As the so-called "recovery" sputters forward, one essential ingredient continues to be missing: jobs! But there's no shortage of excuses! The Obama Administration has already passed along responsibility to, of all things, the WEATHER! White House economic adviser Larry Summers said on Monday, winter blizzards were likely to distort U.S. February jobless figures, which are due to be released on Friday.
Spin, spin, spin. Anyone getting dizzy?
"The blizzards that affected much of the country during the last month are likely to distort the statistics. So it's going to be very important ... to look past whatever the next figures are to gauge the underlying trends," Larry Summers said in an interview with CNBC, according to a transcript.
According to a recent article in Atlantic Magazine, (http://www.theatlantic.com/magazine/archive/2010/03/how-a-new-jobless-era-will-transform-america/7919/) a new jobless era is upon us.
The Great Recession may be over. Oh,but it's NOT! But, this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture and the character of our society for years to come.
You know the spin-meisters are working full-time when job losses are spun to be something good. Take an article in Yahoo today which claims that FEWER job losses are somehow good. The problem? With more people out of work, THERE are fewer people to LOSE JOBS!
According to the Yahoo piece, U.S. private employers eliminated fewer jobs last month, suggesting the job market may be on the mend, while the U.S. services sector grew at its fastest pace in more than two years.(http://finance.yahoo.com/news/Private-sector-sheds-20000-rb-1815769018.html?x=0&sec=topStories&pos=3&asset=&ccode).
Analysts expect the Friday report to show the economy lost 50,000 jobs last month, compared with 20,000 the month before, according to Reuters data. So, the GOOD news is WHERE?
Of course, readers of Marko's Take know that unemployment is nowhere near the 10% level claimed by the Obama Administration. More accurate statistics compiled by ShadowStats (http://www.shadowstats.com/), reflect unemployment to be higher - 22% and hovering, with barely a downtick.
This despite the far-fetched claims of the Obama Administration that it has created so many millions of jobs through its "brilliant" stimulus policies (sarcasm intentional!) or, if all else fails, its claims to have SAVED millions of jobs that would have been lost but for their HEROIC efforts! I don't see the connection between heroism and profligate spending, but that's just me. Certainly, there must be something to it, or the media lap dogs wouldn't be eating it up!
Think I'm being unfair? Think our President deserves credit? TAKE ME ON!
Marko's Take
Our fourth segment of the new YouTube series de-mystifying the internal machinations of the Federal Reserve will be up shortly at http://www.youtube.com/markostake. We will continue to add more segments on a weekly basis. Our thanks to our partner Phoenix Film Group (http://www.phoenixfilmgroup/).
Showing posts with label Obama Admistration. Show all posts
Showing posts with label Obama Admistration. Show all posts
Wednesday, March 3, 2010
Thursday, January 28, 2010
Obama's State Of The Onion Address: The More You Peel It, The More It Makes You Cry
President Obama must have an awefully sore shoulder this morning. He patted himself on the back so hard and so many times, it's a wonder he wasn't rushed to the hospital with a dislocated shoulder!
Here's a perfect example why "professional" politicians are so clueless. They BELIEVE that government creates jobs! Never actually having had jobs themselves, they don't really understand how the economy works. Yes, they write checks to someone who in turn employs someone. But for every check they write, someone ELSE has to pay for that check and becomes LESS able to employ someone. Hmm. The math. That stupid math that just keeps getting in the way.
It's amazing that a President can claim that he's "created" so many millions of jobs while at the same time ignoring the fact that real unemployment is at all time highs. Again, that silly math just keeps getting in the way. But DON'T pay attention to the man behind the curtain!
Fortunately, the President DID make a few decent suggestions such as encouraging nuclear power. He also recommended tax breaks for companies investing in capital equipment and raising payrolls. That's good stuff.
But is he serious about giving the already "Dead on Arrival" Obamacare another try? I guess he must really want to work with Republicans, because if that bill is pushed more, he will cost many Democrats their beloved jobs. And this from a man who claims to have created jobs!
In listening to the address, it amazes me how so many words can contain so little meaning. "We will do this". "We will do that". Ok, so why haven't you done this or that already? Oh that's right, you had to blame everything on your predecessor. As we know, the ridiculous stimulous bills, TARP, bailout of General Motors and Chrysler were all Bush's fault. So is the ongoing war in Afghanistan. So is the out-of-control budget deficit. All Bush's fault. Well before we get too hard on the President, let's rememeber he just got into office - a YEAR ago!
While campaigning, President Obama promised to "unify". HUH? How many bills are being voted strictly along party lines like Obamacare? In fact, President Obama is probably the most polarizing figure in history. And that's saying something after Bill and Hillary Clinton, George Bush and Newt Gingrich.
Seriously, if you want to waste a perfectly good hour and a half and yet learn nothing other than the art of obfuscation, listen to last night's address. Lot's of jobs created or saved, yet none destroyed. Lot's of money spent with all kinds of real results, like the grocery store check-out clerk in Pittsburgh who would have lost her job without the bailout funds. Never mind the real people who join the unemployment rolls week after week. Lot's of applause by other politicians whose sole purpose is to get face time on camera and keep their jobs.
Thankfully, the speech finally ended and we can go on to the "people's business" like spending more money we don't have - all while providing "8 million middle-class Americans with tax cuts"! Don't pay attention to the main behind the curtain!
I hope everyone writes Mr. Obama a "get well" card this morning. First, in sympathy to his dislocated shoulder and second to express sympathies for his delusions of grandeur. As he told us, the state of America is not only JUST FINE but he has more hope than ever. Didn't someone I know write a book about the AUDACITY of HOPE?
Another State of the Union Adress and another hour of empty rhetoric. While the President may not walk the walk, at least he talked the talk, and talked the talk, and talked the talk...
The truly sad aspect of the State of the Union address is that it gave the President an honest opportunity to acknowledge where things stand and propose SOLUTIONS - not to take credit for accomplishments that haven't actually been made.
Tomorrow, we'll go back to the markets and review our "Take" after a heavy news week.
Marko's Take
Here's a perfect example why "professional" politicians are so clueless. They BELIEVE that government creates jobs! Never actually having had jobs themselves, they don't really understand how the economy works. Yes, they write checks to someone who in turn employs someone. But for every check they write, someone ELSE has to pay for that check and becomes LESS able to employ someone. Hmm. The math. That stupid math that just keeps getting in the way.
It's amazing that a President can claim that he's "created" so many millions of jobs while at the same time ignoring the fact that real unemployment is at all time highs. Again, that silly math just keeps getting in the way. But DON'T pay attention to the man behind the curtain!
Fortunately, the President DID make a few decent suggestions such as encouraging nuclear power. He also recommended tax breaks for companies investing in capital equipment and raising payrolls. That's good stuff.
But is he serious about giving the already "Dead on Arrival" Obamacare another try? I guess he must really want to work with Republicans, because if that bill is pushed more, he will cost many Democrats their beloved jobs. And this from a man who claims to have created jobs!
In listening to the address, it amazes me how so many words can contain so little meaning. "We will do this". "We will do that". Ok, so why haven't you done this or that already? Oh that's right, you had to blame everything on your predecessor. As we know, the ridiculous stimulous bills, TARP, bailout of General Motors and Chrysler were all Bush's fault. So is the ongoing war in Afghanistan. So is the out-of-control budget deficit. All Bush's fault. Well before we get too hard on the President, let's rememeber he just got into office - a YEAR ago!
While campaigning, President Obama promised to "unify". HUH? How many bills are being voted strictly along party lines like Obamacare? In fact, President Obama is probably the most polarizing figure in history. And that's saying something after Bill and Hillary Clinton, George Bush and Newt Gingrich.
Seriously, if you want to waste a perfectly good hour and a half and yet learn nothing other than the art of obfuscation, listen to last night's address. Lot's of jobs created or saved, yet none destroyed. Lot's of money spent with all kinds of real results, like the grocery store check-out clerk in Pittsburgh who would have lost her job without the bailout funds. Never mind the real people who join the unemployment rolls week after week. Lot's of applause by other politicians whose sole purpose is to get face time on camera and keep their jobs.
Thankfully, the speech finally ended and we can go on to the "people's business" like spending more money we don't have - all while providing "8 million middle-class Americans with tax cuts"! Don't pay attention to the main behind the curtain!
I hope everyone writes Mr. Obama a "get well" card this morning. First, in sympathy to his dislocated shoulder and second to express sympathies for his delusions of grandeur. As he told us, the state of America is not only JUST FINE but he has more hope than ever. Didn't someone I know write a book about the AUDACITY of HOPE?
Another State of the Union Adress and another hour of empty rhetoric. While the President may not walk the walk, at least he talked the talk, and talked the talk, and talked the talk...
The truly sad aspect of the State of the Union address is that it gave the President an honest opportunity to acknowledge where things stand and propose SOLUTIONS - not to take credit for accomplishments that haven't actually been made.
Tomorrow, we'll go back to the markets and review our "Take" after a heavy news week.
Marko's Take
Sunday, January 17, 2010
Why There Will Be Strategic Shortages And Civil Disobedience
In yesterday's blog, the one prediction which generated the most public and private questioning of my already dubious sanity, was my belief that we will see civil disobedience and riots resulting from key shortages of certain necessities. I didn't site a link, as I hadn't written on the topic before, so I will go into detail today.
I don't think that the notion of some sort of coming hyper-inflation is a stretch by any means. The Consumer Price Index (CPI) is not "restrained", as claimed by the adminstration and the Federal Reserve. According to the Bureau of Labor and Statistics (BLS), inflation troughed in mid-2009 at MINUS 2% and has since risen to nearly 3%!
As I've mentioned many times before, an excellent website called "ShadowStats" (http://www.shadowstats.com/), adjusts currently reported numbers to the methodology used prior to revisions in the algorithms employed during the Clinton Administration. According to Dr. Williams, who makes the adjustments, the rate of inflation bottomed at an annual rate of 1%, but has now jumped to 6% in only a few months!
In the 1970's, as inflation began to super-heat, then President Nixon imposed "wage and price" controls. It was a disaster and led to higher unemployment, lower economic growth and shortages of certain items, such as gasoline. It is possible that the experience of "Richard E. Nixon", as Archie Bunker would say, will be repeated by the Obama administration as the result of a clammoring for relief by hard hit Americans.
Shortages could occur for a variety of other reasons, such as a renewed economic slowdown, increasing trade barriers, war or a plethora of other possibilities!
Should the Obama Administration succumb to the desperation of the populace and impose wage and price controls, the shortages will recur. The U.S. is already experiencing some civil disobedience. Riots have occured in Great Britain. Therefore, could my prediction be so far-fetched?
I truly hope this prediction is wrong, but I'm afraid it won't be. Assuming I am indeed correct, are you prepared? If not, why not? Especially now that you've read the blog!
Thanks for reading!
Still don't think my prediction has merit? You know what to do! TAKE ME ON!
Marko's Take
I don't think that the notion of some sort of coming hyper-inflation is a stretch by any means. The Consumer Price Index (CPI) is not "restrained", as claimed by the adminstration and the Federal Reserve. According to the Bureau of Labor and Statistics (BLS), inflation troughed in mid-2009 at MINUS 2% and has since risen to nearly 3%!
As I've mentioned many times before, an excellent website called "ShadowStats" (http://www.shadowstats.com/), adjusts currently reported numbers to the methodology used prior to revisions in the algorithms employed during the Clinton Administration. According to Dr. Williams, who makes the adjustments, the rate of inflation bottomed at an annual rate of 1%, but has now jumped to 6% in only a few months!
In the 1970's, as inflation began to super-heat, then President Nixon imposed "wage and price" controls. It was a disaster and led to higher unemployment, lower economic growth and shortages of certain items, such as gasoline. It is possible that the experience of "Richard E. Nixon", as Archie Bunker would say, will be repeated by the Obama administration as the result of a clammoring for relief by hard hit Americans.
Shortages could occur for a variety of other reasons, such as a renewed economic slowdown, increasing trade barriers, war or a plethora of other possibilities!
Should the Obama Administration succumb to the desperation of the populace and impose wage and price controls, the shortages will recur. The U.S. is already experiencing some civil disobedience. Riots have occured in Great Britain. Therefore, could my prediction be so far-fetched?
I truly hope this prediction is wrong, but I'm afraid it won't be. Assuming I am indeed correct, are you prepared? If not, why not? Especially now that you've read the blog!
Thanks for reading!
Still don't think my prediction has merit? You know what to do! TAKE ME ON!
Marko's Take
Tuesday, January 12, 2010
Gold: The New Rocket Man
It won't be a long, long time! Gold is massing for a potential upward vault into record territory that should last at least a year.
It may pause for a bit now and at further points in the future, but liftoff is being counted down at "Cape Carnival", as Archie Bunker might say!
The only sign that would nullify this prediction would be a sudden and sustained reversal to below $1,100.
So, let's assume for the moment that I am indeed correct. The next stop ought to be somewhere in the vicinity of $1,200. After that I don't have any idea what kind of pullback will occur.
The liftoff has plenty of fuel, amongst which is the imminent War with Iran (http://markostake.blogspot.com/2009/12/war-with-iran-imminent.html), the continued deterioration in the dollar and the growing difficulty in finding buyers for Treasuries.
If you haven't invested in Gold already, do so immediately, but don't do it in an IRA or 401-K. I realize that I've been insisting that deferred income vehicles be used, but because of multiple sources of information I've just received, which I believe to be credible, that might not be a good idea. Instead, you may try physical Gold, but don't place the gold in a safety deposit box (http://markostake.blogspot.com/2009/11/keeping-your-valuables-safesome.html).
If you buy physical gold make sure it isn't counterfeit (http://markostake.blogspot.com/2009/11/fools-gold.html).
Thanks for reading,
Marko's Take.
It may pause for a bit now and at further points in the future, but liftoff is being counted down at "Cape Carnival", as Archie Bunker might say!
The only sign that would nullify this prediction would be a sudden and sustained reversal to below $1,100.
So, let's assume for the moment that I am indeed correct. The next stop ought to be somewhere in the vicinity of $1,200. After that I don't have any idea what kind of pullback will occur.
The liftoff has plenty of fuel, amongst which is the imminent War with Iran (http://markostake.blogspot.com/2009/12/war-with-iran-imminent.html), the continued deterioration in the dollar and the growing difficulty in finding buyers for Treasuries.
If you haven't invested in Gold already, do so immediately, but don't do it in an IRA or 401-K. I realize that I've been insisting that deferred income vehicles be used, but because of multiple sources of information I've just received, which I believe to be credible, that might not be a good idea. Instead, you may try physical Gold, but don't place the gold in a safety deposit box (http://markostake.blogspot.com/2009/11/keeping-your-valuables-safesome.html).
If you buy physical gold make sure it isn't counterfeit (http://markostake.blogspot.com/2009/11/fools-gold.html).
Thanks for reading,
Marko's Take.
Saturday, December 26, 2009
Obamacare... Part 1: Who's Fer It, Who's Agin' It?
The Senate version of Obamacare passed on Christmas Eve by a 60-39 vote, completely along party lines. Thank God, President Obama has managed to UNITE the country as he promised while campaigning! Ninety-two year old Democratic Senator Robert Byrd, (presumably along with his dog, Billy), had to be wheeled in to vote, while Republican Senator Jim Bunning of Kentucky refused to vote at all!
Proponents will be easier to enumerate, so let's start there first. They include the administration and the 60 Democrats in the Senate. And, of course, most of the House of Representatives, led by Nancy Pelosi. This is, of course, PREPOSTEROUS, since NONE of the provisions of Obamacare will apply to any of them!
As to the opponents, the list gets a bit more extensive. Among the nays include the American People, who, according to the most recent Rasmussen poll, oppose Obamacare by 55%, with only 41% in favor. This poll was conducted less than a week ago. Therefore, Obamacare should prove VERY UNHEALTHY for Democrats seeking re-election in 2010!
Other opponents include Big Pharma and the AARP. Big Labor opposes Obamacare, too, because of the 40% excise tax it levies on so called "Cadillac Plans", the portion of existing health-care plans that are very lavish, such as the ones enjoyed by many unions and Congress. Oh yes, that excise tax applies to everyone BUT CONGRESS!
On the 23rd of December, one congressman, Democrat Parker Griffith of Alabama, switched parties BECAUSE of his opposition to Obamacare. Prior to running for Congress, Griffith was an oncologist. He opposes the bill because of the impact on doctors and quality of patient care. But what does he know. It's not like he was a doctor! Republican's haven't held this seat since the Civil War!
Before the bill is enacted, it must be first reconciled between the House and Senate versions, which is expected to take place in February.
Now that we know how the sides line up, we'll continue tomorrow with another aspect of Obamacare.
I hope you had a Merry Christmas. I did. "Take me on" with any comments below.
Marko's Take
Proponents will be easier to enumerate, so let's start there first. They include the administration and the 60 Democrats in the Senate. And, of course, most of the House of Representatives, led by Nancy Pelosi. This is, of course, PREPOSTEROUS, since NONE of the provisions of Obamacare will apply to any of them!
As to the opponents, the list gets a bit more extensive. Among the nays include the American People, who, according to the most recent Rasmussen poll, oppose Obamacare by 55%, with only 41% in favor. This poll was conducted less than a week ago. Therefore, Obamacare should prove VERY UNHEALTHY for Democrats seeking re-election in 2010!
Other opponents include Big Pharma and the AARP. Big Labor opposes Obamacare, too, because of the 40% excise tax it levies on so called "Cadillac Plans", the portion of existing health-care plans that are very lavish, such as the ones enjoyed by many unions and Congress. Oh yes, that excise tax applies to everyone BUT CONGRESS!
On the 23rd of December, one congressman, Democrat Parker Griffith of Alabama, switched parties BECAUSE of his opposition to Obamacare. Prior to running for Congress, Griffith was an oncologist. He opposes the bill because of the impact on doctors and quality of patient care. But what does he know. It's not like he was a doctor! Republican's haven't held this seat since the Civil War!
Before the bill is enacted, it must be first reconciled between the House and Senate versions, which is expected to take place in February.
Now that we know how the sides line up, we'll continue tomorrow with another aspect of Obamacare.
I hope you had a Merry Christmas. I did. "Take me on" with any comments below.
Marko's Take
Subscribe to:
Posts (Atom)