SAR #10245

When someone starts going on about freedom, generally what they mean is that you are free to believe whatever they are peddling.

Now Open for Business:  Commentators are speculating that Obama will soon unveil a number of measures to boost economic growth and trim unemployment, including tax cuts, a new infrastructure program, more bread and circuses...   Just in time for the elections.  Imagine.

No Clothes:   While Bernanke is out of options, he is very long on hope. His recent speech was an attempt to persuade us that as long as we don't believe deflation will be a problem, it will not be a problem.  Click your heels.

Bravado:  How the hell can any of the neo-cons claim today, in the face of the all-round debacle that is Iraq, that “nation building works”?

Fall Out!  Cat Food Commissioner Alan Simpson:  "It's not that I'm an uncaring person, but...”   But you damned veterans are running up the federal deficit.

Some Headlines:  Manufacturing grows, jobs cut.   GM sales drop 25%. No Break In Home Market's Woes.   Auto Sales at 28 Year Low.   However, Stocks soar on economic hopes.   We repeat, stocks soar on hope...

Another View:  “The consumer is totally wrecked and that's why there's no way this economy's coming back, because the consumer is 70 percent of the U.S. Economy....  The consumer is out of money....  They have no jobs. We've got 18.5% unemployed/underemployed.  Consumer debt is 120 % of disposable income... The consumer is wrecked.”

Silly Season:  One might have thought that having all the money in the world would make people less petty.  One would be wrong.

Self-Improvement:  Members of the Federal Open Market Committee see “both employment and inflation as likely to fall short of levels consistent with the [Fed's] dual mandate.”  In light of  “the softer tone of recent data and the more modest near-term outlook, members agreed that some changes to the statement's characterization of the economic and financial situation were necessary.”   In other words, they are not doing what they are supposed to do and things are going to hell in a handbasket.

Under/Over:   ADP says private nonfarm employment decreased by 10,000 last month. Wait and see what the government says Friday.

The Neighborhood:  Those who do not understand why the US is getting more and more involved militarily in Yemen need to look at a map.  See that big rectangular country just to the north of Yemen?  That's Saudi Arabia, which controls more than a fifth of the world's crude oil reserves and is scared to death of a popular revolt being imported from... Yemen.

Cow/Cabbage:  The tax credit bribery sold houses, propping up prices temporarily.  Now the buyers who might have bought houses have already bought houses so house sales will fall, and with them prices.  What was gained?  About 5 million houses were unloaded for more than they were worth to people who bought them for more than they were worth.  But don't worry, all those soon-to-be-underwater houses are insured by the government, so the banks won't be taking the losses.

Say No Evil:  Did you notice that George Bush and all the rest of the Republicans were conspicuously silent on Hurricane Katrina's 5th anniversary?  And Fox, too.   Hmm.

Self-hoisting Petard:  The National Association of Realtors has admitted, in writing, that it will always publish reports that make the market sound better than it actually is.  “When you read reports that we have reached the bottom or that the market has actually gone up, take it with a grain of salt.” A very large grain.