Yes, both parties are political whores that serve their masters as long as they can be rented for their terms of office. The whoring begins when they first think about seeking office, lasts during office, and continues on in lucrative speech tours where they can sell-out even if the tickets aren't sold out (same with bullsh*t book deals - no one reads that crap, and why pay for some ghostwriter's work anyway).

We were all over the Stimulus and boy were hopes dashed quickly. Politicians just gave more favors to big business, enabled offshore outsourcing with taxpayer funds, did an absurd amount of tax cuts, when the multipliers just do not add up for the expense, and plain refused to give the most "bang for the buck".

All of this basically reduced the "multiplier effect" and why it turn into "spending money" instead of true Keynesian.

Right, no doubt about it the affect of further expanding the monetary base is Wall Street's crack and clearly they don't need more stock market profits. I'm positive we do not need commodities, esp. oil and food to increase in asset price.

This article basically says "wrong prescription" for the problem is the lack of regulations on the financial sector and #1 the lack of good jobs, stable jobs.

My issue is this fundamentally isn't the Fed's job, it's this government and Congress. Ignoring our corrupt Democrats who blew it and thus their power, we have the crazy GOP trying to claim up is down and left is right in their agenda.

Those automatic budget cuts coming, i.e. the fiscal cliff will probably throw the U.S. into another recession, two quarters of negative growth.

That entire "free market" bogus crap has been proven time and time again. Hey, "free markets" generate extreme poverty and there is no such beast as well.

I purposely did not go into the various simulations and models used to support these Fed QE claims, they ain't a "10 minute read". That said, it appears the inputs ignore savings, interest, dividends as input variables. Aggregate hours worked is there but unless my quick study missed something, seems to be more of a correlation versus a final result output variable.

I have a direct link to the main quoted paper for this reason. I'm none too thrilled either at measuring real GDP by the change in the price index, which appears to be what's happening. They also seem to be using the correlation of QE to a negative Federal Funds Rate.

So, there are a lot of scalar fudge constants I see and ratios, correlations to other macro economic elements.

For example, labor arbitrage, i.e. offshore outsourcing and bringing over foreign workers to displace U.S. workers won't even be recognized by the BLS so those effects won't be considered under Okun's law as a ratio, just as an example.

I haven't studied the Fed tools and models enough to be an expert, but I sure can see $1.3 million per job is obscene and we keep seeing this over and over. If the government just literally handed people even $40k a year, free and clear, it would have been cheaper and that's not even requiring work for the money exchange.

QE removes interest income from the economy. Randy Wray claims QE sucks about $400 billion a year out of the economy, in reduced interest payments.

http://www.economonitor.com/lrwray/2012/08/01/more-qe-libor-bond-vigilan...

So QE not only fails to create jobs, it may be killing jobs.

Agree that direct job creation would be better.

GOP needed a Hostage to get back into office. There is no other way considering that they squandered a budget surplus. What other way can they get back on the saddle to continue wringing the peasants? Answer is obvious. Wanna get out of a tight situation... take a hostage from the other side. Is this number startling? Not really. Wait and see what happens if we don't re-elect Obama. Wall Street knows that money is neither gained nor lost... it just exchanges hands.All the money you lost from your 401K.... whos got it? For those who lost their homes... guess who's scooping it up for 20 cents on a dollar you paid for it. All these a fluke?....heck NO some persons had it going for the past 12 years and about to step in again to set us up for the next flip.. Give it 10 years and they do it over again. No regs, No restriction..... because they wanna have a free hand to pull the dirt again. Yes we are pretty dumb and they know it. They are telling it to our faces but they also know what they know. That we are dumb. They are watching. What we do, confirms what they think. Are we just about to do it to ourselves again? They are asking.

Save the energy, as zerohedge keeps pointing out, we are in 1984 and Goebbels territory now. Applicable quotes:

"Think of the press as a great keyboard on which the government can play." - Goebbels

"Those who are too smart to engage in politics are punished by being governed by those who are dumber.” -
Plato

"In politics stupidity is not a handicap." - Napoleon

"If you tell a lie big enough and keep repeating it, people will eventually come to believe it." - Goebbels

"In a time of universal deceit - telling the truth is a revolutionary act." - Orwell

"How can we expect fate to let a righteous cause prevail when there is hardly anyone who will give himself up undividedly to a righteous cause?” Sophie Scholl

"The real damage is done by those millions who want to 'survive.' The honest men who just want to be left in peace. Those who don’t want their little lives disturbed by anything bigger than themselves. Those with no sides and no causes. Those who won’t take measure of their own strength, for fear of antagonizing their own weakness. Those who don’t like to make waves—or enemies. Those for whom freedom, honour, truth, and principles are only literature. Those who live small, mate small, die small. It’s the reductionist approach to life: if you keep it small, you’ll keep it under control. If you don’t make any noise, the bogeyman won’t find you. But it’s all an illusion, because they die too, those people who roll up their spirits into tiny little balls so as to be safe. Safe?! From what? Life is always on the edge of death; narrow streets lead to the same place as wide avenues, and a little candle burns itself out just like a flaming torch does. I choose my own way to burn.” Scholl

Happy Unemployment Day aka Labor Day! The struggle continues while those making money through labor arbitrage and corruption will enjoy their weekends in the Hamptons or Tahiti or the Riviera.

Gore's DNC front/Current TV is upset because Clint Eastwood said 20+ million Americans were unemployed. Okay, that's right according to everyone that understands U-3, U-6, BLS numbers, labor participation rates, and reads non-MSM talking points (MSM points brought to you by your friends at the Fortune 500, Koch, Soros, and the RNC, DNC, and PRC). Because they want to help this President and fellow Democratic politicians, of course, unemployment must be minimized. But if that's the case, isn't the GOP House doing well then? But if the GOP House is bad, then unemployment is also bad. Damn it, these inconsistencies! Let's make it easier, they both suck.

Of course Current TV, Gore, Spitzer (equal before the law, including attempts to avoid reporting suspicious activities under US money laundering laws - Morgenthau Manhattan DA failure to prosecute and feds unwillingness - CORRUPT) want it both ways, unemployment is bad, but 1/2 the political puppet show isn't responsible. Yeah, right.

Don't blame NAFTA, or the WTO, or the elimination of Glass-Steagall, or Clinton, or Barney Frank, or Chris "SOPA + movies and banking pay so well" Dodd or Rangel or Pelosi. It's all this party or that party. "Uh, well, I have to be corrupt, the other guy is more corrupt. Oh, sure I destroyed 10 million American jobs, but the other guy destroyed 11 million, so vote for me."

This circus wouldn't amuse a 2 year old, it's predictable, lame, and highly overpriced. And these clowns honestly get paid by us in addition to the bribes they collect? It's safe to say GOP and Democratic politicians are going to be drinking Dom and eating at luxury beachside resorts this weekend with their fake "opponents" and mocking us at every turn. And then the puppet show and phony differences can begin anew for the public's consumption.

While gulping my anti-nausea medicine, I quickly turned on Bloomberg/Anti-soda bankster TV and saw some oligarch puppet candidate for some office (I think it was the Presidency) talking about fixing (i.e., eliminating) Dodd-Frank. I think he was also talking about lowering taxes for his puppetmasters too. And in the next clips publicly-bailed out oligarchs Dimon and Blankfein were talking about fixing Dodd-Frank. I thought Dimon would be in jail for breaking sanctions with Iran, for bribes in Alabama, and taking money from Corzine during the MF Global $1.2 billion theft, but that was only a dream I once had.

So, that's the oligarchs' priority, and obviously their puppets in all parties. Worrying about the oligarchs' agenda so Dimon can lose $2-$20 billion more on bad swap bets (heads this time, Dimon, heads) and the banking cartel can raid more customer funds, hide more material facts from their customers, and manipulate LIBOR, silver, gold and aluminum while laundering money with no problems. Toss in the word "uncertainty" at least 500 times by these morons of the universe and job destroyers and we're all set for US of Nothing but Corruption.

With close to 30 million people unemployed, this is what these tools focus on. Public servants serve the oligarchs. Glass-Steagall came during the Depression and helped lay the groundwork for financial health. I don't think FDR really gave a crap what the guys who destroyed the economy cared about. And I don't think the media was focusing on their sob stories vs. the migrant farmers and people in soup lines - but now that's all they cover.
Close to 30 million people unemployed, but that's an afterthought to national conventions as oligarchs party on. Really, every politician should be weeping for America and its CITIZENS they swore to serve and taking every second of their days to make sure US citizens can find jobs with living wages. And the media isn't interviewing and talking about the tens of millions of average citizens that are dipping into retirement to survive or are struggling in jobs (or trying to find one) that no one can live on? Don't care about the folks that built Silicon Valley, but what banksters want is important? Maybe to a fraction of idiots, a mere fraction that depended on us to bail their dumb asses out.

Yes, both parties are political whores that serve their masters as long as they can be rented for their terms of office. The whoring begins when they first think about seeking office, lasts during office, and continues on in lucrative speech tours where they can sell-out even if the tickets aren't sold out (same with bullsh*t book deals - no one reads that crap, and why pay for some ghostwriter's work anyway).

Elections choose who will get rich off the public dime while also getting rich through selling their office. Why choose anyone to get rich through crime, that's not doing us any good. Anyone caught getting rich right before, during, or after their term of office (or friends or relatives or shadow corporations) goes to jail and is then banished like in ancient Greece (or life in prison). Right now we've got traitors making money by selling us out to foreign nations because NAFTA or the WTO or some other deal allows it? Excuse my idiocy, but how is it possible politicians and corporate boards can purposely sell out our national secrets, physical security, and purposely destroy our economic security only to be rewarded with more perks and money? Are we in a battle with drug cartels and Iran? Then shouldn't every single bankster that was caught profiting from our "enemies" be viewed as a criminal, and possibly aiding our enemies? How is that not treason?

If I call myself a politician and get rich off bribes and destroying my nation, is that now okay? Nope, f that. If someone wants to help America's enemies, is that okay if they incorporate themselves with other scoundrels, conduct some legit business on the side, and bribe the right politicians?

We all know the lies and propaganda about somehow the unemployed and 99% are lazy and stupid. I don't see the middle class or poor selling IP to China or destroying factories so wage slaves can make i-crap. I don't see the tough talking CEOs and politicians working for free in internships or outside in all weather conditions to make less than $8/hr. If getting rid of the minimum wage will create prosperity, then why, Stossel and others, are all these interns not relaxing on yachts but instead are relying on foodstamps and unemployment is now worse? No minimum wage = free labor. And the floodgates are now open.

The rule of law is dead. How about everyone is equal before the law - that's what matters in true democracies vs. banana republics. It starts with that. Bribe someone from patrol cop to White House, go to jail or prison. Sell national security out, go to prison - you are a traitor. You lobby/bribe Congress and lie about the lack of available Americans, you must be punished for perjury and go to jail for your attempt to flood us with more improper visa recipients or other foreign workers. You will be a social pariah to the 99% no matter how many "foundations" you set up in your name with ill-gotten wealth. If you are a politician and got rich in office or as a result of serving, you are corrupt, no two ways about it. Truman refused positions after serving because he said they wanted to buy the Presidential office, and it wasn't for sale. Bill, Hillary, and every other politician rolling in dough, why so rich? That money was made on our backs, not because you were busting ass 52 weeks a year in a mine or 50 stories up on a steel beam. Oh, and politicians (except for the Prez and his level), drop the armed guards and intimidation crap in your own country. You know who pulls the "I need armed guards" nonsense? Dictators and officials in completely corrupt countries. It's a sign of weakness. Why are you afraid of your own citizens and fellow countrymen? Why is JP Morgan's corporate board able to donate money to a police force? Conflict of interest says what? Are we that scary to you? You do realize you represent us, right? You serve us, not the other way around. Drop the armed guards, it's ridiculous. You want to be Robert Mugabe, fine, move to Zimbabwe. This is the USA, goons have no place here.

Media - do your jobs. Leave NYC and DC and LA and the Bay Area and visit the people with PhDs and experience in everything from STEM to logistics to the military to the law, to construction, etc. who are now homeless or can't get hired at 40 or know friends and family that killed themselves because they are "unemployable" to HR folks. Colleges and universities promote fraudulent career stats, and now people with skills and education are heavily in debt while administrators make $100,000 - millions of dollars off lies. Check out nursing, engineering, and law for starters. It's not that hard, 27 million people out here unemployed. You might piss off your corporate paymasters like Murdoch or GE, but risk it, show some balls, show some integrity. Be a puppet or be an adult, you can help solve the problem or continue to be less and less relevant.

To the rest of us, well, I look forward to our day. We won't be told to take any job by people who were handed their jobs by their daddies. We won't be told to just suck it up and disappear by people who have contributed nothing to bettering this world but only know how to steal other people's work in their quest for more power and riches. We won't be lectured to by people whose only values are abusing the weak, narcissism, nepotism, and cronyism. They are the ones who should be ashamed of their actions (if they had any shame) because their values aren't America's (the real America, not that espoused on corporate-owned TV or by Mr. Phone Hacking and Police Bribing Murdoch or Ailes on Fox or by GE or CNN). We should take advice from these scoundrels that are literally selling out what took 200 years to build for more wealth, more power? Never.