Obviously the May jobs numbers were disappointing. And like good politicians the Republicans are piling on the President with the usual attacks: failed stimulus, excessive regulation, uncertainty, anti-business policies, spending, etc. You want to know why our employment recovery is lagging and consequently dragging down the overall economy? Lack of demand. Unemployment in the construction industry is at 16%, down from the January high of 22.5%, but a long way from the pre-financial collapse of 5.3%. Construction fuels this economy, and we have a glut of residential and commercial properties on the market. It is why Ben Bernanke quipped we should burn down vacant houses to get them off the market and reduce the supply. As for the other GOP playbook attacks, what excessive regulation are you talking about? You mean financial reform? I suppose when you go from zero regulation to some regulation, some people would call that excessive. Uncertainty? The only uncertainty out there is coming from the Republican attempts to overturn the Affordable Care Act and the Tea Party threats not approve increasing the debt limit. Talk about uncertainty. And there you have it ladies and gentlemen, the Republican master plan, stall the economic recovery for political gain, and while they’re at it pick on the weak, impoverished, sick, and elderly. Brilliant. Lee Atwater would be so pleased.
Is it me or is Mitt Romney the older brother of Phil Dunphy form Modern Family; lovable dufus who tries to be cool and is laughable when he tries to talk tough (remember the episode when he had to play bad parent to the girls)
So I was watching Rick Lazio on Bill Maher this week. Lazio a former four term congressman from New York is best remembered as the guys who got his clock cleaned by Hillary Clinton during the 2000 race for US Senate and most recently the man lost the 2010 GOP Gubernatorial primary to whack job Carl Paladino. Lazio remains a blowhard lobbyist for the financial industry and also habitually challenged by facts. Lazio called the stimulus a failure and started comparing the Great Recession with all previous recessions and that the recovery is slower this time because of Obama, and like all card carrying Republicans he is compelled to make comparisons to Reagan. Lazio went on to say how Reagan took a worse situation than Obama and led to a stronger, faster recovery. Problem with Lazio’s theory, Reagan was lucky to inherit Paul Volcker as fed Chairman, and it was Volcker’s Monetary Policy that stabilized the financial system and allowed Reagan to pump more liquidity into the system with tax cuts and spending. And for his reward, Reagan chose to replace Volcker in 1988 with a new Fed Chairman, a Fed Chairman who would aggressively deregulate the financial system: none other than Alan Greenspan.
Violent crime fell again in 2010 to the lowest level in nearly 40 years. Great news, but shockingly no one can explain why.
On the news of the passing of Dr. Jack Kevorkian, I share with you a Gallup poll: 45% of Americans think doctor-assisted suicide is morally acceptable and 48% say it is morally wrong. Move over gay marriage and abortion, here is the next culture war issue. Why? Watch what happens when healthcare services start getting rationed to save costs.
Too bad the boys club in DC will scuttle Elizabeth Warren’s bid to run the new Consumer Financial Protection Bureau. This is all too reminiscent of when Greenspan, Rubin, and Summers shut down Brooksley Born who tried to place regulations on derivatives during the Clinton administration (how did that work out for us…See CDO), and the constant battles that FDIC chairwoman Sheila Bair faced against the financial sector and its champions in DC.
Sarah Palin back on Fox News Sunday with her 80’s big hair, cross (must have returned the Star of David) still clueless as ever. She threw some buzzwords about Quantitative Easing and money supply, fact is she is probably the most ignorant person ever to hold office or to seek higher office. Ever notice she talks and talks and doesn’t say anything and then she stops abruptly like a school kid winging their way through their answers to the teacher’s questions. Drivel Baby Drivel.