The ACLU and Balloon Juice

Think the Mortgage Crisis is over? Think Again; round two is coming!

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The Market Ticker has the ugly details.

(H/T to Freedom Phoenix)