The video is via FT.com:
As always, the rich are getting richer and our Country and it’s workers are getting soaked. 😡
The video is via FT.com:
As always, the rich are getting richer and our Country and it’s workers are getting soaked. 😡
I guess this is supposed to be good news:
WASHINGTON (MarketWatch) – The U.S. economy created a modest 173,000 new jobs in August to mark the smallest gain in five months, but the unemployment rate fell to 5.1% from 5.3%, the government said Friday. That’s the lowest level since April 2008. Economists polled by MarketWatch had expected a gain of 213,000 nonfarm jobs. On the more positive side, employment gains for July and June were revised up by a combined 44,000. The Labor Department said 245,000 new jobs were created in July instead of 215,000. June’s gain was revised up to 245,000 from 231,000.
To be honest, until I see massive hiring everywhere, for good paying jobs and some protection for people like me; who haven’t had a job in ages — I really do not feel this news to be of merit. I haven’t worked since 2003 and had a long term job since 2000. So, this news means nothing.
Not to mention that the growth is paltry.
So much for the recovery promised by President Obama eh?
The economy got off to an even weaker start this year than first thought, the government reported Friday, as economic activity contracted amid a disappointing trade picture and continued caution on spending by businesses and consumers alike.The 0.7 percent decline in economic output in the first quarter of 2015 was a reversal of the initial 0.2 percent advance for the period reported last month by the Commerce Department.While statistical quirks and one-time factors like wintry weather in some parts of the country played a role, as did a work slowdown at West Coast ports, the lackluster report for January, February and March underscores the American economy’s seeming inability to generate much momentum.Source: U.S. Economy Contracted 0.7% in First Quarter – NYTimes.com
One thing I feel the need to write about and correct is this; Ed Morrissey over at the neoconservative blog, HotAir.com says the following:
Get ready to hear a lot about supposedly harsh winter weather in supposedly the warmest year on record, and port closings in a period where imports seemed to have no trouble coming on shore.
Allow me to share something with you; I recently applied for a got my sales tax ID. I am back in the business of selling 12 volt electronics, mainly for cars. One of the other things that I can get are 10 meter mobile amateur radios. Well, one of the brands that I can get are the Ranger line of 10 meter radios. Well, this is what I see, when I log on to one of my many supplier’s website; they’re all out of stock:
The problem is, it is not just this supplier; it is all of them and I am told the next time that Ranger is going to try to ship any, is in July. Now, this really does not bother me; because this stuff is not my main line of sales. I am more into the car stereo end of things. But, could you really imagine being heavily invested into the CB/10 meter end of things and have a huge customer base and then find out that you cannot get this stuff? Ouch.
So, Ed is wrong about the part about imports, there is a labor dispute going on. They are working without a contract and thus the slowdown. This all plays into the status of the economy. Also too, inflation and globalism all play a part into as well.
I have written and posted videos of the situation of China’s economy.
Now, it seems that the real estate bubble in China is finally starting to pop.
Gordon Chang over at Forbes reports the following:
Nothing is going right for Hangzhou at this moment. Walmart will be closing its Zhaohui store in that city on April 23 as a part of its overall plan to dump marginal locations—about 9% of the total—in China.Thanks to the world’s largest retailer, another large block of space in Hangzhou, the capital of Zhejiang province, will go on the market at a time when there is generally too much supply. The problem is especially pronounced in the city’s premium office market. Hangzhou’s Grade A office buildings at the end of 2013 had, according to Jones Lang LaSalle, an average occupancy rate of 30%.
The real weakness, however, is Hangzhou’s residential sector. The cause is simple: massive overbuilding. Sara Hsu of the State University of New York at New Paltz writes that Hangzhou faces “burgeoning swaths of empty apartment units.”
Hangzhou’s market has not yet collapsed. There are still secondary sales, for instance. Singapore’s Straits Timesreports Allen Zhao, a businessman, has been looking to sell his two-bedroom flat in Hangzhou for 2 million yuan. His neighbor just let go a similar unit for 1.7 million. If Zhao also sells for that amount, he will make a profit, but he will be disappointed. “That is not much more than the price I paid in 2012,” Zhao told the paper. “Now I’m regretting not selling earlier—more bad news about the property market keeps coming in every day.
The People’s Republic in the “reform era” has not suffered a nationwide property crash. Analysts say the problems in Hangzhou are “regional,” but now fundamentals and market sentiment either are or will be pushing markets down across the People’s Republic.
“The banking system and the shadow banking system are becoming concerned about exposure,” says David Cui of Bank of AmericaBAC +1.46%. “Once people refuse to provide credit to developers, their balance sheets will be under pressure, forcing them to cut prices. Once enough of them cut prices, fewer people would buy because most people buy property only when they think the price is going up. If this persists, it will turn into a vicious loop.”
Premier Li Keqiang has a few tools at his disposal, but they look insufficient to stop a general collapse of property prices across the country. The problems, deferred from late 2008 with massive state spending, have simply become too large. And we must remember that he works inside a complex, collective political system that is generally unable to meet challenges swiftly.
But that does not matter. There is little any leader can do. Collapses occur when people lose confidence. That is now happening in China.
Whether anyone wants to admit it or not; China’s economy is directly tied to ours. If their economy tanks, so will ours. You think 2008 was bad? China’s collapse will trigger a Worldwide panic and a massive, and I mean MASSIVE Worldwide economic meltdown that has never been seen in the history of mankind. As of 2012, we were borrowing 3.4 Million from China, a day.
Could you imagine, if China saw that things were getting rough and decided to sell off all of their bonds of ours that they hold? The so-called “experts” say that it would not happen; personally, I would not want to tempt fate.
There is but one solution to this — well, actually a few. We need to do away with these free trade agreements and put back into place tariffs on all imports from overseas. Then penalize any and all businesses who continue to manufacture products overseas. Then we need to elect a President that will stand up to the Federal Reserve and order them under full congressional oversight; and then order them to cease all printing of money; until further notice. This would help pay down our debt and fund our social safety net.
Then we need to do away with this idiotic progressive tax system that we have in this Country, which basically punishes those who are successful in business. We then need to replace it with a flat tax or a consumption tax system. This would free up the hands of entrepreneurs to create businesses and also create more jobs in this Country.
However, if what this report above that I quoted is true; we are not going to have time to do all of this. Because if China is about to crash; we are going to find ourselves in massive rock and a hard place. We are going to have massive social safety net and no way to pay the people in the net. For the record, Patrick J. Buchanan and Ron Paul; and some very other well known Conservatives have been warning that this was going to happen. Now, it seems that their warnings are about to come true.
I believe it would be a good time, for all of God’s children to pray; because things are about to get interesting….very interesting.
The economy is recovering, albeit at a very slow pace.
Here are two stories on the recovery:
Via Market Watch:
WASHINGTON (MarketWatch) — Private-sector employment picked up in November, as employers added 215,000 jobs, Automatic Data Processing Inc. reported Wednesday. Economists had forecast that private-sector employers added 178,000 jobs, up from an originally estimated gain of 130,000 jobs in October, according to a Dow Jones Newswires survey. On Wednesday ADP revised October’s gain to 184,000. Economists use ADP’s data to get a feeling for the U.S. Labor Department’s employment report, which will be released Friday and covers government jobs in addition to the private sector. Economists polled by MarketWatch expect the government’s report to show that nonfarm employment rose by 180,000 jobs in November, compared with an increase of 204,000 in October. Markets are searching jobs data this week for clues about when the Federal Reserve will deem the economy healthy enough to start paring its massive asset-purchase program, which officials crafted to stimulate growth by keeping downward pressure on long-term interest rates.
There are some, like on the neoconservative right, that would say that this is simply not enough. To that I say, it does not happen overnight. The economy can be destroyed in minutes; but it does take a long time for it to build back up. Obamacare aside, this is good news. I just wish the numbers were higher.
And another via Market Watch:
WASHINGTON (MarketWatch) – The nation’s trade deficit fell 5.4% to $40.6 billion in October, as the U.S. exported more petroleum, soybeans and collectibles while buying foreign-made goods at a slower rate, the Commerce Department reported Wednesday. Economists polled by MarketWatch had projected the deficit would decline to $40.4 billion in October on a seasonally adjusted basis. Exports rose 1.8% to $192.7 billion. Imports climbed a smaller 0.4% to $233.3 billion, but that still marked the highest level since March 2012. American exports of petroleum jumped nearly 16% to lead the way. Exports of soybeans, which are down sharply so far this year, increased by nearly 22%. The U.S. also sold more artwork, gold and diamonds. On the other side of the ledger, the U.S. imported more crude oil, petroleum-based products, toys and pharmaceutical drugs. Over the past three months, the trade deficit has averaged $40.9 billion, little changed from $40.2 billion September and down just slightly compared to one year ago. In September, the trade gap was revised up to $43.0 billion from a preliminary reading of $41.8 billion.
As an American, as someone who is not too keen on globalism, this is very good news. The United States has the ability to produce its own goods, without relying on import, we just have not had the chance to do it. Now, if we could just stop relying on China for cheap electronics, we would be in very good shape.
Update: Here is video on the subject regarding a leak by Wikileaks on the text of this monstrous thing: (H/T Democracy Now)
For once there is something that the President is trying to get accomplished, that the Democrats and Republicans in Congress are actually standing against. For once, this is a very good thing.
This comes via Mother Jones:
The Obama administration is nearing the end of negotiations on the biggest free trade deal in US history, the Trans Pacific Partnership (TPP). The stakes are high: The pact affects the United States and 11 other countries, domestic policy areas ranging from intellectual property rights to product safety and environmental regulations, and $26 trillion in annual economic output. But in order to secure the deal, President Barack Obama says he wants Congress to grant him permission to sign the final trade agreement, which Congress has not yet seen, without congressional input. A coalition of about 174 conservative Republicans and liberal Democrats in the House signaled this week they would likely vote against giving those trade powers to the president.
The US trade representative Michael Froman and Obama want to finalize the TPP by the end of the year and are pushing Congress to pass legislation soon that grants the president something called fast-track authority, which would allow him to sign the final trade agreement without Congress making any amendments to the pact. If Obama gets what he wants, Congress may not even be able to read the final version of the massive trade deal in its entirety until after lawmakers have signed away their rights to influence it. At that point, the two chambers will only be allowed an up-or-down vote to implement the international pact into domestic law. The administration says fast-track authority will assure other countries that the deal the United States has committed to after three years of negotiations won’t be dismantled by American lawmakers who dislike some of the provisions. No major trade agreement has been finalized without it.
Many conservative Republicans—usually fans of free trade—feel the same way. “For two hundred years of our nation’s history, Congress led our nation’s trade policy,” Rep. Michele Bachmann (R-Minn.) and 22 Republicans in the House wrote in a letter sent to the president Tuesday. “However, recent presidents have seized Congress’ constitutional trade authority and also ‘diplomatically legislated’…using…’Fast Track.’”
“Conservatives have shown themselves to instinctively oppose anything coming out of the Obama White House. So their opposition is not surprising,” Adam Hersh, a trade expert at the liberal Center for American Progress, says in an email. But he adds that the Democratic opposition is new. “We’re seeing the culmination of dissatisfaction with persistent poor trading outcomes for the US economy” such as job outsourcing, he says, and the feeling that Congress has been “kept in the dark.
Rod Dreher, of whom I owe the hat tip to for reporting this story on his blog says:
Trust him? No. It’s not about Obama personally; Congress gave fast-track authority to Bill Clinton, and to George W. Bush. But the House Democrats who oppose this — and the overwhelming majority of the opponents are Dems — say. Establishment Republicans tend to support fast-track authority, but some Tea Partiers are standing with the Dems.
I’m willing to hear the counterarguments, but in general, I’m not in favor of giving this or any president the authority to approve something so enormous and consequential without Congress even seeing it. I could be wrong, but it seems that we’ve had enough trusting political and business elites always to operate in the best interests of the American people.
I feel the same way; this is not about Obama personally. However, it is about policies that undermine the sovereignty of the United States of America and literally it is about policies that put the screws to the American worker. We have enough “free trade” deals in this Country as it is; and they are quite literally draining this Country of its GDP. People want to know why there are no jobs in this Country? This is why! Because crony capitalists and the political elites who protect them; would rather manufacture products overseas on the cheap, instead of giving an American worker a living wage.
This is something that we have to stop and reverse at all costs, if we are ever going to be able to put America back as the manufacturing mecca that it once was.