One of the main reasons I started overviewing these more minor monthly statistical releases is because so many in the financial and business press write pure bunk on these.
It's amazing because the government statistical agencies do a pretty good job at presenting the data and all one really needs to do is read it!
Yet over and over again, we see major spin and worse, many of these are written into HFT algorithms.
So, we have data which will be revised, is not real time, major error margins being written into algorithms trading trillions in a nanosecond.
So, we do our part trying to bring some number sanity is the statistical spin and it's a full time job!
that everyone else reports on such a release with a straight face:
"Housing starts have increased +21.6% from a year ago, outside the ±12.5% margin of error, but almost a halving from last month's reported year ago percentage increase of +41.9%."
Every year your Social Security will be cut. Instead of a raise you will get a cut. How can Obama do this. He promised not to touch SS medicare and medicaid. Infact he said he would improve them. How can he even think of a deal like this. Let us go over the cliff.
This article focuses in on social security but Federal pensions would also be reduced. It's quite shocking that chained CPI is presented to "reduce government spending", when the primary target are workers and their benefits.
There seems to be no mention how benefit reduction will also affect GDP, economic growth and it will be a detriment. Less income probably means less consumer spending, PCE, which makes up about 70% of GDP.
But the minute you attacked Israel early in the article, I stopped reading. And no, I'm not Jewish. I just can't stand idiotic, mindless scapegoating of a tiny tiny country and a tiny tiny group of people who have been dehumanized, genocided, terrorized for centuries by the monstrous enemies of Christianity and Islam. Nowadays, mostly Islam.
Christians and Muslims, with their insatiable territorial ambitions have stolen almost all the civilized land there is in the world, from its original inhabitants. All Israel is trying to do is to keep a tiny island of sanity alive in a massive sea of hate and tyranny that surrounds it.
Interest-rate fixing took trillions out of the hands of everyone from individuals to governments, so to even make up for their losses, the penalties would have to be so much larger, without even getting into the necessary deterrent factor of incarceration and forfeiture so that someone somewhere might think about not breaking more laws today and raping customers at will. UBS is another one that seemingly loves breaking laws. It also loves evading taxes. Another pertinent question is how many people work in places from the SEC to the DOJ to state AG offices to county prosecutors to other folks and on and on at all levels that are seemingly okay with big banks and other corporations breaking so many laws and still earning good money for seemingly not doing anything. For instance, say DOJ and Treasury have 300 people total working in OFAC + AML. Median salary, let's say $100,000. That's 30 million right there that was wasted. How many bank regulators and inspectors are there globally assigned solely to big banks? How much money do they earn before they earn more switching to the big banks they just "oversaw"? And banks, let's say they have 100,000 globally with median salaries of $50,000 - $100,000. And legal staffs, compliance staffs, counsels, vps, assistance vps, and so on. Just imagine how much money could be passed on in savings if those staffs were cut because they could break the law anyway. Of course I'm kidding, savings aren't passed on to bank or corporate customers. The CEOs could make so much more if they cut these staffs and their politicians could of course get their slice.
As average citizens, why exactly are we subject to small and big laws with the full threat of financial and personal destruction, unemployment, jail, prison, and/or probation when big corporations have essentially established a protection racket for themselves and can do no wrong? When the laws are applied only against those without the power and money to lobby or buy protection, legal authority seems to be tyrannical. It's certainly not arbitrary, because it's obvious the people that take money from customers or inherit or steal it can avoid any liability while those who can't suffer for following all the rules and regulations imposed on them.
Huge fan of opensecrets.org. While we may get destroyed by the plutocrats, at least we know which plutocrats and whose money is doing it to us.
American Express peak lobbying in 2008 with $3.79 million - TARP anyone? They paid out $3.7 million in that year to secure their whores', sorry, politicians', help. So with that, they received 1,000 X the amount they paid in lobbying. Nice returns! In 2008, American Express had 12 lobbyists, 6 of whom were considered "revolving door" lobbyists. In 2012, it has 10 lobbyists, 5 of whom are considered "revolving door" lobbyists.
In 2012, so far, $1.67 million in lobbying. Just imagine the returns for the money if Chenault could use shareholder money to secure himself a spot at the Treasury, talk about personal return on someone else's investment! He invests nothing, loses nothing, and makes money and buys a political office with someone else's money. Truly a mockery of our founding ideals, democracy, capitalism, and anything else we thought we understood or believed in.
According to opensecrets, finance/credit companies have 77.3% of lobbyists that are "revolvers." Beer/wine, tobacco, and TV/movies/music have greater percentages of "revolvers." American Express has the same old names and people that represent the US Chamber of Commerce, Honeywell, etc. that worked for House members, the SEC, etc. Yawn. Same old closed club with no morals or integrity.
Government of corporate boardrooms, by corporate boardrooms, and for corporate boardrooms. American citizenry and even common shareholders, be damned.
This is the 2nd executive being floated around who is clearly worse than Geithner, if that was even possible. If Obama nominates someone this corrupt, clearly going to give MNCs carte blanche, well, it's just another major milestone down the road of government corruption to U.S.A. annihilation.
New Treasury Secretary might be this dude. You need to check American Express - this bankster company is notorious for running fake jobs ads, taking them down after getting people to go through multiple rounds of interviews, decide "not to fill the position," and then repost the same ads. It's a scam for H-1B visas. Phoenix operations, etc. look to get rid of Americans. Also, they got busted for money laundering for cartels down in Miami - it wasn't even a sophisticated money laundering process, basically one that's known to amateur money launderers, but still AmEx didn't seem to care too much until they got caught and paid a minimal fine. No one went to jail or prison for aiding and abetting drug trafficking. While CEO of American Express in 2007, Chenault earned a total compensation of $50,126,585, and in 2008, he earned a total compensation of $42,752,461. But, it must be because he was such a bang up CEO? Well, American Express actually applied for and received $3.39 billion in TARP funds, so apparently Jane and Joe taxpayer had to help the bankster out, but why let that affect Chenault's gargantuan salary + options? Our money, his life of leisure and power.
I'm sure he can identify with the struggling 99% that break their backs for $10/hr. or face endless despair as long-term unemployed while their multiple degrees are now used for toilet paper. Yes Sir, this guy will be fighting for us, no doubt.I mean his resume from high school on doesn't reveal an ounce of busting ass in a factory or overseas or struggling to find work, but he'll take on banksters and help us on Year 4? 5? 6? of this "recovery" that never seems to come to fruition. Outsourcing, money laundering, overpaid bankster joker BRAVO! More of the freaking same. Check please, it's time to turn out the lights on the USA.
Folks, the latest fiscal cliff deal again is cutting benefits of social security by using chained CPI.
It's time to write your Congressional representatives and say this is unacceptable.
Millions of people have lost their retirement. 401ks tanked, they took them out early because they lost their jobs, pensions going into bankruptcy or never existed, so now more than ever, retirement is dependent upon social security only.
Cutting benefits is just a disaster in action. Truly you need to write your representatives and demand they vote no for anything that includes chained CPI usage on social security.
Same song, different verse, little bit louder, little bit worse. We warned in 2008, Obama had an agenda to partially privatize social security and reduce benefits. This is just a dog and pony show to start that agenda and also blame the GOP politically under the lie of "saving us all from an economic recession".
This is simply a big "how to" avoid being electrocuted politically on the 3rd rail of politics, social security.
==================
On schools, there is one element that I'm sure many wonder about. The U.S. is legally required to provide free public education to kids here illegally or born in the U.S. of people here illegally. This is actually a huge cost and it's not politically correct to talk about of course. There are places like LA, Chicago where the percentages are huge, the costs are very high.
They destroy jobs, make it impossible to find jobs anymore (and of course if you know too much or work too hard, you're screwed because HR and CEOs hate troublemakers aka "overqualified"). They take away benefits on the job if you do work, so you can't afford to keep your spouse or kids healthy either. They want to privatize schools in addition to the outrageous property taxes people pay, so free education becomes impossible anymore. They keep raising rates for mandatory insurance on cars, and if you can find safe, reliable public transportation, those rates are always increasing. Want to smoke or drink or have a Coke and a smile to escape daily misery? Well, if it's not illegal, pony up "sin" taxes. If you get too old, the political bosses and their paymasters will demand that you force employers that despise anyone over 35 to hire you, and if they don't, the elderly (over 35) will just have to deal with it. Social Security and Medicare, sure, pay into it, but collect it? Nope. In a world that had legitimate laws, if someone took money for something and then refused to deliver when promised, they might be called lying scum criminals, especially when the consequences are life and death. But in politics and big biz, just another day at the office. And oh, by the way, while the average citizen can't speed or litter without paying $200 fines and ticket after ticket and court appearance after court appearance with ever more laws coming down on him/her, the big boys and girls can break as many laws as they want and can even write their own laws. In fact, you can aid America's enemies, arm terrorists and organized criminals, and make money off it. When confronted at any point, don't admit you weaken your own country, just pay a fine that you can recoup by jamming more fees onto citizens that actually care about their Nation, family, and neighbors. Patriotism? Hell no, profits only, and even when they admit they don't care about the Nation or patriotism, the politicians still service them (revealing their true nature and calling).
The same thing is going on around the world. Cameron in the UK is still pushing for social safety net cuts, still blaming people that collect welfare as those that don't want to work, etc. Yes, tens of millions of Americans and Brits and Greeks etc. just love facing homelessness and eventual death. Sure, who wants to work when losing your friends, family, and home are available. What dicks these pols are. Meanwhile, he loves paying taxpayer money to private contractors that force the unemployed to work for free. The money-men and women are in charge, and they want to bleed every nickel they can get before fleeing to their compounds on private islands. Is this govt. really by us, for us? Given the evidence, one would have to conclude . . .
Is not a good idea. I don't think it will have any real effect except potential on defense contract corporations, which often require U.S. citizenship to work there, which is good, much better than our multinational corporations in terms of stable employment. No comment on the military-industrial complex here, just to note they require citizenship for employment most often.
I don't think it will hurt our corporate controlled government or the corporations who rule the world hardly at all. We have QE so stocks will probably stay up, they have trillions parked offshore, will continue their global labor arbitrage agenda and they are also sitting on mountains of cash.
It will be the average American who is hurt.
That said, corporations are now messaging the fiscal cliff to attack America's social safety nets.
Take for example health care, they will not demand pharmaceutical companies negotiate in bulk prices that the rest of the industrialized world pays to reduce costs, which in turn is a budget reducer.
So, if the only result of the fiscal cliff is to start dismantling America's social safety nets, I can see the logic. I haven't run the numbers but I believe that would hurt the economy overall significantly and throw even more into more poverty long term.
But the fiscal cliff is real, we're going to see a six month economic contraction, which is the last thing America needs to happen. All complete avoidable if our representatives actually represented the American people.
That's why I put up the annual drop in the unemployment rate graph up. Let's assume the graph remains constant, it means unemployment would drop another 1.0 percentage point to 6.7% in a year.
It's possible in other words. That said, the Fed's projections are different and why the projections table.
No argument from me that 1.8 million jobs in a year isn't enough. We have the requirement of around 1.2 million jobs a month needed to keep up with working population growth.
I don't think Bloomberg pays their guests as I don't think most shows do. I'm not sure about this but I believe only the pundits make the big bucks.
Yeah, well, think about the housing bubble and financial crisis and right up to it happening, "oh nothing is wrong", buy Bear Sterns, Lehman is fine and so on.
Last night a British economist and/or analyst on Bloomberg was discussing the Fed's latest move. The guest was saying it was possible that UE could drop to somewhere around 6.5% to 6.9% (not sure exact point) in 12 to 18 months! The anchor, paid not to ask questions that might contradict guests or expose lies/impossibilities, simply nodded and moved on. The guest then said Ben would be in an awkward position because he promised ZIRP for more time than that which would have him promising ZIRP while also forcing him to raise rates.
Isn't it amazing how statistics lose all meaning when people make up facts, ignore reality, and just mislead or flat out lie all the time? Assuming the unemployment rate is even at 7.9% (in Fantasyland), how is it possible to drop the unemployment rate to under 7% in 12 months when under 150,000 jobs are being created and still we have 350,000-400,000 initial claims every week? There is no job growth, none. Now take this non-job growth and apply it to the real unemployment rate of 18%-22%+. And the graphs that show it would take many, many years to get back to employment levels of pre-2007. And consider the actual labor participation rate across all age groups. And the job types and pay those jobs that actually exist offer. But these statements that it could take 12 - 18 months to drop unemployment under 7% are allowed to go unchecked? And these people get paid for their advice and "insights"? What a clown show, a full on clown show.
Well, economics and the messages to society on how worthless everyday Americans are generally is only part of the story. All of America stopped when this happened and is talking about nothing else and hope to stop the insanity. Pushing people into poverty and this never ending "survivor game" mentality of America, very selfish as described above, probably contributes to it. Honestly I sure don't have the real answers on how to stop this for it appears to be mainly sociological, of which economics only plays a part. I don't think we should single out America. This kind of horror just happened in Norway and has happened around the globe.
No answers and I don't think Michael Moore's film really says he has all of the answers, more he describes some of the conditions, which in large part are economic related.
On the other hand, what is it that makes people kill others like they are in a video game or a bad slasher movie? I have no idea, although clearly psychosis and acute schizophrenia and guns don't mix. Our mental health system is pathetic, with no economic, social support really, just court orders to take medications.
On a personal note, I had to turn off the news for there is nothing more horrific than extreme violence against little kids.
Consider this thread the place to talk about it and other "non-economic" related comments.
What can I do to fight back? Many older people on my street who are disabled will be affected.
One of the main reasons I started overviewing these more minor monthly statistical releases is because so many in the financial and business press write pure bunk on these.
It's amazing because the government statistical agencies do a pretty good job at presenting the data and all one really needs to do is read it!
Yet over and over again, we see major spin and worse, many of these are written into HFT algorithms.
So, we have data which will be revised, is not real time, major error margins being written into algorithms trading trillions in a nanosecond.
So, we do our part trying to bring some number sanity is the statistical spin and it's a full time job!
that everyone else reports on such a release with a straight face:
"Housing starts have increased +21.6% from a year ago, outside the ±12.5% margin of error, but almost a halving from last month's reported year ago percentage increase of +41.9%."
Every year your Social Security will be cut. Instead of a raise you will get a cut. How can Obama do this. He promised not to touch SS medicare and medicaid. Infact he said he would improve them. How can he even think of a deal like this. Let us go over the cliff.
This article focuses in on social security but Federal pensions would also be reduced. It's quite shocking that chained CPI is presented to "reduce government spending", when the primary target are workers and their benefits.
There seems to be no mention how benefit reduction will also affect GDP, economic growth and it will be a detriment. Less income probably means less consumer spending, PCE, which makes up about 70% of GDP.
But the minute you attacked Israel early in the article, I stopped reading. And no, I'm not Jewish. I just can't stand idiotic, mindless scapegoating of a tiny tiny country and a tiny tiny group of people who have been dehumanized, genocided, terrorized for centuries by the monstrous enemies of Christianity and Islam. Nowadays, mostly Islam.
Christians and Muslims, with their insatiable territorial ambitions have stolen almost all the civilized land there is in the world, from its original inhabitants. All Israel is trying to do is to keep a tiny island of sanity alive in a massive sea of hate and tyranny that surrounds it.
Interest-rate fixing took trillions out of the hands of everyone from individuals to governments, so to even make up for their losses, the penalties would have to be so much larger, without even getting into the necessary deterrent factor of incarceration and forfeiture so that someone somewhere might think about not breaking more laws today and raping customers at will. UBS is another one that seemingly loves breaking laws. It also loves evading taxes. Another pertinent question is how many people work in places from the SEC to the DOJ to state AG offices to county prosecutors to other folks and on and on at all levels that are seemingly okay with big banks and other corporations breaking so many laws and still earning good money for seemingly not doing anything. For instance, say DOJ and Treasury have 300 people total working in OFAC + AML. Median salary, let's say $100,000. That's 30 million right there that was wasted. How many bank regulators and inspectors are there globally assigned solely to big banks? How much money do they earn before they earn more switching to the big banks they just "oversaw"? And banks, let's say they have 100,000 globally with median salaries of $50,000 - $100,000. And legal staffs, compliance staffs, counsels, vps, assistance vps, and so on. Just imagine how much money could be passed on in savings if those staffs were cut because they could break the law anyway. Of course I'm kidding, savings aren't passed on to bank or corporate customers. The CEOs could make so much more if they cut these staffs and their politicians could of course get their slice.
As average citizens, why exactly are we subject to small and big laws with the full threat of financial and personal destruction, unemployment, jail, prison, and/or probation when big corporations have essentially established a protection racket for themselves and can do no wrong? When the laws are applied only against those without the power and money to lobby or buy protection, legal authority seems to be tyrannical. It's certainly not arbitrary, because it's obvious the people that take money from customers or inherit or steal it can avoid any liability while those who can't suffer for following all the rules and regulations imposed on them.
The question is how much in profits did they make, odds are much, much more. Story here.
Huge fan of opensecrets.org. While we may get destroyed by the plutocrats, at least we know which plutocrats and whose money is doing it to us.
American Express peak lobbying in 2008 with $3.79 million - TARP anyone? They paid out $3.7 million in that year to secure their whores', sorry, politicians', help. So with that, they received 1,000 X the amount they paid in lobbying. Nice returns! In 2008, American Express had 12 lobbyists, 6 of whom were considered "revolving door" lobbyists. In 2012, it has 10 lobbyists, 5 of whom are considered "revolving door" lobbyists.
In 2012, so far, $1.67 million in lobbying. Just imagine the returns for the money if Chenault could use shareholder money to secure himself a spot at the Treasury, talk about personal return on someone else's investment! He invests nothing, loses nothing, and makes money and buys a political office with someone else's money. Truly a mockery of our founding ideals, democracy, capitalism, and anything else we thought we understood or believed in.
According to opensecrets, finance/credit companies have 77.3% of lobbyists that are "revolvers." Beer/wine, tobacco, and TV/movies/music have greater percentages of "revolvers." American Express has the same old names and people that represent the US Chamber of Commerce, Honeywell, etc. that worked for House members, the SEC, etc. Yawn. Same old closed club with no morals or integrity.
Government of corporate boardrooms, by corporate boardrooms, and for corporate boardrooms. American citizenry and even common shareholders, be damned.
This is the 2nd executive being floated around who is clearly worse than Geithner, if that was even possible. If Obama nominates someone this corrupt, clearly going to give MNCs carte blanche, well, it's just another major milestone down the road of government corruption to U.S.A. annihilation.
New Treasury Secretary might be this dude. You need to check American Express - this bankster company is notorious for running fake jobs ads, taking them down after getting people to go through multiple rounds of interviews, decide "not to fill the position," and then repost the same ads. It's a scam for H-1B visas. Phoenix operations, etc. look to get rid of Americans. Also, they got busted for money laundering for cartels down in Miami - it wasn't even a sophisticated money laundering process, basically one that's known to amateur money launderers, but still AmEx didn't seem to care too much until they got caught and paid a minimal fine. No one went to jail or prison for aiding and abetting drug trafficking. While CEO of American Express in 2007, Chenault earned a total compensation of $50,126,585, and in 2008, he earned a total compensation of $42,752,461. But, it must be because he was such a bang up CEO? Well, American Express actually applied for and received $3.39 billion in TARP funds, so apparently Jane and Joe taxpayer had to help the bankster out, but why let that affect Chenault's gargantuan salary + options? Our money, his life of leisure and power.
I'm sure he can identify with the struggling 99% that break their backs for $10/hr. or face endless despair as long-term unemployed while their multiple degrees are now used for toilet paper. Yes Sir, this guy will be fighting for us, no doubt.I mean his resume from high school on doesn't reveal an ounce of busting ass in a factory or overseas or struggling to find work, but he'll take on banksters and help us on Year 4? 5? 6? of this "recovery" that never seems to come to fruition. Outsourcing, money laundering, overpaid bankster joker BRAVO! More of the freaking same. Check please, it's time to turn out the lights on the USA.
Folks, the latest fiscal cliff deal again is cutting benefits of social security by using chained CPI.
It's time to write your Congressional representatives and say this is unacceptable.
Millions of people have lost their retirement. 401ks tanked, they took them out early because they lost their jobs, pensions going into bankruptcy or never existed, so now more than ever, retirement is dependent upon social security only.
Cutting benefits is just a disaster in action. Truly you need to write your representatives and demand they vote no for anything that includes chained CPI usage on social security.
Same song, different verse, little bit louder, little bit worse. We warned in 2008, Obama had an agenda to partially privatize social security and reduce benefits. This is just a dog and pony show to start that agenda and also blame the GOP politically under the lie of "saving us all from an economic recession".
This is simply a big "how to" avoid being electrocuted politically on the 3rd rail of politics, social security.
==================
On schools, there is one element that I'm sure many wonder about. The U.S. is legally required to provide free public education to kids here illegally or born in the U.S. of people here illegally. This is actually a huge cost and it's not politically correct to talk about of course. There are places like LA, Chicago where the percentages are huge, the costs are very high.
They destroy jobs, make it impossible to find jobs anymore (and of course if you know too much or work too hard, you're screwed because HR and CEOs hate troublemakers aka "overqualified"). They take away benefits on the job if you do work, so you can't afford to keep your spouse or kids healthy either. They want to privatize schools in addition to the outrageous property taxes people pay, so free education becomes impossible anymore. They keep raising rates for mandatory insurance on cars, and if you can find safe, reliable public transportation, those rates are always increasing. Want to smoke or drink or have a Coke and a smile to escape daily misery? Well, if it's not illegal, pony up "sin" taxes. If you get too old, the political bosses and their paymasters will demand that you force employers that despise anyone over 35 to hire you, and if they don't, the elderly (over 35) will just have to deal with it. Social Security and Medicare, sure, pay into it, but collect it? Nope. In a world that had legitimate laws, if someone took money for something and then refused to deliver when promised, they might be called lying scum criminals, especially when the consequences are life and death. But in politics and big biz, just another day at the office. And oh, by the way, while the average citizen can't speed or litter without paying $200 fines and ticket after ticket and court appearance after court appearance with ever more laws coming down on him/her, the big boys and girls can break as many laws as they want and can even write their own laws. In fact, you can aid America's enemies, arm terrorists and organized criminals, and make money off it. When confronted at any point, don't admit you weaken your own country, just pay a fine that you can recoup by jamming more fees onto citizens that actually care about their Nation, family, and neighbors. Patriotism? Hell no, profits only, and even when they admit they don't care about the Nation or patriotism, the politicians still service them (revealing their true nature and calling).
The same thing is going on around the world. Cameron in the UK is still pushing for social safety net cuts, still blaming people that collect welfare as those that don't want to work, etc. Yes, tens of millions of Americans and Brits and Greeks etc. just love facing homelessness and eventual death. Sure, who wants to work when losing your friends, family, and home are available. What dicks these pols are. Meanwhile, he loves paying taxpayer money to private contractors that force the unemployed to work for free. The money-men and women are in charge, and they want to bleed every nickel they can get before fleeing to their compounds on private islands. Is this govt. really by us, for us? Given the evidence, one would have to conclude . . .
What a surprise, when social security has nothing to do with the deficit. Bloomberg.
Make no mistake, using chained CPI is cutting social security benefits and what we link to it and graph it up in the CPI overview.
Is not a good idea. I don't think it will have any real effect except potential on defense contract corporations, which often require U.S. citizenship to work there, which is good, much better than our multinational corporations in terms of stable employment. No comment on the military-industrial complex here, just to note they require citizenship for employment most often.
I don't think it will hurt our corporate controlled government or the corporations who rule the world hardly at all. We have QE so stocks will probably stay up, they have trillions parked offshore, will continue their global labor arbitrage agenda and they are also sitting on mountains of cash.
It will be the average American who is hurt.
That said, corporations are now messaging the fiscal cliff to attack America's social safety nets.
Take for example health care, they will not demand pharmaceutical companies negotiate in bulk prices that the rest of the industrialized world pays to reduce costs, which in turn is a budget reducer.
So, if the only result of the fiscal cliff is to start dismantling America's social safety nets, I can see the logic. I haven't run the numbers but I believe that would hurt the economy overall significantly and throw even more into more poverty long term.
But the fiscal cliff is real, we're going to see a six month economic contraction, which is the last thing America needs to happen. All complete avoidable if our representatives actually represented the American people.
That's why I put up the annual drop in the unemployment rate graph up. Let's assume the graph remains constant, it means unemployment would drop another 1.0 percentage point to 6.7% in a year.
It's possible in other words. That said, the Fed's projections are different and why the projections table.
No argument from me that 1.8 million jobs in a year isn't enough. We have the requirement of around 1.2 million jobs a month needed to keep up with working population growth.
I don't think Bloomberg pays their guests as I don't think most shows do. I'm not sure about this but I believe only the pundits make the big bucks.
Yeah, well, think about the housing bubble and financial crisis and right up to it happening, "oh nothing is wrong", buy Bear Sterns, Lehman is fine and so on.
Last night a British economist and/or analyst on Bloomberg was discussing the Fed's latest move. The guest was saying it was possible that UE could drop to somewhere around 6.5% to 6.9% (not sure exact point) in 12 to 18 months! The anchor, paid not to ask questions that might contradict guests or expose lies/impossibilities, simply nodded and moved on. The guest then said Ben would be in an awkward position because he promised ZIRP for more time than that which would have him promising ZIRP while also forcing him to raise rates.
Isn't it amazing how statistics lose all meaning when people make up facts, ignore reality, and just mislead or flat out lie all the time? Assuming the unemployment rate is even at 7.9% (in Fantasyland), how is it possible to drop the unemployment rate to under 7% in 12 months when under 150,000 jobs are being created and still we have 350,000-400,000 initial claims every week? There is no job growth, none. Now take this non-job growth and apply it to the real unemployment rate of 18%-22%+. And the graphs that show it would take many, many years to get back to employment levels of pre-2007. And consider the actual labor participation rate across all age groups. And the job types and pay those jobs that actually exist offer. But these statements that it could take 12 - 18 months to drop unemployment under 7% are allowed to go unchecked? And these people get paid for their advice and "insights"? What a clown show, a full on clown show.
Well, economics and the messages to society on how worthless everyday Americans are generally is only part of the story. All of America stopped when this happened and is talking about nothing else and hope to stop the insanity. Pushing people into poverty and this never ending "survivor game" mentality of America, very selfish as described above, probably contributes to it. Honestly I sure don't have the real answers on how to stop this for it appears to be mainly sociological, of which economics only plays a part. I don't think we should single out America. This kind of horror just happened in Norway and has happened around the globe.
No answers and I don't think Michael Moore's film really says he has all of the answers, more he describes some of the conditions, which in large part are economic related.
On the other hand, what is it that makes people kill others like they are in a video game or a bad slasher movie? I have no idea, although clearly psychosis and acute schizophrenia and guns don't mix. Our mental health system is pathetic, with no economic, social support really, just court orders to take medications.
On a personal note, I had to turn off the news for there is nothing more horrific than extreme violence against little kids.
Consider this thread the place to talk about it and other "non-economic" related comments.
How could it not be on an economics site? What tremendous costs and sapping of the human potential, beyond the tears.
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