Stiglitz agrees with MiM ‘W’ economic forecast…

Hey let’s put on some Ritz MiM style, the grand chief poohbah high muckety mucks of the ivy league intelligentsia Feldstein, Stiglitz, Krugman, Gross you know their names…and they all loved them some Obama…Well now Stiglitz is the latest to go on record echoing MiM’s position which we took here on the blog lo these many moons ago…the flat L leading to the double dip….

CNBC:

Nobel laureate economist Joseph Stiglitz on Thursday gave a gloomy assessment of a rebound in the U.S. economy, saying he does not see a resurgence in the strong consumer spending that has been a key driver of growth.

poohbah…But Stiglitz said the U.S. economy faces the possibility of low economic growth over a long-term period or the possibility of a “double-dip” recession whereby a recovery is not sustained.

It is not possible to predict whether we have a malaise or a W (shaped growth pattern). But there is a significant chance of a W,” he said. “It is not as if the second dip is going to be as bad as the first dip,” he said. Instead, it could mean the economy rotates through a process of low growth followed by contraction.

“We are not seeing a recovery of sustained consumption,” in the United States, said Stiglitz, who said he has been consulted on an informal basis by the Obama Administration to talk about the major economic issues….

Gee I wonder why, ‘we are not seeing a recovery of SUSTAINED CONSUMPTION’?? Could it be because THE FRAKKIN IDIOTS IN DC ARE SCARING THE EVER LOVIN CRXP OUT OF WE CONSUMERS WITH THEIR HARE BRAINED SPENDING AND TAX PLANS??!! HMMMMNNN? Could be rabbit, could be!!! Is TOTUS doing bugs? Would I add this gigantic spending plan if the economy was about to collapse in a second leg down? You might TOTUS you might!

Have said it before, will say it again- What a bunch of maroons. For a group of the ‘Smartest People Evah’ they are awfully dense about how their ‘visionary changes’ impact real world consumers. Their pie in the sky ideas of de-industrializing the US and slowing population growth and greening everything and the greater good, cap and trade, change housing codes nationwide, pay cash for clunkers, take over car companies, then health care, they are really SHOCKED that 21 Century Americans do not want to go all ‘neo socialist Luddite’ with them…

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They can claim anything they want, but they pixxed away 800 billion in ways that do not help the consumer feel safe and spend, have jobs and spend, pay off some debt and spend. There is no THERE there in that spendulus. All it did was ADD to consumers low expectations and high deficit concerns. The S & P financials are headed for a second crash IMO, commercial RE is about to hit the FDIC in a wave of bank failures and the end of 2010-11 will see a tripling of the current residential foreclosure wave as we have discussed here before.

They are SOL in the 2010 elections, they simply don’t have the money to fix what they have done with the spent bullets of the spendulus and TARP bazooka, they are out of ammo, the FED is making noises that they are split on continued quantitative easing and MBS purchases. Bill Gross at PIMCO says they will have to stay loose and keep buying to keep rates low or send housing off the second cliff. This is precisely why Krugman was suddenly pro giant deficit and Gross is making noises about the end of stimulus being a problem.

News flash geniuses Americans will not support ANY MORE GIANT SPENDULUS bills. That ship sailed baby, and sunk. It was overloaded with ‘interest group’ payoffs…I heard an analyst on Caterpillar CAT today talking about how the spendulus was less than 3% infrastructure and CAT will not have a bump in 2010. Remember TOTUS in Elkhart and talking with CAT workers? How awful. And now Pete Stark D-outoftouch is talking about laying a tax on all Wall St stock transactions to pay for billions in what? You guessed it INFRASTRUCTURE. Fuggedaboudit.

Treasury is out talking up additional mortgage help for homeowners as they see all this coming, and yet in the face of all this Team TOTUS is STILL going to attempt a 1 trillion dollar health care bill? The Administration needs to find religion and go moderate or 2/3 of Congress can go home in 2010…

Young Frankenstein courtesy of cristiancd

Bugs Bunny courtesy of chrispdx

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September 3, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Healthcare, Housing, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. 3 comments.

Dorian Gray Sneak Peeks…

Our previous post on the film (and one of our favorite pieces of English Literature) here

Courtesy of petalo177

More clips after the break:

(more…)

September 3, 2009. Tags: , , , , . Entertainment, Fantasy, Fiction, Film, Horror, Mystery, Popular Culture, Sci Fi, Supernatural, Suspense. 1 comment.

Supernatural Season 5 Episode 1 Sneak Peek Clips 3 & 4…

Courtesy of SPNFansOnline

September 3, 2009. Tags: , , , . Entertainment, Fantasy, Horror, Mystery, Popular Culture, Sci Fi, Supernatural, Suspense, Warner Bros.. 3 comments.

Video Update: Marvel Comics gets its couture on for Fashion Week: Iron Man teams up with Tim Gunn…


Marvel: "Models, Inc."

Marvel: "Models, Inc. - Loaded Gunn"

Fun stuff, Tim looks fab in graphic art form

NYDailyNews – Gatecrasher:

Tim Gunn knows how to “make it work,” even when he’s a cartoon character.

The “Project Runway” judge is the subject of a brand-new Marvel comic book called the “Loaded Gunn” – out on Sept. 10 – in which he has to stop a villain from crashing an elite event at the New York Museum of Fashion. He’ll team up with fellow superhero Iron Man to protect the world of couture, fighting one bad guy at a time.

The comic book, which is included in a series called “Models, Inc.,” is one of four issues that will make its debut specially for Fall 2009 Fashion Week….

September 3, 2009. Tags: , , , , . Art, Celebrities, Entertainment, Fantasy, graphic art, Popular Culture, Saturday Morning Cartoons, Sci Fi. Comments off.

Market Mover: Weekly jobless claims come in above expectations, 4 week average rises; Dems turn to tax hikes in healthcare plan…

Update: Retail sales are in, mixed bag, low end discounters did well, high end stumbled as expected.

wall-street2

Well the weekly numbers fell 4000 but the 4 week average ROSE 4000. Manyana is the big monthly jobs report…so far we have a jobless recovery in the cards…

CNBC:

Initial claims for state unemployment insurance benefits fell 4,000 to a seasonally adjusted 570,000 in the week ended Aug. 29 from an upwardly revised 574,000 the prior week, the Labor Department said.

Analysts polled by Reuters had forecast new claims falling to 560,000 last week from a previously reported 570,000. U.S. stock index futures pared gains after the report, while government bond prices trimmed losses.

“At this point, with all the stimulus money as well as seasonal factors, we should be seeing the jobless number below 500,000. This is looking more and more like a jobless recovery,” said Todd Schoenberger, Managing Director at Landcolt Trading in San Antonio, Texas.

The number of people collecting long-term unemployment benefits rose 92,000 to 6.23 million in the week ended Aug. 22, the latest week for which the data is available, indicating that companies remained reluctant to expand payrolls, despite an improvement in the economy’s outlook. That was well above market expectations for 6.12 million….

But don’t fret I am sure the DEMS RETURN TO FRAKKIN TAX HIKES TO PAY FOR health care will help jobs, in fact if they focus NEW TAXES ON HOUSING that will help the economy right? right? Bueller? Yeah WRONG!! uhm NOT! MAROONS I TELL YOU!!!

WSJ:

Senate Democrats are revisiting proposals to raise taxes on high-income people to help pay for an overhaul of the health-care system. The main proposal getting renewed attention is one by President Barack Obama that would limit the federal tax deductions for higher-income families for mortgage interest and other widely claimed purposes, said two senior Senate Democratic aides.

…Mr. Obama contends frequently that his plan would merely level the playing field, because itemized tax deductions currently are more valuable for higher-income earners than for lower-income earners. But critics say the Obama administration’s overall tax plan unfairly hits higher earners, noting that the White House also plans to raise the top income-tax rates to 39.6% and 36% for families making $250,000 and up. The top rates currently are 35% and 33%. Some key interest groups, such as the real-estate industry, some charities and state and local governments, are also likely to oppose limiting deductions for high earners.

And another tax raises its ugly head, They are REALLY CLUELESS:

Many House Democrats have lined up behind another approach: placing a surtax on higher-income earners. The surtax would be imposed on a taxpayer’s adjusted gross income — that is, income before deductions are taken out.

Senate Democrats also are considering revamping a plan to tax costly health plans so that it would focus on high earners. Under the original proposal, a hefty excise tax would be imposed on high-cost, employer-sponsored health-care coverage — so-called gold-plated plans — in an effort to force employers and insurers to hold down costs, thereby reducing overall spending. That idea ran into opposition from labor unions, which feared it would hit their middle-class members.

The UNIONS BETTER BE INCLUDED!!!

September 3, 2009. Tags: , , , , , , . Economy, Finance, Foreclosures, Healthcare, Housing, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

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