Archive for October, 2012

Niall Ferguson–The Ascent of Money: A Financial History of The World–Videos

Posted on October 28, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, European History, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Regulations, Video, Wealth | Tags: , , , , , , , , |

The Ascent of Money: A Financial History of The World

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Michael Scheuer–Osama Bin Laden–Al Qaeda–U.S. Government Interventionism Abroad–Libya and Iran–Videos

Posted on October 27, 2012. Filed under: American History, Blogroll, Books, Business, College, Communications, Culture, Demographics, Economics, Education, Federal Government, Foreign Policy, government, government spending, history, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Programming, Rants, Raves, Religion, Video, War, Wisdom | Tags: , , , , , , , , |

FMR CIA Chief on ‘Benghazi-Gate’: “The Democrats Are Very Good At Watching People Die”

Michael Scheuer: Mrs Clinton Has Blood on her Hands Everywhere

President Obama Speaks on Libya Attacks that killed US Ambassador(Chris Stevens) 

CNN: Scheuer ‘Osama bin Laden died a success’

Ron Paul’s Secretary of State Michael Scheuer

Are We Arming Al-Qaeda? 

Are we arming/helping Al Qaeda in Libya?- Michael Scheuer 

Michael Scheuer: ‘US depended on tyrannies’

Michael Scheuer: The Decline of Al Qaeda?

Who Is Osama Bin Laden And Al-Qaeda? (Michael Scheuer, Former CIA)

World Affairs TODAY: Episode 10 

Michael Scheuer, former head of the CIA’s Osama bin Laden unit, discusses the U.S. pursuit of the al-Qaeda leader post 9/11 and prospects for catching him in the near future.

Former CIA Officer Michael Scheuer on the Economics of War with Iran

“Ultimately We Will Be Going To War With Iran If The Israelis Want Us To” Michael Scheuer 

Michael Scheuer: Israel & Saudi Arabia Are Much More Dangerous Enemies To The US Than The Iran

Background Articles and Videos

WikiLeaks Reveals US Wanted to Keep Russia out of Libyan Oil

Conversations With History – Michael Scheuer

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U.S. Real Gross Domestic Product Grew in 3rd Quarter at 2% Annual Rate–Videos

Posted on October 26, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Homes, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Politics, Psychology, Rants, Regulations, Resources, Tax Policy, Taxes, Technology, Video, Wealth | Tags: , , , , |

US growth up, but not enough to help Obama

The Politics Behind the Latest Government Economic Report

US GDP grows 2% ahead of presidential election

GDP Rises 2% in 3rd Quarter, Consumer Spending Increases

3XSQ: U.S. GDP expands 2%

National Income and Product Accounts Gross Domestic Product: Third Quarter 2012 (advance estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.0 percent in the third quarter of 2012 (that
is, from the second quarter to the third quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis.  In the second quarter, real GDP increased 1.3 percent.

      The Bureau emphasized that the third-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see box below).  The
"second" estimate for the third quarter, based on more complete data, will be released on November 29,
2012.

      The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), federal government spending, and residential fixed
investment that were partly offset by negative contributions from exports, nonresidential fixed
investment, and private inventory investment.  Imports, which are a subtraction in the calculation of
GDP, decreased.

      The acceleration in real GDP in the third quarter primarily reflected an upturn in federal
government spending, a downturn in imports, an acceleration in PCE, a smaller decrease in private
inventory investment, an acceleration in residential fixed investment, and a smaller decrease in state and
local government spending that were partly offset by downturns in exports and in nonresidential fixed
investment.

____________

FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted
annual rates, unless otherwise specified.  Quarter-to-quarter dollar changes
are differences between these published estimates.  Percent changes are
calculated from unrounded data and are annualized.  "Real" estimates are in
chained (2005) dollars.  Price indexes are chain-type measures.

      This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release.
____________

      Final sales of computers added 0.17 percentage point to the third-quarter change in real GDP
after subtracting 0.10 percentage point from the second-quarter change.  Motor vehicle output subtracted
0.47 percentage point from the third-quarter change in real GDP after adding 0.20 percentage point to
the second-quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.5 percent in the third quarter, compared with an increase of 0.7 percent in the second.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in
the third quarter, compared with an increase of 1.4 percent in the second.

      Real personal consumption expenditures increased 2.0 percent in the third quarter, compared
with an increase of 1.5 percent in the second.  Durable goods increased 8.5 percent, in contrast to a
decrease of 0.2 percent.  Nondurable goods increased 2.4 percent, compared with an increase of 0.6
percent.  Services increased 0.8 percent, compared with an increase of 2.1 percent.

      Real nonresidential fixed investment decreased 1.3 percent in the third quarter, in contrast to an
increase of 3.6 percent in the second.  Nonresidential structures decreased 4.4 percent, in contrast to an
increase of 0.6 percent.  Equipment and software decreased less than 0.1 percent, in contrast to an
increase of 4.8 percent.  Real residential fixed investment increased 14.4 percent, compared with an
increase of 8.5 percent.

      Real exports of goods and services decreased 1.6 percent in the third quarter, in contrast to an
increase of 5.3 percent in the second.  Real imports of goods and services decreased 0.2 percent, in
contrast to an increase of 2.8 percent.

      Real federal government consumption expenditures and gross investment increased 9.6 percent
in the third quarter, in contrast to a decrease of 0.2 percent in the second.  National defense increased
13.0 percent, in contrast to a decrease of 0.2 percent.  Nondefense increased 3.0 percent, in contrast to a
decrease of 0.4 percent.  Real state and local government consumption expenditures and gross
investment decreased 0.1 percent, compared with a decrease of 1.0 percent.

      The change in real private inventories subtracted 0.12 percentage point from the third-quarter
change in real GDP after subtracting 0.46 percentage point from the second-quarter change.  Farm
inventories subtracted 0.42 percentage point from the third-quarter change after subtracting 0.17
percentage point from the second-quarter change.  Nonfarm inventories added 0.30 percentage point to
the third-quarter change after subtracting 0.29 percentage point from the second-quarter change.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 2.1
percent in the third quarter, compared with an increase of 1.7 percent in the second.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.1 percent in the third quarter, compared with an increase of 1.0 percent in the
second.

Disposition of personal income

      Current-dollar personal income increased $89.3 billion (2.7 percent) in the third quarter,
compared with an increase of $130.3 billion (4.0 percent) in the second.

      Personal current taxes increased $13.2 billion in the third quarter, compared with an increase of
$20.2 billion in the second.

      Disposable personal income increased $76.1 billion (2.6 percent) in the third quarter, compared
with an increase of $110.0 billion (3.8 percent) in the second.  Real disposable personal income
increased 0.8 percent, compared with an increase of 3.1 percent.

      Personal outlays increased $111.4 billion (4.0 percent) in the third quarter, compared with an
increase of $57.4 billion (2.0 percent) in the second.  Personal saving -- disposable personal income less
personal outlays -- was $445.0 billion in the third quarter, compared with $480.3 billion in the second.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.7
percent in the third quarter, compared with 4.0 percent in the second.  For a comparison of personal
saving in BEA’s national income and product accounts with personal saving in the Federal Reserve
Board’s flow of funds accounts and data on changes in net worth, go to
www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.0 percent, or $190.1 billion, in the third quarter to a level of $15,775.7 billion.  In the second quarter,
current-dollar GDP increased 2.8 percent, or $107.3 billion.

______________

BOX.     Information on the assumptions used for unavailable source data is provided in a technical note that
is posted with the news release on BEA's Web site.  Within a few days after the release, a detailed "Key
Source Data and Assumptions" file is posted on the Web site.  In the middle of each month, an analysis of
the current quarterly estimate of GDP and related series is made available on the Web site; click on Survey
of Current Business, "GDP and the Economy."  For information on revisions, see "Revisions to GDP, GDI, and
Their Major Components."
______________

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                        *          *          *

Next release -- November 29, 2012, at 8:30 A.M. EST for:
Gross Domestic Product:  Third Quarter 2012 (Second Estimate)
Corporate Profits:  Third Quarter (Preliminary Estimate)

                                        *          *          *

Release Dates in 2013

           	 2012: IV and 2012 annual    	2013: I     	2013: II          2013: III

Gross Domestic Product
Advance...		January 30            	April 26	July 31		  October 30
Second...		February 28          	May 30      	August 29	  November 26
Third... 		March 28             	June 26     	September 26	  December 20

Corporate Profits
Preliminary...          ........		May 30      	August 29	  November 26
Revised... 		March 28             	June 26     	September 26	  December 20

                                            Comparisons of Revisions to GDP

     Quarterly estimates of GDP are released on the following schedule:  the "advance" estimate, based on
source data that are incomplete or subject to further revision by the source agency, is released near the end of the
first month after the end of the quarter; as more detailed and more comprehensive data become available,
the "second" and "third" estimates are released near the end of the second and third months, respectively.
The "latest"” estimate reflects the results of both annual and comprehensive revisions.

     Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried
out each summer and incorporate newly available major annual source data.  Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.

The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and of real GDP for the different vintages of the estimates.  From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point.  From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points.  The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger
than the average revisions from the advance estimate to the second or to the third estimates.  The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEA’s latest benchmark input-output accounts.  The quarterly estimates correctly indicate the
direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than four-fifths of the time.

                           Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
                                                     [Annual rates]

       Vintages                                   Average         Average without     Standard deviation of
       compared                                                    regard to sign      revisions without
                                                                                         regard to sign

____________________________________________________Current-dollar GDP_______________________________________________

Advance to second....................               0.2                 0.6                  0.4
Advance to third.....................                .1                  .7                   .4
Second to third......................                .0                  .3                   .2

Advance to latest....................                .3                 1.2                  1.0

________________________________________________________Real GDP_____________________________________________________

Advance to second....................               0.1                 0.5                  0.4
Advance to third.....................                .1                  .6                   .5
Second to third......................                .0                  .2                   .2

Advance to latest....................                .2                 1.3                  1.0

NOTE.  These comparisons are based on the period from 1983 through 2009.
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The Life & Thought of Friedrich Hayek–Videos

Posted on October 26, 2012. Filed under: American History, Banking, Blogroll, Communications, Economics, European History, Food, government, government spending, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Money, People, Philosophy, Politics, Raves, Video, Wealth, Wisdom | Tags: , , , , , |

The Life & Thought of Friedrich Hayek

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Friedrich A. Hayek–Masters of Money–Video

Posted on October 26, 2012. Filed under: American History, Banking, Blogroll, Business, Communications, Demographics, Economics, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Radio, Raves, Regulations, Technology, Video, War, Wealth, Wisdom | Tags: , , , , , , , , |

Friedrich Hayek

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Bill Gates–Microsoft–New Wave of Products–Surface–Videos

Posted on October 25, 2012. Filed under: Blogroll, Books, Business, Communications, Economics, liberty, Life, Links, media, Philosophy, Rants, Raves, Resources, Reviews, Technology, Video, Wealth | Tags: , , , , , , |

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Joel Skousen–The Battle Between Good and Evil–The Election 2012–Videos

Posted on October 23, 2012. Filed under: American History, Blogroll, Business, Climate, College, Communications, Culture, Economics, Education, Employment, Entertainment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Rants, Regulations, Religion, Strategy, Taxes, Technology, Transportation, Unemployment, Unions, Video, War, Weather | Tags: , , , , , |

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The Red Pill or The Blue Pill–Name Your Poison–Obama or Romney–It’s A Big Club and You Ain’t In It–Videos

Posted on October 23, 2012. Filed under: American History, Business, Climate, College, Communications, Cult, Culture, Economics, Education, Employment, Energy, Entertainment, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Inflation, Investments, Language, Law, Life, Links, media, Narcissism, Natural Gas, People, Philosophy, Politics, Psychology, Public Sector, Radio, Raves, Regulations, Resources, Taxes, Technology, Unemployment, Video, War, Weapons, Weather, Wisdom | Tags: , , , , , , , |

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Obama Sending Arms To Muslim Brotherhood–Aiding and Abetting Terrorists–That Killed Americans in Libya–Videos

Posted on October 23, 2012. Filed under: American History, Blogroll, College, Communications, Diasters, Economics, Education, European History, Foreign Policy, government, government spending, history, Law, liberty, Life, media, People, Philosophy, Pistols, Politics, Psychology, Raves, Regulations, Rifles, Security, Strategy, Technology, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , |

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Admin. rejects new claim about Libya attack

By KIMBERLY DOZIER AP Intelligence Writer

“…Obama administration officials defended their response to the September attack on the U.S. Consulate in Benghazi, Libya, amid new claims that the White House failed to send help quickly enough as militants overran the mission. The U.S. ambassador and three other Americans died in the hourslong battle.

Fox News reported that security officers working for the CIA in Benghazi heard the attack on the consulate but were twice told to wait before rushing to the compound. Fox also reported that U.S. officials refused when the security team asked for U.S. warplanes to bomb their attackers, which would have meant violating Libyan airspace.

In response to the report, CIA spokeswoman Jennifer Youngblood said the CIA “reacted quickly to aid our colleagues during that terrible evening in Benghazi.”

She added: “Moreover, no one at any level in the CIA told anybody not to help those in need; claims to the contrary are simply inaccurate.”

President Barack Obama said repeatedly Friday that his administration would “find out what happened” and punish those responsible, but he twice ducked questions about whether U.S. officials denied requests for help.

“We’re going to gather all the facts, find out exactly what happened, and make sure that it doesn’t happen again, but we’re also going to make sure we bring to justice those who carried out these attacks,” Obama said in an interview with Denver television station KUSA.

In the run-up to the presidential election, Republicans have accused the Obama administration of distorting the account of the attack on Sept. 11 that killed Ambassador Chris Stevens and three other Americans. Officials first blamed the attack on a mob set into motion by an anti-Islamic film, saying the mob had been infiltrated and overtaken by extremists. Officials later revised their account, describing the attack as a military-style operation that took place without a demonstration beforehand.

The new claims come as Republican senators demanded that the Obama administration make public the surveillance video taken during and just after the attacks.

Sens. John McCain of Arizona, Lindsey Graham of South Carolina and Kelly Ayotte of New Hampshire wrote to the defense secretary, CIA director and attorney general demanding that the video from Sept. 11 and 12 be declassified. Pentagon and CIA officials declined to comment on the senators’ request. Justice Department officials did not respond to requests for comment. …”

http://hosted.ap.org/dynamic/stories/U/US_US_LIBYA_SURVEILLANCE_VIDEO?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-10-26-23-07-56

Bombshell: Obama Admin. Was Likely Running Arms To Islamic Jihadists Through Benghazi
“…It doesn’t get more serious than a sitting president funneling arms to Al Qaeda terrorists!Mysterious Libyan ship linked to deadly terror attack?

View at Fox News

New e-mails released today show that both the White House and State Department knew within 2 hours that an Al Qaeda-affiliated terrorist group was behind the attack in Benghazi…but they lied about it anyway, blaming it on a stupid video for TWO WEEKS!

Why?

Frighteningly, it may be because Obama didn’t want anyone to know that he was using the Benghazi station to funnel arms to jihadists:

During the 2011 Libyan revolt against Muammar Qaddafi, reckless U.S. policy flung American forces and money into the conflict on the side of the rebels, who were known at the time to include Al Qaeda elements. Previously the number two official at the U.S. Embassy in Tripoli, Christopher Stevens was named as the official U.S. liaison to the Libyan opposition in March, 2011.

Stevens was tasked with helping to coordinate U.S. assistance to the rebels, whose top military commander, Abdelhakim Belhadj, was the leader of the Al Qaeda affiliate, the Libyan Islamic Fighting Group (LIFG). That means that Stevens was authorized by the U.S. Department of State and the Obama administration to aid and abet individuals and groups that were, at a minimum, allied ideologically with Al Qaeda, the jihadist terrorist organization that attacked the homeland on the first 9/11, the one that’s not supposed to exist anymore after the killing of its leader, Osama bin Laden, on May 2, 2012.

[...] The New York Times reported in July, 2012 that CIA officers were operating out of southern Turkey to help channel weapons to fighters supposedly not allied with Al Qaeda or other terrorist groups. In a October 14 piece, though, the Times asserted flatly that “Most of the arms shipped at the behest of Saudi Arabia and Qatar to supply Syrian rebel groups fighting the government of Bashar al-Assad are going to hard-line Islamic jihadists, and not the more secular opposition groups…” And while U.S. officials continue to stick to claims that they are not providing arms directly to the Syrian rebels, but only channeling weapons that come from Saudi Arabia and Qatar, reports that those rebels now have surface-to-air missiles call to mind the thousands of such weapons looted from Muammar Qaddafi’s stockpiles during and after the revolt that ousted him in October 2011.

Read more at Family Security Matters

The evidence suggests that part of Ambassador Stevens’ mission was to recruit jihadists to fight in Syria:

Christopher Stevens, the U.S. ambassador murdered in Libya, played a central role in recruiting jihadists to fight Bashar al-Assad’s regime in Syria, according to Egyptian security officials speaking to WND.

Stevens served as a key contact with the Saudis to coordinate the recruitment by Saudi Arabia of Islamic fighters from North Africa and Libya. The jihadists were sent to Syria via Turkey to attack Assad’s forces, said the security officials. …”

http://beforeitsnews.com/scandals/2012/10/bombshell-obama-admin-was-likely-running-arms-to-islamic-jihadists-through-benghazi-2430222.html

White House told of militant claim two hours after Libya attack: emails

By Mark Hosenball

“… Officials at the White House and State Department were advised two hours after attackers assaulted the U.S. diplomatic mission in Benghazi, Libya, on September 11 that an Islamic militant group had claimed credit for the attack, official emails show.

The emails, obtained by Reuters from government sources not connected with U.S. spy agencies or the State Department and who requested anonymity, specifically mention that the Libyan group called Ansar al-Sharia had asserted responsibility for the attacks.

The brief emails also show how U.S. diplomats described the attack, even as it was still under way, to Washington.

U.S. Ambassador Christopher Stevens and three other Americans were killed in the Benghazi assault, which President Barack Obama and other U.S. officials ultimately acknowledged was a “terrorist” attack carried out by militants with suspected links to al Qaeda affiliates or sympathizers.

Administration spokesmen, including White House spokesman Jay Carney, citing an unclassified assessment prepared by the CIA, maintained for days that the attacks likely were a spontaneous protest against an anti-Muslim film.

While officials did mention the possible involvement of “extremists,” they did not lay blame on any specific militant groups or possible links to al Qaeda or its affiliates until intelligence officials publicly alleged that on September 28.

There were indications that extremists with possible al Qaeda connections were involved, but also evidence that the attacks could have erupted spontaneously, they said, adding that government experts wanted to be cautious about pointing fingers prematurely.

U.S. intelligence officials have emphasized since shortly after the attack that early intelligence reporting about the attack was mixed.

Spokesmen for the White House and State Department had no immediate response to requests for comments on the emails.

MISSIVES FROM LIBYA

The records obtained by Reuters consist of three emails dispatched by the State Department’s Operations Center to multiple government offices, including addresses at the White House, Pentagon, intelligence community and FBI, on the afternoon of September 11.

The first email, timed at 4:05 p.m. Washington time – or 10:05 p.m. Benghazi time, 20-30 minutes after the attack on the U.S. diplomatic mission allegedly began – carried the subject line “U.S. Diplomatic Mission in Benghazi Under Attack” and the notation “SBU”, meaning “Sensitive But Unclassified.”

The text said the State Department’s regional security office had reported that the diplomatic mission in Benghazi was “under attack. Embassy in Tripoli reports approximately 20 armed people fired shots; explosions have been heard as well.”

The message continued: “Ambassador Stevens, who is currently in Benghazi, and four … personnel are in the compound safe haven. The 17th of February militia is providing security support.”

A second email, headed “Update 1: U.S. Diplomatic Mission in Benghazi” and timed 4:54 p.m. Washington time, said that the Embassy in Tripoli had reported that “the firing at the U.S. Diplomatic Mission in Benghazi had stopped and the compound had been cleared.” It said a “response team” was at the site attempting to locate missing personnel.

A third email, also marked SBU and sent at 6:07 p.m. Washington time, carried the subject line: “Update 2: Ansar al-Sharia Claims Responsibility for Benghazi Attack.”

The message reported: “Embassy Tripoli reports the group claimed responsibility on Facebook and Twitter and has called for an attack on Embassy Tripoli.”

While some information identifying recipients of this message was redacted from copies of the messages obtained by Reuters, a government source said that one of the addresses to which the message was sent was the White House Situation Room, the president’s secure command post.

Other addressees included intelligence and military units as well as one used by the FBI command center, the source said.

It was not known what other messages were received by agencies in Washington from Libya that day about who might have been behind the attacks.

Intelligence experts caution that initial reports from the scene of any attack or disaster are often inaccurate.

By the morning of September 12, the day after the Benghazi attack, Reuters reported that there were indications that members of both Ansar al-Sharia, a militia based in the Benghazi area, and al Qaeda in the Islamic Maghreb, the North African affiliate of al Qaeda’s faltering central command, may have been involved in organizing the attacks.

One U.S. intelligence official said that during the first classified briefing about Benghazi given to members of Congress, officials “carefully laid out the full range of sparsely available information, relying on the best analysis available at the time.” …”

http://www.reuters.com/article/2012/10/24/us-usa-benghazi-emails-idUSBRE89N02C20121024

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Peter Beaumont

“…The continuing currency crisis in Iran, which has seen the rial go into freefall, has been cited, with some celebration in certain quarters, as proving that US-led sanctions are “working” against Tehran. Increasingly shut out from international banking and struggling to sell its oil, Iran has been forced to sell more cheaply while buying raw materials at a higher cash price. This, in turn, has led to currency speculation that the government has done nothing to halt, and to sharp devaluation.

But what does “sanctions are working” actually mean? Some hawks have read it as the possible beginning of the end for Iran’s nuclear programme and the collapse of the clerical regime. For others, including those anxious to avoid conflict over Iran, it has been seized on as a suggestion that the crisis might be resolved through negotiation and non-military pressure.

The reality is that the political, economic and social impact of sanctions can produce very different results from those allegedly desired, more often than not hurting ordinary people. And there is a third scenario, in which sanctions might actually make the confrontation with Iran more dangerous still.

The increasing popularity of economic sanctions, as Britain’s former ambassador to the UN, Sir Jeremy Greenstock, has observed, is due to the perception that no other tool exists “between words and military action if you want to bring pressure upon a government”.

When three academics – Gary Clyde Hufbauer, Jeffrey Scott and Kimberly Ann Elliott – examined the history of sanctions between 1914 and 1990, in Economic Sanctions Reconsidered they determined that out of 115 cases that they looked at, only a third had seen any measure of success. The US political scientist Robert Pape has challenged even this measure, claiming that of the 40, only five can be determined genuine successes for sanctions.

As Pape argued in his essay, Why Economic Sanctions Do Not Work, “The … case that we should expect sanctions to be more effective in the future is also flawed, because it relies on the expectation that economic punishment can overwhelm a state’s commitment to its important policy goals.” Rather, he argues, at times of sanctions, the opposite is often true: “Pervasive nationalism often makes states and societies willing to endure considerable punishment rather than abandon what are seen as the interests of the nation.”

Even in cases where economic sanctions are generally considered to have had a positive impact – bringing about the end of white minority rule in South Africa and Rhodesia – there is disagreement over how decisive sanctions alone were in effecting that change. And if there is a disagreement over the efficacy of sanctions, what is also obvious is that they can come at a high price in terms of the impact on populations, and the risk that, far from undermining the legitimacy of regimes, they can entrench power – in a short term at least – around the regime elites being targeted. For Saddam Hussein’s Iraq, which lived under a sanctions regime from August 1990 until 2003, that meant a sharp increase in childhood mortality for infants under five years old, even as Saddam’s regime used money earned from avoiding sanctions to reward supporters.

There is evidence too that states under sanctions have been able to use the cover provided by them to put the heaviest burden on unpopular groups and minorities.

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So to those celebrating Iranian pain, be careful what you wish for in desiring a crisis. It was hyperinflation under a regime of reparations that contributed to the collapse of the Weimar Republic. Few foresaw then what might occur. And few, now, are considering what a sanctions-triggered economic crisis might really mean for Iran and the region. …”

http://www.guardian.co.uk/commentisfree/2012/oct/02/the-currency-war-on-iran

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“…On Oct 11, 2012 Vice President Biden and Rep. Paul Ryan (WI) will meet in a debate that will seek to either re-ignite support for the re-election of President Obama, or solidify the lead and likelihood of a win by Mitt Romney. That’s what both political parties are stating about their respective candidates, but a far more realistic view is that while it may be quite entertaining and informative, it has little direct impact on the election if history holds true.

Presidential elections are won and lost by the head of the ticket in most cases. The average American can’t remember what VP Al Gore or Dick Cheney said in a debate, or if President Ford had a Vice President at all (a bit of a trick question there). While the results of Biden vs. Ryan may blip the election polls, that will be eclipsed by any result from the 2nd Presidential debate between President Obama and Mitt Romney. …”

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Describing “Shadow Government Statistics” — John Williams 

Unemployment Rate Falls to 7.8% on New Jobs Report

BREAKING: U.S. Adds 114,000 Jobs, Unemployment Rate Drops to 7.8 

October 5th 2012 CNBC Stock Market Squawk Box (September Jobs Report) 

Today’s report includes a surprise drop in the unemployment rate-but it is statistically questionable. Payroll numbers continued modest improvement. The unemployment rate unexpectedly dropped to 7.8 percent, following a decline to 8.1 percent in August. Payroll jobs in September gained about as expected with a modest 114,000 increase, following an rise in August of 142,000 (originally up 96,000) and an increase of 181,000 in July (previous estimate of 141,000). The net revisions for July and August were up 86,000. Market expectations were for a 113,000 boost for September.

Private payrolls advanced 104,000 in September after increasing 97,000 the month before. The consensus projected a 130,000 increase.

Wage inflation has been volatile and the latest number was on the up side. Average hourly earnings growth improved to 0.3 percent in September, following no change in August. Analysts forecast a 0.2 percent rise. The average workweek nudged up to 34.5 hours in September from 34.4 hours in August. Expectations were for 34.4 hours.

Turning to the household survey, the unemployment rate drop reflected an 873,000 spike in household employment versus a 368,000 drop in August. The labor force rebounded 418,000 after a 368,000 decrease in August. The household survey is much smaller than the payroll survey and is more volatile

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Jack Welch Hardball w/Chris Matthews 10/5/12 

Jack Welch, the lionized former chairman of General Electric Co, provoked cries of outrage in Washington on Friday when he appeared to accuse the White House of manipulating September job figures for political gains.
White House officials dismissed as “ludicrous” a tweet Welch sent to his more than 1.3 million followers that suggested U.S. President Barack Obama’s administration rigged the data as a way of recovering from a poor Wednesday night showing in a debate against Mitt Romney, his Republican challenger for the White House.

“Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers,” Welch said in a posting on Twitter, apparently referring to Obama, who formerly served as a senator from Illinois.

The tweet was repeated more than 2,000 times, with many mocking posts comparing Welch to New York real estate tycoon Donald Trump – who during his failed bid for the presidency loudly argued that Obama was not born in the United States – and Clint Eastwood, who gave a widely panned speech to an empty chair at the Republican National Convention in August.
Officials in Washington quickly dismissed the idea that the Labor Department report – which showed U.S. unemployment falling to a four-year low of 7.8 percent – could be rigged.
“That’s a ludicrous comment. No serious person believes that the bureau of labor statistics manipulates its statistics,” said Alan Krueger, chairman of the White House Council of Economic Advisers. “The jobs report and all of their other statistics are prepared by career employees. They use the same process every month. They use the same process for Republican and Democratic administrations.”

The tweet was by no means Welch’s first criticism of Obama on his Twitter feed, where he has regularly spoken out in favor of Romney, as well as weighing in on sports. During the presidential debate in Denver, Colorado, on Wednesday night, Welch tweeted: “HOW can anyone vote for Obama after this performance..he has demonstrated his incompetence.”

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Employment Level

142,974,000

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

Employment Level

Employment Level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146397(1) 146157 146108 146130 145929 145738 145530 145196 145059 144792 144078 143328
2009 142187(1) 141660 140754 140654 140294 140003 139891 139458 138775 138401 138607 137968
2010 138500(1) 138665 138836 139306 139340 139137 139139 139338 139344 139072 138937 139220
2011 139330(1) 139551 139764 139628 139808 139385 139450 139754 140107 140297 140614 140790
2012 141637(1) 142065 142034 141865 142287 142415 142220 142101 142974
1 : Data affected by changes in population controls.

Civilian Labor Force

155,063,000

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154075(1) 153648 153925 153761 154325 154316 154480 154646 154559 154875 154622 154626
2009 154236(1) 154521 154143 154450 154800 154730 154538 154319 153786 153822 153833 153091
2010 153454(1) 153704 153964 154528 154216 153653 153748 154073 153918 153709 154041 153613
2011 153250(1) 153302 153392 153420 153700 153409 153358 153674 154004 154057 153937 153887
2012 154395(1) 154871 154707 154365 155007 155163 155013 154645 155063
1 : Data affected by changes in population controls.

Labor Force Participation Rate

63.6%

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Labor Force Participation Rate

Labor Force Participation Rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 65.9 66.0 65.8 65.8
2009 65.7 65.8 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.1 64.9 64.6 64.6 64.7 64.6 64.4 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.1 64.0 64.1 64.1 64.1 64.0 64.0
2012 63.7 63.9 63.8 63.6 63.8 63.8 63.7 63.5 63.6

Unemployment Level

12,088,000

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

Unemployment Level

Unemployment Level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7678 7491 7816 7631 8395 8578 8950 9450 9501 10083 10544 11299
2009 12049 12860 13389 13796 14505 14727 14646 14861 15012 15421 15227 15124
2010 14953 15039 15128 15221 14876 14517 14609 14735 14574 14636 15104 14393
2011 13919 13751 13628 13792 13892 14024 13908 13920 13897 13759 13323 13097
2012 12758 12806 12673 12500 12720 12749 12794 12544 12088

Unemployment Rate U-3

7.8%

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 8.9 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.8 9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.1 9.1 9.0 8.9 8.7 8.5
2012 8.3 8.3 8.2 8.1 8.2 8.2 8.3 8.1 7.8

Unemployment Rate U-6

14.7%

Series Id:           LNS13327709 

Seasonally Adjusted 
Series title:        (seas) Total unemployed, plus all marginally attached workers 
                      plus total employed part time for economic reasons, as a percent of all civilian labor force
                      plus all marginally attached workers 
Labor force status:  Aggregated totals unemployed 
Type of data:        Percent or rate 
Age:                 16 years and over 
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force 
                     plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.1 11.8 12.7 13.5
2009 14.2 15.1 15.7 15.8 16.4 16.5 16.5 16.7 16.8 17.2 17.1 17.1
2010 16.7 16.9 16.9 17.0 16.6 16.5 16.5 16.6 16.9 16.8 16.9 16.6
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2 16.4 16.0 15.6 15.2
2012 15.1 14.9 14.5 14.5 14.8 14.9 15.0 14.7 14.7

Background Articles and Videos

Employment Situation Summary

Transmission of material in this release is embargoed                   USDL-12-1981
until 8:30 a.m. (EDT) Friday, October 5, 2012

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                    THE EMPLOYMENT SITUATION -- SEPTEMBER 2012

The unemployment rate decreased to 7.8 percent in September, and total nonfarm 
payroll employment rose by 114,000, the U.S. Bureau of Labor Statistics reported 
today. Employment increased in health care and in transportation and warehousing 
but changed little in most other major industries.

Household Survey Data

The unemployment rate declined by 0.3 percentage point to 7.8 percent in September. 
For the first 8 months of the year, the rate held within a narrow range of 8.1 
and 8.3 percent. The number of unemployed persons, at 12.1 million, decreased by 
456,000 in September. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (7.3 percent), 
adult women (7.0 percent), and whites (7.0 percent) declined over the month. 
The unemployment rates for teenagers (23.7 percent), blacks (13.4 percent), and 
Hispanics (9.9 percent) were little changed. The jobless rate for Asians, at 
4.8 percent (not seasonally adjusted), fell over the year. (See tables A-1, A-2, 
and A-3.)

In September, the number of job losers and persons who completed temporary jobs 
decreased by 468,000 to 6.5 million. (See table A-11.)

The number of persons unemployed for less than 5 weeks declined by 302,000 over 
the month to 2.5 million. The number of long-term unemployed (those jobless for 
27 weeks or more) was little changed at 4.8 million and accounted for 40.1 
percent of the unemployed. (See table A-12.)

Total employment rose by 873,000 in September, following 3 months of little 
change. The employment-population ratio increased by 0.4 percentage point to 
58.7 percent, after edging down in the prior 2 months. The overall trend in 
the employment-population ratio for this year has been flat. The civilian labor 
force rose by 418,000 to 155.1 million in September, while the labor force 
participation rate was little changed at 63.6 percent. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes 
referred to as involuntary part-time workers) rose from 8.0 million in August 
to 8.6 million in September. These individuals were working part time because 
their hours had been cut back or because they were unable to find a full-time 
job. (See table A-8.)

In September, 2.5 million persons were marginally attached to the labor force, 
essentially unchanged from a year earlier. (These data are not seasonally 
adjusted.) These individuals were not in the labor force, wanted and were 
available for work, and had looked for a job sometime in the prior 12 months. 
They were not counted as unemployed because they had not searched for work 
in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 802,000 discouraged workers in 
September, a decline of 235,000 from a year earlier. (These data are not 
seasonally adjusted.) Discouraged workers are persons not currently looking 
for work because they believe no jobs are available for them. The remaining 
1.7 million persons marginally attached to the labor force in September had 
not searched for work in the 4 weeks preceding the survey for reasons such 
as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 114,000 in September. In 2012, 
employment growth has averaged 146,000 per month, compared with an average 
monthly gain of 153,000 in 2011. In September, employment rose in health care 
and in transportation and warehousing. (See table B-1.)

Health care added 44,000 jobs in September. Job gains continued in ambulatory 
health care services (+30,000) and hospitals (+8,000). Over the past year, 
employment in health care has risen by 295,000.

In September, employment increased by 17,000 in transportation and warehousing. 
Within the industry, there were job gains in transit and ground passenger 
transportation (+9,000) and in warehousing and storage (+4,000).

Employment in financial activities edged up in September (+13,000), reflecting 
modest job growth in credit intermediation (+6,000) and real estate (+7,000).

Manufacturing employment edged down in September (-16,000). On net, manufacturing 
employment has been unchanged since April. In September, job losses occurred 
in computer and electronic products (-6,000) and in printing and related 
activities (-3,000).

Employment in other major industries, including mining and logging, construction, 
wholesale trade, retail trade, information, professional and business services, 
leisure and hospitality, and government, showed little change over the month.

The average workweek for all employees on private nonfarm payrolls edged up by 
0.1 hour to 34.5 hours in September. The manufacturing workweek edged up by 
0.1 hour to 40.6 hours, and factory overtime was unchanged at 3.2 hours. 
The average workweek for production and nonsupervisory employees on private 
nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)

In September, average hourly earnings for all employees on private nonfarm 
payrolls rose by 7 cents to $23.58. Over the past 12 months, average hourly 
earnings have risen by 1.8 percent. In September, average hourly earnings of 
private-sector production and nonsupervisory employees increased by 5 cents 
to $19.81. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for July was revised from 
+141,000 to +181,000, and the change for August was revised from +96,000 to 
+142,000.

____________
The Employment Situation for October is scheduled to be released on
Friday, November 2, 2012, at 8:30 a.m. (EDT).
http://www.bls.gov/news.release/empsit.nr0.htmEmployment Situation Summary Table A. Household data, seasonally adjusted

[Numbers in thousands]

HOUSEHOLD DATA Summary table A. Household data, seasonally adjusted
Category Sept. 2011 July 2012 Aug. 2012 Sept. 2012 Change from: Aug. 2012- Sept. 2012
Employment status
Civilian noninstitutional population 240,071 243,354 243,566 243,772 206
Civilian labor force 154,004 155,013 154,645 155,063 418
Participation rate 64.1 63.7 63.5 63.6 0.1
Employed 140,107 142,220 142,101 142,974 873
Employment-population ratio 58.4 58.4 58.3 58.7 0.4
Unemployed 13,897 12,794 12,544 12,088 -456
Unemployment rate 9.0 8.3 8.1 7.8 -0.3
Not in labor force 86,067 88,340 88,921 88,710 -211
Unemployment rates
Total, 16 years and over 9.0 8.3 8.1 7.8 -0.3
Adult men (20 years and over) 8.7 7.7 7.6 7.3 -0.3
Adult women (20 years and over) 8.1 7.5 7.3 7.0 -0.3
Teenagers (16 to 19 years) 24.5 23.8 24.6 23.7 -0.9
White 7.9 7.4 7.2 7.0 -0.2
Black or African American 15.9 14.1 14.1 13.4 -0.7
Asian (not seasonally adjusted) 7.8 6.2 5.9 4.8 -
Hispanic or Latino ethnicity 11.3 10.3 10.2 9.9 -0.3
Total, 25 years and over 7.7 6.9 6.8 6.6 -0.2
Less than a high school diploma 13.9 12.7 12.0 11.3 -0.7
High school graduates, no college 9.6 8.7 8.8 8.7 -0.1
Some college or associate degree 8.4 7.1 6.6 6.5 -0.1
Bachelor’s degree and higher 4.2 4.1 4.1 4.1 0.0
Reason for unemployment
Job losers and persons who completed temporary jobs 8,028 7,123 7,003 6,535 -468
Job leavers 972 878 942 957 15
Reentrants 3,484 3,380 3,318 3,306 -12
New entrants 1,323 1,311 1,277 1,247 -30
Duration of unemployment
Less than 5 weeks 2,743 2,711 2,844 2,542 -302
5 to 14 weeks 2,902 3,092 2,868 2,826 -42
15 to 26 weeks 2,029 1,760 1,845 1,860 15
27 weeks and over 6,197 5,185 5,033 4,844 -189
Employed persons at work part time
Part time for economic reasons 9,270 8,246 8,031 8,613 582
Slack work or business conditions 5,900 5,342 5,217 5,523 306
Could only find part-time work 2,844 2,576 2,507 2,572 65
Part time for noneconomic reasons 18,329 18,866 18,996 18,736 -260
Persons not in the labor force (not seasonally adjusted)
Marginally attached to the labor force 2,511 2,529 2,561 2,517 -
Discouraged workers 1,037 852 844 802 -
-  Over-the-month changes are not displayed for not seasonally adjusted data. NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA Summary table B. Establishment data, seasonally adjusted
Category Sept. 2011 July 2012 Aug. 2012(p) Sept. 2012(p)
EMPLOYMENT BY SELECTED INDUSTRY (Over-the-month change, in thousands)
Total nonfarm 202 181 142 114
Total private 216 163 97 104
Goods-producing 33 20 -22 -10
Mining and logging 6 -1 -1 1
Construction 30 3 1 5
Manufacturing -3 18 -22 -16
Durable goods(1) 4 18 -20 -13
Motor vehicles and parts 2.9 12.8 -6.9 -3.4
Nondurable goods -7 0 -2 -3
Private service-providing(1) 183 143 119 114
Wholesale trade -3.0 8.8 7.0 -1.6
Retail trade 14.2 3.2 8.3 9.4
Transportation and warehousing 1.8 14.2 7.7 17.1
Information 34 8 1 -6
Financial activities -6 1 7 13
Professional and business services(1) 59 41 19 13
Temporary help services 23.7 13.0 0.1 -2.0
Education and health services(1) 58 40 25 49
Health care and social assistance 47.5 27.7 22.2 44.5
Leisure and hospitality 20 24 38 11
Other services 3 9 -2 9
Government -14 18 45 10
WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES(2) AS A PERCENT OF ALL EMPLOYEES
Total nonfarm women employees 49.4 49.3 49.3 49.3
Total private women employees 47.9 47.8 47.8 47.8
Total private production and nonsupervisory employees 82.5 82.6 82.6 82.6
HOURS AND EARNINGS ALL EMPLOYEES
Total private
Average weekly hours 34.4 34.4 34.4 34.5
Average hourly earnings $23.16 $23.52 $23.51 $23.58
Average weekly earnings $796.70 $809.09 $808.74 $813.51
Index of aggregate weekly hours (2007=100)(3) 94.5 95.9 96.0 96.4
Over-the-month percent change 0.4 -0.2 0.1 0.4
Index of aggregate weekly payrolls (2007=100)(4) 104.4 107.6 107.7 108.4
Over-the-month percent change 0.7 -0.1 0.1 0.6
HOURS AND EARNINGS PRODUCTION AND NONSUPERVISORY EMPLOYEES
Total private
Average weekly hours 33.6 33.7 33.7 33.7
Average hourly earnings $19.53 $19.77 $19.76 $19.81
Average weekly earnings $656.21 $666.25 $665.91 $667.60
Index of aggregate weekly hours (2002=100)(3) 101.5 103.5 103.6 103.7
Over-the-month percent change 0.2 0.1 0.1 0.1
Index of aggregate weekly payrolls (2002=100)(4) 132.5 136.7 136.8 137.3
Over-the-month percent change 0.4 0.3 0.1 0.4
DIFFUSION INDEX(5) (Over 1-month span)
Total private (266 industries) 57.9 54.9 51.3 52.8
Manufacturing (81 industries) 53.7 48.8 38.9 39.5
Footnotes (1) Includes other industries, not shown separately. (2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries. (3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours. (4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls. (5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment. (p) Preliminary
NOTE:  Data in this table have been corrected.  For more information see http://www.bls.gov/bls/ceswomen_usps_correction.htm.
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Paul Ryan Interviewed By Peter Robinson On Healthcare and Medicare Reform–Videos

Posted on October 4, 2012. Filed under: American History, Babies, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Inflation, Investments, Law, liberty, Life, Links, media, People, Philosophy, Politics, Psychology, Public Sector, Rants, Raves, Regulations, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Unions, Video, Wisdom | Tags: , , , , , |

Vice-presidential candidate Paul Ryan in his September 2011 interview on Uncommon Knowledge

 

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Thomas Sowell–Trickle Down Theory and Tax Cuts For The Rich–Videos

Posted on October 4, 2012. Filed under: American History, Blogroll, Books, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Homes, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Rants, Raves, Tax Policy, Taxes, Video, Wealth | Tags: , , , , , , |

Uncommon Knowledge with Thomas Sowell

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Thomas Sowell–Intellectuals and Society–Videos

Posted on October 4, 2012. Filed under: American History, Blogroll, Business, Communications, Economics, Employment, Federal Government, government, government spending, history, Investments, Language, liberty, Life, Links, People, Philosophy, Politics, Psychology, Raves, Regulations, Resources, Security, Talk Radio, Technology, Video, War, Wisdom | Tags: , , , , , |

Thomas Sowell on the second edition of Intellectuals and Society

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2012 First Presidential Debate–Barack Obama vs. Mitt Romney–Denver, Colorado, October 3, 2012–Romney Clearly Won–Videos

Posted on October 3, 2012. Filed under: American History, Banking, Blogroll, Communications, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, Immigration, Inflation, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Raves, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Video, Wealth | Tags: , , , , , , , , |

2012 First Presidential Debate – Romney vs. Obama (Full) 

First Presidential Debate Of 2012 Race pt.1 

First Presidential Debate Of 2012 Race pt.2

First Presidential Debate Of 2012 Race pt.3

First Presidential Debate Of 2012 Race pt.4

First Presidential Debate Of 2012 Race pt.5

First Presidential Debate Of 2012 Race pt.6

First Presidential Debate Of 2012 Race pt.7

First Presidential Debate Of 2012 Race pt.8

Where Does Romney Go After Debate Success?

Post-Debate, Obama Under Fire for ‘Grim’ Demeanor

    Romney Vs Obama Debate – MSNBC’s Priceless Reaction

“About As Devastating A Victory & Defeat As I’ve Seen In A Presidential Campaign” Rudy Giuliani 

“Romney Was Spectacular” Media Bias In First Presidential Debate ??? Ann Coulter Weighs In

Frank Luntz’ Suspicious Presidential Debate Focus Group

 

First Presidential Debate of 2012: What did Mitt Romney Gain? 

ABC World News Now:      Presidential Debate 2012: Analysis by Rick Klein

Special Programming:      Mitt Romney zingers at first presidential debate

We Can’t Afford Four More Years 

Biden » Middle Class Buried by Barry

Ron Paul Gives His Pre-Presidential Debate Analysis @ CNBC (10-3-12) 

Rand Paul “Governor Romney Didn’t Need Me Last Night… I’m Pretty Impressed With His Performance” 

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Bill Gross US Addicted to Budgetary Crystal Meth–Videos

Posted on October 3, 2012. Filed under: American History, Blogroll, Business, College, Communications, Crime, Drug Cartels, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Inflation, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, People, Philosophy, Politics, Psychology, Raves, Regulations, Strategy, Tax Policy, Technology, Unemployment, Video, War, Wealth | Tags: , , , , , , , , , , , , |

CNBC: Bill Gross US Addicted to Budgetary Crystal Meth 10/02/2012

USA Debt Clock

http://www.usadebtclock.com/

US Debt Clock

http://www.usdebtclock.org/

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Obama’s 11 Million Jobs Gap And 43 Months of Above 8% Unemployment Rates–Recovery In 2020?–Videos

Posted on October 2, 2012. Filed under: American History, Banking, Blogroll, Business, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Tax Policy, Taxes, Technology, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , |

Recovery 2020! We’re Barely on Pace to Close the Jobs Gap This Decade

“…At this rate, we’ll close the jobs gap in roughly … eight years.

Eight years!?

Yep, that is the conclusion from Michael Greenstone and Adam Looney at the Hamilton Project. Today the country faces a 11 million-person jobs gap. This “jobs gap” represents the number of jobs that the U.S. economy needs to  return to pre-recession employment rates while also (this part is key!) absorbing everybody joining the labor force.

It’s not just enough to make jobs for everybody seeking work this year. We also have to account for the millions of people joining the workforce over the next decade. Filling the jobs gap is like filling a bucket that gets deeper every minute. How much deeper? Greenstone and Looney balance an influx of immigrant workers against the retirement of the baby boomers and conclude that labor force is likely to expand at a slowing pace. Before the Great Recession, it was growing at about 130,000 people per month. In the next few years, it will slow to 90,000 a month, they project. …”

http://www.theatlantic.com/business/archive/2012/03/recovery-2020-were-barely-on-pace-to-close-the-jobs-gap-this-decade/254388/

CBS: “This Is The Worst Economic Recovery America Has Ever Had” 

Vice Chairman Brady Questions BLS Commissioner at JEC Hearing on the Employment Situation

At a Joint Economic Committee Hearing on the Employment Situation, Representative Kevin Brady, Vice Chairman, questions Witness Dr. Keith Hall, Commissioner, Bureau of Labor Statistics about the effect of government spending on private sector job growth.

Vice Chairman Brady Questions Commissioner Hall about Labor Force Participation Rate at JEC Hearing 

Background Articles and Videos

Rep. Brady Questions BLS Commissioner on the Need for Private Sector Job Growth 

Rep. Brady questions BLS Commissioner Hall on the jump in the April unemployment rate at JEC hearing 

Grim recovery outlook from BLS Comissioner Hall

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James Rickards–Currency Wars: The Making of The Next Global Crisis–Videos

Posted on October 2, 2012. Filed under: American History, Art, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, history, Inflation, Investments, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Raves, Resources, Security, Strategy, Tax Policy, Technology, Unemployment, Video, Wisdom | Tags: , , , |

James Rickards ‘The US is the Greatest Currency Manipulator in the World’ 

Currency Wars – James Rickards

James Rickards – Currency Wars 1/5 

James Rickards – Currency Wars 2/5

James Rickards – Currency Wars 3/5

James Rickards – Currency Wars 4/5

James Rickards – Currency Wars 5/5

Background Articles and Videos

James Rickards – Economics And National Security 1/8

James Rickards – Economics And National Security 2/8

James Rickards – Economics And National Security 3/8

James Rickards – Economics And National Security 4/8

James Rickards – Economics And National Security 5/8

James Rickards – Economics And National Security 6/8

James Rickards – Economics And National Security 7/8

James Rickards – Economics And National Security 8/8

James Rickards on the Fed’s European Bailout and a Global Central Bank (11/30/11) 

Jim Rickards on Currency Wars, Real Wars and Gold Wars (11/17/11) 

The Treasury and the Fed are Robbing Savers – James Rickards

John Mauldin and Jim Rickards discuss the Looming Debt Crisis and the Fiscal Abyss!

Keiser Report: World Flash Clash Center (E343) 

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National Debt Increases More Than $1 Trillion For Fifth Fiscal Year–Three Years The Democratic Controlled Senate Refused to Pass A Fiscal Year Budget–Videos

Posted on October 1, 2012. Filed under: American History, Blogroll, College, Communications, Education, Federal Government, Federal Government Budget, Foreign Policy, government, government spending, history, Homes, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Tax Policy, Unemployment, War, Weapons, Wisdom |

Senators: As Clock Ticks, Democrat Majority Refuses To Address Budget Or Looming Defense Cuts 

Thune: With No Budget Of Their Own, Senate Dems Have No Standing To Criticize House Plan

 

O’Reilly Discusses Axelrod’s Response To Senate Dems’ Budget Law Defiance 

CBO Director: Debt Poses Great Risk If Left Unaddressed

U.S. Debt Clock

http://www.usdebtclock.org/

United States Budget Dilemma

Economic COLLAPSE 2012 – Ross Perot – The United States Could Be Taken Over! 

Here is how much the debt has increased in each of the last six fiscal years:

Fiscal 2007: $500,679,473,047.25

Fiscal 2008: $1,017,071,524,650.01

Fiscal 2009: $1,885,104,106,599.26

Fiscal 2010: $1,651,794,027,380.04

Fiscal 2011: $1,228,717,297,665.36

Fiscal 2012: $1,275,901,078,828.74.

http://federalbudget.com/

Observations about the budget and our chart.

Bar Chart Data Source: Monthly Treasury Statement (MTS) published by the U. S. Treasury Department. WE DON’T MAKE THIS UP! IT COMES FROM THE U. S. GOVERNMENT! NO ADJUSTMENTS.

The MTS published in October of each year contains the total “actuals” for the FY just ended. The MTS covering through September 2011 was released on 14 October 2011, so this chart shows Actuals for FY2011.
Normally the chart also shows the proposed budget line for the next fiscal year, but there is no U. S. budget for FY2013 (wasn’t one for 2011 or 2012 either). The Federal Budget is a responsibility spelled out in the U. S. Constitution. The Senate is breaking the law! The Senate has a leader.

As part of the “War Supplement Bill for FY2011“, The House of Representatives “deemed” the 2011 Budget, and the Senate completely discarded the Presidential Budget Proposal. So there was no Federal Budget for FY2011.
Similarly, the President submitted a budget for FY2012, but Senator Reid tossed it, and would not let Congress vote on it. The House of Representatives also sent a 2012 budget proposal to the Senate. Same result. There is no U.S. Federal Budget for FY2012.
For 2013, not only did the Senate reject the President’s proposed budget and the House proposed budget, it even rejected its own Senate Budget Committee proposal. There is no budget for FY2013.
The U. S. Constitution is our Supreme Law. It requires a Federal Budget. Here it is for you to read. It’s a short, smart document! Don’t let Congress fool you.

Instead of a budget, we have a series of “continuing resolutions”, allowing Congress to continue spending without the guidelines of a budget.

The Congressional Budget Office reported on the Federal Debt and the Risk of a Financial Crisis in this report on the 2011 non-budget. and it was updated in May 2012.

On 4 October 2011, a Congressional Panel Hearing suggested that Congress skip the entire budget process.

- – - – - – -

NDAC studies the Budget Proposals submitted to Congress each year by the President of the United States. One of the documents that goes along with the Budget Proposal, “Historical Tables“, is published by the Office of Management and Budget (OMB). Our analysis is discussed on the home page of this web site.

Just for clarification: “entitlement” expenditures are handled by several federal agencies, not just Health and Human Services. Agriculture Department administers “food stamps”, HUD is all welfare.

Some suggest “tax the rich to make up the deficit”. The total worth of all American billionaires is $1.3 Trillion. Forget the Buffet Rule, we could just take ALL their worth, not just high taxes, but ALL their WORTH; and it wouldn’t dent our national debt. It wouldn’t even pay this year deficit! And if we did take their money to pay some of this year’s deficit, what would we do next year? We’ve already spent too much. Here’s a videoto explain better.

go to National Debt Awareness Center web site.

Debt Jumped $1.2759T in FY 2012; Up $10,855 Per Household in Just 12 Months; Beats 2011

“…According to the U.S. Treasury, the debt of the U.S. government climbed by a total of $1,275,901,078,828.74 in fiscal 2012, which ended yesterday.

That means the federal government borrowed approximately an additional $10,855 for each household in the United States just over the past twelve months.

The total debt of the United States now equals approximately $136,690 per household.

In fiscal 2011, the debt increased by about $10,454 per household–$401 less than the $10,855 per household increase of 2012.

The $1.2758 trillion that the debt increased in fiscal 2012 was about $47.18 billion more than $1.2287 trillion that the debt increased in fiscal 2011.

The federal fiscal year begins on Oct. 1 and ends on Sept. 30.

At the close of business on Sept. 30, 2011, the total debt of the U.S. government was $14,790,340,328,557.15, according to the Treasury. At the close of business on Sept. 28, the last business day of fiscal 2012, it was $16,066,241,407,385.89

That meant the debt increased in fiscal 2012 by $1,275,901,078,828.74.

At the close of business on Sept. 30, 2010, the debt ahd stood at $13,561,623,030,891.79.  Over the course of fiscal 2011, it increased by $1,228,717,297,665.36 before closing at 14,790,340,328,557.15 on Sept. 30, 2011.

The fiscal 2012 increase of $1,275,901,078,828.74 exceeded the fiscal 2011 increase $1,228,717,297,665.36 by $47,183,781,163.38. …”

http://cnsnews.com/news/article/debt-jumped-12759t-fy-2012-10855-household-just-12-months-beats-2011

United States Public Debt

“…The United States public debt is the money borrowed by the federal government of the United States through the issue of securities by the Treasury and other federal government agencies. US public debt consists of two components:[1]

  • Debt held by the public includes Treasury securities held by investors outside the federal government, including that held by individuals, corporations, the Federal Reserve System and foreign, state and local governments.
  • Debt held by government accounts or intragovernmental debt includes non-marketable Treasury securities held in accounts administered by the federal government that are owed to program beneficiaries, such as the Social Security Trust Fund. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of these accounts that have been invested in Treasury securities.

Public debt increases or decreases as a result of the annual unified budget deficit or surplus.[2] The federal government budget deficit or surplus is the difference between government receipts and spending, ignoring intra-governmental transfers. However, some spending that is excluded from the deficit (supplemental appropriations) also adds to the debt.

Historically, the US has incurred debt during wars and recessions, but then debt subsequently declined afterwards. For example, debt held by the public as a share of GDP peaked just after World War II (113% of GDP in 1945), but then fell over the next 30 years. In recent decades however, large budget deficits and the resulting increases in debt have led to heightened concern about the long-term sustainability of the federal government’s fiscal policies.[3]

At the beginning of September 2012, debt held by the public was approximately $11.27 trillion or about 72% of GDP. Intra-governmental holdings stood at $4.74 trillion, giving a combined total public debt of $16.02 trillion[4][5] [6] As of July 2012, $5.3 trillion or approximately 48% of the debt held by the public was owned by foreign investors, the largest of which were China and Japan at just over $1.1 trillion each.[7]

On August 2, 2011, President Barack Obama signed into law the Budget Control Act of 2011, averting a possible financial default. During June 2011, the Congressional Budget Office called for “…large and rapid policy changes to put the nation on a sustainable fiscal course.”[8] …”

http://en.wikipedia.org/wiki/United_States_public_debt

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