New Home Sales *FREEFALL* Down 33% in May, lowest level since 1963…

And Shaun Donovan at HUD was touting the home buyer tax credit as a success and saying housing STABLIZED! AS IF!What flavor would you like with your double-dip? WSJ has it. Hang on Sloopy!

More on the ‘wonderful’ homebuyer tax credit, it was given to inmates serving LIFE sentences, good grief.

Nearly 1,300 prison inmates wrongly received more than $9 million in tax credits for homebuyers despite being locked up when they claimed they bought a home, a government investigator reported Wednesday

The investigator said 241 of the inmates were serving life sentences….

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June 23, 2010. Tags: , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. Comments off.

New Obama motto: If at first you don’t succeed, spend, spend again. Wants *ANOTHER* $50B in bailouts…

Our sign at the Tax Day Tea Party April 15th '09, now 15 months later and they have no plan other than throwing more money around

Lesson from the massive MISSPENT stimulus not learned. The states didn’t tighten their belts and now they are out of money again.

Calculated Risk:

From Jackie Calmes and Sheryl Gay Stolberg at the NY Times: Obama Presses for Aid to Cities and States

President Obama on Saturday implored Congress to provide more aid to states and cities to blunt “the devastating economic impact of budget cuts” by local governments that imperil the jobs of teachers, the police, firefighters and other public employees.

In a letter to Democratic and Republican Congressional leaders, Mr. Obama said the “mounting employment crisis” in the states “could set back the pace of our economic recovery.” … education secretary, Arne Duncan, has said that without federal aid, up to 300,000 fewer teachers would be in classrooms this fall …

We the people have been IMPLORING Congress to STOP SPENDING for over a year now…

The INCREASE in Medicaid enrollment was UNAFFORDABLE. But in AZ when we tried to ROLL BACK our Medicaid enrollment we were told we will LOSE the FED $ if we do.

This $50B bailout Obama wants represents those same federal dollars, the ones that *aren’t THERE!* Let them vote it down and we can cut the enrollment and start getting back on a sustainable path….

PS in AZ apparently kids of illegal immigrants are dropping out of our overpopulated, bursting with English as a Second Language classes (which courts mandate we fund).

So IOW, less kids right? So we can afford less teachers….keep your money D.C. you’re gonna need it, cuz NO WAY, NO HOW, NO VAT.

…• Mesa Public Schools, the state’s largest unified district, has 67,749 students, and Latino students make up 37.5 percent. It anticipates a decrease of 1,500 students, similar to losses over the past four years. It blames a combination of new immigration laws, including SB 1070, and the recession.

• Paradise Valley Unified District in Phoenix, where nearly a quarter of its 33,431 students are Latino, hasn’t seen a large drop in total enrollment.

“A lot of our students go to Mexico for the summer, and we’re speculating they may not come back,” spokeswoman Judi Willis said. “But we don’t know.”

• Enrollment at Glendale Union High School District, where about half of its 14,940 students are Latino, has held steady, but the number of students signing up for English-language summer school has fallen. High-school districts are less likely to feel the loss because older kids are more likely to stay behind with friends and relatives, said Craig Pletenik, spokesman for Phoenix Union High School, where more than three-fourths of the district’s 25,083 students are Latino. “Our kids are older, and closer to the educational finish line.” The district hasn’t seen a dip in enrollment….

AZ already voted to raise our sales taxes ‘temporarily’, lol, to help Gov Brewer fill the massive hole Napolitano left. Let the states work these matters out for themselves, the way we families do when things are tight. Sorry Unions, we are NOT reimbursing you for the millions you spend in electioneering.

PS Sheriff Joe is still out ENFORCING THE LAWS OF AZ. Betcha the next stat we see drop will be AZ UE rate as AZ Teens find jobs now that they are available to them…

Maricopa County Sheriff Joe Arpaio’s deputies on Saturday served search warrants on two Sizzler steak houses in Phoenix suspected of employing illegal immigrants.

According to a statement from Lt. Brian Lee, deputies arrested nine employees who they believe are using fraudulent identification to gain employment….

…Saturday’s arrests followed a year-long investigation into a tip from a former manager who claims he was fired by the restaurant for being unwilling to hire employees without proper identification, Lee said…

And more state laws are coming:

..We learned recently that state Sen. Russell Pearce, R-Mesa, will propose a law that would deny a birth certificate to any child born in Arizona to non-citizen parents.

Now, along with other legislators, Pearce says he will introduce a law requiring students who are here illegally to pay tuition or be kicked out of public schools.

“They shouldn’t be a burden,” Pearce recently told the Capitol Times. “You don’t have a right to be a non-resident of this state and take advantage of the taxpayers of this state.”…

June 13, 2010. Tags: , , , , , , , , , , , , , . Immigration, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics. Comments off.

Goooooold! another record $1252.20…

(more…)

June 8, 2010. Tags: , , , , , . Economy, Finance, Politics, Popular Culture, Wall St. Comments off.

G20: Timmeh denied, Global stimulus died, Krugman cried…

We have a psychological-economic breakthrough in Europe!

Timmeh is coming home empty-handed, again. Euro Zone Finance Ministers took his charge card away. Krugman is beside himself, again.

(more…)

June 6, 2010. Tags: , , , , , , , , , , , , , , , , , , , . Economy, Finance, Housing, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

Obama lies, the economy dies: claims *horrendous* May ‘jobs report shows our economy is getting stronger every day’. Hey POTUS, can the Sgt Pepper impression and BUY A FRAKKIN CLUE with all the money you are spending!!!

Update: Markets Close with DOW down 323 to 9931, NAS down 84 to 2219 and S&P down 37 to 1064. President Disconnect just announced after his Gulf briefing that ‘it sounds like we’re making progress’ on the spill. I don’t think he could be more out of touch with reality if he tried.

ZOMG on what frakkin PLANET is Obama governing, cuz it sure ain’t any of the economies on this one!?!?!

Too much time with McCartney mebbe, not enough at the Gulf or you know in THE REAL WORLD:

Md., June 4 (Reuters) – President Barack Obama said on Friday the gain of 431,000 jobs in May is a sign the U.S. economy is getting stronger, although there will still be ups and downs going forward.

“This report is a sign that our economy is getting stronger by the day,” Obama said in remarks to about about 50 workers at a large truck garage in Maryland.

“A lot of businesses that were hit hard during this downturn, they are starting to hire again. Workers who were laid off are starting to get their jobs back,” he said.
UPDATE 1-Obama-May jobs report show economy strengthening
| Reuters

Someone wake up our dreaming POTUS and have him take a gander at HIS OWN ECONOMIC FORECAST his Dream Team put together when they spent A TRILLION dollars just a year ago, courtesy Gateway Pundit:

The Census never called moi for a job either :0( And I only got one wrong on the test too. Hubby says I am on a ‘list’, lol. Think it was my supervisory experience? my active political background? my filling in of my ethnicity as ‘American’ on my own Census form? My inability to keep my big yap shut when I see inefficiency, waste or duplicative effort? Might be rabbit might be…

with the reports I am seeing from those hired, laid off, rehired etc, it may be just as well~ I would be a shadow on a FOX show revealing the waste fer shure…my mom did get many hours of work from Census though so at least some actual people got some actual work for a short period…(Note: to be fair, lol, I did indicate on my Census application that I was ‘unwilling’ to go door to door, hubby worries over safety- so sweet :0) but sadly I got no call to work in the calling center or office work)

now if they can get the Census folks to count how many times Team O has said we are beginning our recovery maybe that will keep them busy til after the midterm elections…

PS Euro traded under 1.20 against the USD….and Hungary is looking at default.…but other than that (and the Gulf oil spill and the collapse of the American consumer and the housing double dip) everything is coming up *roses* per Team O….

Mashup by CuffyPerfunction

Mashup by haiyaku333

He said he’s been fighting from day one – you decide. Based on Kevin Kristy’s photo essay at PolitiPage. http://politipage.com/2010/05/28/obam…

June 4, 2010. Tags: , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

Gov. Chris Christie: The Reform Agenda – Changing Course in NJ

An EXCELLENT piece up at RCP by Governor Christie, must read. Highlights:

(…) I feel an obligation to stand up and do what the people elected me to do, which is to get our government under control, and to start to reduce the amount of money that people have to pay to the government in taxes.

But if all we do is cut, and we don’t get at the underlying problem, we’re just going to be back in this spot year, after year, after year….

On the cornerstone of the plan the 2.5 cap, first property taxes:

…We can’t increase municipal aid, increase aid to school districts, and increase property taxes without end. At some point, the people’s ability to pay runs out.

And now we’re there.

With property taxes up 70 percent in ten years, people in New Jersey are now voting with their feet, and they’re leaving….

First and foremost, we have to impose discipline on every level of the political system. I propose that we start with Cap 2.5, a constitutional amendment to cap property tax increases at no more than 2.5 percent per year….

The ‘pathetic’ response that we cannot cut:

…But anyone who comes to this discussion talking about “you can’t cut this” and “you can’t cut that” who doesn’t have some way to pay for it besides jacking up property taxes is just joining that pathetic, 30-year tradition of passing along the problem for the next guy to deal with….

Capping the spending at the same level:

..Fundamental fairness dictates that the other part of the constitutional amendment has to be that discretionary state spending-state spending outside debt service or aid to municipalities or school districts-has to be capped at 2.5 percent as well….

How government spending squeezes out private jobs:

…Consider this fact. In 2009 we lost 121,000 private sector jobs in New Jersey, while the municipal and school board payrolls grew by 11,300 jobs.

The private sector shrank… while the government grew. That’s exactly backwards from how it’s supposed to be….

The Big Kahuna – ‘The Toolkit: Collective Bargaining Reform’

…Arbitration is there to be sure that these things are fairly resolved-and the key word there is “fair.” More often than not these decisions are favorable to labor, but they’re not always fair to the taxpayers who have to pay whatever the arbitrator decides.

So under collective bargaining reform, every arbitrator will have to take into account Cap 2.5. They will no longer be allowed to award a benefit that’s larger than that. For the first time, arbitrators will have to consider not only who’s sitting at the table in front of them, but also who pays the bills….

The Closing Argument – Standing up for NJ Families:

…After three decades of passing the buck, we’ll cap increases in property taxes that are wrecking people’s lives and driving people out of our state, and we’ll give local leaders the tools they need to help control the underlying expenses.

We’re going to build a solid fiscal foundation for our state. We’re going to say “No” to those who refuse to understand that the days of something for nothing are over and the days of shared sacrifice are here.

We’re going to stand up to the entrenched, special interests that are unused to having the truth told to them without regard to the political consequences.

We’re going to stand up for the future of our children and grandchildren-a future in New Jersey that is hopeful, optimistic and full of opportunity and prosperity in a private sector that is growing and a public sector that stops the annual grab for the taxpayers wallets.

The legislature needs to put Cap 2.5 on the ballot this November as a constitutional amendment, and let the people do what the politicians in Trenton have refused to do for 30 years: get out-of-control property taxes under control and, at long last, fix this perpetual fiscal crisis, once and for all.

May 26, 2010. Tags: , , , , , , , , , , , , , . Finance, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics. 1 comment.

As oil gushes, NOKO sinks ships, Iran ignores us and Euro zone economies collapse, Dems keep spending and Obama approval index hits new lows…

…and that’s a feature, not a bug…everyone can see the EPIC fail..Rasmussen:

…Most Americans have “come to believe that the political system is broken, that most politicians are corrupt, and that neither major political party has the answers,” observes Scott Rasmussen. Just 27% believe Congress knows what it’s doing when it comes to the economy and 41% say that a group of people randomly selected from the phone book would do a better job than the current Congress. In his new book, Scott adds, “Some of us are ready to give up and some of us are ready to scream a little louder. But all of us believe we can do better.”…

May 25, 2010. Tags: , , , , , , , . Politics. Comments off.

Market: Shaken not stirred- DOW opens down 280

Update: Market miraculously* came back to close down a mere 25. this was only a test of the emergency Plunge Protection Team, -for now- who knows when TPTB will let the markets fall? the Shadow Inventory knows, Muuhuuuuhaaaaaaa!

Shellacked, that’s what’s happenin’ to folks still in, gettin shellacked..CNBC cohosts want us to know it has ‘stabilized;’ ROTFLMAO and is now down a mere 205, nincompoops! Sell in May, go away, far, far, away!

52 mins to the close of Euro markets. FHFA claims home prices are up, take that with a load of salt before the Feds confiscate it, Consumer Confidence is up, lol, and we are selling off anyway. No data is believable anymore.I don’t care anymore if TPTB are trying to scare Critters in FINREG conference or if Euro markets are taking us down, we retail investors are allllready gone!

Gee maybe some of us think the Critters and their proposed 165B bailout of union pensions and 200b bailout of teachers and states is DRAGGING US OFF A DAMN CLIFF!!

PS Gold is back at 1200….Oil back under 69 and 10 yr is all the way down to the 08 yield at crisis levels – 3.15%

Hang on Sloopy.

May 25, 2010. Tags: , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

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