What happened to all of the doom and gloom economic threads?

[Frisco_Slug_Esq]

Indeed...





It would be much better for me to be open-minded and "support" Obama.

Well, in the past, I did; I brought his book and actually read it.

Now, I support his cronies.

What say you about Cisco and Russia?

 

[Ulaven_Demorte]

Indeed...





It would be much better for me to be open-minded and "support" Obama.

Well, in the past, I did; I brought his book and actually read it.

Now, I support his cronies.

What say you about Cisco and Russia?

In the past you did? *LMAO*

You've done nothing but play wet blanket since figuring out that Obama was going to win the election.

I'm sure you bought and read his book, and combed every page looking for some way to say that it was written by Ayers.


More manufacturing jobs are leaving the US? I'd be surprised if I had been asleep for the last 15 years.

But that isn't what's happening. Cisco is investing in Russia's technological innovation. But I suppose that's a bad thing... damned commies.

 

[Frisco_Slug_Esq]

Did I hear that right?




Jobless claims are rising?

I read his book in order to be informed. Cashill came along after.

I read Alinsky to be informed.

You don't seem to need to read since you know everything. I wish I were as smart as you and didn't need to read...
__________________
You loot the private sector, strip every dollar of 40¢ for overhead, and then give the other 60¢ to your political base in order to revitalize the looted.

What's not to like about that plan?
A_J, the Stupid

 

[Frisco_Slug_Esq]

If we want to revisit the past, go ahead and look it up, even BEFORE Obama was leading in the polls I was advocating for his Presidency over McCain because the only way to shut the fucking idiots up for a generation would be to give them power and give America a good strong dose of their ideas about economy, social justice and trickle-up poverty.



On that account, I rest my case. America has been awoken from a long slumber...

I didn't become a wet blanket when he was elected, I became a smart-ass, "I Told You So!"
__________________
If you still have a job, it was "saved." If you don't have a job, it's being "created."
A_J, the Incredulous

 

[Frisco_Slug_Esq]

It's Déjà vu all over again...

Did you understand the deflationary period argument that went before the inflation?

Are the Chinese still willing to buy the debt for the next round of stimulus, or will Obama sit and watch the states start dumping their workforces?

Did you see the AIG testimony? He feels the Federal Government, which was supposed to be limited, acted prematurely and cut us a very bad deal. It's probably the same with GM.

In Washington, temporary funding is rarely temporary, and planned spending cuts, especially to health care, frequently fail to materialize. That means that on the rare occasions in which federal funding actually runs out—or looks ready to run out—calamity is sure to ensue. The 2009 stimulus package, for example, included an additional $87 billion for Medicaid, intended to fund the short-term expansion of the program above and beyond its usual enrollment. The funding was set to run out at the end of 2010. But along the way, states got used to the boost. By May of this year, the National Conference of State Legislatures was pleading with the federal government not to shut off the funding faucet.

And for a while, it looked as if the drip-drip-drip of federal stimulus would not end as originally called for. Congress took up an extenders bill that included an additional $24 billion in Medicaid funding—enough to keep states going until at least June of 2011. In Massachusetts, the bill's passage was assumed: Governor Deval Patrick's told fellow legislators that the funding was a "near certainty," according to the Boston Globe. And he seemed to believe it, too; he built a budget that presumed $608 million in additional Medicaid funding for his state.

But much as Patrick might wish otherwise, nearly-certain funds don't plug budget holes. As it turns out, in this case, they helped create them. What Patrick and other state governors clamoring for additional funding hadn't counted on was that deficit spending would become politically toxic in Washington right as their Medicaid money came up for a vote.

The extended funding was housed in an emergency spending bill, the "emergency" designation being the gimmick that federal legislators typically use to avoid making tough cuts in order to pay for their initiatives. But as of now, it looks very much like that gimmick has backfired. Because the bill would have contributed to the federal deficit, Senate legislators increasingly antsy about the effect of the swelling deficit on the nation's fiscal future have so far refused to give the extenders bill a pass. A handful of Democratic governors flew into Washington late Tuesday night to press for the funding, but most indications are that it's dead.

Now even those states that drafted spending plans accounting for the cutoff are facing serious budget crunches. Massachusetts will have to cut $608 million from its spending plans, while California is expected to come up nearly $2 billion short. Scott Pattison, executive director of National Association of State Budget Officers, declared that, because of the cutbacks, states face "fiscal peril."

Peter Suderman
Reason.com
__________________
I'm Hungary for some €PIIGS!
A_J, the Incredulous

 

[busybody..]

If we want to revisit the past, go ahead and look it up, even BEFORE Obama was leading in the polls I was advocating for his Presidency over McCain because the only way to shut the fucking idiots up for a generation would be to give them power and give America a good strong dose of their ideas about economy, social justice and trickle-up poverty.



On that account, I rest my case. America has been awoken from a long slumber...

I didn't become a wet blanket when he was elected, I became a smart-ass, "I Told You So!"
__________________
If you still have a job, it was "saved." If you don't have a job, it's being "created."
A_J, the Incredulous

Indeed all true

I fear however we will learn NOTHING and he will be re-elected

 

[Frisco_Slug_Esq]

I TOLD you SO!

 

[Frisco_Slug_Esq]

And, it's not just me, it's Obama's vaunted two-language crowd...

At last week's G-20 meeting, President Barack Obama achieved a two-fer. He suffered a significant international defeat, and he increased the chances his party will suffer a major domestic one this fall.

Mr. Obama's international defeat was self-inflicted. He went to Toronto to press other major nations to do as he has done: Expand government spending, or suffer, in the president's words, "renewed economic hardship and recession."

President Barack Obama speaks at the G20 Summit in Toronto
Canada, Germany, Great Britain and most other countries declined Mr. Obama's invitation. The German economic minister "urgently" prodded America to cut spending at a press conference on June 21, prior to the G-20 meeting. The president of the European central bank took direct aim at Mr. Obama's argument, telling the Italian newspaper La Repubblica on June 16 that "the idea that austerity measures could trigger stagnation is incorrect."

The European Union president, Czech Prime Minister Mirek Topolanek, tore into Mr. Obama's stimulus and other spending policies in a stunning address to the European Parliament in March 2009, calling them "the road to hell" and saying "the United States did not take the right path."

If it sounds strange to have European leaders lecturing the U.S. about fiscal restraint, it should. But that is where America finds itself after Mr. Obama's 17-month fiscal orgy.

Karl Rove
link at Hot Air

 

[Beco]

Of course you didn't make an appeal to authority Cap'n.

So you don't agree with his assertion that there will be a third depression then?

You're busily seizing on any bad news you can find, so long as it serves your purpose, but I'm the one snarling?

We're better off than we were a year ago, leaps and bounds better than we could have been had nothing been done. Your opinion not withstanding of course.

2010 had worst start for stocks in nearly a decade/USA Today
The second half can't start fast enough for investors who have suffered through the worst start to a year for the stock market since 2002.
Coming off the brutal second quarter that ended Wednesday, the big concern is whether the current 15% pullback in stocks is just a routine decline or the start of something more ominous.

"We are within correction mode," says Howard Silverblatt of Standard & Poor's, about the difference between a 10% correction and 20% bear market drop. "Hopefully we're not headed to a bear."

The extent of the damage in the second quarter — and for the year — is clear.

The S&P 500 index fell 11.9% during the quarter, snapping its four-quarter winning streak. During those three months $1.6 trillion in shareholder wealth evaporated based on the Wilshire 5000 index — a loss reminiscent of that suffered in the bear market that started in 2007. And the S&P 500 lost 7.6% this year to set a new low for 2010. That means the market is off to its worst start since 2002, when it fell 13.8% in the first half.

Investors are going into the second half of the year with the market suffering some serious downside momentum, just as they are recalibrating forecasts for an economy that may not be as strong as many hoped at the start of the year, says Charles Crane at Douglass Winthrop Advisors.

The areas of focus now will be:

•Job creation. If there's been one high-profile problem with the recovery, it's been the stubbornly high unemployment, says Quincy Krosby of Prudential Financial. Key reports on employment are due today and Friday.

•Earnings reports. Corporate earnings are expected to be strong for the second quarter, up 42%, S&P says. But more important will be what companies say about the future, says Thomson Reuters' John Butters. So far pre-announcements are coming in less negative than usual, but it's still early to draw conclusions, he says.

•Consumer and investor sentiment. It's difficult for stocks to rise when investors are retreating into havens such as Treasuries and avoiding risk, Krosby says.

As investors await more positive news, a recovery in stock prices is delayed, says Federated Investors' Stephen Auth. "We still have a 1300 target for the S&P" vs. 1031 now, he says. "That might be in 12 months rather than six months."

 

[koalabear]

oops.

 

[unregistered]

 

[ivantheterrible]

http://news.yahoo.com/s/ap/us_economy

now, how many have dropped from the rolls due to benefits ran out and still can't find work?

 

[koalabear]

Gotta love it when Obama's "progressive" plans work. Friday the Plunge Protection Team will step in and throw more tax dollars at the market for another temporary crutch.

 

[unregistered]

 

[koalabear]

Shovel ready.

They may need a dozer to get it back to the magic 10,000 by Friday.

 

[koalabear]

9,659.90
down -114.12 -1.17%

Maybe that can get it back 9800, one must not set their expectations too high.

 

[koalabear]

Great day, the market almost got back to where it started the day.

9,732.53 down -41.49 -0.42%

 

[mercury14]

"There are tons of jobs out there. People just don't know where to look."

-Jeninflorida

 

[ivantheterrible]

its official folks. can u imagine this many people with no money coming in?

http://news.yahoo.com/s/ap/20100701/ap_on_bi_ge/us_unemployment_benefits

 

[koalabear]

its official folks. can u imagine this many people with no money coming in?

http://news.yahoo.com/s/ap/20100701/ap_on_bi_ge/us_unemployment_benefits

Well the Dems need the TARP money for the November elections. That's much more important then feeding families.

 

[Frisco_Slug_Esq]

Ahnold says: Government employees can work for minimum wage!

Immelt says Obama hates business and business hates Obama...

More good Economic News, EPA pulls refinery permits:

TEXAS CITY — The Environmental Protection Agency on Wednesday rejected the air quality permits for 122 industrial facilities in Texas, including the BP and Valero refineries in Texas City.

The pulling of the flexible air permits that are issued by the state under EPA’s authority means the facilities do not have legal operating permits.

EPA Regional Administrator Al Armendariz said none of the facilities will be required to shut down but all will be required to obtain new permits under stricter guidelines.

Earlier this year, the agency pulled more than 200 permits, citing what it said were deficiencies in the Texas Commission on Environmental Quality’s flexible air permitting process.

Adopted in 1995, the flex air permit process in Texas allows industrial sites greater latitude in controlling air emissions. The process issued permits based on a facility’s overall emissions and not a unit by unit measure that the EPA prefers.

That would allow one portion of a chemical plant or refinery to pollute more than federal standards as long as overall emissions at the facility did not violate federal air quality standards. Armendariz argued the process allowed companies to avoid federal air quality requirements by lumping emissions from multiple units under a single cap.

“Today’s action improves our ability to provide the citizens of Texas with the same healthy-air protections that are provided for citizens in all other states under the Clean Air Act,” Armendariz said. “EPA will continue working closely with Texas, industry, environmental organizations and community leaders to assure an effective and legal air permitting system.”

The EPA warned the state environmental agency it was considering pulling air quality permits if the state did not change its flex permit process. In mid-June, TCEQ commissioners revised the process — but defended it at the same time.

“We are defending our flexible air permitting program because it works,” Bryan Shaw, chairman of the state agency, said. “EPA is not able to demonstrate how our program is less protective of the environment than the bureaucratic federal approach. EPA’s philosophy of more bureaucracy by federalizing state permits will not lead to cleaner air but will drive up energy costs and kill job creation at a time when people can least afford it.”

Valero spokesman Bill Day said the company was disappointed and expressed the frustration about a change in the rules that had appeared to be acceptable for the past 16 years.

“When the flex permit program was rolled out in 1994, EPA and environmental groups applauded it, and EPA approval seemed implicit,” Day said. “Now, 16 years later, EPA is reversing course, and our facilities are caught in the middle, creating significant uncertainty at a time when our economy can least afford it.”

In addition to its Texas City facility, Valero had its air quality permits pulled at five other facilities.

BP spokesman Michael Marr declined to comment on the EPA’s decision.

Valero and BP said the decision had not had an impact on operations of the Texas City refineries.

Jimmy Hayley, president of the Texas City-La Marque Chamber of Commerce, said the EPA’s actions were ill-timed and could erode the economies of industrial communities.

“While I am confident Valero and BP will meet all the requirements, it puts fear out there and gives employees (of industrial facilities) a mixed message,” Hayley said. “That hurts the economy if people are worried about their jobs.”

He said smaller businesses that depend on the industrial sites are already worried given the global economic downturn and incidents such as the BP oil spill in the Gulf of Mexico.

Green, green, my world is green.
Green is my world, now I'm without you...

 

[Ulaven_Demorte]

Immelt says Obama hates business and business hates Obama...

More good Economic News, EPA pulls refinery permits:

Green, green, my world is green.
Green is my world, now I'm without you...

They have to comply with federal emission standards?

Oh noes!!

 

[unregistered]

 

[Frisco_Slug_Esq]

Yeah, on noes because the EPA can just up and change them whenever they want in the same manner that Obama keeps accelerating CAFE Standards and ordering drilling rigs to Africa and Brazil...




It's not abut clean air, it's about establishing the State Religion of Gaia.
__________________
When I was asked earlier about, uh, the issue of coal. Uhhh, y'know, under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket....
We would put a cap-and-trade system in place, eh, that is as aggressive, if not more aggressive, than anybody else's out there. So if somebody wants to build a coal-powered plant, they can. It's just that it will bankrupt them because they're gonna be charged a huge sum for all that, uh, greenhouse gas that's being emitted.

Barack Hussein Obama
Editorial board meeting, San Francisco Chronicle
January 2008

 

[Frisco_Slug_Esq]

The want of confidence in the public councils damps every useful undertaking, the success and profit of which may depend on a continuance of existing arrangements. What prudent merchant will hazard his fortunes in any new branch of commerce when he knows not but that his plans may be rendered unlawful before they can be executed? What farmer or manufacturer will lay himself out for the encouragement given to any particular cultivation or establishment, when he can have no assurance that his preparatory labors and advances will not render him a victim to an inconstant government?
Madison, Federalist 62.
__________________
You loot the private sector, strip every dollar of 40¢ for overhead, and then give the other 60¢ to your political base in order to revitalize the looted.

What's not to like about that plan?
A_J, the Stupid