Been watching Bloomberg, who got it as close that the Fed wasn't going to taper, yet this site appears to be the only site which said odds on the FOMC would not. Unfortunately we don't have the readership of large news organizations, but seemingly we should!
In the past five or more years, I have had the undue misfortune to watch friends lose jobs, lose houses and lose self-respect. Some of these people were forced to go to the mighty American government for help. None of them wished or desired to do so at any level. The Idiots in the Washington Bubble don't get it. There are folks out here who have been looking for jobs, job training or any means to procure employment for YEARS. The anger towards the Idiots in the Washington Bubble is growing on all sides. Funny how the weakest portion of society is targeted. The very people who cannot help themselves are going to be thrown under the bus. Thanks Eric you arrogant bastard. I wish the best for you in your new role as the evil Court Jester in your new campaign to starve the poor. "A hungry mob is an angry mob"-Bob Marley. By the way, I live in NC where unemployment benefits have been curtailed. The Governor McCrory's answer has been "Get a job" in a state where unemployment is running a meager 8.5% on average. Idiots Rule
That's why the whole "hard work + education + skills + ethics" thing is seen for the lie it is. In a Nation of 300,000,000 +, it's funny the way the same old scoundrels that have been proven corrupt failures time and time and time again keep getting sweet jobs in boardrooms, political offices, NGOs, etc. that pay them incredible salaries, provide ridiculous pensions, etc. It's the same exact names circulated all the time. Whereas people that work as welders or programmers or teachers can't switch careers, CEOs and govt. officials can jump from industry to industry with ease without anyone batting an eye and they get tens of millions despite their lack of experience.
The concept of working their way up is a fraud. The concept of building their skills and education through struggle is a fraud. Resumes are a fraud. No interviews for them. It's all a joke played on us. Summers could blow up the world ad nauseum and he'd still line up a job within minutes. An honest American or Brit or Canadian that works 60+ hours busting his/her hump with all the degrees and experience in the world, nope, no luck. And that's why the system is a fraud and will suck until this ends. But hey, what do I know, I bought into the fraud. And now that I'm on the red pill, the fraud is even more painful.
It appears we have forgotten the lessons of our forefathers, and lie to ourselves to appease our consciences. What small men govern what was once a great nation! We now live in the era of Janus, where with one face we make promises of virtue, and with the other we do what suits our base desires.
I hope you might consider writing about that for as you know, I cover the poverty stats constantly and first I've read about $2 a day, putting in terms of those ads on how the "rich Americans" should "help the 3rd world" and how we have so many wealth Americans who are screwing over America right and left while they sent their "philanthropy" over to other nations.
He's pretty desperate if he has to tout the economy. His ratings are slipping as most Americans have to struggle day by day in a grossly unequal economy. 1.6 million Americans are living on $2/day - that is deep, third world poverty. I don't know when the moment of revelation hits this country that it has a significant portion of its citizens existing in a third world environment, but we are obviously getting closer or people wouldn't have been so upset about the waste of resources that was proposed in Syria. I don't see how Obama could be so obtuse. We can rain Tomahawk missiles on Syria at $1 million a pop, but the sequester has us cutting flu shots for veterans. The rest of the world gets it, or Putin wouldn't be laughing at American claims to exceptionalism, an al-Zawahiri wouldn't be talking about keeping the pressure on in order to bleed America dry. Then we see that story today about Gen. Keith Alexander's starship Enterprise command module built just for him at the NSA. This ought to be our Versailles moment, as when the French got wind of Marie Antoinette's fantasy peasant village. I understand the NSA people live in a cocoon of secrecy, but there seems to be no one monitoring where the billions of dollars they spend is going, and no one to knock some sense into the head of the organization. Maybe this won't be the trigger, but the collective blood pressure of the nation has to be rising.
There is something about Obama that just gives you a sense he's a boys club sort. yes, Hillary but that was politically necessary, to give him some credibility.
I think the only reason Geithner isn't involved is that would cause extreme outrage, if Obama could get away with it, no doubt he'd be nominated.
America is so disgusted, so fed up with these politicians and another problem is gerrymandered districts, so there is no choice. The peasants of our new feudal kingdom won't revolt, that's 4 sure.
Great article by the way. There was a flurry of articles when the news broke, but I think you've given some unique insight into what just went down, very glad to see you publishing on EP!
Obama seems to like people around him who are part of the guys club. A certain sort of woman might have a personality for that type of environment, but many don't, and neither do a lot of men. That still should not disqualify Janet Yellen for the Fed. She would be far enough away as to not interact with him much, and they play tennis over at the Fed, not basketball. As I said, he could swallow his pride and reassert his bona fides at appointing women to top posts.
We should count our blessings. A real hack like Geithner seems out of the question. Some Senators are standing up to Obama because they've had enough (and they are not all liberals). Bernanke is gone and maybe all his wild experimentation and debt monetizing will leave with him in due course.
His campaign was so orchestrated, I couldn't believe people bought in, but it was simply words, with crafty Axelrod, Plouffe masterminding the biggest media spin in the history of U.S. elections, helped out by Facebook and Google.
I think finally, the public caught on and I guess this should be the "left", Obama's agenda is Bush redux or he should be labeled Bush 3, who is to the left of those crazies in the House, such as Cantor.
I think they believe we can have the worst income inequality since 1897, or at least 1927, have people get no jobs, or some job is a dramatic pay cut, take their homes, their retirement and with a little bit of media spin people will be just fine with that.
Supposedly Obama is talking about economics, which is always a joke. I think the American people have put 2 and 2 together on "immigration reform" and recognize it for what it is, a huge cheap labor agenda, has little to do with securing the border and giving some here illegally a 'pathway to citizenship.
Kind of shocking some Democrats stood up and opposed him. Here we are 2013, same job crisis, no derivatives reform, just passing corporate written legislation and drumming up yet another war.
What do you think of Yellen? Clearly Wall street thinks low interest rates and other dove things they love are here to stay. I found it odious that here is a woman who can do the job it seems and Obama is almost "anyone but her".
It is always the executives who make the money off of IPOs, the principles rarely get enough options to pull in that level of dough. Ever heard of a principle making $100 million, or even $46 million?
This is the #1 reason I put up so many graphs, generally speaking. Wall Street focuses in on the monthly percent change instead of the trend and overall volume. This report is similar to initial claims, durable goods new orders and housing data, always revised.
Why focus on CEOs of midsized companies making $46 million a year. Some underwater IPOs and tech giants have principals cashing in that much in stock options every week!!
Our Father, which art in heaven,
hallowed be thy name;
thy kingdom come;
thy will be done,
in earth as it is in heaven.
Give us this day our daily bread.
And forgive us our trespasses,
as we forgive them that trespass against us.
And lead us not into temptation;
but deliver us from evil.
For thine is the kingdom,
the power, and the glory,
for ever and ever.
Amen.
the last phase was a hook back to my coverage on retail here last month when a similar upward revision was included and widely overlooked...my point is that the last two reports are stronger than the headlines suggests because in effect they both added 0.4% MoM to retail sales..
moreover, some of the retail businesses reported as weak last month were really much stronger...sales at building material & garden supply stores, originally reported down 0.4%, were actually up 1.8% in July, and non-store (online) sales, who had their July sales reported nearly flat at 0.1% last month, are now seen to have increased sales 1.3% for the month...
That's right, the revision doubled July's gains in addition to not interpreting this report well by the press.
Are you talking about the margin of error and the fact this is advanced, will be revised?
Probably should have spelled that out more, one would think readers would see 0.2 percentage points to 0.4% monthly gain = double, but that assumes one has a "numbers brain".
This is so ridiculous how traders jump on this and initial claims. In the big economic indicator scheme of things, neither is that important.
July revisions showed that for the 2nd consecutive month, the upward revision to the previously reported monthly sales gain alone was actually greater than the entire sales gain of the reporting month.... total retail and food services sales for July were originally reported at a seasonally adjusted of $424,481 million, up just $832 million from June sales; that has now been revised to show sales of $425 657, a $1.815 billion or 0.42% increase over June sales, which are now shown to be at $423 842; hence, this "August" report in effect added $983 million to July's sales...meanwhile, August sales as estimated at $426,563 were up $901 million from July's $425,657 million....so what looks like a weak report is actually shows more than twice as great a sales gain as the headline indicates, due to revisions, which is exactly what we observed in our post on retail last month...
People who are on food stamps or public assistance spend every single damn cent they have in the businesses and government offices that support these so-called legislators their jobs, in their constituents jobs and communities. It goes to the butter company, the egg company, the dairy, the mechanic, the ups folks who bring their medicine, the things that keep prices down so the banks employees can afford to work there - in short, the businesses whose owners then carp about taxes being too high and vote for these utter fools.
Cut 'em down or cust 'em off, and watch the whole place fold. And the business owners will have the GOP to thank.
I hope they remember these bastards when their income goes down along with everyone else.
Oh yeah, I was gonna add...
Your comment: "Eric Cantor, have you no sense of decency sir?"
No, he doesn't, and neither do any of the others. They don't think in those terms. They are completely self-absorbed, only beholden to their own small ambitions. If one wants to appeal to them it has to be in terms that they understand - you have to show them how they get something for it. Otherwise the whole world could burn and crumble around them, and as long as they can believe they are unaffected, their reponse isn't even "fuck 'em", because they don't even see the tragedy.
Been watching Bloomberg, who got it as close that the Fed wasn't going to taper, yet this site appears to be the only site which said odds on the FOMC would not. Unfortunately we don't have the readership of large news organizations, but seemingly we should!
In the past five or more years, I have had the undue misfortune to watch friends lose jobs, lose houses and lose self-respect. Some of these people were forced to go to the mighty American government for help. None of them wished or desired to do so at any level. The Idiots in the Washington Bubble don't get it. There are folks out here who have been looking for jobs, job training or any means to procure employment for YEARS. The anger towards the Idiots in the Washington Bubble is growing on all sides. Funny how the weakest portion of society is targeted. The very people who cannot help themselves are going to be thrown under the bus. Thanks Eric you arrogant bastard. I wish the best for you in your new role as the evil Court Jester in your new campaign to starve the poor. "A hungry mob is an angry mob"-Bob Marley. By the way, I live in NC where unemployment benefits have been curtailed. The Governor McCrory's answer has been "Get a job" in a state where unemployment is running a meager 8.5% on average. Idiots Rule
That's why the whole "hard work + education + skills + ethics" thing is seen for the lie it is. In a Nation of 300,000,000 +, it's funny the way the same old scoundrels that have been proven corrupt failures time and time and time again keep getting sweet jobs in boardrooms, political offices, NGOs, etc. that pay them incredible salaries, provide ridiculous pensions, etc. It's the same exact names circulated all the time. Whereas people that work as welders or programmers or teachers can't switch careers, CEOs and govt. officials can jump from industry to industry with ease without anyone batting an eye and they get tens of millions despite their lack of experience.
The concept of working their way up is a fraud. The concept of building their skills and education through struggle is a fraud. Resumes are a fraud. No interviews for them. It's all a joke played on us. Summers could blow up the world ad nauseum and he'd still line up a job within minutes. An honest American or Brit or Canadian that works 60+ hours busting his/her hump with all the degrees and experience in the world, nope, no luck. And that's why the system is a fraud and will suck until this ends. But hey, what do I know, I bought into the fraud. And now that I'm on the red pill, the fraud is even more painful.
It appears we have forgotten the lessons of our forefathers, and lie to ourselves to appease our consciences. What small men govern what was once a great nation! We now live in the era of Janus, where with one face we make promises of virtue, and with the other we do what suits our base desires.
Another great related post...
http://www.huffingtonpost.com/robert-reich/free-market_b_3935173.html
I hope you might consider writing about that for as you know, I cover the poverty stats constantly and first I've read about $2 a day, putting in terms of those ads on how the "rich Americans" should "help the 3rd world" and how we have so many wealth Americans who are screwing over America right and left while they sent their "philanthropy" over to other nations.
He's pretty desperate if he has to tout the economy. His ratings are slipping as most Americans have to struggle day by day in a grossly unequal economy. 1.6 million Americans are living on $2/day - that is deep, third world poverty. I don't know when the moment of revelation hits this country that it has a significant portion of its citizens existing in a third world environment, but we are obviously getting closer or people wouldn't have been so upset about the waste of resources that was proposed in Syria. I don't see how Obama could be so obtuse. We can rain Tomahawk missiles on Syria at $1 million a pop, but the sequester has us cutting flu shots for veterans. The rest of the world gets it, or Putin wouldn't be laughing at American claims to exceptionalism, an al-Zawahiri wouldn't be talking about keeping the pressure on in order to bleed America dry. Then we see that story today about Gen. Keith Alexander's starship Enterprise command module built just for him at the NSA. This ought to be our Versailles moment, as when the French got wind of Marie Antoinette's fantasy peasant village. I understand the NSA people live in a cocoon of secrecy, but there seems to be no one monitoring where the billions of dollars they spend is going, and no one to knock some sense into the head of the organization. Maybe this won't be the trigger, but the collective blood pressure of the nation has to be rising.
There is something about Obama that just gives you a sense he's a boys club sort. yes, Hillary but that was politically necessary, to give him some credibility.
I think the only reason Geithner isn't involved is that would cause extreme outrage, if Obama could get away with it, no doubt he'd be nominated.
America is so disgusted, so fed up with these politicians and another problem is gerrymandered districts, so there is no choice. The peasants of our new feudal kingdom won't revolt, that's 4 sure.
Great article by the way. There was a flurry of articles when the news broke, but I think you've given some unique insight into what just went down, very glad to see you publishing on EP!
Obama seems to like people around him who are part of the guys club. A certain sort of woman might have a personality for that type of environment, but many don't, and neither do a lot of men. That still should not disqualify Janet Yellen for the Fed. She would be far enough away as to not interact with him much, and they play tennis over at the Fed, not basketball. As I said, he could swallow his pride and reassert his bona fides at appointing women to top posts.
We should count our blessings. A real hack like Geithner seems out of the question. Some Senators are standing up to Obama because they've had enough (and they are not all liberals). Bernanke is gone and maybe all his wild experimentation and debt monetizing will leave with him in due course.
His campaign was so orchestrated, I couldn't believe people bought in, but it was simply words, with crafty Axelrod, Plouffe masterminding the biggest media spin in the history of U.S. elections, helped out by Facebook and Google.
I think finally, the public caught on and I guess this should be the "left", Obama's agenda is Bush redux or he should be labeled Bush 3, who is to the left of those crazies in the House, such as Cantor.
I think they believe we can have the worst income inequality since 1897, or at least 1927, have people get no jobs, or some job is a dramatic pay cut, take their homes, their retirement and with a little bit of media spin people will be just fine with that.
Supposedly Obama is talking about economics, which is always a joke. I think the American people have put 2 and 2 together on "immigration reform" and recognize it for what it is, a huge cheap labor agenda, has little to do with securing the border and giving some here illegally a 'pathway to citizenship.
Kind of shocking some Democrats stood up and opposed him. Here we are 2013, same job crisis, no derivatives reform, just passing corporate written legislation and drumming up yet another war.
What do you think of Yellen? Clearly Wall street thinks low interest rates and other dove things they love are here to stay. I found it odious that here is a woman who can do the job it seems and Obama is almost "anyone but her".
Stock market soars 1% on news that Larry Summers withdrew his name for consideration as Fed Chairman. You think he'll put that on his resume?
It is always the executives who make the money off of IPOs, the principles rarely get enough options to pull in that level of dough. Ever heard of a principle making $100 million, or even $46 million?
This is the #1 reason I put up so many graphs, generally speaking. Wall Street focuses in on the monthly percent change instead of the trend and overall volume. This report is similar to initial claims, durable goods new orders and housing data, always revised.
Why focus on CEOs of midsized companies making $46 million a year. Some underwater IPOs and tech giants have principals cashing in that much in stock options every week!!
Our Father, which art in heaven,
hallowed be thy name;
thy kingdom come;
thy will be done,
in earth as it is in heaven.
Give us this day our daily bread.
And forgive us our trespasses,
as we forgive them that trespass against us.
And lead us not into temptation;
but deliver us from evil.
For thine is the kingdom,
the power, and the glory,
for ever and ever.
Amen.
the last phase was a hook back to my coverage on retail here last month when a similar upward revision was included and widely overlooked...my point is that the last two reports are stronger than the headlines suggests because in effect they both added 0.4% MoM to retail sales..
moreover, some of the retail businesses reported as weak last month were really much stronger...sales at building material & garden supply stores, originally reported down 0.4%, were actually up 1.8% in July, and non-store (online) sales, who had their July sales reported nearly flat at 0.1% last month, are now seen to have increased sales 1.3% for the month...
That's right, the revision doubled July's gains in addition to not interpreting this report well by the press.
Are you talking about the margin of error and the fact this is advanced, will be revised?
Probably should have spelled that out more, one would think readers would see 0.2 percentage points to 0.4% monthly gain = double, but that assumes one has a "numbers brain".
This is so ridiculous how traders jump on this and initial claims. In the big economic indicator scheme of things, neither is that important.
July revisions showed that for the 2nd consecutive month, the upward revision to the previously reported monthly sales gain alone was actually greater than the entire sales gain of the reporting month.... total retail and food services sales for July were originally reported at a seasonally adjusted of $424,481 million, up just $832 million from June sales; that has now been revised to show sales of $425 657, a $1.815 billion or 0.42% increase over June sales, which are now shown to be at $423 842; hence, this "August" report in effect added $983 million to July's sales...meanwhile, August sales as estimated at $426,563 were up $901 million from July's $425,657 million....so what looks like a weak report is actually shows more than twice as great a sales gain as the headline indicates, due to revisions, which is exactly what we observed in our post on retail last month...
People who are on food stamps or public assistance spend every single damn cent they have in the businesses and government offices that support these so-called legislators their jobs, in their constituents jobs and communities. It goes to the butter company, the egg company, the dairy, the mechanic, the ups folks who bring their medicine, the things that keep prices down so the banks employees can afford to work there - in short, the businesses whose owners then carp about taxes being too high and vote for these utter fools.
Cut 'em down or cust 'em off, and watch the whole place fold. And the business owners will have the GOP to thank.
I hope they remember these bastards when their income goes down along with everyone else.
Oh yeah, I was gonna add...
Your comment: "Eric Cantor, have you no sense of decency sir?"
No, he doesn't, and neither do any of the others. They don't think in those terms. They are completely self-absorbed, only beholden to their own small ambitions. If one wants to appeal to them it has to be in terms that they understand - you have to show them how they get something for it. Otherwise the whole world could burn and crumble around them, and as long as they can believe they are unaffected, their reponse isn't even "fuck 'em", because they don't even see the tragedy.
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