And the June unemployment rates are IN!

The US economy lost 125,000 jobs in June, more than economists had forecast, as thousands of temporary census jobs ended and private hiring grew less than expected.

And though the unemployment rate unexpectedly fell to 9.5% from 9.7%, the lowest in a year, it was largely due to more people dropping out of the labor force.

SO going back to school perhaps? Leaving the country? I dont know but a little more info would be nice?

The report was the latest sign that the economic recovery may be “changing” faltering.

“Overall what this does is it reinforces the market’s view that the U.S. recovery is losing steam,” said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.

Published in: on July 2, 2010 at 9:30 am  Leave a Comment  
Tags: , , , , ,

Deepwater Drilling to go on in the Gulf.

A New Orleans federal judge lifted the six-month moratorium on deepwater drilling imposed by President Barack Obama following the largest oil spill in U.S. history. Drilling services shares jumped on the news. Obama temporarily halted all drilling in waters deeper than 500 feet on May 27 to give a presidential commission time to study improvements in the safety of offshore operations. More than a dozen Louisiana offshore service and supply companies sued U.S. regulators to lift the ban. The U.S. said it will appeal the decision.

U.S. District Judge Martin Feldman today granted a preliminary injunction, halting the moratorium. He also “immediately prohibited” the U.S. from enforcing the ban. Government lawyers told Feldman that ban was based on findings in a U.S. report following the sinking of the Deepwater Horizon rig off the Louisiana coast in April.

“The court is unable to divine or fathom a relationship between the findings and the immense scope of the moratorium,” Feldman said in his 22-page decision. “The blanket moratorium, with no parameters, seems to assume that because one rig failed and although no one yet fully knows why, all companies and rigs drilling new wells over 500 feet also universally present an imminent danger.”

Considering the country is seeing one of its largest unemployment rates and the Gulf is still in recovery mode after Katrina etc, this is a sensible idea.

We should focus on stopping the leak and then worry about what caused it, but the fact of the matter is, we may never know what caused it. No one would dare mention that perhaps it was human error and now that Human is no longer with us to tell us the story and there is no black box to find that will give us the answers.

Published in: on June 22, 2010 at 2:14 pm  Leave a Comment  
Tags: , , , , , ,

President of the Federal Reserve Bank of Kansas City, speaks out about growing debt

The only Fed member to speak up and say the US must fix its growing debt problems or risk a new financial crisis was Thomas Hoenig, president of the Federal Reserve Bank of Kansas City.

Mr Hoenig said that rising debt was infringing on the central bank’s ability to fulfil its goals of maintaining price stability and long-term economic growth. “Stunning” deficit projections were putting political pressure on the Fed to keep interest rates low, infringing on its independence at the risk of inflation, he said.

The US budget deficit is projected to be $8,000bn in the next decade. Barack Obama, US president, recently lifted the government’s borrowing authority to $14,300bn.

Thats alot to swallow

Published in: on February 17, 2010 at 11:11 am  Leave a Comment  
Tags: , , , , , , , ,

Anyone else notice Hillary was M.I.A last night…

….Nope. neither did I.

but before we get to where Mrs Ballbreaker Clinton was, lets fact check Obama last night, according to the A.P.

OBAMA: “Starting in 2011, we are prepared to freeze government spending for three years. Spending related to our national security, Medicare, Medicaid, and Social Security will not be affected. But all other discretionary government programs will. Like any cash-strapped family, we will work within a budget to invest in what we need and sacrifice what we don’t.”
THE FACTS: The anticipated savings from this proposal would amount to less than 1 percent of the deficit – and that’s if the president can persuade Congress to go along.

Obama is a convert to the cause of broad spending freezes. In the presidential campaign, he criticized Republican opponent John McCain for suggesting one. “The problem with a spending freeze is you’re using a hatchet where you need a scalpel,” he said a month before the election. Now, Obama wants domestic spending held steady in most areas where the government can control year-to-year costs. The proposal is similar to McCain’s.

OBAMA: “I’ve called for a bipartisan fiscal commission, modeled on a proposal by Republican Judd Gregg and Democrat Kent Conrad. This can’t be one of those Washington gimmicks that lets us pretend we solved a problem. The commission will have to provide a specific set of solutions by a certain deadline. Yesterday, the Senate blocked a bill that would have created this commission. So I will issue an executive order that will allow us to go forward, because I refuse to pass this problem on to another generation of Americans.”

THE FACTS: Any commission that Obama creates would be a weak substitute for what he really wanted – a commission created by Congress that could force lawmakers to consider unpopular remedies to reduce the debt, including curbing politically sensitive entitlements like Social Security and Medicare. That idea crashed in the Senate this week, defeated by equal numbers of Democrats and Republicans. Any commission set up by Obama alone would lack authority to force its recommendations before Congress, and would stand almost no chance of success.

OBAMA: Discussing his health care initiative, he said, “Our approach would preserve the right of Americans who have insurance to keep their doctor and their plan.”

THE FACTS: The Democratic legislation now hanging in limbo on Capitol Hill aims to keep people with employer-sponsored coverage – the majority of Americans under age 65 – in the plans they already have. But Obama can’t guarantee people won’t see higher rates or fewer benefits in their existing plans. Because of elements such as new taxes on insurance companies, insurers could change what they offer or how much it costs. Moreover, Democrats have proposed a series of changes to the Medicare program for people 65 and older that would certainly pinch benefits enjoyed by some seniors. The Congressional Budget Office has predicted cuts for those enrolled in private Medicare Advantage plans.

OBAMA: The president issued a populist broadside against lobbyists, saying they have “outsized influence” over the government. He said his administration has “excluded lobbyists from policymaking jobs.” He also said it’s time to “require lobbyists to disclose each contact they make on behalf of a client with my administration or Congress” and “to put strict limits on the contributions that lobbyists give to candidates for federal office.”

THE FACTS: Obama has limited the hiring of lobbyists for administration jobs, but the ban isn’t absolute; seven waivers from the ban have been granted to White House officials alone. Getting lobbyists to report every contact they make with the federal government would be difficult at best; Congress would have to change the law, and that’s unlikely to happen. And lobbyists already are subject to strict limits on political giving. Just like every other American, they’re limited to giving $2,400 per election to federal candidates, with an overall ceiling of $115,500 every two years.

OBAMA: “Because of the steps we took, there are about 2 million Americans working right now who would otherwise be unemployed. … And we are on track to add another one and a half million jobs to this total by the end of the year.”

THE FACTS: The success of the Obama-pushed economic stimulus that Congress approved early last year has been an ongoing point of contention. In December, the administration reported that recipients of direct assistance from the government created or saved about 650,000 jobs. The number was based on self-reporting by recipients and some of the calculations were shown to be in error.

The Congressional Budget Office has been much more guarded than Obama in characterizing the success of the stimulus plan. In November, it reported that the stimulus increased the number of people employed by between 600,000 and 1.6 million “compared with what those values would have been otherwise.” It said the ranges “reflect the uncertainty of such estimates.” And it added, “It is impossible to determine how many of the reported jobs would have existed in the absence of the stimulus package.”

OBAMA: He called for action by the White House and Congress “to do our work openly, and to give our people the government they deserve.”

THE FACTS: Obama skipped past a broken promise from his campaign – to have the negotiations for health care legislation broadcast on C-SPAN “so that people can see who is making arguments on behalf of their constituents, and who are making arguments on behalf of the drug companies or the insurance companies.” Instead, Democrats in the White House and Congress have conducted the usual private negotiations, making multibillion-dollar deals with hospitals, pharmaceutical companies and other stakeholders behind closed doors. Nor has Obama lived up consistently to his pledge to ensure that legislation is posted online for five days before it’s acted upon.

OBAMA: “The United States and Russia are completing negotiations on the farthest-reaching arms control treaty in nearly two decades.”

THE FACTS: Despite insisting early last year that they would complete the negotiations in time to avoid expiration of the 1991 Strategic Arms Reduction Treaty in early December, the U.S. and Russia failed to do so. And while officials say they think a deal on a new treaty is within reach, there has been no breakthrough. A new round of talks is set to start Monday. One important sticking point: disagreement over including missile defense issues in a new accord. If completed, the new deal may arguably be the farthest-reaching arms control treaty since the original 1991 agreement. An interim deal reached in 2002 did not include its own rules on verifying nuclear reductions.

OBAMA: Drawing on classified information, he claimed more success than his predecessor at killing terrorists: “And in the last year, hundreds of al-Qaida’s fighters and affiliates, including many senior leaders, have been captured or killed – far more than in 2008.”

THE FACTS: It is an impossible claim to verify. Neither the Bush nor the Obama administration has published enemy body counts, particularly those targeted by armed drones in the Pakistan-Afghanistan border region. The pace of drone attacks has increased dramatically in the last 18 months, according to congressional officials briefed on the secret program.

Okay, so the question you want answered is:
A) she saw a sale on Monica Lewinski’s handbags and snapped them all up and burnt them
B) At the drycleaners
C) In Haiti with her hubby
D) In London at a conference

The answer was D…London at a conference.

She asked O-man if that was okay and he said yes…you would only take away my time from the cameras anyway.

Published in: on January 28, 2010 at 10:04 am  Leave a Comment  
Tags: , , , , , ,

SEC approve Suspending Money Markets in a Panic

Zero Hedge discussed a month ago the disastrous prospects of what would happen if the new proposal contemplated by the SEC, which would allow the suspension of redemptions from Money Market Funds, were to pass. Well, in a nearly unanimous vote, Money Market Funds now have the ability to suspend redemptions, courtesy of the SEC’s just passed 4-1 vote. This explains the negative rate on bills: at this point, should there be another meltdown, money market investors will not, repeat not, be able to withdraw their money purely on the whim of Mary Schapiro. As the SEC noted: “We understand that suspending redemptions may impose hardships on investors who rely on their ability to redeem shares.” Too bad investors’ hardships considerations ended up being completely irrelevant.

Click HERE to read the documents

Published in: on January 27, 2010 at 10:24 am  Leave a Comment  
Tags: , , , , , , , , ,

3 White House advisors give 3 different answers on the same subject on the same morning

OH No!!! Looks like some people are not getting the same memo in the white house:

3 different white house advisors gave different answers on the same Sunday morning on 3 different shows in regards to how much the stimulus had saved jobs.

Valerie Jarrett had the most conservative count, saying “the Recovery Act saved thousands and thousands of jobs,” while David Axelrod gave the bill the most credit, saying it has “created more than – or saved more than 2 million jobs.” Press Secretary Robert Gibbs came in between them, saying the plan had “saved or created 1.5 million jobs.”
Their remarks in context:

Axelrod, on CNN’s State of the Union: “But understand that, in this recession that began at the beginning of 2007, we’ve lost 7 million jobs. Now, the Recovery Act the president passed has created more than — or saved more than 2 million jobs. But against 7 million, you know, that — that is — it is cold comfort to those who still are looking.”

Jarrett, on NBC’s Meet the Press: “The Recovery Act saved thousands and thousands of jobs. There are schoolteachers and firemen and— and— teachers all across our country, policemen, who have jobs today because of that recovery act. We’re investing in infrastructure. We’re investing in public education so that our kids can compete going forth into the next— generation.”

Gibbs, on “Fox News Sunday”: “Well, Chris, let’s take for instance the example you just used of the stimulus package. We had four quarters of economic regression in terms of growth, right? Just last quarter, we finally saw the first positive economic job growth in more than a year. Largely as a result of the recovery plan that’s put money back into our economy, that saved or created 1.5 million jobs.”

Obama Administration to outsource NASA.

The White House has decided to begin funding private companies to carry NASA astronauts into space, but the proposal faces major political and budget hurdles, according to people familiar with the matter.

The controversial proposal, expected to be included in the Obama administration’s next budget, would open a new chapter in the U.S. space program. The goal is to set up a multiyear, multi-billion-dollar initiative allowing private firms, including some start-ups, to compete to build and operate spacecraft capable of ferrying U.S. astronauts into orbit—and eventually deeper into the solar system.

Congress is likely to challenge the concept’s safety and may balk at shifting dollars from existing National Aeronautics and Space Administration programs already hurting for funding to the new initiative. The White House’s ultimate commitment to the initiative is murky, according to these people, because the budget isn’t expected to outline a clear, long-term funding plan.

The White House’s NASA budget also envisions stepped-up support for climate-monitoring and environmental projects, along with enhanced international cooperation across both manned and unmanned programs.

On the flip side of that, if you have a spare $250k, I think Virgin will take you up in space for a few hours. Perhaps we should start offering rides like that to get some increased revenue.

Published in: on January 25, 2010 at 8:52 am  Leave a Comment  
Tags: , , , , ,

Obama has no business sense?

U.S. investors overwhelmingly see President Barack Obama as anti-business and question his ability to manage a financial crisis, according to a Bloomberg survey.

The global quarterly poll of investors and analysts who are Bloomberg subscribers finds that 77 percent of U.S. respondents believe Obama is too anti-business and four-out-of-five are only somewhat confident or not confident of his ability to handle a financial emergency.

The poll also finds a decline in Obama’s overall favorability rating one year after taking office. He is viewed favorably by 27 percent of U.S. investors. In an October poll, 32 percent in the U.S. held a positive impression.

Well, Im here to tell you, that perhaps you all have no business sense either, if you could not see what was spewing out of his mouth during the election plus what was on his resume, then you are as mush as a bunch of business idiots as he is.

Carlos Vadillo, a fixed-income analyst at Wells Fargo Securities LLC in San Francisco, said Obama has been in a “constant war” with the banking system, using “fat-cat bankers and other misnomers to describe a business model which supports a large portion of America

Published in: on January 22, 2010 at 11:28 am  Leave a Comment  
Tags: , , , , , , , ,

“Excuse me sir? May I have another 1.9Trillon Dollars?”

Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.

Say waaaatttt?

Is this something you really want to do after what happened in Massachusetts on Tuesday night?

let me put this into perspective for you, less than a decade ago, $1.9 trillion would have been enough to finance the operations and programs of the federal government for an entire year. Now, it’s only enough to make sure Democrats can avoid another vote before Election Day.

Arguing over the debt limit provides a forum for Republicans to blame Democrats for rising deficits and spiraling debt, even though responsibility for the government’s financial straits can be shared by both political parties.

DID YOU HEAR THAT CONGRESS – BOTH PARTIES ARE TO BLAME.

The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress. Last year’s deficit hit a phenomenal $1.4 trillion, and the current year’s deficit promises to be as high or higher.

Congress has never failed to increase the borrowing limit. So I guess we get to wait and see if they do.

Lucky Us!

Published in: on January 21, 2010 at 8:42 am  Comments (2)  
Tags: , , , , , , , ,

Climate change? What Climate change, Congress produced enough climate-stunting carbon dioxide to fill 10,000 Olympic swimming pools….at the Tax payers expensive

This sure does smell like something Nancy Pelosi would be behind, considering she has her head so far up her own A$$ that she could not smell anyting anyway.

So, remember the “Climate Change Summitt” in Copenhagen? The official amount of money spent is not in just yet, but you can bet your Tax money, its not cheap……by far.

CBS investigative correspondent Sharyl Attkisson reports that cameras spotted House Speaker Nancy Pelosi at the summit. She called the shots on who got to go. House Majority Leader Steny Hoyer, and embattled Chairman of the Tax Committee Charles Rangel were also there. They were joined by 17 colleagues: Democrats: Waxman, Miller, Markey, Gordon, Levin, Blumenauer, DeGette, Inslee, Ryan, Butterfield, Cleaver, Giffords, and Republicans: Barton, Upton, Moore Capito, Sullivan, Blackburn and Sensenbrenner.

That’s not the half of it. But finding out more was a bit like trying to get the keys to Ft. Knox. Many referred us to Speaker Pelosi who wouldn’t agree to an interview. Her office said it “will comply with disclosure requirements” but wouldn’t give us cost estimates or even tell us where they all stayed.

Senator Inhofe (R-OK) is one of the few who provided us any detail. He attended the summit on his own for just a few hours, to give an “opposing view.”

“They’re going because it’s the biggest party of the year,” Sen. Inhofe said. “The worst thing that happened there is they ran out of caviar.”

Our investigation found that the congressional delegation was so large, it needed three military jets: two 737’s and a Gulfstream Five — up to 64 passengers — traveling in luxurious comfort.

Add senators and staff, most of whom flew commercial, and we counted at least 101 Congress-related attendees. All for a summit that failed to deliver a global climate deal.

As a perk, some took spouses, since they could snag an open seat on a military jet or share a room at no extra cost to taxpayers. Rep. Gabrielle Giffords (D-AZ) was there with her husband. Rep. Shelley Moore Capito (R-WV) was also there with her husband. Rep. Ed Markey (D-MA) took his wife, as did Rep. Jim Sensenbrenner (R-WI). Congressman Barton — a climate change skeptic — even brought along his daughter.

Until required filings are made in the coming weeks, we can only figure bits and pieces of the cost to you.

Three military jets at $9,900 per hour – $168,000 just in flight time.

Dozens flew commercial at up to $2,000 each.
(CBS)

321 hotel nights booked – the bulk at Copenhagen’s five-star Marriott.

Meals add tens of thousands more.

Why Thank-You congress, a happy New Year to you as well, I see nothing has changed on your end.

Published in: on January 12, 2010 at 12:45 pm  Leave a Comment  
Tags: , , , , , ,