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

[busybody..]

HEY NIGGER

Proud, aint you?

Maxine Waters Grills Obama Aide On Jobs For Blacks: “Let Me Hear You Say ‘Black’”…


I do get a sense of satisfaction seeing the race baiting table turned on Obama.

(WaPo) — A top aide to President Obama got a public grilling Monday night from black lawmakers and civil rights leaders, who vented frustration at a jobs forum here that the administration was not doing more to directly help distressed black communities.

Tensions rose when Don Graves, executive director of the President’s Council on Jobs and Competitiveness, told a lively crowd of hundreds in a black church sanctuary that Obama was “focused on every community across the country.”

When he added that “certain communities have been hit harder than other communities,” one lawmaker pressed him for specificity.

“Let me hear you say ‘black,’” said Rep. Maxine Waters (D-Calif.).

As the crowd erupted in cheers, Graves responded quietly: “Black, African-American, Latino, these communities have been hard hit.”

The exchange illustrated an emerging tension between some black lawmakers and the country’s first black president over the disproportionately poor economic conditions in the African-American community, where unemployment stands at 16 percent.

Obama and his aides say all Americans including blacks benefit from broad-based policies. But many black lawmakers and civil rights leaders want direct, targeted aid — and some worry that Obama’s pursuit of white independent voters might make him reluctant to advocate for blacks.

 

[busybody..]

U.S. new-home sales drop a surprising 0.7% in July, down for third consecutive month



SURPRISING?

 

[busybody..]

NIGGER OM ICKS

What else to call it?


Obama’s “Industrial Sabotage” Devastates the Gulf
Kevin Mooney tabulates the damage that the Obama administration is doing to the Gulf economy, and to the energy industry generally:

Ten oil rigs have left the Gulf of Mexico since the Obama Administration imposed a moratorium on deepwater oil and gas drilling in May 2010 and others could follow soon…. The rigs have left the Gulf for locations in Egypt, Congo, French Guiana, Liberia, Nigeria and Brazil.

It gets worse.

Several of the remaining rigs could be relocating soon, according to the report. These include the Paul Romano, the Ocean Monarch and the Saratoga. Moreover, eight other rigs that were planned for the Gulf have been detoured away, Don Briggs, President of the Louisiana Oil and Gas Association (LOGA), points out.

Mooney also quotes Bonner Cohen, a senior fellow with the National Center for Public Policy Research on the broader devastation being wrought by the Obama administration’s energy policies:

What you are seeing in Louisiana is only a small piece of larger mosaic being put together by the Obama Administration to make affordable energy as inaccessible as possible,” he said. “From the administration’s war on coal to the serious consideration it is giving to imposing a nationwide regulation of hydraulic fracturing, to its shut down of deepwater drilling in the Gulf of Mexico, to its `endangerment finding” from the EPA [Environmental Protection Agency], the administration is practicing its own form of selected industrial sabotage.

If a hostile nation drove our drilling rigs out of the Gulf of Mexico, it would be an act of war.

 

[busybody..]

http://weaselzippers.us/wp-content/uploads/2011/08/obama_approval_index_august_23_2011.jpg

 

[koalabear]

http://weaselzippers.us/wp-content/uploads/2011/08/obama_approval_index_august_23_2011.jpg

That was before he singlehandedly won the Libyan war.

 

[richard_daily]

Smells like farts again.

 

[koalabear]

Smells like farts again.

Every dog smells it's own hole, lil chihuahua.

 

[richard_daily]

It's like some sort of animal died...

I'm out of here.

 

[busybody..]

NIGGEROMICKS


HOW’S THAT HOPEY-CHANGEY STUFF WORKIN’ OUT FOR YA? (CONT’D): New national debt data: It’s growing $2.95 million a minute, even during his vacation. Plus this non-hopey-changey bit:


Remember the day the Democrat promised to close the embarrassing Guantanamo Bay Detention Facility within one year? That day the national debt increased $4,247,000,000. And each day since that the facility hasn’t been closed.

Same for the day in 2009 when Obama flew all the way out to Denver to sign the $787 billion stimulus bill that was going to hold national unemployment beneath 8% instead of the 9.1% we got today anyway? Another $4,247,000,000 that day. And every day since, even Obama golfing and vacation days.

Same sum for the day Obama flew Air Force One nearly four hours roundtrip to Columbus, Ohio for a 10-minute speech about how well the stimulus was working in the politically crucial Buckeye state. Ohio’s unemployment rate just jumped to 9% from 8.8% anyway.

Ouch.

 

[busybody..]

NIGGEROMICKS





--------------------------------------------------------------------------------
Contentions Obama’s Jobs Record: Worst of Any President in Modern Era?Peter Wehner



“Unless the economy turns around in the next 18 months, Obama is on track to have the worst jobs record of any president in the modern era. That would be an accurate statement.”

This judgment comes not from Sarah Palin but from Glenn Kessler, fact checker for the Washington Post. Which makes the judgment triply damaging to the president, since the Post is not known as an anti-Obama newspaper.


As if to prove the point, Kessler adds a caveat to his statement: “But [Obama] also became president in the midst of the worst recession of our lifetimes–and it seems a real stretch to make him personally responsible for every one of those lost jobs, without bothering to offer a shred of evidence for the claim.”

Of course, no president is “personally responsible” for every lost job in America. The point is that like every other president, Obama is being judged by what unfolds on his watch. As for not offering a shred of evidence for the claim Obama is on track to have the worst jobs record of any president in the modern era: Kessler’s own article provides the empirical evidence (it comes to us courtesy of the Bureau of Labor Statistics). And the case against Obama’s policies and why they have had a injurious effect on our economy has been endlessly made.

One gets the sense the verdict offered by Kessler is a reluctant one, but one he cannot really dispute. And the fact that Kessler is willing to make the claim he did — with or without caveats — is notable.

Expect Kessler’s words to appear in a Republican ad near you.

 

[busybody..]

NIGGA HO!

Hates Blacks


Black unemployment, four years ago under President Bush (the one who “hates black people”), was 7.7 percent. White unemployment was 4.1 percent.

Black unemployment today, under President Obama, has approximately doubled to 15.9 percent. White unemployment has approximately doubled to 9.1 percent.

Apparently, we spent $814 billion on a lousy stimulus and all we got was a digital divide.

 

[richard_daily]

yuck.

 

[Frisco_Slug_Esq]

Let's stop blaming Obama, he's only the high-water mark of his movement.

The political class differs from Kevorkian in that they have parasitically preyed on citizens from the inception of government. Now they have refused to pursue remedies to save the economy. Instead the economy has been committed to hospice, unbeknownst to citizens. This strategy is pursued solely for the interests of the political class as explained here.

"Extend and pretend" is a commonly-used term to explain what is meant by Kevorkian economics. The phrase implies that no attempt is being made to cure the problems. Instead, the political class extends the life of an economy placed in hospice while pretending to the public that conditions are normal and improving.

Dying: The Economical Way to Go

In 1975, Richard B. McKenzie and Gordon Tullock wrote a book entitled The New World of Economics. Tullock is one of the founders of the Public Choice School of Economics. The book expanded economics to non-market aspects of life, much like the recent Freakonomics. It was in the spirit of Gary Becker's pioneering work of explaining non-market behavior with economic principles. Becker won a Nobel Prize for his contributions.

A short chapter in the book was entitled "Dying: The Most Economical Way to Go." According to the authors, the way to maximize the utility of living is to have all your bodily systems fail simultaneously. If, for example, you died of a heart attack with healthy lungs and liver, it indicated that you could not have maximized the pleasures of life. Presumably, you under-consumed cigarettes, booze and other unhealthy pleasurables.

Their colorful and somewhat tongue-in-cheek treatment of dying illustrated the utility maximization principle. Maximization is achieved when the marginal value (or utility) of all products/resources are equalized.

They concluded:

The economist's advice is that a person should so employ his human and nonhuman resources that the world ends for him not with a whimper but with a bang.

In other words, the optimal solution is to expire precisely at the time that all resources are exhausted.

Politicians, generally ignorant and dismissive of economics, seemingly grasp the dying concept, at least with respect to the death of a country. Their behavior has been consistent with it during the latest crisis and arguably for decades. Their actions steer us to an eventual economic ending "not with a whimper but with a bang."

Assuming that politicians understand the principle of economic maximization may seem far-fetched because it implies intelligence and understanding usually considered beyond the political mind. Yet political behavior conforms nicely to the maximization conditions set forth by McKenzie and Tullock as discussed below.

For those who find it implausible to accept that the political class is following such a strategy, let's rephrase the economic maximization strategy into more crass political parasite terms: "the longer we can keep the host alive, the more we can plunder." That is more consistent with the average citizen's view of political behavior.

Regardless of how political motivation is expressed, the actions to achieve it are the same. The economic principle merely defines the conditions under which the goal is achieved and maximized.

Economic Sub-systems

The dying analogy can be extended to the economy by assuming that economic sub-systems are akin to human organs. Comments on some of these follow:

The banking system is insolvent and near collapse.

Government debt is approaching its maximum; at least as far as arms-length buyers are concerned.

The social welfare system is unsustainable with record numbers of people on food stamps and extended unemployment benefits.

Government revenues shrink due to actual and potential diktats from Washington. The uncertainty these create is not conducive to private initiative.

The Social Security Fund is now cash-flow negative. Unless provisions are changed, it is unsustainable in the longer-term.

Medicare is broke and bankrupting the country. ObamaCare will dramatically worsen this black hole. Massive changes in these programs are necessary.

Fannie Mae and Freddie Mac are insolvent and require continuing bailouts from taxpayers. The FHA is not far behind.

The Student Loan Program will be the next big bailout. Students are graduating with unprecedented levels of debt and unable to find employment.

Government-run organizations like Amtrak and the Postal Service lose money consistently. They cannot be effectively managed in a political environment.

"Green Energy" jobs are a myth and a new potential bubble. Subsidizing these jobs or "investments" is merely another political boondoggle and misallocation of resources. Ethanol subsidies are a prime example of this green uneconomic engineering.

Every one of these sub-systems is under the control of government. Even the shelter of monopoly afforded the Postal Service and AMTRAK, is not enough to enable government ineptness from resulting in bankruptcy.

Every one of these subsystems is on the verge of collapse. This condition is exactly what the economic maximization principle for dying efficiently calls for.

Not all sub-systems are of critical importance. The failure or cessation of "green jobs" would be trivial (other than from a political posturing standpoint). The failure of AMTRAK or the Post Office would be akin to a skin rash. The failure of any one of the other sub-systems, however, would likely be fatal for the economy.

An economic collapse would also be fatal for the parasite class. That is why politicians manage the demise so carefully. Ultimately it will be impossible to avoid collapse.

Current Condition

Every sub-system is on the verge of collapse. Some reached this condition as a result of blatant incompetence. Others because they were originally set up to be, or quickly became, Ponzi schemes -- nothing more than scams intended to purchase current votes to be paid for by future voters. We are the generation when the music stops. We will suffer the consequences of past and current political nonsense.

Bernie Madoff and Enron executives must wonder why they are in jail. Compared to government they appear highly ethical and moral, and certainly more competent.

Conditions in Europe are at least as bad as the US. Problems there could trigger the downfall of our banking system and economy.

Decades of short-run political fixes have finally caught up with us. The process was summarized by Urs Paul Engeler:

By following today's apologists of the British economist John Maynard Keynes (1883-1946), the so-called 'welfare' states pumped too much money (which they didn't have) into consumption: into pensions for all (Europe), exorbitant armament (US), endangered industries (both), and finally bailouts for ailing mortgage banks (also both). This intervention was celebrated by Keynes' disciples as the 'return of politics'. In reality the hopelessly over-indebted states only exacerbated the crisis.

We are on the precipice of economic and societal collapse which the political class has chosen to accept so as to maximize their time in, and spoils from, office.

Despite their criticism of economics, politicians practice the concept of self-interest better than economists or anyone else. Unfortunately politicians are not encumbered with constraints like a Hippocratic Oath, ethics or principles.

Elites don't need constraints. That is why we face this threat to the very foundations of civilization itself.

Monty Pelerin
The American Thinker

 

[Frisco_Slug_Esq]

Deep in the bowels of the US Mint in Philadelphia are coin presses which run constantly, producing millions of one-dollar coins, day after day, day in and day out.* The mechanized beasts are more productive than the god Vulcan, sweating away in his forge beneath Mt. Aetna, and they certainly require less upkeep than the legendary Norse dwarves mining gold in the dark, dank recesses of the earth.

The relentlessly efficient seven machines run nonstop, pouring out 1,800,000 presidential coins per diem, each coin costing 32 cents to produce, adding up to a total cost of $600,000 each day.

It all started when the Congress in session in 2005, led by Delaware's Mike Castle, among others, got the golden idea of commemorating every dead president by imprinting the images of the deceased leaders on coins.* Promoters of the cause thought the coins would instantly be put into circulation or snapped up by eager professional and amateur numismatists.

But it has turned out that nobody wants the coins.*

Even the coins stamped with the visage of James K. Polk haven't seen much demand.*
Imagine that.

So the coins have been put in storage at the Federal Reserve in Baltimore, which since has run out of storage capacity, its underground vaults stuffed with shelf after shelf of so many plastic money bags that even Ebenezer Scrooge wouldn't be able to count the monies.* Now, 650,000 dollars are being allocated to build a new vault in Dallas, Texas.* The cost to ship the billion or so coins?* A cool $3,000,000.* The full story, as related by Diane Sawyer of ABC News, can be found here.
There's a lesson here.

http://www.americanthinker.com/2011/08/coin_of_the_realm_of_madness.html

 

[Frisco_Slug_Esq]

If you want to know why $800 billion in government stimulus spending has created 9 percent unemployment, all you have to do is look at the windmill in Milwaukee.

The project involves a single wind turbine 154 feet tall (small by today's standard) that is supposed to supply some electricity to the Milwaukee Port Authority. The $500,000 project is being built with $400,000 in federal stimulus money and another $100,000 from the Wisconsin Focus on Energy Program. It's been several years in the making but things finally seemed ready to go last month when the city finally put the project out to bid. The winner, Kettle Renewable Enterprises, had small subcontracts of $2,000 for women-and-minority-owned firms in its $500,000 offer. However, city alderman Robert Bauman decided this wasn't enough. He vetoed the project, saying more woman-and-minority firms should have been included. "If that means losing $500,000, then we'll lose $500,000," Bauman told the press.

In a nutshell, that's why government never gets anything done. It's not the women-and-minorities part. The problem is that with government everybody has to have a say in what gets done. In the Milwaukee case, federal stimulus rules didn't require the minority subcontracting. In fact, Mayor Tom Barrett is arguing that federal rules prohibit such a mandate in this case. But what does it matter? The important thing in government is that everybody gets to have a say. The Milwaukee Board of Harbor Commissioners has to sign off on the project and their stake may involve pushing some ideology or making constituents happy.

Anyone who has ever worked in a large, bureaucratic organization knows the pattern. Getting anything approved requires going through layer upon layer of bureaucracy. Pretty soon you're in a territory where people signing off know nothing about the project but only have their own oblique interests. Days and weeks are spent in meeting after meeting, trying to get everybody on board and reach an agreement. It's a wonder anything ever gets done.

Government is just the same thing only worse because there are now more stakeholders. Now everybody gets a say. Projects collect interest groups like barnacles, most of them with no interest in the main task but hanging on to push some irrelevant agenda. That's why we have K Street and why everybody there is pushing to have more decision-making moved to Washington in order to increase their leverage.

http://spectator.org/archives/2011/08/24/why-government-doesnt-create-j

 

[Frisco_Slug_Esq]

The Downward Spiral
By Peter Ferrara on 8.24.11 @ 6:08AM
The American Spectator

Accelerating downward spiral. That is what I have been predicting for the Obama Administration for over two years. And now it's happening. Events are spinning out of control.

Rising inflation is restricting the Fed's options for keeping the economy high on monetary stimulus crack. The result? Fast developing market chaos.

On account of President Obama's economic policies, the economy never recovered from the last recession. Now it may go back into full scale recession before any recovery occurs. We may soon be living through a reenactment of the 1930s, not the 1970s. If we do not change course, there will be a double dip recession by 2013, directly caused by the economic policies Obama already has in place under current law.

And now we have riots in Obama's Amerika, kept quiet by the media, echoing the violence in London.

 

[RobDownSouth]

Wow..not one, not two, but THREE cut-n-pastes in a row!

You must be feelin' EXTRA SMARTY today, Dances With Falsehoods!

Now find us an article showing us that $1.00 times 1.3 is 77 cents!

 

[unregistered]

 

[koalabear]

Stocks mixed as job forecast mutes optimism
The Congressional Budget Office says the federal deficit will be $1.3 trillion in September and forecasts the jobless rate to remain above 8% until 2014. Durable goods orders rise a better-than-expected 4%. Home prices slip.

 

[koalabear]

CBO: Budget deficit to hit $1.28T, down slightly
The agency also projects a small drop in unemployment by end of 2012

Stayed tune for more updates.

 

[busybody..]

NIGGER CREEP

Flashback: Obama In 2008 Says Adding $4 Trillion To National Debt “Unpatriotic”…

I agree with 2008 Obama, 2011 Obama is “unpatriotic.”

(CNSNews.com) – Although the national debt under President Barack Obama has increased $4 trillion since he took office in 2009, as a presidential candidate in 2008 Obama criticized then-President George W. Bush for adding $4 trillion to the national debt, saying it was “unpatriotic” and also “irresponsible” to saddle future generations with such a large national debt.

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents — number 43 added $4 trillion dollars by his lonesome, so that we now have over $9 trillion dollars of debt that we are going to have to pay back — $30,000 for every man, woman and child,” Obama said on July 3, 2008, at a campaign event in Fargo, N.D.

“That’s irresponsible. It’s unpatriotic,” said candidate Obama.

However, in less than three years in office, Obama has driven up the national debt by $4 trillion himself.

 

[koalabear]

Gold takes a big dive; stocks push higher
Gold falls $107.50 and is off $164 in 2 days. Stocks are rallying in late-day trading, thanks in part to gains in financial shares. Expectations for a big Fed announcement Friday diminish.

 

[unregistered]

 

[koalabear]

Overdue market correction, get ready for the next run up.

Gotta run it up for the suckers to buy in. Then sell......lol

 

[mercury14]

Stocks mixed as job forecast mutes optimism
The Congressional Budget Office says the federal deficit will be $1.3 trillion in September and forecasts the jobless rate to remain above 8% until 2014. Durable goods orders rise a better-than-expected 4%. Home prices slip.

+1.28% seems more positive than mixed, no?