Posted on 07/03/2009 5:58:11 PM PDT by FromLori
ob-sniffing bloodhounds follow the stimulus money trail across the nation in search of the millions of jobs the Obama Administration promised to save or create if the trillion-dollar spending bill were enacted.
The trail takes them to AIG Headquarters in New York City, where stimulus funds were used to pay big bonuses to top executives; to Wisconsin, where stimulus funds are paying for repairs to a bridge that reportedly carries about 260 cars per day, many to a place called Rustys Backwater Saloon, according to a June 16 report in the Wall Street Journal; and to North Carolina, where stimulus funds were reportedly used by one town to hire a new worker whose job is to apply for more stimulus funds from Washington. ********************************************************** **********************************************************
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********************************************************** ********************************************************** Markets Slump on Job Losses; 9.5% Unemployment Posted by Tiernan Ray
Markets are sinking at the open on news from the U.S. Bureau of Labor Statistics that non-farm payrolls lost 467,000 jobs, which beats estimates varying from 367,000 to 400,000, as the unemployment rate rose to 9.5%. The dip was substantially larger than May’s 322,000 loss, boosting the number of those out of work to 14.7 million Americans.
More distressingly, average weekly hours fell from 33.1 in May to 33, which is the reverse of what should be happening in a rebound if employers are pushing workers to stretch out the work week get production going again.
Separately, the U.S. Department of Labor reported that initial claims for unemployment fell last week by 16,000 to 614,000 individuals.
Some sliver of hope is offered this morning by our friends at RDQ Economics, who point out that the headline decline number was made worse by temporary census workers being let go by the Federal government, so that net of that, it’s just a 415,000-individual loss. Also, the firm points out that GDP in the second quarter probably fell 1.5%, compared to a 7.9% annualized drop in hours worked, which suggests, in their view, “a very robust productivity gain.”
Whether and how soon productivity will get people back their jobs, however, remains to be seen.
This morning, the Dow Jones Industrial Average (^DJI) is down 153.57, or 1.8%, to 8350, the S&P 500 (^GSPC) is off 17, or 1.9%, at 905.90, and the Nasdaq (^IXIC) is down 39, or 2%, at 1806.
Great video, especially the bloodhounds.
The stimulus, in Obama’s world, was never initiated with the intent that it would work. You can’t socialize a country if you purposely stimulate the free market enterprise of that country. Put it into overwhelming debt and then tax the citizens into submission … that is his primary goal. Comrade Obama is on schedule. IMHO
Say what you want about the Bush stimulus plan, at least sending a check to every American got a whole ]ot of money into the economy (the private sector) fast. Obama’s political payoff spending scheme can’t even claim to have done that.
It was never meant to work, the plan was to destroy America.
And its working, things are worse off in ways that are unreal since Obama the superior intellect was elected.
Say what you want about the Bush stimulus plan, at least sending a check to every American got a whole ]ot of money into the economy (the private sector) fast.
And it hemorrhaged out of economy just as fast as the Trade Deficit.
The enonomy will not recover until we change our trade and tax policies to bring our productive industries back to America.
anyone that thought the “stimulus” would work
was drinking kool aid.
The stimulus was never intended to work.
The purpose of all the democrat party legislation is to utterly destroy the USA. Obama is a sick, sick puppy who truly hates this nation.
Big beef about that was doing it on a loan from China! Bush tax cuts were great back in 03. However issuing stimulus checks was just a spit in the wind. Biggest problem is out of control Federal spending as we all know by now! (except the libtards)
They are definitely doing this on purpose.
The people in charge are not stupid...they do know Government cannot help the economy by spending, borrowing and printing money.
3. Efforts so far: When it rolled out the initiative earlier this year, the Obama administration said the refinancing program could reach up to 5 million homeowners. But in its release yesterday, HUD acknowledged that only "tens of thousands" of refinancings have occurred so far.
4. Expanded reach: The new standards could make up to 2 million additional borrowers eligible to refinance through the program, according to the Federal Housing Finance Agency,
So at that rate, we should expect "hundreds" of these 125% loan homeowners to be "saved"?
We're in for a long haul.
7% spent of a $787 billion = “The stimulus has done its job” = Barry.
Hallelujah and All Praise be unto Allah, Barry has truly saved us.
/sarcasm
I agree!!!
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