Friday, March 9, 2012

Remember where you parked

Another month has gone by and Obama the socialist, Kenyan mao-mao Marxist, job destroyer has plunged the country deeper into the Clinton Great Depression, (wait, what’s this) 428,000 new jobs according to the Bureau of Labor Statistics household survey? And now we’ve had two full years of positive job growth? By all that’s holy at Fox News, say it’s not so! You can hear the moans from the ghost of Andrew Breitbart, (Times aren’t so good over at the far right.)

The corporate news doesn’t report the 428,000 new jobs number preferring the employer survey that reported only 227,000 new jobs. Keep in mind that the now non-existent Presidency of George Bush produced exactly zero net jobs in eight years. (Republican historians skip directly from Clinton to Obama these days)

Even the private sector employer survey number is really 6000 jobs greater at 233,000, but the red states continue to shed government workers. The damage this austerity is doing to their economies is becoming ever more obvious, and the redder the state’s governor, the worse it is. Wisconsin, under the notorious Scott Walker (a wholly owned subsidiary of Koch Industries), Wisconsin has the distinction of being the only state with six months of continuous decline.

Walker keeps trying to stall his re-call election, but this may in the end only result in the FBI “recalling” him before the voters can. Half a dozen of his staff are already under felony indictment for running a “pay for play” scheme on taxpayer time right out of his office.

Gas prices leveled off early this week and actually fell back a penny. Oil companies are circulating the talking point that they are merely discounting winter blend gasoline to get rid of it, and prices will resume the march toward $5/gal next week. Wait a minute, I thought gas prices were set by the “market”, what do you mean the oil companies lowered the price?

The fact is that the Wall Street banks have been buying up as much gasoline futures contracts as possible in order to create a phony shortage. They are party to as much as 90% of daily trading, and the hedge funds are hoarding gasoline in every tank farm and offshore tanker that they can get their hands on. But with so much gasoline and such weak demand, they may have already reached their peak of influence.

If Obama were to announce the release of strategic reserves like he did last year, it would burst the bubble. Remember paying $6 at the pump last Labor Day? It was unanimously predicted this time last year and it didn’t happen, and it won’t happen now. In fact some hedge funds may take a real beating having bet heavily against Obama. There could be a lot of that going around this year.

Before anybody sends me nasty emails for being an Obama apologist, let me point out again, that he hasn’t fixed the economy. He’s just holding the Red Sea at bay, the corporate chariots are still bearing down on us. It’s up to the rest of us to get organized and make the crossing to the promised land.  [Now where did I park that cart full of canopic jars?]


Anonymous said...

Nice. Keep them coming Bruce, because every time you write I'm reminded that I'm not really crazy after all and still grounded in what passes for our American reality.

Anonymous said...

Would you rather own something real and needed in oil or fiat money? Flooding the world with dollars drives the smart money to real stuff. So blame speculators all you want. But they are smart. In 1998, they shorted the crap out of oil and drove down prices. But nobody complained about lower prices created by evil speculators. Times change. Paper money stinks now. Add crazy low interest rates and only a knucklehead would hold cash for long.

Anonymous said...

U-6, if you believe govt. numbers, is 14.9%. .. of course, once you fall off the 99 weeks of unemployment roles, the govt. has no idea what the hell you are doing. .. But, re-elect the same old people in November and expect different results. .. sounds crazy to me. Enjoy.

Anonymous said...

If Obama were to announce the release of strategic reserves like he did last year, it would burst the bubble. .. yeah, for about 1 month. .. can't print oil only fiat money. .. good luck.

Anonymous said...

Favorite poll of the week: Do you want "rich" people to pay more taxes to fund social programs? .. 64% say yes. .. Bet those 64% are not rich by any definition. Of course, you want your neighbor or someone you don't know to take care of you. Let them pay. The other guy. F--- them. I deserve it. My local lefty on the radio said so. Eat the rich. They are all evil. Willie Sutton didn't rob the bottom feeders, he went to where the money was. ... The lefty loser mentality is rather embarrassing.

Captain Fog said...

those sixty four percent are intelligent middle class people who are tired of supporting tax breaks and giveaways to the corporate state and ultra wealthy.Bat $hit crazy talking points regurgitated by the likes of Anonymous are embarrassing to the species at large.

Anonymous said...

It's all a matter of (santorum) splat viscosity, maybe all that gas will blow some SPLAT back on the speculators. Make the speculators take delivery of all that crude they trade or tax the value of it as short term capital gains.
anonymous said "Favorite pole of the week" I know what pole anonymous kneels to especially if it is greasy. How's that jon boner economics (contract with America) workin out for ya, turd.
Wealth of all the bottom feeders and the 64% and even up a ways on the food chain is being looted by the 401k value depreciation, artificial gas prices, splat mortgages and robo writing of them and devaluing the ground around them, killing workers slowly with foreign competition. Time to wipe up the poop stains.