September 7, 2011

Lucid Links (090711, Morning)

Filed under: Lucid Links — Tom @ 8:53 am

“Memory Hole” (from “1984“) Alert“Rep. Nancy Pelosi House Democrats have dropped the word ‘stimulus’ from their vocabulary.”

Too bad no one else has. But watch the establishment press stop talking about “stimulus.”

The fact that they feel they must flush “stimulus” down the memory hole is proof that: a) it’s unpopular; b) it’s widely perceived not to have worked (because it didn’t); and c) the President’s “big ideas” for generating jobs is more of the same with a different name.


Mitt Romney’s not-worth reading jobs plan (reason for not reading explained here yesterday; decision vindicated in a Wall Street Journal editorial today) has a graph with a very obvious error.

Shown here, it claims that the economy lost 300,000 in the 24 months after the recession ended in June 2009. Bureau of Labor Statistics data indicate that according to the Establishment Survey, the one used for reporting job growth, the economy really added 554,000 seasonally adjusted jobs during that period. That’s still be the worst performance among the recessions charted.

To sort-of bail Romney out (excuse the charity), I’ll note that the Household Survey, the one used for reporting the unemployment rate, shows 644,000 seasonally adjusted jobs lost during that period.

Romney could still turn out to be right by the time the next comprehensive revision gets done. We’ll be getting a preview of the impact of that revision on September 29, and the final result in February or March of 2012. The last two revisions, all of which can laid at the feet of the POR (Pelosi-Obama-Reid) Economy aka the Fear-Based Economy, were -378,000 in 2009 (covering March 2009 to December 2010) and -902,000 in 2010 (covering March 2008 to December 2009).


“Arab Spring” Update: “Jihadists plot to take over Libya; U.S. steps up surveillance of suspects among rebels.”

Given what’s happened with Gunwalker (see next item), “surveillance” would appear to mean: “We’ll watch ‘em take over and do nothing about it.”


Gunwalker (or should we now call it “Bombwalker”?) has grown to include 2,000 grenades (HT The Truth About Guns).

It also looks like there was a Gunwalker-like operation in Indiana (should we now call it “Gangwalker”?):

The Bureau of Alcohol, Tobacco, Firearms and Explosives has acknowledged an Indiana dealer’s cooperation in conducting straw purchases at the direction of the Bureau of Alcohol, Tobacco, Firearms and Explosives. Exclusive documents obtained by Gun Rights Examiner show the dealer cooperated with ATF by selling guns to straw purchasers, and that bureau management later asserted these guns were being traced to crimes.

Bob Owens at Pajamas Media:

what Codrea has dubbed as “Gangwalker” appears to be another attempt to provide guns to criminals in order to generate more gun crime and then more calls for gun control.

The biggest difference between the two operations at this early date only seems to be that Gangwalker is a purposeful attempt to create the deaths of American citizens in order to pursue the administration’s fanatical anti-gun agenda.

American deaths, for political gain.

Think about that claim for a minute, and what that would mean.

But according to election prognosticator Allan Lichtman, Obama will get reelected, partially because (Point 9 of 13) “The administration is untainted by major scandal.”

It’s one thing to claim lack of “taint” owing to the establishment press’s failure to cover Gunwalker/Bombwalker/Gangwalker, the Sestak buyoff attempt, and so many other very real scandals. It’s another thing for Lichtman to claim, as he did to US News, that “This administration has been squeaky clean.”

That’s objectively delusional. Hopefully, despite his track record, so is his prediction.




    Comment by Greg — September 7, 2011 @ 9:54 am

    Congress is ultimatel responsible for everything the FED does.
    It voted to create them in 1913, and it can vote them out of existance if they wanted to. Don’t let your congressman tell you they can’t control the situation. They can and don’t want to as all they seek is reelection!

    READ THE INCREDIBLE SHRINKING DOLLAR, it describes how Inflation acts as a hidden tax on the wealth of the American people.
    How rate of inflation calculated by our government is a huge LIE, as the calculation excludes “food and fuel”. Of course the dishonest rate is calculated to exclude “food and fuel”.

    Read more

    Comment by Greg — September 7, 2011 @ 10:10 am

  3. Tom,
    I remember the planes crashing into the buildings and my fellow Americans Dying & I will not accomodate the Muslims. I pray for all of them.
    I approve of this link and its purchase – Greg

    Show your gratitude for Really Big Coloring Books’ truth-telling: Order the We Shall Never Forget coloring book

    ‘We Shall Never Forget’–a 9/11 Coloring Book–Commits Thoughtcrime

    Comment by Greg — September 7, 2011 @ 10:27 am

  4. another Lucid Link

    Remember the Debt Limit?
    Well, that was quick!

    Ticker notes that the USG has about $45Bn remaining on its legal line of credit. What will are congressional TARP Crack Whores do now about the debt ceiling?

    Comment by Greg — September 7, 2011 @ 11:55 am

  5. Whoops, QE3 (Operation Twist) failed before it started:

    just as QE2 ended up doing nothing not only for the US economy but for the stock market as well, what is somewhat disturbing is that the only primary purpose of Operation Twist, namely the lowering of 10 Year bond yields in order to make consumers “weathier” through cheaper refis, has already failed. Presenting Evidence A: 10 Year Treasury Yields (inverted axis where lower yields are plotted higher) and the MBA Refi Index, which today dropped by 6.3%, the third week in a row, sending the Refi index to 3169.4 from 3915.5 in the beginning of August. As the chart makes all too obvious, the correlation between the two series has been as close to 1 as possible… at least until talk of QE3 via Operation Twist not only picked up but was made virtual fact through Wall Street’s wholehearted acceptance of more monetary easing. What has happened recently is a substantial break between dropping yields and increasing refinancings. It thus begs the question: if an ever flatter 2s10s curve, the explicit objective of Op Twist which has gotten priced in in the past several weeks, has no impact on the housing market currently languishing in a historic depression, then just why is the Fed focusing on lowering long bond yields even more?…

    …And while one can attempt to attribute this drop to “transitory” factors such as hurricanes and summer vacations, the reality is that every single time the Fed commences another monetary easing episode, mortgage refi rates plunge, in the process undoing everything that the Fed tries to accomplish by forcing mortgage-holders to refinance into a cheaper loan…

    …This also means that the only other reason for QE is and continues to be the funneling of zero cost money to banks via excess reserves which can then be used for all sorts of asset levitating fungible purposes. It also has some unpleasant side-effects: such as sending gas to $5/gallon (for consumers) and gold to over $2000 (for central bankers)…

    And the punch line:

    And while none of this is likely to change any of the course that the Fed will embark on after its next FOMC meeting, the population at least deserves to know just why it is being fleeced over and over.

    And tangentially, the most dramatic confirmation of just how much of a failure not only monetary but fiscal stimulus have been (and will be) is the following snapshot of major headlines on Gallup’s economy page.

    Check the chart…

    I would add /snark/ but this is too sad and it would overly cynical even jaded.

    Comment by dscott — September 7, 2011 @ 4:51 pm

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