The results of Obamanomics

[CARLHAYDEN]

Let me try to explain, for the simpleminded, the misleading nature of CitizenX's diagram.

Suppose you are at sea in a leaky boat.

Being an Obamanoid, you decided to do something about the leak -- you make it larger.

So, instead of dealing with the leak, you snort some coke and do a little bailing.

The quantity of water you bail (being an Obamanoid you don't want to fix problems, you want to engage in bailouts), is less than the water coming in as a result of the damage you did to increase the lead.

The answer is simple, ignore the water streaming in and publicize the amount of water being bailed.

The problem is that this attempt at hiding the truth only works for the incredibily stupid, as the boat is continuing to sink.

To put this in statistics from the Bureau of Labor Statistics, the (not seasonally adjusted) number of persons in the population age 16 and over has increased since Bush left office while the number of persons employed has decreased!

Year          Month          Civilian Noninstitutional Population          Employed           Percentage

2008       December                     235,035,000                           143,350,000             61.0
2011          May                            239,913,000                           140,028,000            58.5

[opebo]

Why do you hate the free market, karlhayden?  It is precisely a reduction of employment which achieves the free market solution to depressions - reduction in wages to a market-clearing price.  That or starvation, same thing.

[CARLHAYDEN]

Why do you hate the free market, karlhayden?  It is precisely a reduction of employment which achieves the free market solution to depressions - reduction in wages to a market-clearing price.  That or starvation, same thing.

Is CitizenX one of your sock puppets?

His views strangely parallel yours.

[CitizenX]

Let me try to explain, for the simpleminded, the misleading nature of CitizenX's diagram.

Suppose you are at sea in a leaky boat.

Being an Obamanoid, you decided to do something about the leak -- you make it larger.

So, instead of dealing with the leak, you snort some coke and do a little bailing.

The quantity of water you bail (being an Obamanoid you don't want to fix problems, you want to engage in bailouts), is less than the water coming in as a result of the damage you did to increase the lead.

The answer is simple, ignore the water streaming in and publicize the amount of water being bailed.

The problem is that this attempt at hiding the truth only works for the incredibily stupid, as the boat is continuing to sink.

To put this in statistics from the Bureau of Labor Statistics, the (not seasonally adjusted) number of persons in the population age 16 and over has increased since Bush left office while the number of persons employed has decreased!

Year          Month          Civilian Noninstitutional Population          Employed           Percentage

2008       December                     235,035,000                           143,350,000             61.0
2011          May                            239,913,000                           140,028,000            58.5

Instead of an incoherent rambling post you should illustrate your point with a graph.  Like this...



Obama reversed the job losing policies of Bush and started adding private sector jobs.  See how easy that is to understand?

[CARLHAYDEN]

Even Bernanke is admitting that "the outlook for next year has gotten worse."

Federal Reserve, acknowledging slowdown, reins in forecasts for economic growth

By Neil Irwin, Wednesday, June 22, 9:58 AM

The economic recovery is slowing and the outlook for next year has gotten worse, Federal Reserve Chairman Ben S. Bernanke said Wednesday, backing away from the view that the slowdown of the past few months was merely temporary.

http://www.washingtonpost.com/blogs/nationals-journal

[CARLHAYDEN]

Jobs Picture Grows Worse as Weekly Claims Post Jump

Published: Thursday, 23 Jun 2011 | 8:36 AM ET

New U.S. claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, suggesting little improvement in the labor market this month after employment stumbled in May.

http://www.cnbc.com/id/43507567

[CARLHAYDEN]

Smitty nails it with “Thank’ee Bernanke”:

“Farce… the Financial Frontier. These are the voyages of the Federal Reserve. Its five-score-year mission: to explore strange new monetary value depths, to seek out new life in zombie Economics, to boldly go where no man with a shred of policy sense has gone before. . .”

http://theothermccain.com/

[krazen1211]

Let me try to explain, for the simpleminded, the misleading nature of CitizenX's diagram.

Suppose you are at sea in a leaky boat.

Being an Obamanoid, you decided to do something about the leak -- you make it larger.

So, instead of dealing with the leak, you snort some coke and do a little bailing.

The quantity of water you bail (being an Obamanoid you don't want to fix problems, you want to engage in bailouts), is less than the water coming in as a result of the damage you did to increase the lead.

The answer is simple, ignore the water streaming in and publicize the amount of water being bailed.

The problem is that this attempt at hiding the truth only works for the incredibily stupid, as the boat is continuing to sink.

To put this in statistics from the Bureau of Labor Statistics, the (not seasonally adjusted) number of persons in the population age 16 and over has increased since Bush left office while the number of persons employed has decreased!

Year          Month          Civilian Noninstitutional Population          Employed           Percentage

2008       December                     235,035,000                           143,350,000             61.0
2011          May                            239,913,000                           140,028,000            58.5

Instead of an incoherent rambling post you should illustrate your point with a graph.  Like this...



Obama reversed the job losing policies of Bush and started adding private sector jobs.  See how easy that is to understand?

It's amazing how that graph is constantly posted, and ignores the entire 2001-2007 period.

[© tweed]

I am pretty sure I had a dream where I met CarlHayden last night or the night before.  he was balding with the occasional grey hair on either side of the head, wearing a white shirt, and had intense, blue-green eyes.

[CARLHAYDEN]

Geithner: Taxes on ‘Small Business’ Must Rise So Government Doesn’t ‘Shrink’
Thursday, June 23, 2011

By Terence P. Jeffrey

Wednesday, June 22, 2011.

(CNSNews.com) - Treasury Secretary Timothy Geithner told the House Small Business Committee on Wednesday that the Obama administration believes taxes on small business must increase so the administration does not have to “shrink the overall size of government programs.”

http://www.cnsnews.com/news/article/geithner-taxes-small-business-must-rise

[CARLHAYDEN]

Americans spend at weakest pace in 20 months

Americans hold back on spending in May for the second straight month, gas prices a factor

WASHINGTON (AP) -- Americans spent in May at the weakest pace in 20 months, a sign that high gas prices and unemployment are holding back the economy.

Consumer spending was unchanged, the Commerce Department said Monday. That was the worst result since September 2009. And when adjusted for inflation, spending actually dropped 0.1 percent
http://finance.yahoo.com/news/Americans-spend-at-weakest-apf-2606213682.html?x=0&.v=5

[krazen1211]

Carterism 2.0. Stagflation and malaise is upon most of us.

[True Federalist (진정한 연방 주의자)]

I lived through stagflation and what we have now is not stagflation, tho it is still far from good.  Thankfully we don't have anyone as incompetent as Burns or Miller were heading the Fed.

[Lulz]

Carterism 2.0. Stagflation and malaise is upon most of us.

Truly spoken as someone who obviously never lived throught stagflation.

highest inflation under Obama 3.6%.
highest inflation under GW Bush 4.1%.
highest inflation in 1970s 13.3%.

[CARLHAYDEN]

Carterism 2.0. Stagflation and malaise is upon most of us.

Truly spoken as someone who obviously never lived throught stagflation.

highest inflation under Obama 3.6%.
highest inflation under GW Bush 4.1%.
highest inflation in 1970s 13.3%.

You make the mistake of focusing on  size rather than ratio,

Although the rate of inflation presently is low relative to that under Carter (curiously, you omit his name in the list above), the rate of growth is also lower.

The key is where the rate of growth is less than the rate of inflation there is NO real growth, and hence 'stagflation.'

[Lulz]

Carterism 2.0. Stagflation and malaise is upon most of us.

Truly spoken as someone who obviously never lived throught stagflation.

highest inflation under Obama 3.6%.
highest inflation under GW Bush 4.1%.
highest inflation in 1970s 13.3%.

You make the mistake of focusing on  size rather than ratio,

Although the rate of inflation presently is low relative to that under Carter (curiously, you omit his name in the list above), the rate of growth is also lower.

The key is where the rate of growth is less than the rate of inflation there is NO real growth, and hence 'stagflation.'

As I said before truly spoken as someone who did not live through stagflation.  Stuff back then was terrible.  You didn't have to parse nuances on an internet forum to convince people that something was terribly wrong.  People were taking out mortgages with a 14% interest rate in 1981.  You are fortunate not to have lived in times like that.

After reading some of your wild posts on this thread I have come to the conclusion that a lot of the time you really don't know what you are talking about.

[Lulz]

New York Times/CBS News Poll June 26-28

Most to Blame for Economy

Bush             26%
Wall St          25%
Congress       11%
Obama            8%

Wrap your mind around that, Carl.

The people of America rebut everything Carl has said about "Obamanomics."

[Lulz]

New York Times/CBS News Poll June 26-28

Most to Blame for Economy

Bush             26%
Wall St          25%
Congress       11%
Obama            8%

Wrap your mind around that, Carl.

The people of America rebut everything Carl has said about "Obamanomics."

The amount of people responsible for what we're in today cannot fit as choices on a poll. If you stretched your imagination far enough, you can find seeds that were sown in the 1930's that are responsible. In fact, I'd be willing to say that most of the responsibility can't be blamed on the four choices, although all four have taken steps to make it worse.

I disagree.  You can draw a straight line to the first three.  Clinton and the Congress that was in place when he was in office are obviously very blameworthy.  Obama really is one of the most blameless in this whole situation by any objective measure.  I blame Bush for wasting $1 Trillion in Iraq and making Afghanistan drag on much longer than it need to.  I also blame him for a gigantic give away to the rich.

[Lulz]

I'm going to break this up into patches to annoy Lief.

I disagree.  You can draw a straight line to the first three. 

I never said these four options were not blameworthy, but the seeds of this crisis can reach back to the New Deal era. You could probably also go back to the Wilson era as well. By the way, you can go ahead and connect Wall St. to Obama as well.

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I'm assuming this is referring to the Glass-Steagall repeal? The lifting the barriers between commercial and investment banks had nothing to do with our troubles now. There were not large scale financial collapses in other industrialized nations who had no "Glass-Steagall" put into effect after WWII. Canada, for instance did not have those barriers on financial and  commercial banks.

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Now hold on there. Obama voted for TARP too. Carl was actually right when he pointed out that the "stimulus" was really just a lot of pork and funds for congressional pet projects. I don't even see that as an application of Keynesian economics, just a ridiculous waste of money. 

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Well, okay, I guess I agree with that.

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That depends on what you mean by "give away to the rich" If you're referring to the Bush tax cuts, than I'd fail to see how it's a "giant give away" when it's their own money. Of course that doesn't excuse Bush's huge give away to Big Pharma with the prescription drug bill, and of course the huge theft from the taxpayers by the banks in 2008.

Well Saudi Arabia doesn't have a Glass Stegall Act and they're doing fine.  That doesn't disprove that OUR system needs the Glass-Steagall Act.  If Glass-Steagall was in effect today the recession would not be anywhere near as severe.  That's a fact.

The bailouts worked and were one of the smart moves GW Bush and Obama made.  The key thing to do after bailouts is REGULATE.  Industry lobbies and Republicans effectively blocked that step.

The rich didn't earn their money in a vacuum.  EVERY single billionaire has used a disproportionate amount of public resources in the course of building their fortune, whether its the roads, ports, bandwidth, airspace and/or raw tax dollars (ie Halliburton)  It is absurd that people think these people made their money all by their lonesome on a island somewhere.

[Lulz]

Published: Wednesday, 16 Mar 2011

Reuters

Wholesale prices rise 1.6 pct. due to biggest jump in food costs in more than 36 years

June 30, 2011 7:41 pm

Financial Times

Corn futures have suffered their steepest fall in 15 years after record prices prompted US farmers to defy wet spring weather to plant a sharply increased acreage of the grain.

Looks like "Obamanomics" is working

[CARLHAYDEN]

Published: Wednesday, 16 Mar 2011

Reuters

Wholesale prices rise 1.6 pct. due to biggest jump in food costs in more than 36 years

ROTFLMAO!

You really need to learn something about the volatility in commodity prices.

http://web.mit.edu/rpindyck/www/Papers/Volatility_Comm_Price.pdf


June 30, 2011 7:41 pm

Financial Times

Corn futures have suffered their steepest fall in 15 years after record prices prompted US farmers to defy wet spring weather to plant a sharply increased acreage of the grain.

Looks like "Obamanomics" is working

[True Federalist (진정한 연방 주의자)]

ROTFLMAO!

You really need to learn something about the volatility in commodity prices.

Which is exactly why I laugh  when you selectively post isolated bits of economic data.  If you posted all of them, I wouldn't laugh, but I don't recall you ever posting any of the positive ones, just the negative ones.

In any case, the recent corn price drop has nothing to with Obamanomics, either good or bad.  Rather it is good old fashioned classical economics.  Higher prices led to more suppliers seeking those prices, leading to more supply, leading to lower prices.

[CARLHAYDEN]

Wind-Turbine Maker That Obama Praised Files for Bankruptcy

By Josh Cable

July 1, 2011

Cardinal Fastener & Specialty Co., a Cleveland-based manufacturer of screws and bolts for wind turbines, filed for Chapter 11 bankruptcy protection Thursday.

http://www.industryweek.com/articles/wind-turbine_maker_that_obama_praised_files_for_bankruptcy_25001.aspx?SectionID=3

[CARLHAYDEN]

Jobless claims rise above expectations

WASHINGTON | Thu Jul 21, 2011 8:45am EDT

WASHINGTON (Reuters) - New claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, pointing to a labor market that is struggling to regain momentum after job growth faltered in the last two months.

http://www.reuters.com/article/2011/07/21/us-usa-economy-idUSTRE7662I420110721

[CARLHAYDEN]

July 27, 2011, 8:44 a.m. EDT

U.S. durable-goods orders fall 2.1% in June

By Greg Robb, MarketWatch

WASHINGTON (MarketWatch) — Weaker orders for airplanes and automobiles translated into a steeper-than-forecast 2.1% decline in durable-goods orders in June, the Commerce Department estimated Wednesday.

http://www.marketwatch.com/story/us-durable-goods-orders-fall-21-in-june-2011-07-27