Sorry Charlie! Crist tries to call Rahm, gets the brush-off, decides to lose to Rubio as an Indy….

I have long thought Charlie Crist and Jennifer Granholm are on the’ favor’ list for Team O as they helped block revotes in FL and MI in the Democratic primary.

Granholm keeps listing herself as a possible SCOTUS pick and Charlie apparently has been trying to call the WH and get an Ambassadorship or perhaps confirmation that Obama and the DNC would not help Meeks too much and let Charlie have the Senate seat in FL…

Marc Ambinder reports:

Charlie Crist, soon to be independent Senate candidate from Florida, tried to reach White House chief of staff Emanuel through intermediates. WH refuses to take the call. Dems plan big talent/money blitz for Kendrick Meek.

What’s Crist up to? Might he be interested in cutting a deal to caucus with the Democrats if they chase Meek from the field?

Who knows? But the most plausible path to victory for Crist is if Meek backs him. That’s a real possibility, I think, later in the game if Rubio and Crist are each getting about 40% in the polls and Meek is getting about 20%. But, as voters get to know the lesser-known Rubio and Meek, it’s probably more likely they emerge as the frontrunners and Crist fades as election day approaches….

Of course O and Rahm aren’t taking Charlie’s calls and even if they were, O has lost his cache, especially in Florida where they hate the health care bill more than most of America.

Marco is going to kick Charlie’s axx come November….it will be sweet schadenfreude for this Hill supporter and Rubio fan!

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April 29, 2010. Tags: , , , , , , , . Politics. Comments off.

Krugman: the trillion dollar boondoggle stimulus was not BIG enough, so let’s spend a few hundred billion on a WPA jobs program for the low skilled, but under no circumstances should you cut taxes…

Utterly backwards. The boondoggle spendulus failed (EPIC FAIL!), so they want to dilute hundreds of billions more by pouring it through government’s oh so inefficient hands again. I think it is intellectually dishonest of Krugman to suggest if the stimulus were only BIGGER it would have done more to stimulate job creation., No matter how BIG they make it, the pockets of those who do NOT create jobs would be filled that much bigger we would STILL not have created jobs. Where did all that money go? The way it was STRUCTURED not the AMOUNT was the problem. The proof is that 2/3 of it are unspent and they have already GIVEN UP on getting any jobs from it.

If they would simply stop the overregulation and taxation and do something like a PAYROLL TAX CUT that goes DIRECTLY to WORKERS with no government mishandling, we would be doing much much better..but the academics and govt lackeys would prefer ANYTHING over giving us back OUR OWN MONEY to spend OUR OWN WAY.

Krugman is among those invited to Thursday’s jobs summit on Mount Obama so we can expect more of this kind of thing from their jobs bill. More state bailouts thereby allowing the states to continue to avoid the real job of CUTTING SPENDING and STATE GOVERNMENT PAYROLLS AND BENEFITS which is where all the bleeding is happening across the country on state balance sheets….

Krugman:

(…) So our best hope now is for a somewhat cheaper program that generates more jobs for the buck. Such a program should shy away from measures, like general tax cuts, that at best lead only indirectly to job creation, with many possible disconnects along the way. Instead, it should consist of measures that more or less directly save or add jobs.

One such measure would be another round of aid to beleaguered state and local governments, which have seen their tax receipts plunge and which, unlike the federal government, can’t borrow to cover a temporary shortfall. More aid would help avoid both a drastic worsening of public services (especially education) and the elimination of hundreds of thousands of jobs.

Meanwhile, the federal government could provide jobs by … providing jobs. It’s time for at least a small-scale version of the New Deal’s Works Progress Administration, one that would offer relatively low-paying (but much better than nothing) public-service employment. There would be accusations that the government was creating make-work jobs, but the W.P.A. left many solid achievements in its wake. And the key point is that direct public employment can create a lot of jobs at relatively low cost. In a proposal to be released today, the Economic Policy Institute, a progressive think tank, argues that spending $40 billion a year for three years on public-service employment would create a million jobs, which sounds about right.

Finally, we can offer businesses direct incentives for employment. It’s probably too late for a job-conserving program, like the highly successful subsidy Germany offered to employers who maintained their work forces. But employers could be encouraged to add workers as the economy expands. The Economic Policy Institute proposes a tax credit for employers who increase their payrolls, which is certainly worth trying.

All of this would cost money, probably several hundred billion dollars, and raise the budget deficit in the short run. But this has to be weighed against the high cost of inaction in the face of a social and economic emergency….

November 30, 2009. Tags: , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. 3 comments.

The Magic 8 Ball Economic Recovery: Consumer Borrowing fell $14.8 B in September

ball_20

Is Wall St using a Magic 8 Ball to forecast the recovery?

I have to ask since they keep repeating the meme that consumers will spend and all will be well despite the report last week that showed consumer borrowing fell $14.8 Billion in September, a drop that was WAAAAAAAAAY bigger than their vaunted forecasts. Banks are continuing to TIGHTEN CREDIT. The consumers have no money or credit to spend folks, the GDP growth is not organic and cannot be sustained

The markets are up on the weak US Dollar and the idea of an indefinitely loose Fed. I ask again, WHERE IS THE GROWTH GOING TO COME FROM? The consumer ALWAYS leads us out of recessions. I see absolutely nothing to suggest the consumer is ready to lead us again:

CNBC:

…The Federal Reserve said Friday that borrowing fell at an annual rate of $14.8 billion in September. That’s the biggest decline since July and was larger than the $10 billion drop economists expected.

Americans are borrowing less as they try to repair cracked nest eggs and replenish rainy day funds in a dismal jobs market. Many are finding it hard to get credit as banks, hit by the worst financial crisis in decades, have tightened lending standards.

Borrowing by consumers for revolving credit, including credit cards, fell at an annual rate of 13.3 percent in September, the same as August. This category has declined for a record 12 straight months.

Borrowing for non-revolving loans, including auto loans, dropped at an annual rate of 3.7 percent in September after edging up 0.1 percent in August. The August gain reflected the surge in car sales as consumers rushed to take advantage of the government’s Cash for Clunkers program….

November 11, 2009. Tags: , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Unemployment Statistics, Wall St. 1 comment.

Breaking: July Jobs Report: Unemployment jumps to 9.7%..

Unemployment rate was expected to rise to 9.6, it hit 9.7 % instead

Highest level since June 1983. It JUMPED from 9.4 to 9.7 AHA KNEW something was wrong with July’s data

August nonfarm payrolls down 216,000

July revised to down 276,000 vs original report of down 247,000

June revised to down 463,000 from original report of down 443,000

August hours worked FLAT 33.1 same as July, no signs of a bump in economic growth there

GOVT layoffs in this number, tell me more BS about the spendulus SAVING state jobs.. Feds minus 5,000, state minus 5000, local MINUS 9,000 (LOST JOBS ON EDUCATION)

Breaking it down: August: factory jobs down 63,000; goods producing down 163,000; construction down 65,000

Ernie Ford courtesy of LordEgan

September 4, 2009. Tags: , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

WH-OMB releases budget forecast adds another 2 TRILLION to deficit- from 7 T to 9 Trillion

grizzly1

Breaking on FOX:  A-HA!!!! This is EXACTLY what we figured, they were holding back the damn GINORMOUS DEFICIT HIT hoping to ram through Healthcare in July before this data came out.  Here is our post from July 20th outlining exactly this scenario. Frakkers. J’accuse!!!! They KNEW this was coming and were going full steam ahead (and still are) trying to add ANOTHER MASSIVE spending plan on TOP of this?? WTF?? Recall CBO said the BIG COSTS in the HR3200 health care bill are AFTER the 10 year mark…(deliberately built that way to try and escape notice of the general public, since the WH has to report a 10 yr window)…

Breaking on FOX NOW….

So much for the crystal ball.

In a report next week, the Obama administration will increase its 10-year budget deficit projection to roughly $9 trillion, an increase of about $2 trillion from the previous projection, a senior administration official told Reuters on Friday.

The 2010-2019 cumulative deficit projection replaces the administration’s previous estimate of $7.108 trillion, said the official, who is familiar with the plans.

“The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year,” Reuters quoted the unnamed official as saying….

The media did a lot of hyping ahead of this release about how THIS YEARS deficit is actually lower than forecast. O-yay o-Yay. Sadly that is due to them not giving as many bailouts as projected (ie housing plan funds of 50 billion are still sitting, and Fannie and Freddie are waiting to ask for 30 billion more until after this deficit number was released (their last money grab was a mere 8 months ago), wouldn’t want to frak up all the projections in the same report would we? Might lead the public to think we are up a stream with a madman at the helm….

We get the CBO numbers next week, no wonder TOTUS is off the tv and going on vacation….

August 21, 2009. Tags: , , , , , , , , , , . Economy, Finance, Politics. 3 comments.

Stimulus Update: SC Supreme Court orders Gov Mark Sanford to take stimulus funds…

The SC Supreme Court has ordered Gov Sanford to ‘request’ 700 million of the Federal stimulus funds for education which he rejected:

FortMillsTimes has an extensive round up of reaction from SC politicans, here is a sample:

“This decision is terrible news for every taxpayer in South Carolina, and even more so for future taxpayers who will ultimately bear the responsibility of paying for this so-called ‘stimulus’ without seeing any benefit from it.”`- South Carolina Gov. Mark Sanford

“What I’m hearing today is a big sigh of relief from local school districts. This ruling – and the governor’s pledge not to appeal it – gives them assurances that federal help is coming.” – State Superintendent of Education Jim Rex.

“The office of the Governor is the highest elected position in the state and one in which every eligible voter has the opportunity to have a say on. Long after the $700 million in stimulus funds is exhausted the impact of this ruling will continue to be felt. I fear today’s decision will haunt our state for decades to come.” – U.S. Sen. Lindsey Graham, R-S.C.

“This brutal fight has ripped our party apart and allowed the Democrats to take unprecedented steps forward.” – South Carolina Senate Majority Leader Harvey Peeler, R-Gaffney.

“Make no mistake about it. I wholeheartedly oppose President Obama’s spending spree. However, I also realize that the only thing more fiscally irresponsible than spending money we don’t have is allowing our taxpayers to pay back money spent in other states.” – South Carolina Senate President Pro Tem Glenn McConnell, R-Charleston.

FitsNews.com:

(more…)

June 5, 2009. Tags: , , , . Economy, Obama Administration, Politics, Taxes. 1 comment.

Geithner Team’s New Math….

No wonder the stimulus and housing plans are a flop…..

February 21, 2009. Tags: , , , , . Economy, Entertainment, Finance, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. 1 comment.

Markets tank on uncertain future….GM & Chrysler futures dim as Obama drops ‘Czar’ model for French Revolution Model, ‘Committee on Public Safety’ next?

Well, we tanked right out of the gate, DOW down 245 now, breaking the November 20 bottom….we escaped the global damage yesterday as we were closed when Japan released the worst economic data in 35 years....

Japan’s economy, the second-largest in the world after that of the United States, shrank at an annual rate of 12.7% in the final three months of last year, the government said Monday. It was the biggest contraction since a surge in worldwide oil prices precipitated an economic crisis in 1974.

but we are in the thick of it today, GLD is up, and so is the US Dollar which is not supposed to happen, lol….in other headlines, Obama will sign the stimulus in Denver and the markets could care less, we want a financial plan for the banking system and a HOUSING plan

Arizona as the backdrop to announce his housing plan, Obama is choosing a state hit hard by foreclosures. In January, more than 4,500 homes in Arizona were repossessed, third highest in the nation, according to RealtyTrac, a company that collects foreclosure data. Last month, California ranked first.Obama has dropped hints about the outlines of his housing plan, estimated to cost from $50 billion to $100 billion. Speaking in Elkhart last week, he said he would push for a law that allows judges to rewrite the terms of a mortgage for homeowners who land in bankruptcy court.

Without such a law, people are being forced into “foreclosure who potentially would be better off, and the bank would be better off, and the community would be better off if they’re at least making some payments, but they’re not able to make all the payments necessary,” Obama said.

The BIG 3 are also in the minds of traders as Chrysler and GM prepare to present phase one of their feasibility plan to Team Obama. UAW walked away from talks this weekend when GM and Chrysler offered to fund the retirees with stock shares, methinks they know a government run bankruptcy is a-coming….

And I have to say now it looks like Team Obama has no one at the top calling the shots…

Truman said the buck stops here, the buck doesn’t seem to stop anyplace at Team Obama, every single issue has a TEAM a COMMITTEE, no one person calling the damn shots! We need a leader not a frakkin committee!!! Governing by committee is dangerous….

The mysterious and menacing figure of Maximillien Robespierre; "The government of liberty is the despotism of liberty against tyranny." Robespierre's legacy of "despotism" was not to bloom fully until the pogroms of the 20th century. Of course, Robespierre himself was guillotined during the Terror. (cr-Rich Geib)

"The government of liberty is the despotism of liberty against tyranny." Robespierre's legacy of "despotism" was not to bloom fully until the pogroms of the 20th century. Of course, Robespierre himself was guillotined during the Terror. (cr-Rich Geib)

From the wonderful blog of Rich Geib: Gresham’s law of political morality: the bad drives out the good as everyone becomes corrupted while political life becomes not unlike the Hobbesian war of all against all in “a perpetual and restless desire for power, that ceaseth only in death.”

Gibby describes the newest flip flop from a Car Czar to a Committee a la Robespierre, and who will  get a seat? Why the US Steel Workers Union Staffer!! BWAAAHAA!! Ahh man it is so terrifying you have to laugh!

thehomer

GM big executives are ‘retiring’ ahead of the blitz by Pelosi and Waxman:

Lutz departs– Mr. Lutz’s frank statements have also drawn attention. A few years ago he referred to some of GM’s makes as “dead brands,” and last year he called global warming a “crock of s — .”

General Motors Corp. product chief Robert Lutz will give up his post for an advisory role April 1 and retire at year’s end, concluding a chapter in his colorful, 46-year career in the car industry and signaling a shift in emphasis at GM.

Mr. Lutz, a former Marine pilot known for his blunt manner and a love of “muscle cars” brimming with horsepower, was brought to GM in 2001 to liven up its vehicles. He is credited with improving the look and feel of its passenger cars and pushing the development of the Chevrolet Volt, a battery-powered car GM aims to launch in 2010.

“It just seemed to be the right time,” Mr. Lutz, 76 years old, said by email Monday. “As they say, ‘My work here is [largely] done.’ The fun and excitement have become fairly rare commodities, and others are temperamentally better-suited to dealing with this increasingly regulation-dominated product future.”

Exactly ‘regulation dominated’ ie Der Kommissar Pelosi is in town….and she is heavily invested in Boone Pickens’ natural gas plan

General Motors Corp. said Wednesday that William E. Powell, North America vice president of industry-dealer affairs, will retire on March 1.

Powell, 61, began his career at the automaker in 1977 at the company’s Buick Motor Division in Flint, Mich., and moved through several sales assignments. He has been in charge of the company’s dealer development group and regional general manager of GM’s southeast region for vehicle sales.

and Sen Lugar, good buddy to Obama,  came out endorsing a GAS TAX just what American families need right now, but the leadership we have right now is all about the theme of green and not so much what American families can AFFORD to do right now, none of us are going out to buy a new green car I can tell ya that!

Another quote quite appropos from Rich’s page:

“Robespierre, with his cruel moral relativism,
embodied the cardinal sin of all revolution, the heartlessness of ideas.”

Paul Johnson “The Spectator”

February 17, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Cabinet, CITI, Economy, Entertainment, Finance, Foreclosures, Housing, Music, Obama Administration, Politics, Popular Culture, TARP, Terrorism, Unemployment Statistics, Wall St. 2 comments.

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