The laws of physics are not optional.
Talk, Talk, Talk: This weekend there were any number of comments on the stimulus/deficit argument. It comes down to this: Krugman & company say that if the deficit hawks have their way they will choke off what little revival is underway and sentence the country (countries) to a decade of suffering and stagnation. The deficit hawks say 'maybe so' but if the medicine (cut government deficit spending, tighten belts, lay even more people off, cut social spending and support) is not embraced and soon, we're facing a collapse in the near future into... just what Krugman warns of. It is not a matter of results, just timing.
You've Been Warned: NATO says that cyber attacks will be viewed as acts of war to be met by an armed response. Do not ask for whom the drone trolls, it trolls for you.
The Real Data: Not only were there only 20,000 new jobs in the latest BLS dog and pony show, but that was after the dubious birth/death model made up and added in 215,000 jobs that weren't found in the economy. So there were not 440,000 jobs added last month – there were about 200,000 lost. And another 322,000 people left the labor force (ran out of benefits and aren't counted any more) and still the unemployment rate stuck at 9.7%. Recovery, anyone?
Looking Ahead: BP's near term goal is to capture 90% of the oil escaping from their hole in the sea. Their longer term goal is to still be around next year.
Secret Decoder Ring: Our boy Timmy Geithner told the G-20: “The necessary shift towards higher savings in the United States needs to be complemented by stronger domestic demand growth in Japan and in the European surplus countries.” What he meant to say was, “If you think the US customer is going to bail you out, think again.”
Flotilla Follies: The Israeli Defense Force now admits that it falsified the audio that accompanied the video of their raid, in which peace activists were shot in the head multiple times at close range. Senator John Cornyn (R-TX) said they
had it coming had provoked the confrontation. What should the US response be when a US citizen is murdered on the high seas?
We're from the Government.... No more coddling. Congress – the Democrats! - killed a $24 billion supplementary fund that would have gone to cash-starved states to cover healthcare and social service cuts brought on by the rotten recovery. Getting reelected is more important than a bunch of poor, sick citizens or the bankruptcy of a handful of states.
Noted: The consumer is not living up to expectations. Without consumers spending money they don't have, the US economy is doomed - it depends on our buying stuff we don't need and can't afford, and going into debt to do so.
Perceptions: Mississippi governor Haley Barbor says that BP's oil leak is no big deal, but the media is blowing it all out of proportion. They are also exaggerating the importance of the $1.8 million Barbor got from the oil companies during his election campaign.
The Down Side of Up: The tax credit hyped house buying frenzy has come to a sudden stop. “Mortgage applications to purchase a home began to sink. Now, four weeks later, mortgage purchase applications are down nearly 40 percent from a month ago, to their lowest level since April of 1997.”
Clip and Save: Florida's Republican Gov. Charlie Crist says that the allegation by the Florida GOP's former Chairman Jim Greer, that Crist knew about and approved Greer's embezzlement, are “absolutely untrue.” He then added, “ You know, sometimes desperate people say desperate things and it's very sad."
Well, Duh: Economists acknowledge that most of the jobs lost over the last decade are not coming back. Ever. But politicians can't say that, so we have training programs for the unemployed. But after training and retraining for non-existent jobs, disenchantment sets in. And that scares the crap out of officeholders, so expect more job training.
Porn O'Graph: Calling it Quits.