Archive | October, 2012

The Greek Situation is Worse Than Anticipated

31 Oct

Depends on who was doing the anticipating…

The cumulative error is colossal.

That sums up the entire EU experiment…

Thomas Wieser, the head of the European Working Group handling Greece, said today that press reports of further debt restructuring and official “haircuts” in the current Troika talks are pure fantasy.

If that is so – and what he means is that Germany, Holland, Finland, and Austria will not tolerate a haircut on their holdings of Greek debt – then the creditor countries are trying to maintain a ridiculous illusion for their own internal political reasons.

Greece cannot claw its way out of a 190pc of GDP debt load. The official haircut is coming sooner or later, and it will be an explosive political moment.

The problem with Socialism is that eventually you run out of other people’s money – in this case the “other people” are German…

Telegraph

 

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Obama’s Labor Math – “Pretty Lost…”

31 Oct

Obama himself admitted to Jay Leno that when it comes to arithmetic, he’s pretty lost…

“Well, the math stuff I was fine with up until about seventh grade. But Malia is now a freshman in high school and — I’m pretty lost. You know, it’s tough.

We don’t need to take his word for it – last month when the BLS recorded 114,000 new jobs the unemployment rate dropped 3/10 of one percent (that’s an annualized improvement of nearly 4%…) …

Here’s a math problem for the smartest guy in the room.  If 114,000 jobs created in one month lowers the unemployment rate by .3%, what will the unemployment rate be when 122,462 jobs are lost as a result of September’s 1316 “Mass Layoff Notices”?

Answer: – We may never know before November 6….

U.S. Labor Department spokesman Carl Fillichio said the government is doing its best to put out October’s unemployment numbers as scheduled on Friday.

“The employees at the Bureau of Labor Statistics are working hard to ensure the timely release of employment data on Friday, November 2,” Fillichio said. “It is our intention that Friday will be business as usual regarding the October Employment Situation Report.”

More at Michelle Malkin

Czar Bloomberg Issues More Edicts…

31 Oct

Salt, Soda Pop, Smoking now the Emasculate Leader of New York City is mandating how people can drive their cars…

Bloomberg Issues Minimum Passenger Mandate For Cars Entering Manhattan

The mayor announced during his Wednesday afternoon press conference that effective Thursday morning there will be restrictions on cars entering the borough.

I have ordered the four East River bridges be restricted to high-occupancy vehicles coming into Manhattan, meaning three or more people per vehicle, all day Thursday and all day Friday from 6 a.m. to midnight,” Bloomberg said.

No need for an overthrow of government to instal fascism – all you need these days is a storm…

No dictator will ever need to declare martial law in America. All he’ll need to do is issue a “severe weather advisory” and everyone will stay indoors until they’re told it’s safe to come out.

Mark Steyn

What are the odds the edict NEVER gets repealed?

Official Job Creation – a Function of a Excel Speadsheet…

31 Oct

ADP “Cancels” 365,000 Private Jobs Created In 2012

The data revision was supposed to be publicly disclosed tomorrow when the official October ADP number was released. Well, just like today’s Chicago PMI, and so many other data points recently, this too was released early. What the early release allowed us to promptly calculate is that using the historically revised numbers, and comparing those based on the original methodology, in 2012 alone, the US would have lost a whopping… 365,000 private jobs!

The chart below shows the old data series (which can still be found at the St. Louis Fed), and the new series, which can be extracted from the advance leaked press release. The cumulative difference is the black line. It needs no explanation.

 

https://i0.wp.com/www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/10-2/ADP%20Cumulative%20Miss%202012.jpg

Given the fudging going on with the data being released by the Obama administration’s bureaucrats, it is no wonder the agencies upon which traders rely for data points are rushing to get this info out ahead of November 6.

Zero Hedge

A Grim Preview of Friday’s Job Numbers…

31 Oct

There is good likelihood that the real data will never see the light of day before Nov 6…

Following this morning’s dismal employment sub-index from Chicago Fed PMI and the recent Philly Fed employment sub-index, the ‘data’ suggests that this week’s (now confirmed by the BLS that NFP will be released on Friday as scheduled) payroll data could be the first negative print since September 2010.

The BLS is working furiously to figure out a way to delay the release of the jobs numbers on Friday – or at least fudge them enough to help prop up the Obama administration…
Zero Hedge

British Wind Power Failure

30 Oct

Looks like Britain finally appointed an adult in the Ministry of Energy…

Minister signals end of the wind farm:

‘We can no longer have wind turbines imposed on communities. I can’t single-handedly build a new Jerusalem but I can protect our green and pleasant land.

‘Firstly, I have asked the planning minister to look again at the relationship between these turbines and the landscape.

It seems extraordinary to have allowed them to be peppered around the country without due regard for the interests of the local community or their wishes.‘We have issued a call for evidence on wind. That is about cost but also about community buy-in. We need to understand communities’ genuine desires.’

Mr Hayes said policy should not be based on some ‘bourgeois left article of faith’.

Amen

Daily Mail

MSNBC Fair and Balanced…

30 Oct

MSNBC Ridicules Romney for Collecting Food and Supplies for Sandy Victims

Despite no Romney campaign messaging or slogans…just requests for blood donations and relief supplies

“All we’ve seen from Romney and from his surrogates is all kinds of politicizing and misdirection,” Peterson continued, “and I think the American people in this sort of disastrous moment can really see in bold relief the differences between President Obama and former Governor Romney.”

Meanwhile…

‘Forward’: Obama gets a little electioneering in during FEMA briefing

“The president made clear that he expects his team to remain focused as the immediate impacts of Hurricane Sandy continue and lean forward in their response,” the White House said in a statement about Mr. Obama’s video-teleconference that he conducted from the White House Situation Room. “Forward” is the slogan of his re-election campaign.

A little plug for MSNBC is not worth noting…because no one watches…

via Drudge

FEMA Prepares to “Postpone” Election

30 Oct

Apparently FEMA has powers beyond the States and Congress…

The Federal Emergency Management Agency is preparing for Hurricane Sandy to disrupt next week’s elections, agency Administrator Craig Fugate said Monday afternoon.

“We are anticipating that, based on the storm, there could be impacts that would linger into next week and have impacts on the federal election,” Fugate said on a conference call with reporters.

Our chief counsel’s been working on making sure that we have the proper guidance,” he added. “We’re going through the regulatory policy and making sure all that’s in place and we can support it.”

If Obama were leading in the polls this would not be an issue

Does Obama hope Sandy is his October Surprise? Or does he hope Sandy saves him from Benghazi… or both

Meanwhile – from the Vault…

Odds That Romney Wins 65/35… Odds That Obama Cancels Election 50/50

Domestic Terror has become “natural disaster” – and odds for Romney are now 75/25…

POLITICO/Daily Caller

Rarely has a spontaneous mob so thoroughly intimidated our nation…

29 Oct

Obama emerges from the Fog of War…

The SecDef and the president have issued contradictory explanations. Either Mr. Obama ordered the Secretary of Defense to “do whatever we need to do,” or he didn’t. And either the secretary obeyed that order, or he didn’t. And he didn’t.

…President Obama would naturally be more than a bit interested in why the military and the CIA did nothing after he explicitly ordered them “to make sure we are securing our personnel.”

Sound familiar?  If you gave your SecDev an order, and your orders are always followed…why are the ambassador and 3 others dead? 

BTW – still nothing about Benghazi in the Washington Post, New York Times, MSNBC….

NRO

“This man is a leader.” – Paul Ryan

29 Oct

New Romney ad – closing the deal…

 

 

“I don’t think I’ve seen a moment in our nation’s history when a man and the moment have met so perfectly.” – Paul Ryan

via No Quarter

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