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315,000 More Americans Have Left Labor Force in September 2014 Bringing Total To 92,584,000 — Nearly Seven Years Later The Number of Employed Hits 146.6 Million Last Seen In November 2007 — Labor Participation Rate At 62.7% Should Be At 67% — The Ebola Income and Jobs Effect Will Hit In The November 7 Jobs Report After Elections — Videos

Posted on October 5, 2014. Filed under: Agriculture, Airplanes, American History, Banking, Biology, Blogroll, Business, Chemistry, College, Communications, Constitution, Crisis, Demographics, Diasters, Economics, Education, Employment, Energy, Family, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, government spending, Health Care, history, Illegal, Immigration, Inflation, Investments, IRS, Law, Legal, liberty, Life, Links, Macroeconomics, media, Medical, Medicine, Microeconomics, Monetary Policy, Money, Natural Gas, Natural Gas, Oil, People, Politics, Psychology, Public Sector, Rants, Raves, Regulations, Resources, Science, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Terrorism, Transportation, Unemployment, Unions, Video, War, Water, Wealth, Welfare, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Pronk Pops Show 311: August 11, 2014

Pronk Pops Show 310: August 8, 2014

Pronk Pops Show 309: August 6, 2014

Pronk Pops Show 308: August 4, 2014

Pronk Pops Show 307: August 1, 2014 

Pronk Pops Show 306: July 31, 2014

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Pronk Pops Show 304: July 29, 2014

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Pronk Pops Show 298: July 18, 2014

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Pronk Pops Show 296: July 16, 2014

Pronk Pops Show 295: July 15, 2014

Pronk Pops Show 294: July 14, 2014

Pronk Pops Show 293: July 11, 2014

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Pronk Pops Show 290: July 3, 2014

Pronk Pops Show 289: July 2, 2014

Story 2: 315,000 More Americans Have Left Labor Force in September 2014 Bringing Total To 92,584,000 — Nearly Seven Years Later The Number of Employed Hits 146.6 Million Last Seen In November 2007 — Labor Participation Rate At 62.7% Should Be At 67% — The Ebola Income and Jobs Effect Will Hit In The November 7 Jobs Report After Elections — Videos

sgs-emp

Current Labor Participation Rate Dropped To 62.7%

U.S. Labor Participation Rate – Graph of Reagan vs obama

Surge Of Hiring Cuts US Jobless Rate To 5.9 Pct.

JEC Chair Brady discusses the importance of declining labor force participation rate

Labor participation rate is down to unprecedented levels

What The Six-Year Unemployment Low Means For U.S. Economy

Ebola ;could wreck W Africa economies, #; warns World Bank

BBC News – Ebola crisis: Toll on regional economies

Counting the Cost – Ebola: The Economic Fallout

 

 

 

Employment Situation Summary

Transmission of material in this release is embargoed until                 USDL-14-1796
8:30 a.m. (EDT) Friday, October 3, 2014

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 2014


Total nonfarm payroll employment increased by 248,000 in September, and the 
unemployment rate declined to 5.9 percent, the U.S. Bureau of Labor Statistics
reported today. Employment increased in professional and business services, 
retail trade, and health care.

Household Survey Data

In September, the unemployment rate declined by 0.2 percentage point to 5.9
percent. The number of unemployed persons decreased by 329,000 to 9.3 million.
Over the year, the unemployment rate and the number of unemployed persons were
down by 1.3 percentage points and 1.9 million, respectively. (See table A-1.)

Among the major worker groups, unemployment rates declined in September for
adult men (5.3 percent), whites (5.1 percent), and Hispanics (6.9 percent). The
rates for adult women (5.5 percent), teenagers (20.0 percent), and blacks (11.0
percent) showed little change over the month. The jobless rate for Asians was
4.3 percent (not seasonally adjusted), little changed from a year earlier.
(See tables A-1, A-2, and A-3.)

Among the unemployed, the number of job losers and persons who completed temporary
jobs decreased by 306,000 in September to 4.5 million. The number of long-term
unemployed (those jobless for 27 weeks or more) was essentially unchanged at 3.0
million in September. These individuals accounted for 31.9 percent of the unemployed.
Over the past 12 months, the number of long-term unemployed is down by 1.2 million.
(See tables A-11 and A-12.) 

The civilian labor force participation rate, at 62.7 percent, changed little in
September. The employment-population ratio was 59.0 percent for the fourth
consecutive month. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred
to as involuntary part-time workers) was little changed in September at 7.1 million.
These individuals, who would have preferred full-time employment, 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, 2.2 million persons were marginally attached to the labor force,
essentially unchanged from a year earlier. (The 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 698,000 discouraged workers in September,
down by 154,000 from a year earlier. (The 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 1.5 million persons marginally attached to the labor
force in September had not searched for work for reasons such as school attendance or
family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment rose by 248,000 in September, compared with an
average monthly gain of 213,000 over the prior 12 months. In September, job growth
occurred in professional and business services, retail trade, and health care.
(See table B-1.)

Professional and business services added 81,000 jobs in September, compared with an
average gain of 56,000 per month over the prior 12 months. In September, job gains
occurred in employment services (+34,000), management and technical consulting
services (+12,000), and architectural and engineering services (+6,000). Employment
in legal services declined by 5,000 over the month.

Employment in retail trade rose by 35,000 in September. Food and beverage stores
added 20,000 jobs, largely reflecting the return of workers who had been off payrolls
in August due to employment disruptions at a grocery store chain in New England.
Employment in retail trade has increased by 264,000 over the past 12 months.

Health care added 23,000 jobs in September, in line with the prior 12-month average
gain of 20,000 jobs per month. In September, employment rose in home health care
services (+7,000) and hospitals (+6,000).

Employment in information increased by 12,000 in September, with a gain of 5,000
in telecommunications. Over the year, employment in information has shown little net
change.

Mining employment rose by 9,000 in September, with the majority of the increase
occurring in support activities for mining (+7,000). Over the year, mining has added
50,000 jobs.

Within leisure and hospitality, employment in food services and drinking places
continued to trend up in September (+20,000) and is up by 290,000 over the year.

In September, construction employment continued on an upward trend (+16,000).
Within the industry, employment in residential building increased by 6,000. Over
the year, construction has added 230,000 jobs.

Employment in financial activities continued to trend up in September (+12,000) and
has added 89,000 jobs over the year. In September, job growth occurred in insurance
carriers and related activities (+6,000) and in securities, commodity contracts,
and investments (+5,000).

Employment in other major industries, including manufacturing, wholesale trade,
transportation and warehousing, and government, showed little change over the month.

In September, the average workweek for all employees on private nonfarm payrolls
edged up by 0.1 hour to 34.6 hours. The manufacturing workweek was unchanged at
40.9 hours, and factory overtime edged up by 0.1 hour to 3.5 hours. The average
workweek for production and nonsupervisory employees on private nonfarm payrolls
edged down by 0.1 hour to 33.7 hours. (See tables B-2 and B-7.)

Average hourly earnings for all employees on private nonfarm payrolls, at $24.53,
changed little in September (-1 cent). Over the year, average hourly earnings
have risen by 2.0 percent. In September, average hourly earnings of private-sector
production and nonsupervisory employees were unchanged at $20.67. 
(See tables B-3 and B-8.)

The change in total nonfarm payroll employment for July was revised from +212,000
to +243,000, and the change for August was revised from +142,000 to +180,000.
With these revisions, employment gains in July and August combined were 69,000 more
than previously reported.

_____________
The Employment Situation for October is scheduled to be released on Friday,
November 7, 2014, at 8:30 a.m. (EST).



 

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted

[Numbers in thousands]
Category Sept.
2013
July
2014
Aug.
2014
Sept.
2014
Change from:
Aug.
2014-
Sept.
2014

Employment status

Civilian noninstitutional population

246,168 248,023 248,229 248,446 217

Civilian labor force

155,473 156,023 155,959 155,862 -97

Participation rate

63.2 62.9 62.8 62.7 -0.1

Employed

144,270 146,352 146,368 146,600 232

Employment-population ratio

58.6 59.0 59.0 59.0 0.0

Unemployed

11,203 9,671 9,591 9,262 -329

Unemployment rate

7.2 6.2 6.1 5.9 -0.2

Not in labor force

90,695 92,001 92,269 92,584 315

Unemployment rates

Total, 16 years and over

7.2 6.2 6.1 5.9 -0.2

Adult men (20 years and over)

7.0 5.7 5.7 5.3 -0.4

Adult women (20 years and over)

6.2 5.7 5.7 5.5 -0.2

Teenagers (16 to 19 years)

21.3 20.2 19.6 20.0 0.4

White

6.3 5.3 5.3 5.1 -0.2

Black or African American

13.0 11.4 11.4 11.0 -0.4

Asian (not seasonally adjusted)

5.3 4.5 4.5 4.3 -

Hispanic or Latino ethnicity

8.9 7.8 7.5 6.9 -0.6

Total, 25 years and over

5.9 5.0 5.1 4.7 -0.4

Less than a high school diploma

10.4 9.6 9.1 8.4 -0.7

High school graduates, no college

7.5 6.1 6.2 5.3 -0.9

Some college or associate degree

6.1 5.3 5.4 5.4 0.0

Bachelor’s degree and higher

3.7 3.1 3.2 2.9 -0.3

Reason for unemployment

Job losers and persons who completed temporary jobs

5,803 4,859 4,836 4,530 -306

Job leavers

984 862 860 829 -31

Reentrants

3,165 2,848 2,845 2,809 -36

New entrants

1,211 1,087 1,066 1,105 39

Duration of unemployment

Less than 5 weeks

2,571 2,587 2,609 2,383 -226

5 to 14 weeks

2,685 2,431 2,449 2,508 59

15 to 26 weeks

1,802 1,412 1,486 1,416 -70

27 weeks and over

4,125 3,155 2,963 2,954 -9

Employed persons at work part time

Part time for economic reasons

7,914 7,511 7,277 7,103 -174

Slack work or business conditions

4,955 4,609 4,261 4,162 -99

Could only find part-time work

2,548 2,519 2,587 2,562 -25

Part time for noneconomic reasons

18,919 19,662 19,526 19,561 35

Persons not in the labor force (not seasonally adjusted)

Marginally attached to the labor force

2,302 2,178 2,141 2,226 -

Discouraged workers

852 741 775 698 -

- 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.
2013
July
2014
Aug.
2014(p)
Sept.
2014(p)

EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)

Total nonfarm

164 243 180 248

Total private

153 239 175 236

Goods-producing

22 63 14 29

Mining and logging

6 9 2 9

Construction

13 30 16 16

Manufacturing

3 24 -4 4

Durable goods(1)

9 27 0 7

Motor vehicles and parts

2.9 13.7 -4.5 3.3

Nondurable goods

-6 -3 -4 -3

Private service-providing(1)

131 176 161 207

Wholesale trade

11.3 3.0 2.5 1.8

Retail trade

27.3 25.4 -4.7 35.3

Transportation and warehousing

23.1 21.1 8.5 1.9

Information

13 10 5 12

Financial activities

-1 15 12 12

Professional and business services(1)

37 50 63 81

Temporary help services

19.7 15.7 24.6 19.7

Education and health services(1)

9 37 42 32

Health care and social assistance

14.5 40.7 40.7 22.7

Leisure and hospitality

9 10 20 33

Other services

2 3 10 0

Government

11 4 5 12

WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES(2)
AS A PERCENT OF ALL EMPLOYEES

Total nonfarm women employees

49.5 49.4 49.4 49.3

Total private women employees

48.1 47.9 47.9 47.9

Total private production and nonsupervisory employees

82.6 82.6 82.6 82.6

HOURS AND EARNINGS
ALL EMPLOYEES

Total private

Average weekly hours

34.5 34.5 34.5 34.6

Average hourly earnings

$24.06 $24.46 $24.54 $24.53

Average weekly earnings

$830.07 $843.87 $846.63 $848.74

Index of aggregate weekly hours (2007=100)(3)

99.1 101.0 101.2 101.7

Over-the-month percent change

0.1 0.2 0.2 0.5

Index of aggregate weekly payrolls (2007=100)(4)

113.8 117.9 118.5 119.0

Over-the-month percent change

0.3 0.3 0.5 0.4

HOURS AND EARNINGS
PRODUCTION AND NONSUPERVISORY EMPLOYEES

Total private

Average weekly hours

33.6 33.7 33.8 33.7

Average hourly earnings

$20.21 $20.61 $20.67 $20.67

Average weekly earnings

$679.06 $694.56 $698.65 $696.58

Index of aggregate weekly hours (2002=100)(3)

106.3 108.7 109.2 109.1

Over-the-month percent change

-0.2 0.2 0.5 -0.1

Index of aggregate weekly payrolls (2002=100)(4)

143.5 149.7 150.8 150.6

Over-the-month percent change

0.0 0.3 0.7 -0.1

DIFFUSION INDEX(5)
(Over 1-month span)

Total private (264 industries)

59.8 67.8 62.7 57.8

Manufacturing (81 industries)

54.9 56.2 54.9 51.9

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

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Asset Price Bubble Bursts Coming In October With 69 Months of Near Zero Federal Funds Interest Rates! — Interest Rate Suppression or Price Control and Manipulation Will Blow Up Economy — Suppressing Savings and Investment With Low Interest Rates Is A Formula For Diaster and Depression — Panic Time — Start A War Over Oil — Meltdown America –Videos

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Pronk Pops Show 332: September 18 2014

Pronk Pops Show 331: September 17, 2014

Pronk Pops Show 330: September 16, 2014

Pronk Pops Show 329: September 15, 2014

Pronk Pops Show 328: September 12, 2014

Pronk Pops Show 327: September 11, 2014

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Pronk Pops Show 281: June 17, 2014

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Story 1: Asset Price Bubble Bursts Coming In October With 69 Months of Near Zero Federal Funds Interest Rates! — Interest Rate Suppression or Price Control and Manipulation Will Blow Up Economy — Suppressing Savings and Investment With Low Interest Rates Is A Formula For Diaster and Depression — Panic Time — Start A War Over Oil — Meltdown America –Videos

U.S. Debt Clock

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
09/17/2014 12,767,522,798,389.80 4,997,219,915,398.95 17,764,742,713,788.75

 

TABLE I -- SUMMARY OF TREASURY SECURITIES OUTSTANDING, AUGUST 31, 2014
(Millions of dollars)
                                              Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
                                              By the Public         Holdings
Marketable:
  Bills.......................................        1,450,293                     1,704                1,451,998
  Notes.......................................        8,109,269                     7,365                8,116,634
  Bonds.......................................        1,521,088                        57                1,521,144
  Treasury Inflation-Protected Securities.....        1,031,836                        52                1,031,888
  Floating Rate Notes  21  ...................          109,996                         0                  109,996
  Federal Financing Bank  1  .................                0                    13,612                   13,612
Total Marketable  a...........................       12,222,481                    22,790 2             12,245,271
Nonmarketable:
  Domestic Series.............................           29,995                         0                   29,995
  Foreign Series..............................            2,986                         0                    2,986
  State and Local Government Series...........          105,440                         0                  105,440
  United States Savings Securities............          177,030                         0                  177,030
  Government Account Series...................          193,237                 4,993,277                5,186,514
  Hope Bonds 19...............................                0                       494                      494
  Other.......................................            1,443                         0                    1,443
Total Nonmarketable  b........................          510,130                 4,993,771                5,503,901
Total Public Debt Outstanding ................       12,732,612                 5,016,561               17,749,172
TABLE II -- STATUTORY DEBT LIMIT, AUGUST 31, 2014
(Millions of dollars)
                                              Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
                                                 By the Public 17, 2Holdings
Debt Subject to Limit: 17, 20
  Total Public Debt Outstanding...............       12,732,612                 5,016,561               17,749,172
  Less Debt Not Subject to Limit:
    Other Debt ...............................              485                         0                      485
    Unamortized Discount  3...................           15,742                    12,421                   28,163
    Federal Financing Bank  1     ............                0                    13,612                   13,612
    Hope Bonds 19.............................                0                       494                      494
  Plus Other Debt Subject to Limit:
    Guaranteed Debt of Government Agencies  4                 *                         0                        *
  Total Public Debt Subject to Limit .........       12,716,386                 4,990,033               17,706,419
  Statutory Debt Limit  5.....................................................................                   0
COMPILED AND PUBLISHED BY
THE BUREAU OF THE FISCAL SERVICE
www.TreasuryDirect.gov

Interest Expense on the Debt Outstanding

The Interest Expense on the Debt Outstanding includes the monthly interest for:

Amortized discount or premium on bills, notes and bonds is also included in the monthly interest expense.

The fiscal year represents the total interest expense on the Debt Outstanding for a given fiscal year. This includes the months of October through September. View current month details (XLS Format, File size 199KB, uploaded 09/05/2014).

Note: To read or print a PDF document, you need the Adobe Acrobat Reader (v5.0 or higher) software installed on your computer. You can download the Adobe Acrobat Reader from the Adobe Website.

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Interest Expense Fiscal Year 2014
August $27,093,517,258.24
July $29,260,530,745.98
June $97,565,768,696.69
May $32,081,384,628.40
April $31,099,852,014.96
March $26,269,559,883.36
February $21,293,863,450.50
January $19,498,592,676.78
December $88,275,817,263.03
November $22,327,099,682.97
October $16,451,313,332.09
Fiscal Year Total $411,217,855,816.94
Available Historical Data Fiscal Year End
2013 $415,688,781,248.40
2012 $359,796,008,919.49
2011 $454,393,280,417.03
2010 $413,954,825,362.17
2009 $383,071,060,815.42
2008 $451,154,049,950.63
2007 $429,977,998,108.20
2006 $405,872,109,315.83
2005 $352,350,252,507.90
2004 $321,566,323,971.29
2003 $318,148,529,151.51
2002 $332,536,958,599.42
2001 $359,507,635,242.41
2000 $361,997,734,302.36
1999 $353,511,471,722.87
1998 $363,823,722,920.26
1997 $355,795,834,214.66
1996 $343,955,076,695.15
1995 $332,413,555,030.62
1994 $296,277,764,246.26
1993 $292,502,219,484.25
1992 $292,361,073,070.74
1991 $286,021,921,181.04
1990 $264,852,544,615.90
1989 $240,863,231,535.71
1988 $214,145,028,847.73

chart

fredgraph

fredgraph

BND-10-Year-Treasury-Yield-09122014

 JIM ROGERS Financial disaster coming – Dollar collapse – Countries Move Away From USD

US Fed signals move to normalize monetary policy

Dollar Meltdown, Massive Financial Bubble, Economic Collapse Marc Faber

Peter Schiff Iraq Crisis Threatens Global Economy

Peter Schiff – Fantasy About US Recovery Is Not Going To Materialize

Most important video Americans will see today – Doug Casey Interview

James Grant: Two Alternative Outcomes From Fed Policy – Much Higher Inflation or More Money Printing

Investor Jim Grant on Bubbles And Bargains

Jim Rogers Discusses Concern Over The Market

Jim Rogers On Economic Collapse And The US Debt‬

US Economy 2014 Collapse – *Peter Schiff* – FED will cause Huge Economic Crisis!

US ECONOMY COLLAPSE WILL LEAVE MILLIONS IN POVERTY

There Will Be No Economic Recovery. Prepare Yourself Accordingly

US Massive Financial Crisis Coming

Dan Mitchell Discussing Harvard Survey, Arguing for Growth over Class Warfare

The Coming Stock Market Crash and The Death of Money with Jim Rickards

Market Crash, Economic collapse 2014, The coming of World War 3 – Stock Market

Forbes: Obama’s Economic Reforms Are the Definition of Insanity

Why America Should Default and You Should Live Abroad: Q&A with Doug Casey

Doug Casey-No Way Out-Stock, Bond and Real Estate Markets Will Collapse

Russia conspired to destroy US dollar with China – clip from Meltdown America documentary

http://www.caseyresearch.com/lg/meltdown-video

 

 

Here a bubble, there a bubble: Ol’ Marc Faber

Even after the Dow and the S&P 500 closed at new all-time highs, closely followed contrarian Marc Faber keeps sounding the alarm.

“We have a bubble in everything, everywhere,” the publisher of The Gloom, Boom & Doom Report told CNBC’s “Squawk Box” on Friday. Faber has long argued that the Federal Reserve’s massive asset purchasing programs and near-zero interest rates have inflated stock prices.

The catalyst for a market decline, as he sees it, could be a “raise in interest rates, not engineered by the Fed,” referring an increase in bond yields.

 

Faber also expressed concern about American consumers. “Their cost of living have gone up more than the salary increases, so they’re getting squeezed. So that’s why retailing is not doing particularly well.”

A real black swan event, he argued, would be a global recession. “The big surprise will be that the global economy slows down and goes into recession. And that will shock markets.”

If economies around the world can’t recovery with the Fed and other central banks pumping easy money into the system, that would send a dire message, Faber added. He believes the best way for world economies to recover is to cut the size of government.

Read MoreBond market hears Fed hawks; stocks see doves

There’s a dual-economy in the U.S. and around the world with the rich doing really well and others struggling, he said. “[But] the rich will get creamed one day, especially in Europe, on wealth taxes.”

On the other end of the market spectrum, longtime stock market bull Jeremy Siegel told CNBC on Tuesday (ahead of Wednesday’s Fed policy statement leaving interest rate guidance unchanged) that he stands by his Dow 18,000 prediction.

The Wharton School professor sees second half economic growth of 3 to 4 percent, S&P 500 earnings near $120, and the start of Fed rate hikes in the spring or summer of 2015

http://www.cnbc.com/id/102016166

 

Fed and TWTR Overvaluation, Evidence of Looming Market Crash: Stockman

The Federal Reserve Wednesday reassured investors that it will hold interest rates near zero for a “considerable time” after it ends the bond-buying program known as quantitative easing in October. In response, the Dow Jones Industrial Average (^DJI) closed at a new record high.

Former Director of the Office of Management and Budget and author of the book, The Great Deformation, David Stockman, has significant concerns about that very policy.

“I’m worried… that we’ve got the greatest bubble created by a central bank in human history,” he told Yahoo Finance.

In a recent blog post, Stockman offered a handful of high-flying stocks as evidence of what he sees as “madness.”

                                               “…Twitter, is all that is required to remind us that once

                                               again markets are trading in the nosebleed section

                                               of history, rivaling even the madness of March 2000.”

Behind the madness

In an interview with Yahoo Finance, Stockman blamed Fed policy for creating that madness.

“We have been shoving zero-cost money into the financial markets for 6-years running,” he said. “That’s the kerosene that drives speculative trading – the carry trades. That’s what the gamblers use to fund their position as they move from one momentum play and trade to another.”

And that, he says, is not sustainable. While Stockman believes tech stocks are especially overvalued, he warns that it’s not just tech valuations that are inflated. “Everything’s massively overvalued, and it’s predicated on zero-cost overnight money that continues these carry trades; It can’t continue.”

And he still believes, as he has for some time – so far, incorrectly – that there will be a day of reckoning.

“When the trades begin to unwind because the carry cost has to normalize, you’re going to have a dramatic re-pricing dislocation in these financial markets.”

As Yahoo Finance’s Lauren Lyster points out in the associated video, investors who heeded Stockman’s advice last year would have missed out on a 28% run-up in stocks. But Stockman remains steadfast in his belief that the current Fed policy and the resultant market behavior can not continue. “I think what the Fed is doing is so unprecedented, what is happening in the markets is so unnatural,” he said. “This is dangerous, combustible stuff, and I don’t know when the explosion occurs – when the collapse suddenly is upon us – but when it happens, people will be happy that they got out of the way if they did.”

 

 

Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: Thursday, September 11, 2014
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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 11, 2014

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Reserve Bank credit 4,377,690 +    4,183 +  761,693 4,379,719
Securities held outright1 4,159,537 +    2,675 +  765,361 4,160,521
U.S. Treasury securities 2,439,657 +    2,671 +  401,376 2,440,637
Bills2          0          0          0          0
Notes and bonds, nominal2 2,325,368 +    2,678 +  386,333 2,326,351
Notes and bonds, inflation-indexed2     97,755          0 +   11,737     97,755
Inflation compensation3     16,534 -        7 +    3,306     16,531
Federal agency debt securities2     41,562          0 -   22,868     41,562
Mortgage-backed securities4 1,678,317 +        4 +  386,851 1,678,322
Unamortized premiums on securities held outright5    208,963 -      219 +    5,815    208,907
Unamortized discounts on securities held outright5    -18,664 +       21 -   12,958    -18,654
Repurchase agreements6          0          0          0          0
Loans        291 -        8 +       18        352
Primary credit         10 -       18 -        8         53
Secondary credit          0          0          0          0
Seasonal credit        247 +        9 +       94        266
Term Asset-Backed Securities Loan Facility7         34          0 -       68         34
Other credit extensions          0          0          0          0
Net portfolio holdings of Maiden Lane LLC8      1,664 -        1 +      171      1,665
Net portfolio holdings of Maiden Lane II LLC9         63          0 -        1         63
Net portfolio holdings of Maiden Lane III LLC10         22          0          0         22
Net portfolio holdings of TALF LLC11         44          0 -       80         44
Float       -675 -       69 +       94       -627
Central bank liquidity swaps12         77 +        1 -      243         77
Other Federal Reserve assets13     26,369 +    1,784 +    3,517     27,349
Foreign currency denominated assets14     22,933 -      353 -      737     22,801
Gold stock     11,041          0          0     11,041
Special drawing rights certificate account      5,200          0          0      5,200
Treasury currency outstanding15     46,103 +       14 +      820     46,103
Total factors supplying reserve funds 4,462,967 +    3,844 +  761,776 4,464,863

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Currency in circulation15 1,292,467 -      442 +   84,956 1,291,993
Reverse repurchase agreements16    266,584 +      818 +  173,996    267,602
Foreign official and international accounts    102,228 -      296 +    9,640    107,303
Others    164,356 +    1,115 +  164,356    160,299
Treasury cash holdings        165 +        4 +       23        164
Deposits with F.R. Banks, other than reserve balances     52,715 -    6,170 -   19,233     53,117
Term deposits held by depository institutions          0          0          0          0
U.S. Treasury, General Account     39,081 -    3,787 +      530     31,872
Foreign official      5,432 -    1,134 -    3,562      5,241
Other17      8,202 -    1,248 -   16,201     16,004
Other liabilities and capital18     63,991 -        1 +      818     63,033
Total factors, other than reserve balances,
absorbing reserve funds
1,675,922 -    5,792 +  240,561 1,675,910
Reserve balances with Federal Reserve Banks 2,787,045 +    9,636 +  521,214 2,788,954

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of
the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements.
7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
8. Refer to table 4 and the note on consolidation accompanying table 9.
9. Refer to table 5 and the note on consolidation accompanying table 9.
10. Refer to table 6 and the note on consolidation accompanying table 9.
11. Refer to table 7 and the note on consolidation accompanying table 9.
12. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned
to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the
foreign central bank.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.  Also, includes Reserve Bank premises and equipment net of allowances for depreciation.
14. Revalued daily at current foreign currency exchange rates.
15. Estimated.
16. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
17. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
18. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. Refer to table 8 and table 9.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

1A. Memorandum Items

Millions of dollars

Memorandum item Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Securities held in custody for foreign official and international accounts 3,338,309 -      417 +   61,832 3,343,937
Marketable U.S. Treasury securities1 3,010,563 -      456 +   86,414 3,016,027
Federal agency debt and mortgage-backed securities2    285,805 +       28 -   29,008    285,934
Other securities3     41,942 +       12 +    4,427     41,976
Securities lent to dealers     10,669 +    1,648 -    1,429     11,123
Overnight facility4     10,669 +    1,648 -    1,429     11,123
U.S. Treasury securities      9,860 +    1,721 -    1,405     10,373
Federal agency debt securities        810 -       72 -       23        750

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 8, and 9.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4. Face value. Fully collateralized by U.S. Treasury securities.
2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, September 10, 2014

Millions of dollars

Remaining Maturity Within 15
days
16 days to
90 days
91 days to
1 year
Over 1 year
to 5 years
Over 5 year
to 10 years
Over 10
years
All
Loans1        118        234          0          0          0        352
U.S. Treasury securities2
Holdings          0         90      3,194 1,037,162    742,261    657,930 2,440,637
Weekly changes          0          0          0 +    1,615 -        1 +    2,037 +    3,651
Federal agency debt securities3
Holdings      1,556      1,329      3,584     32,746          0      2,347     41,562
Weekly changes          0          0          0          0          0          0          0
Mortgage-backed securities4
Holdings          0          0          0         10      4,698 1,673,614 1,678,322
Weekly changes          0          0          0          0 +      863 -      857 +        6
Asset-backed securities held by
TALF LLC5
         0          0          0          0          0          0          0
Repurchase agreements6          0          0          0
Central bank liquidity swaps7         77          0          0          0          0          0         77
Reverse repurchase agreements6    267,602          0    267,602
Term deposits          0          0          0          0

Note: Components may not sum to totals because of rounding.
…Not applicable.

1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Maiden Lane LLC, Maiden Lane II LLC, Maiden
Lane III LLC, and TALF LLC. The loans were eliminated when preparing the FRBNY’s statement of condition consistent with consolidation
under generally accepted accounting principles.
2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the
original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.
6. Cash value of agreements.
7. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name Wednesday
Sep 10, 2014
Mortgage-backed securities held outright1 1,678,322
Commitments to buy mortgage-backed securities2     80,643
Commitments to sell mortgage-backed securities2          0
Cash and cash equivalents3          4
1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 8 and table 9.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane LLC1      1,665
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.

5. Information on Principal Accounts of Maiden Lane II LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane II LLC1         63
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to subsidiaries of American
International Group, Inc. in accordance with the asset purchase agreement. The fair value of this payment and accrued interest payable are
included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.

6. Information on Principal Accounts of Maiden Lane III LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane III LLC1         22
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions. Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.

7. Information on Principal Accounts of TALF LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Asset-backed securities holdings1          0
Other investments, net         44
Net portfolio holdings of TALF LLC         44
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility (TALF) under theauthority of section 13(3) of the Federal Reserve Act. The TALF is a facility under which the Federal Reserve Bank of New York (FRBNY) extended loans with a term of up to five years to holders of eligible asset-backed securities. The Federal Reserve closed the TALF for new loan extensions in 2010. The loans provided through the TALF to eligible borrowers are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY.

TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a TALF loan. TALF LLC has committed, for a fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Prior to January 15, 2013, the U.S. Treasury’s Troubled Asset Relief Program (TARP) committed backup funding to TALF LLC, providing credit protection to the FRBNY. However, the accumulated fees and income collected through the TALF and held by TALF LLC now exceed the remaining amount of TALF loans outstanding. Accordingly, the TARP credit protection commitment has been terminated, and TALF LLC has begun to distribute excess proceeds to the Treasury and the FRBNY. Any remaining funds will be shared by the FRBNY and the U.S. Treasury.

8. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital Eliminations from consolidation Wednesday
Sep 10, 2014
Change since
Wednesday Wednesday
Sep 3, 2014 Sep 11, 2013
Assets
Gold certificate account     11,037          0          0
Special drawing rights certificate account      5,200          0          0
Coin      1,930 +        8 -       62
Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,351,126 +    3,534 +  756,847
Securities held outright1 4,160,521 +    3,657 +  763,739
U.S. Treasury securities 2,440,637 +    3,651 +  399,549
Bills2          0          0          0
Notes and bonds, nominal2 2,326,351 +    3,661 +  385,784
Notes and bonds, inflation-indexed2     97,755          0 +   10,546
Inflation compensation3     16,531 -       10 +    3,219
Federal agency debt securities2     41,562          0 -   22,654
Mortgage-backed securities4 1,678,322 +        6 +  386,844
Unamortized premiums on securities held outright5    208,907 -      132 +    5,820
Unamortized discounts on securities held outright5    -18,654 +       19 -   12,787
Repurchase agreements6          0          0          0
Loans        352 -       10 +       75
Net portfolio holdings of Maiden Lane LLC7      1,665 +        1 +      167
Net portfolio holdings of Maiden Lane II LLC8         63          0 -        1
Net portfolio holdings of Maiden Lane III LLC9         22          0          0
Net portfolio holdings of TALF LLC10         44          0 -       68
Items in process of collection (0)         94 -       22 -       31
Bank premises      2,255          0 -       29
Central bank liquidity swaps11         77 +        1 -      243
Foreign currency denominated assets12     22,801 -      404 -      925
Other assets13     25,095 +    2,704 +    3,719
Total assets (0) 4,421,408 +    5,821 +  759,373

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital Eliminations from consolidation Wednesday
Sep 10, 2014
Change since
Wednesday Wednesday
Sep 3, 2014 Sep 11, 2013
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,247,980 -    2,086 +   84,510
Reverse repurchase agreements14    267,602 +   17,296 +  175,438
Deposits (0) 2,842,072 -    8,612 +  499,663
Term deposits held by depository institutions          0          0          0
Other deposits held by depository institutions 2,788,954 -   24,799 +  513,312
U.S. Treasury, General Account     31,872 +   10,836 +    1,852
Foreign official      5,241 -    1,326 -    3,524
Other15 (0)     16,004 +    6,676 -   11,978
Deferred availability cash items (0)        721 -      482 -      163
Other liabilities and accrued dividends16      6,693 -      299 -    1,529
Total liabilities (0) 4,365,067 +    5,817 +  757,919
Capital accounts
Capital paid in     28,170 +        2 +      726
Surplus     28,170 +        2 +      726
Other capital accounts          0          0          0
Total capital     56,341 +        4 +    1,454

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation accompanying table 9.
8. Refer to table 5 and the note on consolidation accompanying table 9.
9. Refer to table 6 and the note on consolidation accompanying table 9.
10. Refer to table 7 and the note on consolidation accompanying table 9.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.
12. Revalued daily at current foreign currency exchange rates.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
16. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal
Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014

Millions of dollars

Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Assets
Gold certificate account     11,037        352      4,125        338        464        824      1,349        706        278        173        291        880      1,257
Special drawing rights certificate acct.      5,200        196      1,818        210        237        412        654        424        150         90        153        282        574
Coin      1,930         32         94        124        123        320        222        276         25         46        153        182        332
Securities, unamortized premiums and discounts, repurchase agreements,
and loans
4,351,126     88,009 2,670,390    104,231     94,993    243,168    240,542    177,833     53,725     26,795     57,330    132,586    461,524
Securities held outright1 4,160,521     84,160 2,553,576     99,673     90,839    232,534    229,991    170,046     51,317     25,497     54,804    126,772    441,311
U.S. Treasury securities 2,440,637     49,370 1,497,974     58,470     53,288    136,409    134,917     99,752     30,104     14,957     32,149     74,367    258,881
Bills2          0          0          0          0          0          0          0          0          0          0          0          0          0
Notes and bonds3 2,440,637     49,370 1,497,974     58,470     53,288    136,409    134,917     99,752     30,104     14,957     32,149     74,367    258,881
Federal agency debt securities2     41,562        841     25,509        996        907      2,323      2,298      1,699        513        255        547      1,266      4,409
Mortgage-backed securities4 1,678,322     33,949 1,030,093     40,207     36,644     93,803     92,777     68,595     20,701     10,285     22,107     51,139    178,021
Unamortized premiums on securities held outright5    208,907      4,226    128,220      5,005      4,561     11,676     11,548      8,538      2,577      1,280      2,752      6,365     22,159
Unamortized discounts on securities held outright5    -18,654       -377    -11,449       -447       -407     -1,043     -1,031       -762       -230       -114       -246       -568     -1,979
Repurchase agreements6          0          0          0          0          0          0          0          0          0          0          0          0          0
Loans        352          1         44          0          0          0         34         11         61        132         20         17         33
Net portfolio holdings of Maiden
Lane LLC7      1,665          0      1,665          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
Lane II LLC8         63          0         63          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
Lane III LLC9         22          0         22          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of TALF LLC10         44          0         44          0          0          0          0          0          0          0          0          0          0
Items in process of collection         94          0          0          0          0          0         93          0          0          1          0          0          0
Bank premises      2,255        121        434         74        110        222        209        198        124         97        243        224        200
Central bank liquidity swaps11         77          4         25          6          6         16          4          2          1          0          1          1         11
Foreign currency denominated assets12     22,801      1,037      7,335      1,714      1,813      4,754      1,311        629        192         96        240        381      3,299
Other assets13     25,095        535     15,039        739        546      1,547      1,374      1,014        356        219        347        798      2,580
Interdistrict settlement account          0 +   10,547 -   58,585 +    2,678 +    9,252 +      197 +    8,040 -   10,297 -   10,950 -    2,083 -      134 +    2,635 +   48,701
Total assets 4,421,408    100,833 2,642,468    110,114    107,543    251,460    253,799    170,787     43,900     25,434     58,623    137,969    518,478

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014 (continued)

Millions of dollars

Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Liabilities
Federal Reserve notes outstanding 1,443,974     44,572    489,349     42,766     65,118    103,568    212,875     94,569     37,360     21,242     36,783    115,911    179,862
Less: Notes held by F.R. Banks    195,994      5,311     63,063      6,357      8,870     11,177     20,690     11,915      4,937      4,278      5,302     25,736     28,359
Federal Reserve notes, net 1,247,980     39,261    426,285     36,409     56,248     92,391    192,186     82,654     32,423     16,964     31,481     90,175    151,503
Reverse repurchase agreements14    267,602      5,413    164,244      6,411      5,843     14,956     14,793     10,937      3,301      1,640      3,525      8,154     28,385
Deposits 2,842,072     53,409 2,030,175     62,876     40,791    131,999     42,547     75,315      7,510      6,356     22,882     38,429    329,783
Term deposits held by depository institutions          0          0          0          0          0          0          0          0          0          0          0          0          0
Other deposits held by depository institutions 2,788,954     53,397 1,977,410     62,837     40,788    131,731     42,538     75,306      7,510      6,355     22,881     38,428    329,774
U.S. Treasury, General Account     31,872          0     31,872          0          0          0          0          0          0          0          0          0          0
Foreign official      5,241          2      5,214          3          3          8          2          1          0          0          0          1          6
Other15     16,004         11     15,679         36          0        260          7          7          0          0          1          0          3
Deferred availability cash items        721          0          0          0          0          0        611          0          0        110          0          0          0
Interest on Federal Reserve notes due
to U.S. Treasury16
     1,693         19      1,199         20         10         23         86         73         20         12         20         54        155
Other liabilities and accrued
dividends17
     5,000        167      2,179        211        208        544        361        282        142        118        126        208        454
Total liabilities 4,365,067     98,270 2,624,083    105,927    103,101    239,913    250,583    169,261     43,395     25,200     58,034    137,021    510,279
Capital
Capital paid in     28,170      1,282      9,193      2,093      2,221      5,773      1,608        763        252        117        295        474      4,099
Surplus     28,170      1,282      9,193      2,093      2,221      5,773      1,608        763        252        117        295        474      4,099
Other capital          0          0          0          0          0          0          0          0          0          0          0          0          0
Total liabilities and capital 4,421,408    100,833 2,642,468    110,114    107,543    251,460    253,799    170,787     43,900     25,434     58,623    137,969    518,478

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation below.
8. Refer to table 5 and the note on consolidation below.
9. Refer to table 6 and the note on consolidation below.
10. Refer to table 7 and the note on consolidation below.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Revalued daily at current foreign currency exchange rates.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
16. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank’s net earnings are not sufficient to equate surplus to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the Federal Reserve Bank’s earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy, which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends, and the amount necessary to equate surplus with capital paid-in.
17. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation below.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended under the Term Asset-Backed Securities Loan Facility.

The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table (and table 1 and table 8).

10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Federal Reserve notes and collateral Wednesday
Sep 10, 2014
Federal Reserve notes outstanding 1,443,974
Less: Notes held by F.R. Banks not subject to collateralization    195,994
Federal Reserve notes to be collateralized 1,247,980
Collateral held against Federal Reserve notes 1,247,980
Gold certificate account     11,037
Special drawing rights certificate account      5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,231,743
Other assets pledged          0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,160,521
Less: Face value of securities under reverse repurchase agreements    257,508
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,903,013

Note: Components may not sum to totals because of rounding.

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

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Peter Brimelow — Alien Nation: Common Sense About America’s Immigration Disaster — Videos

Posted on July 21, 2014. Filed under: American History, Blogroll, Books, British History, Business, Catholic Church, Communications, Computers, Demographics, Diasters, Economics, Employment, Family, Federal Government, Foreign Policy, Freedom, Friends, government spending, history, Illegal, Immigration, IRS, Islam, Language, Law, Legal, liberty, Life, Links, Literacy, media, Medicine, Natural Gas, Non-Fiction, Oil, People, Philosophy, Photos, Politics, Press, Psychology, Public Sector, Rants, Raves, Regulations, Religion, Resources, Reviews, Security, Shite, Strategy, Sunni, Talk Radio, Taxes, Technology, Terrorism, Unemployment, Unions, Video, War, Water, Wealth, Weather, Welfare, Wisdom | Tags: , , , , , , , |

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peter_brimelow

VDARE.com

What Price Mass Immigration – Peter Brimelow Introduction

 

Peter Brimelow of VDare on How Republican Party Has to be More White

Alien Nation: America’s Immigration Disaster

Mr. Brimelow discussed his book Alien Nation: Common Sense About America’s Immigration Disaster, published by Random House. The book focuses on U.S. immigration policy and cycles of control on immigration. Mr. Brimelow argues that legislation passed in 1965 has resulted in negative trends in immigration to the United States, including an influx of immigrants from a very few countries that he says are engulfing America. The author says that the latest immigration wave consists of immigrants who are less educated, less skilled, and less likely to share American ideals, which he argues is a detriment to American culture.

Peter Brimelow Reflects on Immigration in America, Post-Alien Nation

Michael Coren Interviews Peter Brimelow

Peter Brimelow, Immigration Road to Hell

Peter Brimelow speaks CPAC 2012

Inequality and Immigration (1 of 3)

Inequality and Immigration (2 of 3)

Inequality & Immigration (3 of 3)

Peter Brimelow On Western Culture At The Thomas Jefferson Club

The Libertarian Case Against Open Immigration | Peter Brimelow

Related Articles and Videos

George J. Borjas: Costs of Immigration – Economics Roundtable

 

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State and Central Banking: Killing and Fleecing The People Massively — Financing War — Videos

Posted on June 18, 2014. Filed under: American History, Banking, Blogroll, Communications, Constitution, Diasters, Economics, Education, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Genocide, government, government spending, history, History of Economic Thought, Investments, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, Microeconomics, Monetary Policy, Money, People, Philosophy, Rants, Raves, Regulations, Resources, Tax Policy, Taxes, Technology, Unemployment, Video, War, Wealth, Weapons, Welfare, Wisdom | Tags: , , , , , |

lew_rockwell

lew_rockwell

Mises

War and the Fed | Lew Rockwell

Lew Rockwell explains how the Federal Reserve Enables War, Empire, and Destroys the Middle Class

Economics and Moral Courage | Llewellyn H. Rockwell, Jr.

The Misesian Vision | Llewellyn H. Rockwell, Jr.

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Producers vs. Moochers: Obama’s Execution of The Cloward-Piven Strategy: Food Stamps, Medicaid, Welfare, Disability Benefits, Earned Income Credits, Obamacare, Student Loans, Veterans Administration, Open Borders, Massive Deficits and Debts, Unsustainable Unfunded Liabilities, High Unemployment Rates — Legal Status — Amnesty — Citizenship for 30-50 Million Illegal Aliens — Overloading The Welfare System — Democratic Progressive Party Tyranny — Obama’s Unconstrained Utopian Vision– Videos

Posted on June 12, 2014. Filed under: American History, Blogroll, Communications, Crisis, Diasters, Economics, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Food, Freedom, Friends, government spending, Health Care, history, Inflation, liberty, Life, Literacy, media, Obamacare, People, Philosophy, Politics, Public Sector, Rants, Raves, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Terrorism, Unions, Video, Welfare | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 276: June 10, 2014

Pronk Pops Show 275: June 9, 2014

Pronk Pops Show 274: June 6, 2014

Pronk Pops Show 273: June 5, 2014

Pronk Pops Show 272: June 4, 2014

Pronk Pops Show 271: June 2, 2014

Pronk Pops Show 270: May 30, 2014 

Pronk Pops Show 269: May 29, 2014

Pronk Pops Show 268: May 28, 2014

Pronk Pops Show 267: May 27, 2014

Pronk Pops Show 266: May 23, 2014

Pronk Pops Show 265: May 22, 2014

Pronk Pops Show 264: May 21, 2014

Pronk Pops Show 263: May 20, 2014

Pronk Pops Show 262: May 16, 2014

Pronk Pops Show 261: May 15, 2014

Pronk Pops Show 260: May 14, 2014

Pronk Pops Show 259: May 13, 2014

Pronk Pops Show 258: May 9, 2014

Pronk Pops Show 257: May 8, 2014

Pronk Pops Show 256: May 5, 2014

Pronk Pops Show 255: May 2, 2014

Pronk Pops Show 254: May 1, 2014

Pronk Pops Show 253: April 30, 2014

Pronk Pops Show 252: April 29, 2014

Pronk Pops Show 251: April 28, 2014

Pronk Pops Show 250: April 25, 2014

Pronk Pops Show 249: April 24, 2014

Pronk Pops Show 248: April 22, 2014

Pronk Pops Show 247: April 21, 2014

Pronk Pops Show 246: April 17, 2014

Pronk Pops Show 245: April 16, 2014

Pronk Pops Show 244: April 15, 2014

Pronk Pops Show 243: April 14, 2014

Pronk Pops Show 242: April 11, 2014

Pronk Pops Show 241: April 10, 2014

Pronk Pops Show 240: April 9, 2014

Pronk Pops Show 239: April 8, 2014

Pronk Pops Show 238: April 7, 2014

Pronk Pops Show 237: April 4, 2014

Pronk Pops Show 236: April 3, 2014

Pronk Pops Show 235: March 31, 2014

Pronk Pops Show 234: March 28, 2014

Pronk Pops Show 233: March 27, 2014

Pronk Pops Show 232: March 26, 2014

Pronk Pops Show 231: March 25, 2014

Pronk Pops Show 230: March 24, 2014

Pronk Pops Show 229: March 21, 2014

Pronk Pops Show 228: March 20, 2014

Pronk Pops Show 227: March 19, 2014

Pronk Pops Show 226: March 18, 2014

Pronk Pops Show 225: March 17, 2014

Pronk Pops Show 224: March 7, 2014

Pronk Pops Show 223: March 6, 2014

Pronk Pops Show 222: March 3, 2014

 Story 1:Producers vs. Moochers:  Obama’s Execution of The Cloward-Piven Strategy: Food Stamps, Medicaid, Welfare, Disability Benefits, Earned Income Credits, Obamacare, Student Loans, Veterans Administration, Open Borders, Massive Deficits and Debts, Unsustainable Unfunded Liabilities,   High Unemployment Rates — Legal Status — Amnesty — Citizenship for 30-50 Million Illegal Aliens — Overloading The Welfare System — Democratic Progressive Party Tyranny — Obama’s Unconstrained Utopian Vision– Videos

cloward-piven

cloward-and-piven

Cloward-Piven

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rules-for-radicals

obama-read

obama_rules_radicals

rules_radicals

barack-meme-generator-using-cloward-piven-usa-will-be-bankrupt-and-ripe-for-communist-revolutionrules-for-radicals (1)

the-cloward-piven-model-spendgali-politics

Saul Alinsky’s 12 Rules for Radicals

Here is the complete list from Alinsky.

* RULE 1: “Power is not only what you have, but what the enemy thinks you have.” Power is derived from 2 main sources – money and people. “Have-Nots” must build power from flesh and blood. (These are two things of which there is a plentiful supply. Government and corporations always have a difficult time appealing to people, and usually do so almost exclusively with economic arguments.)
* RULE 2: “Never go outside the expertise of your people.” It results in confusion, fear and retreat. Feeling secure adds to the backbone of anyone. (Organizations under attack wonder why radicals don’t address the “real” issues. This is why. They avoid things with which they have no knowledge.)
* RULE 3: “Whenever possible, go outside the expertise of the enemy.” Look for ways to increase insecurity, anxiety and uncertainty. (This happens all the time. Watch how many organizations under attack are blind-sided by seemingly irrelevant arguments that they are then forced to address.)
* RULE 4: “Make the enemy live up to its own book of rules.” If the rule is that every letter gets a reply, send 30,000 letters. You can kill them with this because no one can possibly obey all of their own rules. (This is a serious rule. The besieged entity’s very credibility and reputation is at stake, because if activists catch it lying or not living up to its commitments, they can continue to chip away at the damage.)
* RULE 5: “Ridicule is man’s most potent weapon.” There is no defense. It’s irrational. It’s infuriating. It also works as a key pressure point to force the enemy into concessions. (Pretty crude, rude and mean, huh? They want to create anger and fear.)
* RULE 6: “A good tactic is one your people enjoy.” They’ll keep doing it without urging and come back to do more. They’re doing their thing, and will even suggest better ones. (Radical activists, in this sense, are no different that any other human being. We all avoid “un-fun” activities, and but we revel at and enjoy the ones that work and bring results.)
* RULE 7: “A tactic that drags on too long becomes a drag.” Don’t become old news. (Even radical activists get bored. So to keep them excited and involved, organizers are constantly coming up with new tactics.)
* RULE 8: “Keep the pressure on. Never let up.” Keep trying new things to keep the opposition off balance. As the opposition masters one approach, hit them from the flank with something new. (Attack, attack, attack from all sides, never giving the reeling organization a chance to rest, regroup, recover and re-strategize.)
* RULE 9: “The threat is usually more terrifying than the thing itself.” Imagination and ego can dream up many more consequences than any activist. (Perception is reality. Large organizations always prepare a worst-case scenario, something that may be furthest from the activists’ minds. The upshot is that the organization will expend enormous time and energy, creating in its own collective mind the direst of conclusions. The possibilities can easily poison the mind and result in demoralization.)
* RULE 10: “If you push a negative hard enough, it will push through and become a positive.” Violence from the other side can win the public to your side because the public sympathizes with the underdog. (Unions used this tactic. Peaceful [albeit loud] demonstrations during the heyday of unions in the early to mid-20th Century incurred management’s wrath, often in the form of violence that eventually brought public sympathy to their side.)
* RULE 11: “The price of a successful attack is a constructive alternative.” Never let the enemy score points because you’re caught without a solution to the problem. (Old saw: If you’re not part of the solution, you’re part of the problem. Activist organizations have an agenda, and their strategy is to hold a place at the table, to be given a forum to wield their power. So, they have to have a compromise solution.)
* RULE 12: Pick the target, freeze it, personalize it, and polarize it.” Cut off the support network and isolate the target from sympathy. Go after people and not institutions; people hurt faster than institutions. (This is cruel, but very effective. Direct, personalized criticism and ridicule works.)

dependencyrulers

cycle of government dependency

John Stossel – A Nation Of Moochers

John Stossel – Serious Crony Capitalism

How Crony Capitalism Corrupts the Free Market | David Stockman

David Stockman on TARP, the Fed, Ron Paul and Reagan [FULL VERSION]

The Forgotten Cause of Sound Money | David Stockman

Carmen Reinhart on Financial Crisis and Fiscal Policy

Kenneth Rogoff – Why Austerity is right & Growth is critical (19.12.12)

Record Number Of Americans Receiving Disability Benefits – Stuart Varney – America’s Newsroom

Number Of People On Food Stamps Up 70% Since 2008 – America’s News HQ

Economics 101-The Dangers Of Government Dependency

Opinion: The Government Dependency Trap

Land of The Freebies, Home of the Enslaved

Is Government Dependence the New American Way – Working Doesn’t Pay

Welfare fraud investigation

Mark Levin: The Cloward Piven & Obama strategy

Matthew Vadum on Glenn Beck Program, May 28, 2009 (replayed June 4, 2009)

Glenn Beck Learns About Cloward-Piven Strategy of Orchestrated Crisis

The Cloward/Piven Strategy 1

The Cloward/Piven Strategy 2

The Cloward/Piven Strategy 3

The Cloward/Piven Strategy 4

The Cloward/Piven Strategy 5

The Cloward/Piven Strategy 6

Frances Fox Piven’s opinion of Glenn Beck

Professor Frances Fox Piven on Glenn Beck targeting her

Saul Alinsky speaking at UCLA 1/17/1969

Alinsky for Dummies (Mr. Joseph A. Morris – Acton Institute)

02-05-13 Macro Analytics – The Cloward Piven Strategy

What In The World Is Cloward-PIven (and is it working?)

The End of America….The Cloward-Piven Strategy

complete cloward piven strategy project

Cloward Piven Strategy

Fall 2010 Marc Sumerlin Lecture Series Featuring Prof. Carmen Reinhart

MILTON FRIEDMAN-what alinsky never told obama..

Milton Friedman Versus A Socialist

Thomas Sowell – Frances Fox Piven vs. Milton Friedman

Obama’s Vision for America by Thomas Sowell!

Thomas Sowell and a Conflict of Visions

Blues Brothers – Minnie the Moocher (Cab Calloway)

 

Barack Obama and the Strategy of Manufactured Crisis

America waits with bated breath while Washington struggles to bring the U.S. economy back from the brink of disaster. But many of those same politicians caused the crisis, and if left to their own devices will do so again.

Despite the mass media news blackout, a series of books, talk radio and the blogosphere have managed to expose Barack Obama’s connections to his radical mentors — Weather Underground bombers William Ayers and Bernardine Dohrn, Communist Party member Frank Marshall Davis and others. David Horowitz and his Discover the Networks.org have also contributed a wealth of information and have noted Obama’s radical connections since the beginning.
Yet, no one to my knowledge has yet connected all the dots between Barack Obama and the Radical Left. When seen together, the influences on Obama’s life comprise a who’s who of the radical leftist movement, and it becomes painfully apparent that not only is Obama a willing participant in that movement, he has spent most of his adult life deeply immersed in it.
But even this doesn’t fully describe the extreme nature of this candidate. He can be tied directly to a malevolent overarching strategy that has motivated many, if not all, of the most destructive radical leftist organizations in the United States since the 1960s.
The Cloward-Piven Strategy of Orchestrated Crisis
In an earlier post, I noted the liberal record of unmitigated legislative disasters, the latest of which is now being played out in the financial markets before our eyes. Before the 1994 Republican takeover, Democrats had sixty years of virtually unbroken power in Congress – with substantial majorities most of the time. Can a group of smart people, studying issue after issue for years on end, with virtually unlimited resources at their command, not come up with a single policy that works? Why are they chronically incapable?
Why?
One of two things must be true. Either the Democrats are unfathomable idiots, who ignorantly pursue ever more destructive policies despite decades of contrary evidence, or they understand the consequences of their actions and relentlessly carry on anyway because they somehow benefit.
I submit to you they understand the consequences. For many it is simply a practical matter of eliciting votes from a targeted constituency at taxpayer expense; we lose a little, they gain a lot, and the politician keeps his job. But for others, the goal is more malevolent – the failure is deliberate. Don’t laugh. This method not only has its proponents, it has a name: the Cloward-Piven Strategy. It describes their agenda, tactics, and long-term strategy.
The Strategy was first elucidated in the May 2, 1966 issue of The Nation magazine by a pair of radical socialist Columbia University professors, Richard Andrew Cloward and Frances Fox Piven. David Horowitz summarizes it as:
The strategy of forcing political change through orchestrated crisis. The “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse.
Cloward and Piven were inspired by radical organizer [and Hillary Clinton mentor] Saul Alinsky:
“Make the enemy live up to their (sic) own book of rules,” Alinsky wrote in his 1989 book Rules for Radicals. When pressed to honor every word of every law and statute, every Judeo-Christian moral tenet, and every implicit promise of the liberal social contract, human agencies inevitably fall short. The system’s failure to “live up” to its rule book can then be used to discredit it altogether, and to replace the capitalist “rule book” with a socialist one. (Courtesy Discover the Networks.org)
Newsmax rounds out the picture:
Their strategy to create political, financial, and social chaos that would result in revolution blended Alinsky concepts with their more aggressive efforts at bringing about a change in U.S. government. To achieve their revolutionary change, Cloward and Piven sought to use a cadre of aggressive organizers assisted by friendly news media to force a re-distribution of the nation’s wealth.
In their Nation article, Cloward and Piven were specific about the kind of “crisis” they were trying to create:
By crisis, we mean a publicly visible disruption in some institutional sphere. Crisis can occur spontaneously (e.g., riots) or as the intended result of tactics of demonstration and protest which either generate institutional disruption or bring unrecognized disruption to public attention.
No matter where the strategy is implemented, it shares the following features:
  1. The offensive organizes previously unorganized groups eligible for government benefits but not currently receiving all they can.
  2. The offensive seeks to identify new beneficiaries and/or create new benefits.
  3. The overarching aim is always to impose new stresses on target systems, with the ultimate goal of forcing their collapse.
Capitalizing on the racial unrest of the 1960s, Cloward and Piven saw the welfare system as their first target. They enlisted radical black activist George Wiley, who created the National Welfare Reform Organization (NWRO) to implement the strategy. Wiley hired militant foot soldiers to storm welfare offices around the country, violently demanding their “rights.” According to a City Journal article bySol Stern, welfare rolls increased from 4.3 million to 10.8 million by the mid-1970s as a result, and in New York City, where the strategy had been particularly successful, “one person was on the welfare rolls… for every two working in the city’s private economy.”
According to another City Journal article titled “Compassion Gone Mad“:
The movement’s impact on New York City was jolting: welfare caseloads, already climbing 12 percent a year in the early sixties, rose by 50 percent during Lindsay’s first two years; spending doubled… The city had 150,000 welfare cases in 1960; a decade later it had 1.5 million.  
The vast expansion of welfare in New York City that came of the NWRO’s Cloward-Piven tactics sent the city into bankruptcy in 1975. Rudy Giuliani citedCloward and Piven by name as being responsible for “an effort at economic sabotage.” He also credited Cloward-Piven with changing the cultural attitude toward welfare from that of a temporary expedient to a lifetime entitlement, an attitude which in-and-of-itself has caused perhaps the greatest damage of all.
Cloward and Piven looked at this strategy as a gold mine of opportunity. Within the newly organized groups, each offensive would find an ample pool of foot soldier recruits willing to advance its radical agenda at little or no pay, and expand its base of reliable voters, legal or otherwise. The radicals’ threatening tactics also would accrue an intimidating reputation, providing a wealth of opportunities for extorting monetary and other concessions from the target organizations. In the meantime, successful offensives would create an ever increasing drag on society. As they gleefully observed:
Moreover, this kind of mass influence is cumulative because benefits are continuous. Once eligibility for basic food and rent grants is established, the drain on local resources persists indefinitely.
The next time you drive through one of the many blighted neighborhoods in our cities, or read of the astronomical crime, drug addiction, and out-of-wedlock birth rates, or consider the failed schools, strapped police and fire resources of every major city, remember Cloward and Piven’s thrill that “…the drain on local resources persists indefinitely.”
ACORN, the new tip of the Cloward-Piven spear
In 1970, one of George Wiley’s protégés, Wade Rathke — like Bill Ayers, a member of the radical Students for a Democratic Society (SDS) — was sent to found the Arkansas Community Organizations for Reform Now. While NWRO had made a good start, it alone couldn’t accomplish the Cloward-Piven goals. Rathke’s group broadened the offensive to include a wide array of low income “rights.” Shortly thereafter they changed “Arkansas” to “Association of” andACORN went nationwide.
Today ACORN is involved in a wide array of activities, including housing, voting rights, illegal immigration and other issues. According to ACORN’s website: “ACORN is the nation’s largest grassroots community organization of low-and moderate-income people with over 400,000 member families organized into more than 1,200 neighborhood chapters in 110 cities across the country,” It is perhaps the largest radical group in the U.S. and has been cited for widespread criminal activity on many fronts.
Voting
On voting rights, ACORN and its voter mobilization subsidiary, Project Vote, have been involved nationwide in efforts to grant felons the vote and lobbied heavily for the Motor Voter Act of 1993, a law allowing people to register at motor vehicle departments, schools, libraries and other public places. That law had been sought by Cloward and Piven since the early1980s and they were present, standing behind President Clinton at the signing ceremony.
ACORN’s voter rights tactics follow the Cloward-Piven Strategy:
  • 1. Register as many Democrat voters as possible, legal or otherwise and help them vote, multiple times if possible.
  • 2. Overwhelm the system with fraudulent registrations using multiple entries of the same name, names of deceased, random names from the phone book, even contrived names.
  • 3. Make the system difficult to police by lobbying for minimal identification standards.
In this effort, ACORN sets up registration sites all over the country and has beenfrequently cited for turning in fraudulent registrations, as well as destroying republican applications. In the 2004-2006 election cycles alone, ACORN was accused of widespread voter fraud in 12 states. It may have swung the election for one state governor.
ACORN’s website brags: “Since 2004, ACORN has helped more than 1.7 million low- and moderate-income and minority citizens apply to register to vote.” Project vote boasts 4 million. I wonder how many of them are dead? For the 2008 cycle, ACORN and Project Vote have pulled out all the stops. Given their furious nationwide effort, it is not inconceivable that this presidential race could be decided by fraudulent votes alone.
Barack Obama ran ACORN’s Project Vote in Chicago and his highly successful voter registration drive was credited with getting the disgraced former Senator Carol Moseley-Braun elected. Newsmax reiterates Cloward and Piven’s aspirations for ACORN’s voter registration efforts:
By advocating massive, no-holds-barred voter registration campaigns, they [Cloward & Piven] sought a Democratic administration in Washington, D.C. that would re-distribute the nation’s wealth and lead to a totalitarian socialist state.
Illegal Immigration
As I have written elsewhere, the Radical Left’s offensive to promote illegal immigration is “Cloward-Piven on steroids.” ACORN is at the forefront of this movement as well, and was a leading organization among a broad coalition of radical groups, including Soros’ Open Society Institute, the Service Employees International Union (ACORN founder Wade Rathke also runs a SEIU chapter), and others, that became the Coalition for Comprehensive Immigration Reform. CCIR fortunately failed to gain passage for the 2007 illegal immigrant amnesty bill, but its goals have not changed.
The burden of illegal immigration on our already overstressed welfare system has been widely documented. Some towns in California have even been taken over byillegal immigrant drug cartels. The disease, crime and overcrowding brought by illegal immigrants places a heavy burden on every segment of society and every level of government, threatening to split this country apart at the seams. In the meantime, radical leftist efforts to grant illegal immigrants citizenship guarantee a huge pool of new democrat voters. With little border control, terrorists can also filter in.
Obama aided ACORN as their lead attorney in a successful suit he broughtagainst the Illinois state government to implement the Motor Voter law there. The law had been resisted by Republican Governor Jim Edgars, who feared the law was an opening to widespread vote fraud.
His fears were warranted as the Motor Voter law has since been cited as a major opportunity for vote fraud, especially for illegal immigrants, even terrorists.According to the Wall Street JournalAfter 9/11, the Justice Department found that eight of the 19 hijackers were registered to vote…”
ACORN’s dual offensives on voting and illegal immigration are handy complements. Both swell the voter rolls with reliable democrats while assaulting the country ACORN seeks to destroy with overwhelming new problems.
Mortgage Crisis
And now we have the mortgage crisis, which has sent a shock wave through Wall Street and panicked world financial markets like no other since the stock market crash of 1929. But this is a problem created in Washington long ago.  It originated with the Community Reinvestment Act (CRA), signed into law in 1977 by President Jimmy Carter. The CRA was Carter’s answer to a grassroots activist movement started in Chicago, and forced banks to make loans to low income, high risk customers. PhD economist and former Texas Senator Phil Gramm has called it: “a vast extortion scheme against the nation’s banks.”
ACORN aggressively sought to expand loans to low income groups using the CRA as a whip. Economist Stan Leibowitz wrote in the New York Post:
In the 1980s, groups such as the activists at ACORN began pushing charges of “redlining”-claims that banks discriminated against minorities in mortgage lending. In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants; this allowed various studies to be ginned up that seemed to validate the original accusation.
In fact, minority mortgage applications were rejected more frequently than other applications-but the overwhelming reason wasn’t racial discrimination, but simply that minorities tend to have weaker finances.
ACORN showed its colors again in 1991, by taking over the House Banking Committee room for two days to protest efforts to scale back the CRA.Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining.  Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront. Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively.
As a New York Post article describes it:
A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.
Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.
Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with “100 percent financing . . . no credit scores . . . undocumented income . . . even if you don’t report it on your tax returns.” Credit counseling is required, of course.
Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed “the most flexible underwriting criteria permitted.” That lender’s $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999and $600 billion by early 2003.
The lender they were speaking of was Countrywide, which specialized in subprime lending and had a working relationship with ACORN.
The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical “housing rights” groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. (Emphasis, mine.)
Since these loans were to be underwritten by the government sponsored Fannie Mae and Freddie Mac, the implicit government guarantee of those loans absolved lenders, mortgage bundlers and investors of any concern over the obvious risk. As Bloomberg reported: “It is a classic case of socializing the risk while privatizing the profit.”
And if you think Washington policy makers cared about ACORN’s negative influence, think again. Before this whole mess came down, a Democrat-sponsored bill on the table would have created an “Affordable Housing Trust Fund,” granting ACORN access to approximately $500 million in Fannie Mae and Freddie Mac revenues with little or no oversight.
Even now, unbelievably — on the brink of national disaster — Democrats have insisted ACORN benefit from bailout negotiations! Senator Lindsay Graham reported last night (9/25/08) in an interview with Greta Van Susteren of On the Record that Democrats want 20 percent of the bailout money to go to ACORN!
This entire fiasco represents perhaps the pinnacle of ACORN’s efforts to advance the Cloward-Piven Strategy and is a stark demonstration of the power they wield in Washington.
Enter Barack Obama
In attempting to capture the significance of Barack Obama’s Radical Left connections and his relation to the Cloward Piven strategy, I constructed following flow chart. It is by no means complete. There are simply too many radical individuals and organizations to include them all here. But these are perhaps the most significant.

Cloward Piven Strategy

The chart puts Barack Obama at the epicenter of an incestuous stew of American radical leftism. Not only are his connections significant, they practically define who he is. Taken together, they constitute a who’s who of the American radical left, and guiding all is the Cloward-Piven strategy.

Conspicuous in their absence are any connections at all with any other group, moderate, or even mildly leftist. 
They are all radicals, firmly bedded in the anti-American, communist, socialist, radical leftist mesh.
Saul Alinsky
Most people are unaware that Barack Obama received his training in “community organizing” from Saul Alinsky’s Industrial Areas Foundation. But he did. In and of itself that marks his heritage and training as that of a radical activist. One really needs go no further. But we have.
Bill Ayers
Obama objects to being associated with SDS bomber Bill Ayers, claiming he is being smeared with “guilt by association.” But they worked together at theWoods Fund. The Wall Street Journal added substantially to our knowledge by describing in great detail Obama’s work over five years with SDS bomber Bill Ayers on the board of a non-profit, the Chicago Annenberg Challenge, to push a radical agenda on public school children. As Stanley Kurtz states:
“…the issue here isn’t guilt by association; it’s guilt by participation. As CAC chairman, Mr. Obama was lending moral and financial support to Mr. Ayers and his radical circle. That is a story even if Mr. Ayers had never planted a single bomb 40 years ago.”
Also included in the mix is Theresa Heinz Kerry’s favorite charity, the Tides Foundation. A partial list of Tides grants tells you all you need to know: ACLU, ACORN, Center for American Progress, Center for Constitutional Rights (a communist front,) CAIR, Earth Justice, Institute for Policy Studies (KGB spy nest), National Lawyers Guild (oldest communist front in U.S.), People for the Ethical Treatment of Animals (PETA), and practically every other radical group there is. ACORN’s Wade Rathke runs a Tides subsidiary, the Tides Center.
Carl Davidson and the New Party
We have heard about Bomber Bill, but we hear little about fellow SDS memberCarl Davidson. According to Discover the Networks, Davidson was an early supporter of Barack Obama and a prominent member of Chicago’s New Party, a synthesis of CPUSA members, Socialists, ACORN veterans and other radicals. Obama sought and received the New Party’s endorsement, and they assisted with his campaign. The New Party also developed a strong relationship with ACORN. As an excellent article on the New Party observes: “Barack Obama knew what he was getting into and remains an ideal New Party candidate.”
George Soros
The chart also suggests the reason for George Soros’ fervent support of Obama. The President of his Open Society Institute is Aryeh Neier, founder of the radical Students for a Democratic Society (SDS). As mentioned above, three other former SDS members had extensive contact with Obama: Bill Ayers, Carl Davidson and Wade Rathke. Surely Aryeh Neier would have heard from his former colleagues of the promising new politician. More to the point, Neier is firmly committed to supporting the hugely successful radical organization, ACORN, and would be certain back their favored candidate, Barack Obama.
ACORN
Obama has spent a large portion of his professional life working for ACORN or its subsidiaries, representing ACORN as a lawyer on some of its most critical issues, and training ACORN leaders. Stanley Kurtz’s excellent National Review article, “Inside Obama’s Acorn.” also describes Obama’s ACORN connection in detail. But I can’t improve on Obama’s own words:
I’ve been fighting alongside ACORN on issues you care about my entire career (emphasis added). Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work. - Barack Obama, Speech to ACORN, November 2007 (Courtesy Newsmax.)
In another excellent article on Obama’s ACORN connections, Newsmax asks a nagging question:
It would be telling to know if Obama, during his years at Columbia, had occasion to meet Cloward and study the Cloward-Piven Strategy.
I ask you, is it possible ACORN would train Obama to take leadership positions within ACORN without telling him what he was training for? Is it possible ACORN would put Obama in leadership positions without clueing him into what his purpose was?? Is it possible that this most radical of organizations would put someone in charge of training its trainers, without him knowing what it was he was training them for?
As a community activist for ACORN; as a leadership trainer for ACORN; as alead organizer for ACORN’s Project Vote; as an attorney representing ACORN’s successful efforts to impose Motor Voter regulations in Illinois; as ACORN’s representative in lobbying for the expansion of high risk housing loans through Fannie Mae and Freddie Mac that led to the current crisis; as a recipient of their assistance in his political campaigns — both with money and campaign workers; it is doubtful that he was unaware of ACORN’s true goals. It is doubtful he was unaware of the Cloward-Piven Strategy.
Fast-forward to 2005 when an obsequious, servile and scraping Daniel Mudd, CEO of Fannie Mae spoke at the Congressional Black Caucus swearing in ceremony for newly-elected Illinois Senator, Barack Obama. Mudd called, the Congressional Black Caucus “our family” and “the conscience of Fannie Mae.”
In 2005, Republicans sought to rein in Fannie and Freddie. Senator John McCain was at the forefront of that effort. But it failed due to an intense lobbying effort put forward by Fannie and Freddie.
In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?
His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.
Johnson had to step down as adviser on Obama’s V.P. search after this gem came out:
An Office of Federal Housing Enterprise Oversight (OFHEO) report[1] from September 2004 found that, during Johnson’s tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998.[2] A 2006 OFHEO report[3] found that Fannie Mae had substantially under-reported Johnson’s compensation. Originally reported as $6-7 million, Johnson actually received approximately $21 million.
Obama denies ties to Raines but the Washington Post calls him a member of “Obama’s political circle.” Raines and Johnson were fined $3 million by the Office of Federal Housing Oversight for their manipulation of Fannie books. The fine is small change however, compared to the $50 million Raines was able to obtain in improper bonuses as a result of juggling the books.
Most significantly, Penny Pritzker, the current Finance Chairperson of Obama’s presidential campaign helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as shareholder and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in uninsured life savings of approximately 1,400 customers. She was named in a RICO class action law suit but doesn’t seem to have come out of it too badly.
As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.
Did they not know this would occur? Were these smart people, led by a Harvard graduate, unaware of the Econ 101 concept of moral hazard that would result from the government making implicit guarantees to underwrite private sector financial risk? They should have known that freeing the high-risk mortgage market of risk, calamity was sure to ensue. I think they did.
Barack Obama, the Cloward-Piven candidate, no matter how he describes himself, has been a radical activist for most of his political career. That activism has been in support of organizations and initiatives that at their heart seek to tear the pillars of this nation asunder in order to replace them with their demented socialist vision. Their influence has spread so far and so wide that despite their blatant culpability in the current financial crisis, they are able to manipulate Capital Hill politicians to cut them into $140 billion of the bailout pie!
God grant those few responsible yet remaining in Washington, DC the strength to prevent this massive fraud from occurring. God grant them the courage to stand up in the face of this Marxist tidal wave.

The Cloward-Piven Strategy Explained

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Editors Note: Shortly after becoming part of a local Tea Party Group, I became aware of something called The Cloward-Piven Strategy. After researching this topic extensively, I discovered an article written in September, 2008 BEFORE Barack Obama was elected President. The article was written by James Simpson and originally posted at American Thinker. Here’s a link to the original post if you’d like to check it out. Mr. Simpson has graciously given us permission to repost the article here and will be contributing other material to this site in the future. We are looking forward to his further investigations! As far was TeaPartyConnect.com is concerned, this article should be required reading for all Tea Party members.
TheGuru

The Cloward-Piven Strategy, Part II:
Barack Obama and the Strategy of Manufactured Crisis

America waits with bated breath while Washington struggles to bring the U.S. economy back from the brink of disaster. But many of those same politicians caused the crisis, and if left to their own devices will do so again.

Despite the mass media news blackout, a series of books, talk radio and the blogosphere have managed to expose Barack Obama’s connections to his radical mentors – Weather Underground bombers William Ayers and Bernardine Dohrn, Communist Party member Frank Marshall Davis and others. David Horowitz and his Discover the Networks.org have also contributed a wealth of information and have noted Obama’s radical connections since the beginning.

Yet, no one to my knowledge has connected all the dots between Barack Obama and the Radical Left. When seen together, the influences on Obama’s life comprise a who’s who of the radical leftist movement, and it becomes painfully apparent that not only is Obama a willing participant in that movement, he has spent most of his adult life deeply immersed in it.

But even this doesn’t fully describe the extreme nature of this candidate. He can be tied directly to a malevolent overarching strategy that has motivated many, if not all, of the most destructive radical leftist organizations in the United States since the 1960s.

The Cloward-Piven Strategy of Orchestrated Crisis

In an earlier post, I noted the liberal record of legislative disasters, the latest of which is now being played out in the financial markets before our eyes. Before the 1994 Republican takeover, Democrats had sixty years of virtually unbroken power in Congress – with substantial majorities most of the time. Can a group of smart people, studying issue after issue for years on end, with virtually unlimited resources at their command, not come up with a single policy that works? Why are they chronically incapable?

Why?

One of two things must be true. Either the Democrats are unfathomable idiots, who ignorantly pursue ever more destructive policies despite decades of contrary evidence, or they understand the consequences of their actions and relentlessly carry on anyway because they somehow benefit.

I submit to you they understand the consequences. For many it is simply a practical matter of eliciting votes from a targeted constituency at taxpayer expense; we lose a little, they gain a lot, and the politician keeps his job. But for others, the goal is more malevolent – the failure is deliberate. Don’t laugh. This method not only has its proponents, it has a name: the Cloward-Piven Strategy. It animates their agenda, tactics, and long-term strategy.

The Strategy was first elucidated in the May 2, 1966 issue of The Nation magazine by a pair of radical socialist Columbia University professors, Richard Andrew Cloward and Frances Fox Piven. David Horowitz summarizes it as:

The strategy of forcing political change through orchestrated crisis. The “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse.

Cloward and Piven were inspired by radical organizer [and Hillary Clinton mentor] Saul Alinsky:

“Make the enemy live up to their (sic) own book of rules,” Alinsky wrote in his 1989 book Rules for Radicals. When pressed to honor every word of every law and statute, every Judeo-Christian moral tenet, and every implicit promise of the liberal social contract, human agencies inevitably fall short. The system’s failure to “live up” to its rule book can then be used to discredit it altogether, and to replace the capitalist “rule book” with a socialist one. (Courtesy of Discover the Networks.org)

Newsmax rounds out the picture:

Their strategy to create political, financial, and social chaos that would result in revolution blended Alinsky concepts with their more aggressive efforts at bringing about a change in U.S. government. To achieve their revolutionary change, Cloward and Piven sought to use a cadre of aggressive organizers assisted by friendly news media to force a re-distribution of the nation’s wealth.

In their Nation article, Cloward and Piven were specific about the kind of “crisis” they were trying to create:

By crisis, we mean a publicly visible disruption in some institutional sphere. Crisis can occur spontaneously (e.g., riots) or as the intended result of tactics of demonstration and protest which either generate institutional disruption or bring unrecognized disruption to public attention.

 

No matter where the strategy is implemented, it shares the following features:

  • The offensive organizes previously unorganized groups eligible for government benefits but not currently receiving all they can.
  • The offensive seeks to identify new beneficiaries and/or create new benefits.
  • The overarching aim is always to impose new stresses on target systems, with the ultimate goal of forcing their collapse.

Capitalizing on the racial unrest of the 1960s, Cloward and Piven saw the welfare system as their first target. They enlisted radical black activist George Wiley, who created the National Welfare Rights Organization (NWRO) to implement the strategy. Wiley hired militant foot soldiers to storm welfare offices around the country, violently demanding their “rights.” According to a City Journal article by Sol Stern, welfare rolls increased from 4.3 million to 10.8 million by the mid-1970s as a result, and in New York City, where the strategy had been particularly successful, “one person was on the welfare rolls… for every two working in the city’s private economy.”

According to another City Journal article titled “Compassion Gone Mad”:

The movement’s impact on New York City was jolting: welfare caseloads, already climbing 12 percent a year in the early sixties, rose by 50 percent during Lindsay’s first two years; spending doubled… The city had 150,000 welfare cases in 1960; a decade later it had 1.5 million.

The vast expansion of welfare in New York City that came of the NWRO’s Cloward-Piven tactics sent the city into bankruptcy in 1975. Rudy Giuliani cited Cloward and Piven by name as being responsible for “an effort at economic sabotage.” He also credited Cloward-Piven with changing the cultural attitude toward welfare from that of a temporary expedient to a lifetime entitlement, an attitude which in-and-of-itself has caused perhaps the greatest damage of all.

Cloward and Piven looked at this strategy as a gold mine of opportunity. Within the newly organized groups, each offensive would find an ample pool of foot soldier recruits willing to advance its radical agenda at little or no pay, and expand its base of reliable voters, legal or otherwise. The radicals’ threatening tactics also would accrue an intimidating reputation, providing a wealth of opportunities for extorting monetary and other concessions from the target organizations. In the meantime, successful offensives would create an ever increasing drag on society. As they gleefully observed:

Moreover, this kind of mass influence is cumulative because benefits are continuous. Once eligibility for basic food and rent grants is established, the drain on local resources persists indefinitely.

The next time you drive through one of the many blighted neighborhoods in our cities, or read of the astronomical crime, drug addiction, and out-of-wedlock birth rates, or consider the failed schools, strapped police and fire resources of every major city, remember Cloward and Piven’s thrill that “…the drain on local resources persists indefinitely.”

ACORN, the new tip of the Cloward-Piven spear

In 1970, one of George Wiley’s protégés, Wade Rathke – like Bill Ayers, a member of the radical Students for a Democratic Society (SDS) – was sent to found the Arkansas Community Organizations for Reform Now. While NWRO had made a good start, it alone couldn’t accomplish the Cloward-Piven goals. Rathke’s group broadened the offensive to include a wide array of low income “rights.” Shortly thereafter they changed “Arkansas” to “Association of” and ACORN went nationwide.

Today ACORN is involved in a wide array of activities, including housing, voting rights, illegal immigration and other issues. According to ACORN’s website: “ACORN is the nation’s largest grassroots community organization of low- and moderate-income people with over 400,000 member families organized into more than 1,200 neighborhood chapters in 110 cities across the country,” It is perhaps the largest radical group in the U.S. and has been cited for widespread criminal activity on many fronts.

Voting

On voting rights, ACORN and its voter mobilization subsidiary, Project Vote, have been involved nationwide in efforts to grant felons the vote and lobbied heavily for the Motor Voter Act of 1993, a law allowing people to register at motor vehicle departments, schools, libraries and other public places. That law had been sought by Cloward and Piven since the early1980s and they were present, standing behind President Clinton at the signing ceremony.

ACORN’s voter rights tactics follow the Cloward-Piven Strategy:

  1. Register as many democrat voters as possible, legal or otherwise and help them vote, multiple times if possible.
  2. Overwhelm the system with fraudulent registrations using multiple entries of the same name, names of deceased, random names from the phone book, even contrived names.
  3. Make the system difficult to police by lobbying for minimal identification standards.

In this effort, ACORN sets up registration sites all over the country and has been frequently cited for turning in fraudulent registrations, as well as destroying republican applications. In the 2004-2006 election cycles alone, ACORN was accused of widespread voter fraud in 12 states. It may have swung the election for one state governor.

ACORN’s website brags:

“Since 2004, ACORN has helped more than 1.7 million low- and moderate-income and minority citizens apply to register to vote.”

Project Vote boasts 4 million. I wonder how many of them had a pulse. For the 2008 cycle, ACORN and Project Vote have pulled out all the stops. Given their furious nationwide effort, it is not inconceivable that this presidential race could be decided by fraudulent votes alone.

Barack Obama ran ACORN’s Project Vote in Chicago and his highly successful voter registration drive wascredited with getting the disgraced former Senator Carol Moseley-Braun elected. Newsmax reiteratesCloward and Piven’s aspirations for ACORN’s voter registration efforts:

By advocating massive, no-holds-barred voter registration campaigns, they [Cloward & Piven] sought a Democratic administration in Washington, D.C. that would re-distribute the nation’s wealth and lead to a totalitarian socialist state.

Illegal Immigration

As I have written elsewhere, the Radical Left’s offensive to promote illegal immigration is “Cloward-Piven on steroids.” ACORN is at the forefront of this movement as well, and was a leading organization among a broad coalition of radical groups, including Soros’ Open Society Institute, the Service Employees International Union (ACORN founder Wade Rathke also runs a SEIU chapter), and others, that became theCoalition for Comprehensive Immigration Reform. CCIR fortunately failed to gain passage for the 2007 illegal immigrant amnesty bill, but its goals have not changed.

The burden of illegal immigration on our already overstressed welfare system has been widely documented. Some towns in California have even been taken over by illegal immigrant drug cartels. The disease, crime and overcrowding brought by illegal immigrants places a heavy burden on every segment of society and every level of government, threatening to split this country apart at the seams. In the meantime, radical leftist efforts to grant illegal immigrants citizenship guarantee a huge pool of new democrat voters. With little border control, terrorists can also filter in.

Obama aided ACORN as their lead attorney in a successful suit he brought against the Illinois state government to implement the Motor Voter law there. The law had been resisted by Republican Governor Jim Edgars, who feared the law was an opening to widespread vote fraud.

His fears were warranted as the Motor Voter law has since been cited as a major opportunity for vote fraud, especially for illegal immigrants, even terrorists. According to the Wall Street Journal: “After 9/11, the Justice Department found that eight of the 19 hijackers were registered to vote…”

ACORN’s dual offensives on voting and illegal immigration are handy complements. Both swell the voter rolls with reliable democrats while assaulting the country ACORN seeks to destroy with overwhelming new problems.

Mortgage Crisis

And now we have the mortgage crisis, which has sent a shock wave through Wall Street and panicked world financial markets like no other since the stock market crash of 1929. But this is a problem created in Washington long ago. It originated with the Community Reinvestment Act (CRA), signed into law in 1977 by President Jimmy Carter. The CRA was Carter’s answer to a grassroots activist movement started in Chicago, and forced banks to make loans to low income, high risk customers. PhD economist and former Texas Senator Phil Gramm has called it: “a vast extortion scheme against the nation’s banks.”

ACORN aggressively sought to expand loans to low income groups using the CRA as a whip. EconomistStan Leibowitz wrote in the New York Post:

In the 1980s, groups such as the activists at ACORN began pushing charges of “redlining”—claims that banks discriminated against minorities in mortgage lending. In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants; this allowed various studies to be ginned up that seemed to validate the original accusation.

In fact, minority mortgage applications were rejected more frequently than other applications—but the overwhelming reason wasn’t racial discrimination, but simply that minorities tend to have weaker finances.

ACORN showed its colors again in 1991, by taking over the House Banking Committee room for two days to protest efforts to scale back the CRA. Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront. Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary,ACORN Housing, to promote subprime loans more aggressively. Barack Obama represented ACORN in this effort.

As a New York Post article describes it:

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.

Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with “100 percent financing . . . no credit scores . . . undocumented income . . . even if you don’t report it on your tax returns.” Credit counseling is required, of course.

Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed “the most flexible underwriting criteria permitted.” That lender’s $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003.

The lender they were speaking of was Countrywide – rescued by Bank of America in July – which specialized in subprime lending and had a working relationship with ACORN.

Investor’s Business Daily added:

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical “housing rights” groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. (Emphasis, mine.)

Since these loans were to be underwritten by the government sponsored Fannie Mae and Freddie Mac, the implicit government guarantee of those loans absolved lenders, mortgage bundlers and investors of any concern over the obvious risk. As Bloomberg reported: “It is a classic case of socializing the risk while privatizing the profit.”

And if you think Washington policy makers cared about ACORN’s negative influence, think again. Before this whole mess came down, a Democrat-sponsored bill on the table would have created an “Affordable Housing Trust Fund,” granting ACORN access to approximately $500 million in Fannie Mae and Freddie Mac revenues with little or no oversight.

Even now, unbelievably – on the brink of national disaster – Democrats have insisted ACORN benefit from bailout negotiations! Senator Lindsay Graham reported Thursday night (9/25/08) in an interview with Greta Van Susteren of On the Record that Democrats want 20 percent of the bailout money to go to ACORN!

This entire fiasco represents perhaps the pinnacle of ACORN’s efforts to advance the Cloward-Piven Strategy and is a stark demonstration of the power they wield in Washington.

Enter Barack Obama.

In attempting to capture the significance of Barack Obama’s Radical Left connections and his connection to the Cloward Piven strategy, I constructed following flow chart. It is by no means complete. There are simply too many radical individuals and organizations to include them all here. But these are perhaps the most significant.

The chart puts Barack Obama at the epicenter of an incestuous stew of American radical leftism. Not only are his connections significant, they practically define who he is. Taken together, they constitute a who’s who of the American Radical Left, and guiding all is the Cloward-Piven strategy.

Conspicuous in their absence are any connections at all with any other group, moderate, or even mildly leftist. They are all radicals, firmly bedded in the anti-American, communist, socialist, radical leftist mesh.

Saul Alinsky

Most people are unaware that Barack Obama received his training in “community organizing” from Saul Alinsky’s Industrial Areas Foundation. But he did. In and of itself that marks his heritage and training as that of a radical activist. One really need go no further. But we have.

Bill Ayers

Obama objects to being associated with SDS bomber Bill Ayers, claiming he is being smeared with “guilt by association.” But they worked together at the Woods Fund. The Wall Street Journal has added substantially to our knowledge by describing in great detail Obama’s work over five years with Ayers on the board of the Chicago Annenberg Challenge, a non-profit Ayers designed to push a radical agenda on public school children. As Stanley Kurtz states: “…the issue here isn’t guilt by association; it’s guilt by participation. As CAC chairman, Mr. Obama was lending moral and financial support to Mr. Ayers and his radical circle. That is a story even if Mr. Ayers had never planted a single bomb 40 years ago.”

Also included in the mix is John and Theresa Heinz Kerry’s favorite charity, the Tides Foundation. A partial list of Tides grants tells you all you need to know: ACLU, ACORN, Center for American Progress, Center for Constitutional Rights (a communist front,) CAIR, Earth Justice, Institute for Policy Studies (KGB spy nest), National Lawyers Guild (oldest communist front in U.S.), People for the Ethical Treatment of Animals (PETA), and practically every other radical group there is. ACORN’s Wade Rathke runs a Tides subsidiary, the Tides Center. No wonder Kerry, Kennedy et al love Obama. Just one big happy family.

Carl Davidson and the New Party

We have heard about Bomber Bill, but we hear little about fellow SDS member Carl Davidson. According toDiscover the Networks, Davidson was an early supporter of Barack Obama and a prominent member of Chicago’s New Party, a synthesis of CPUSA members, Socialists, ACORN veterans and other radicals. Obama sought and received the New Party’s endorsement, and they assisted with his campaign. The New Party also developed a strong relationship with ACORN. As an excellent article on the New Party observes: “Barack Obama knew what he was getting into and remains an ideal New Party candidate.”

George Soros

The chart also suggests one reason for George Soros’ fervent support of Obama. The President of his Open Society Institute is Aryeh Neier, founder of the radical Students for a Democratic Society (SDS). As mentioned above, three other former SDS members had extensive contact with Obama: Bill Ayers, Carl Davidson and Wade Rathke. Surely Aryeh Neier would have heard of the promising new politician from his former colleagues. More to the point, Neier is firmly committed to supporting the hugely successful radical organization, ACORN, and would be certain back their favored candidate, Barack Obama. Soros is a natural suspect in this fiasco as he has made all his ill-gotten gains short-selling on national disaster. The extent of his dirty dealings is worthy of its own book.

ACORN

Obama has spent a large portion of his professional life working for ACORN or its subsidiaries, representing ACORN as a lawyer on some of its most critical issues, and training ACORN leaders. Stanley Kurtz’s excellent National Review article, “Inside Obama’s Acorn.” also describes Obama’s ACORN connection in detail. But I can’t improve on Obama’s own words:

I’ve been fighting alongside ACORN on issues you care about my entire career (emphasis added). Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work. — Barack Obama, Speech to ACORN, November 2007 (Courtesy Newsmax.)

In another excellent article on Obama’s ACORN connections, Newsmax asks a nagging question:

It would be telling to know if Obama, during his years at Columbia, had occasion to meet Cloward and study the Cloward-Piven Strategy.

I will put it more bluntly: Barack Obama is fully aware of the Cloward-Piven strategy and has actively worked to achieve its goals for most of his adult life.

I ask you, is it possible ACORN would train Obama to take leadership positions within ACORN without telling him what he was training for? Is it possible ACORN would put Obama in leadership positions without clueing him into what his purpose was?? Is it possible that this most radical of organizations would put someone in charge of training its trainers, without him knowing what it was he was training them for???

As a community activist for ACORN; as a leadership trainer for ACORN; as a lead organizer for ACORN’s Project Vote; as an attorney representing ACORN’s successful efforts to impose Motor Voter regulations in Illinois; as ACORN’s representative in lobbying for the expansion of high risk housing loans through Fannie Mae and Freddie Mac that led to the current crisis; as a recipient of their assistance in his political campaigns – both with money and campaign workers; it is inconceivable that he was unaware of ACORN’s true goals. It is inconceivable he was unaware of the Cloward-Piven Strategy.

Fast-forward to 2005 when an obsequious, servile and scraping Daniel Mudd, CEO of Fannie Mae spoke at the Congressional Black Caucus swearing in ceremony for newly-elected Illinois Senator, Barack Hussein Obama. Mudd called, the Congressional Black Caucus “our family” and “the conscience of Fannie Mae.”

In 2005, Republicans sought to reign in Fannie and Freddie. Senator John McCain was at the forefront of that effort. But it failed due to an intense lobbying effort put forward by Fannie and Freddie.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

Johnson had to step down as adviser on Obama’s V.P. search after this gem came out:

An Office of Federal Housing Enterprise Oversight (OFHEO) report[1] from September 2004 found that, during Johnson’s tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998.[2] A 2006 OFHEO report[3] found that Fannie Mae had substantially under-reported Johnson’s compensation. Originally reported as $6-7 million, Johnson actually received approximately $21 million.

Obama denies ties to Raines but the Washington Post calls him a member of “Obama’s political circle.” Raines and Johnson were fined $3 million by the Office of Federal Housing Oversight for their manipulation of Fannie books. The fine is small change however, compared to the $50 million Raines was able to obtain in improper bonuses as a result of juggling the books. To add insult to injury, the $3 million fine was paid with Fannie Mae’s insurance fund.

Most significantly, Penny Pritzker, the current Finance Chairperson of Obama’s presidential campaign, helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as owner and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in life savings of the bank’s approximately 1,400 customers. She was named in a RICO class action law suit but doesn’t seem to have come out of it too badly.

As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.

Did they not know this would occur? Were these smart people, led by a Harvard graduate, unaware of the Econ 101 concept of moral hazard that would result from the government making implicit guarantees to underwrite private sector financial risk? They should have known that freeing the high-risk mortgage market of risk, calamity was sure to ensue. I think they did.

Barack Obama, the Cloward-Piven candidate, no matter how he describes himself, has been a radical activist for most of his political career. That activism has been in support of organizations and initiatives that at their heart seek to tear the pillars of this nation asunder in order to replace them with their demented socialist vision. Their influence has spread so far and so wide that despite their blatant culpability in the current financial crisis, they are able to manipulate Capital Hill politicians to cut them into $140 billion of the bailout pie!

God grant those few responsible yet remaining in Washington, DC the strength to prevent this massive fraud from occurring. God grant them the courage to stand up in the face of this Marxist tidal wave.

Jim Simpson is a former White House staff economist and budget analyst. His writings have been published in American ThinkerWashington Times, FrontPage MagazineDefenseWatchSoldier of Fortune and others. His blog is Truth and Consequences.

You can access the other parts of the Cloward-Piven series of articles by James Simpson at the American Daughter Media Center which also includes versions of these articles in Word Document format for downloading and re-printing.

The Cloward-Piven Strategy, Part I: Manufactured Crisis 
The Cloward-Piven Strategy, Part I — print copy
The Cloward-Piven Strategy, Part II: Barack Obama and the Strategy of Manufactured Crisis
The Cloward-Piven Strategy, Part II — print copy
The Cloward-Piven Strategy, Part III: Conspiracy of the Lemmings 
The Cloward-Piven Strategy, Part III — print copy

http://www.teapartyconnect.com/102/the-cloward-piven-strategy-explained/

 

Cloward–Piven strategy

From Wikipedia, the free encyclopedia

The Cloward–Piven strategy is a political strategy outlined in 1966 by American sociologists and political activists Richard Cloward and Frances Fox Piven that called for overloading the U.S. public welfare system in order to precipitate a crisis that would lead to a replacement of the welfare system with a national system of “a guaranteed annual income and thus an end to poverty”. Cloward and Piven were a married couple who were both professors at the Columbia University School of Social Work. The strategy was formulated in a May 1966 article in liberal[1] magazine The Nation titled “The Weight of the Poor: A Strategy to End Poverty”.[2]

The two stated that many Americans who were eligible for welfare were not receiving benefits, and that a welfare enrollment drive would strain local budgets, precipitating a crisis at the state and local levels that would be a wake-up call for the federal government, particularly the Democratic Party. There would also be side consequences of this strategy, according to Cloward and Piven. These would include: easing the plight of the poor in the short-term (through their participation in the welfare system); shoring up support for the national Democratic Party then-splintered by pluralistic interests (through its cultivation of poor and minority constituencies by implementing a national “solution” to poverty); and relieving local governments of the financially and politically onerous burdens of public welfare (through a national “solution” to poverty)[citation needed].

 

 

The strategy

Cloward and Piven’s article is focused on forcing the Democratic Party, which in 1966 controlled the presidency and both houses of the United States Congress, to take federal action to help the poor. They stated that full enrollment of those eligible for welfare “would produce bureaucratic disruption in welfare agencies and fiscal disruption in local and state governments” that would “deepen existing divisions among elements in the big-city Democratic coalition: the remaining white middle class, the working-class ethnic groups and the growing minority poor. To avoid a further weakening of that historic coalition, a national Democratic administration would be constrained to advance a federal solution to poverty that would override local welfare failures, local class and racial conflicts and local revenue dilemmas.”[3] They wrote:

The ultimate objective of this strategy—to wipe out poverty by establishing a guaranteed annual income—will be questioned by some. Because the ideal of individual social and economic mobility has deep roots, even activists seem reluctant to call for national programs to eliminate poverty by the outright redistribution of income.[3]

Michael Reisch and Janice Andrews wrote that Cloward and Piven “proposed to create a crisis in the current welfare system – by exploiting the gap between welfare law and practice – that would ultimately bring about its collapse and replace it with a system of guaranteed annual income. They hoped to accomplish this end by informing the poor of their rights to welfare assistance, encouraging them to apply for benefits and, in effect, overloading an already overburdened bureaucracy.”[4]

Focus on Democrats

The authors pinned their hopes on creating disruption within the Democratic Party. “Conservative Republicans are always ready to declaim the evils of public welfare, and they would probably be the first to raise a hue and cry. But deeper and politically more telling conflicts would take place within the Democratic coalition,” they wrote. “Whites – both working class ethnic groups and many in the middle class – would be aroused against the ghetto poor, while liberal groups, which until recently have been comforted by the notion that the poor are few… would probably support the movement. Group conflict, spelling political crisis for the local party apparatus, would thus become acute as welfare rolls mounted and the strains on local budgets became more severe.”[5]

Reception and criticism

Howard Phillips, chairman of The Conservative Caucus, was quoted in 1982 as saying that the strategy could be effective because “Great Society programs had created a vast army of full-time liberal activists whose salaries are paid from the taxes of conservative working people.”[6]

Liberal commentator Michael Tomasky, writing about the strategy in the 1990s and again in 2011, called it “wrongheaded and self-defeating”, writing: “It apparently didn’t occur to [Cloward and Piven] that the system would just regard rabble-rousing black people as a phenomenon to be ignored or quashed.”[7]

Impact of the strategy

In papers published in 1971 and 1977, Cloward and Piven argued that mass unrest in the United States, especially between 1964 and 1969, did lead to a massive expansion of welfare rolls, though not to the guaranteed-income program that they had hoped for.[8]Political scientist Robert Albritton disagreed, writing in 1979 that the data did not support this thesis; he offered an alternative explanation for the rise in welfare caseloads.

In his 2006 book Winning the Race, political commentator John McWhorter attributed the rise in the welfare state after the 1960s to the Cloward–Piven strategy, but wrote about it negatively, stating that the strategy “created generations of black people for whom working for a living is an abstraction.”[9]

According to historian Robert E. Weir in 2007, “Although the strategy helped to boost recipient numbers between 1966 and 1975, the revolution its proponents envisioned never transpired.”[10]

Some commentators have blamed the Cloward–Piven strategy for the near-bankruptcy of New York City in 1975.[11][12]

Conservative commentator Glenn Beck referred to the Cloward-Piven Strategy often on his Fox News television show, Glenn Beck, during its run from 2009 to 2011, reiterating his opinion that it had helped to inspire President Barack Obama‘s economic policy. On February 18, 2010, for example, Beck said, “you’ve got total destruction of wealth coming … It’s the final phase of the Cloward-Piven strategy, which is collapse the system.”[13]

Richard Kim, writing in 2010 in The Nation (in which the original essay appeared), called such assertions “a reactionary paranoid fantasy …” but says that “the left’s gut reaction upon hearing of it–to laugh it off as a Scooby-Doo comic mystery–does nothing to blunt its appeal or limit its impact.”[14] The Nation later stated that Beck blames the “Cloward-Piven Strategy” for “the financial crisis of 2008, healthcare reform, Obama’s election and massive voter fraud” and has resulted in the posting of much violent and threatening rhetoric by users on Beck’s website, including death threats against Frances Fox Piven.[15] For her part, Piven vigorously continues to defend the original idea, calling its conservative interpretation “lunatic”.[16]

References

  1. Jump up^ Peters, Jeremy W. (November 7, 2010). “Bad News for Liberals May Be Good News for a Liberal Magazine”The New York Times. Retrieved June 17, 2010.
  2. Jump up^ Cloward, Richard; Piven, Frances (May 2, 1966). “The Weight of the Poor: A Strategy to End Poverty”. (Originally published in The Nation).
  3. Jump up to:a b Cloward and Piven, p. 510
  4. Jump up^ Reisch, Michael; Janice Andrews (2001). The Road Not Taken. Brunner Routledge. pp. 144–146. ISBN 1-58391-025-5.
  5. Jump up^ Cloward and Piven, p. 516
  6. Jump up^ Robert Pear (1984-04-15). “Drive to Sign Up Poor for Voting Meets Resistance”. The New York Times.
  7. Jump up^ Glenn Beck and Fran Piven, Michael Tomasky, Michael Tomasky’s BlogThe Guardian, January 24, 2011
  8. Jump up^ Albritton, Robert (December 1979). Social Amelioration through Mass Insurgency? A Reexamination of the Piven and Cloward Thesis. American Political Science Review. JSTOR 1953984.
  9. Jump up^ McWhorter, John, “John McWhorter: How Welfare Went Wrong“, NPR, August 9, 2006.
  10. Jump up^ Weir, Robert (2007). Class in America. Greenwood Press. p. 616. ISBN 978-0-313-33719-2.
  11. Jump up^ Chandler, Richard, “The Cloward–Piven strategy“, The Washington Times, October 15, 2008
  12. Jump up^ Frances Fox Piven: Glenn Beck Seeks ‘Foreign, Dark-Skinned, Intellectual’ Scapegoats, Kyle Olson, BigGovernment.com, February 8, 2010
  13. Jump up^ Beck, Glenn (February 18, 2010). “Study Says We’re Toast”.
  14. Jump up^ Kim, Richard (April 12, 2010). “The Mad Tea Party”The Nation.
  15. Jump up^ “Glenn Beck Targets Frances Fox Piven”The Nation. February 7, 2011.
  16. Jump up^ Piven, F.F. (2011) Crazy Talk and American Politics: or, My Glenn Beck StoryThe Chronicle of Higher Education (The Chronicle Review) 57(25), B4-B5.

http://en.wikipedia.org/wiki/Cloward%E2%80%93Piven_strategy

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The Obama Jobs Recession Continues — Labor Participation Rate of 62.8% with 145.8 Million Employed in May 2014 vs. 66% Labor Participation Rate with 146.6 Million Employed in November 2007 — Videos

Posted on June 9, 2014. Filed under: Banking, Blogroll, Business, Communications, Data, Economics, Education, Employment, Federal Government Budget, Fiscal Policy, Illegal, Immigration, Inflation, Investments, IRS, Language, Law, Legal, Links, Monetary Policy, Money, Tax Policy, Taxes, Technology, Terrorism, Transportation, Unemployment, Unions, War, Wealth, Weather, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

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Story 1: The Obama Jobs Recession Continues — Labor Participation Rate of 62.8% with 145.8 Million Employed in May 2014 vs. 66% Labor Participation Rate with 146.6 Million Employed in November 2007 — Videos

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Labor Secretary Dismisses Historical Drop in Labor Participation Rate

Labor Force Participation Rate

Labor participation rate is down to unprecedented levels

BLS Commissioner Groshen on drop in job participation rate- “It’s certainly not a sign of strength.”

Will The Unemployment Rate Stall

 

Employment Level

145,814,000

 

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 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142152(1) 141640 140707 140656 140248 140009 139901 139492 138818 138432 138659 138013
2010 138451(1) 138599 138752 139309 139247 139148 139179 139427 139393 139111 139030 139266
2011 139287(1) 139422 139655 139622 139653 139409 139524 139904 140154 140335 140747 140836
2012 141677(1) 141943 142079 141963 142257 142432 142272 142204 142947 143369 143233 143212
2013 143384(1) 143464 143393 143676 143919 144075 144285 144179 144270 143485 144443 144586
2014 145224(1) 145266 145742 145669 145814
1 : Data affected by changes in population controls.

Civilian Labor Force

155,613,000

Civilain Labor force

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 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153404(1) 153720 153964 154642 154106 153631 153706 154087 153971 153631 154127 153639
2011 153198(1) 153280 153403 153566 153526 153379 153309 153724 154059 153940 154072 153927
2012 154328(1) 154826 154811 154565 154946 155134 154970 154669 155018 155507 155279 155485
2013 155699(1) 155511 155099 155359 155609 155822 155693 155435 155473 154625 155284 154937
2014 155460(1) 155724 156227 155421 155613
1 : Data affected by changes in population controls.

 

Labor Participation Rate

62.8%

Labor 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 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.9 63.8 63.7 63.8 63.8 63.7 63.5 63.6 63.7 63.6 63.6
2013 63.6 63.5 63.3 63.4 63.4 63.5 63.4 63.2 63.2 62.8 63.0 62.8
2014 63.0 63.0 63.2 62.8 62.8

Unemployment Level

9,799,000

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 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12058 12898 13426 13853 14499 14707 14601 14814 15009 15352 15219 15098
2010 14953 15121 15212 15333 14858 14483 14527 14660 14578 14520 15097 14373
2011 13910 13858 13748 13944 13873 13971 13785 13820 13905 13604 13326 13090
2012 12650 12883 12732 12603 12689 12702 12698 12464 12070 12138 12045 12273
2013 12315 12047 11706 11683 11690 11747 11408 11256 11203 11140 10841 10351
2014 10236 10459 10486 9753 9799

Unemployment Rate U-3

6.3%

unemployment rate U 3

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 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.4
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.2 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.8 7.9
2013 7.9 7.7 7.5 7.5 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
2014 6.6 6.7 6.7 6.3 6.3

Unemployment Rate U-6

12.2%

unemployment rate u 6

Employment Situation Summary

Transmission of material in this release is embargoed until                    USDL-14-0987
8:30 a.m. (EDT) Friday, June 6, 2014

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 -- MAY 2014


Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was
unchanged at 6.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment
increased in professional and business services, health care and social assistance, food
services and drinking places, and transportation and warehousing. 

Household Survey Data

The unemployment rate held at 6.3 percent in May, following a decline of 0.4 percentage
point in April. The number of unemployed persons was unchanged in May at 9.8 million.
Over the year, the unemployment rate and the number of unemployed persons declined by
1.2 percentage points and 1.9 million, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (5.9 percent),
adult women (5.7 percent), teenagers (19.2 percent), whites (5.4 percent), blacks
(11.5 percent), and Hispanics (7.7 percent) showed little or no change in May. The
jobless rate for Asians was 5.3 percent (not seasonally adjusted), little changed
from a year earlier. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of job losers and persons who completed temporary
jobs declined by 218,000 in May. The number of unemployed reentrants increased by
237,000 over the month, partially offsetting a large decrease in April. (Reentrants
are persons who previously worked but were not in the labor force prior to beginning
their current job search.) (See table A-11.)

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially
unchanged at 3.4 million in May. These individuals accounted for 34.6 percent of the
unemployed. Over the past 12 months, the number of long-term unemployed has declined by
979,000. (See table A-12.)

The civilian labor force participation rate was unchanged in May, at 62.8 percent.
The participation rate has shown no clear trend since this past October but is down by 0.6
percentage point over the year. The employment-population ratio, at 58.9 percent, was
also unchanged in May and has changed little over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers), at 7.3 million, changed little in May. 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 May, 2.1 million persons were marginally attached to the labor force, essentially
unchanged from a year earlier. (The 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 697,000 discouraged workers in May, little
different from a year earlier. (The 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 1.4 million persons marginally attached to the labor
force in May had not searched for work for reasons such as school attendance or family
responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 217,000 in May, with gains in professional
and business services, health care and social assistance, food services and drinking
places, and transportation and warehousing. Over the prior 12 months, nonfarm payroll
employment growth had averaged 197,000 per month. (See table B-1.)

Professional and business services added 55,000 jobs in May, the same as its average
monthly job gain over the prior 12 months. In May, the industry added 7,000 jobs each in
computer systems design and related services and in management and technical consulting.
Employment in temporary help services continued to trend up (+14,000) and has grown by
224,000 over the past year.

In May, health care and social assistance added 55,000 jobs. The health care industry
added 34,000 jobs over the month, twice its average monthly gain for the prior 12 months.
Within health care, employment rose in May by 23,000 in ambulatory health care services
(which includes offices of physicians, outpatient care centers, and home health care
services) and by 7,000 in hospitals. Employment rose by 21,000 in social assistance,
compared with an average gain of 7,000 per month over the prior 12 months.

Within leisure and hospitality, employment in food services and drinking places continued
to grow, increasing by 32,000 in May and by 311,000 over the past year.

Transportation and warehousing employment rose by 16,000 in May. Over the prior 12
months, the industry had added an average of 9,000 jobs per month. In May, employment
growth occurred in support activities for transportation (+6,000) and couriers and
messengers (+4,000).

Manufacturing employment changed little over the month but has added 105,000 jobs over
the past year. Within the industry, durable goods added 17,000 jobs in May and has
accounted for the net job gain in manufacturing over the past 12 months.

Employment in other major industries, including mining and logging, construction,
wholesale trade, retail trade, information, financial activities, and government,
showed little change over the month.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5
hours in May. The manufacturing workweek increased by 0.2 hour in May to 41.1 hours, and
factory overtime was unchanged at 3.5 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 May, average hourly earnings for all employees on private nonfarm payrolls rose by
5 cents to $24.38. Over the past 12 months, average hourly earnings have risen by 2.1
percent. In May, average hourly earnings of private-sector production and nonsupervisory
employees increased by 3 cents to $20.54. (See tables B-3 and B-8.)

After revision, the change in total nonfarm employment for March remained +203,000, and the
change for April was revised from +288,000 to +282,000. With these revisions, employment
gains in March and April were 6,000 lower than previously reported.

_____________
The Employment Situation for June is scheduled to be released on Thursday, July 3, 2014,
at 8:30 a.m. (EDT).


  ________________________________________________________________________________________
 |                                                                                        |
 |                       Upcoming Changes to the Establishment Survey Data                |
 |                                                                                        |
 |Effective with the release of July 2014 data on August 1, 2014, the establishment survey|
 |will implement new sample units into production on a quarterly basis, replacing the     |
 |current practice of implementing new sample units annually. There is no change to the   |
 |establishment survey sample design. More information about the quarterly sample         |
 |implementation is available at www.bls.gov/ces/cesqsi.htm.                              |
 |________________________________________________________________________________________|



 

  • Access to historical data for the “A” tables of the Employment Situation Release
  • Access to historical data for the “B” tables of the Employment Situation Release
  • HTML version of the entire news release
  • Employment Situation Summary Table A. Household data, seasonally adjusted

    HOUSEHOLD DATA
    Summary table A. Household data, seasonally adjusted

    [Numbers in thousands]

    Category May
    2013
    Mar.
    2014
    Apr.
    2014
    May
    2014
    Change from:
    Apr.
    2014-
    May
    2014

    Employment status

    Civilian noninstitutional population

    245,363 247,258 247,439 247,622 183

    Civilian labor force

    155,609 156,227 155,421 155,613 192

    Participation rate

    63.4 63.2 62.8 62.8 0.0

    Employed

    143,919 145,742 145,669 145,814 145

    Employment-population ratio

    58.7 58.9 58.9 58.9 0.0

    Unemployed

    11,690 10,486 9,753 9,799 46

    Unemployment rate

    7.5 6.7 6.3 6.3 0.0

    Not in labor force

    89,754 91,030 92,018 92,009 -9

    Unemployment rates

    Total, 16 years and over

    7.5 6.7 6.3 6.3 0.0

    Adult men (20 years and over)

    7.2 6.2 5.9 5.9 0.0

    Adult women (20 years and over)

    6.5 6.2 5.7 5.7 0.0

    Teenagers (16 to 19 years)

    24.1 20.9 19.1 19.2 0.1

    White

    6.6 5.8 5.3 5.4 0.1

    Black or African American

    13.5 12.4 11.6 11.5 -0.1

    Asian (not seasonally adjusted)

    4.3 5.4 5.7 5.3 -

    Hispanic or Latino ethnicity

    9.1 7.9 7.3 7.7 0.4

    Total, 25 years and over

    6.1 5.4 5.2 5.2 0.0

    Less than a high school diploma

    11.0 9.6 8.9 9.1 0.2

    High school graduates, no college

    7.4 6.3 6.3 6.5 0.2

    Some college or associate degree

    6.5 6.1 5.7 5.5 -0.2

    Bachelor’s degree and higher

    3.8 3.4 3.3 3.2 -0.1

    Reason for unemployment

    Job losers and persons who completed temporary jobs

    6,094 5,489 5,236 5,018 -218

    Job leavers

    944 815 784 875 91

    Reentrants

    3,326 3,037 2,620 2,857 237

    New entrants

    1,257 1,169 1,043 1,062 19

    Duration of unemployment

    Less than 5 weeks

    2,704 2,461 2,447 2,559 112

    5 to 14 weeks

    2,642 2,581 2,359 2,390 31

    15 to 26 weeks

    1,934 1,677 1,533 1,441 -92

    27 weeks and over

    4,353 3,739 3,452 3,374 -78

    Employed persons at work part time

    Part time for economic reasons

    7,917 7,411 7,465 7,269 -196

    Slack work or business conditions

    4,837 4,512 4,555 4,453 -102

    Could only find part-time work

    2,697 2,731 2,669 2,537 -132

    Part time for noneconomic reasons

    18,957 19,216 18,886 19,040 154

    Persons not in the labor force (not seasonally adjusted)

    Marginally attached to the labor force

    2,164 2,168 2,160 2,130 -

    Discouraged workers

    780 698 783 697 -

    - 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.

 

 

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted

Category May
2013
Mar.
2014
Apr.
2014(p)
May
2014(p)

EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)

Total nonfarm

199 203 282 217

Total private

222 200 270 216

Goods-producing

2 21 46 18

Mining and logging

4 4 8 2

Construction

5 13 34 6

Manufacturing

-7 4 4 10

Durable goods(1)

-2 14 6 17

Motor vehicles and parts

5.0 -0.5 0.3 5.0

Nondurable goods

-5 -10 -2 -7

Private service-providing(1)

220 179 224 198

Wholesale trade

7.7 7.8 16.2 9.9

Retail trade

34.7 28.9 43.1 12.5

Transportation and warehousing

-1.5 13.9 12.1 16.4

Information

-2 -1 1 -5

Financial activities

9 0 6 3

Professional and business services(1)

77 47 71 55

Temporary help services

23.3 22.1 16.0 14.3

Education and health services(1)

29 40 39 63

Health care and social assistance

18.9 34.9 28.5 54.9

Leisure and hospitality

53 31 24 39

Other services

12 9 13 4

Government

-23 3 12 1

WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES(2)
AS A PERCENT OF ALL EMPLOYEES

Total nonfarm women employees

49.4 49.4 49.4 49.4

Total private women employees

48.0 48.0 48.0 48.0

Total private production and nonsupervisory employees

82.6 82.7 82.7 82.7

HOURS AND EARNINGS
ALL EMPLOYEES

Total private

Average weekly hours

34.5 34.5 34.5 34.5

Average hourly earnings

$23.89 $24.32 $24.33 $24.38

Average weekly earnings

$824.21 $839.04 $839.39 $841.11

Index of aggregate weekly hours (2007=100)(3)

98.5 100.1 100.4 100.6

Over-the-month percent change

0.5 0.7 0.3 0.2

Index of aggregate weekly payrolls (2007=100)(4)

112.3 116.2 116.5 117.0

Over-the-month percent change

0.6 0.9 0.3 0.4

HOURS AND EARNINGS
PRODUCTION AND NONSUPERVISORY EMPLOYEES

Total private

Average weekly hours

33.7 33.7 33.7 33.7

Average hourly earnings

$20.06 $20.48 $20.51 $20.54

Average weekly earnings

$676.02 $690.18 $691.19 $692.20

Index of aggregate weekly hours (2002=100)(3)

106.0 107.8 108.1 108.3

Over-the-month percent change

0.2 1.1 0.3 0.2

Index of aggregate weekly payrolls (2002=100)(4)

142.0 147.5 148.1 148.6

Over-the-month percent change

0.3 1.0 0.4 0.3

DIFFUSION INDEX(5)
(Over 1-month span)

Total private (264 industries)

61.6 59.7 65.9 62.7

Manufacturing (81 industries)

48.8 53.7 53.7 55.6

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

 

 

37.2%: Percentage Not in Labor Force Remains at 36-Year High

June 6, 2014 – 8:05 AM

By Ali Meyer

The percentage of American civilians 16 or older who do not have a job and are not actively seeking one remained at a 36-year high in May, according to the Bureau of Labor Statistics.

In December, April, and now May, the labor force participation rate has been 62.8 percent. That means that 37.2 percent were not participating in the labor force during those months.

Before December, the last time the labor force participation rate sunk as low as 62.8 percent was February 1978, when it was also 62.8 percent. At that time, Jimmy Carter was president.

In April, the number of those not in the labor force hit a record high of 92,018,000. In May, that number declined by 9,000 to 92,009,000. Yet, the participation rate remained the same from April to May at 62.8 percent.

The labor force, according to BLS, is that part of the civilian noninstitutional population that either has a job or has actively sought one in the last four weeks. The civilian noninstitutional population consists of people 16 or older, who are not on active duty in the military or in an institution such as a prison, nursing home, or mental hospital.

jobs

In May, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, hit 247,622,000. Of those, 155,613,000 participated in the labor force by either holding a job or actively seeking one.

The 155,613,000 who participated in the labor force equaled only 62.8 percent of the 247,622,000 civilian noninstitutional population, matching (along with the 62.8 percent rate in May) the lowest labor force participation rate in 36 years.

At no time during the presidencies of Ronald Reagan, George H.W. Bush, Bill Clinton or George W. Bush, did such a small percentage of the civilian non-institutional population either hold a job or at least actively seek one.

When President Barack Obama took office in January 2009, the labor force participation rate was 65.7 percent. By the beginning of 2013, the start of Obama’s second term, it had dropped to 63.6 percent. Since January 2014, when the participation rate was 63.0,it has continued to decline, hitting a 36-year low of 62.8 percent in May.

People in the civilian noninstitutional population who did not have a job and did not actively seek one in the last four weeks are considered “not in the labor force.” The number of Americans not in the labor force has climbed by 11,480,000 since Obama took office, rising from 80,529,000 in January 2009 to 92,009,000 in May 2014.

 

http://www.cnsnews.com/news/article/ali-meyer/372-percentage-not-labor-force-remains-36-year-high

 

Sessions: 7 Million Have Left Workforce Since Obama Took Office

 BY DANIEL HALPER

Senator Jeff Sessions has released a statement that says, “7 Million People Have Left The Workforce Since The President Took Office.” The statement is in response to today’s jobs numbers.

“Today’s jobs numbers are only enough to tread even with population growth, maintaining unemployment at 6.3 percent. When you include discouraged workers, the unemployment rate doubles to an alarming 12.2 percent. There are still 3.2 million fewer full-time employed persons than there were in 2007,” says Sessions.

“Since President Obama came into office in 2009, 7.2 million people have left the workforce entirely. One out of every six men aged 25–54 is not working. Employment in this group fell by 72,000 last month, while the number of employed women aged 25–54 fell by 37,000. Meanwhile, the workforce participation rate for women is at its lowest level in 23 years. Median household income is down almost $2,300 from what it was when the President took office. Real wages are lower than they were in 1999. Growth in the first quarter of this year was negative.

“These numbers are grim and make clear that this economy is nowhere close to performing at an acceptable level.”

 

http://www.weeklystandard.com/blogs/sessions-7-million-have-left-workforce-obama-took-office_794443.html

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National Security Agency (NSA) — Who’s The Enemy? — The American People — House Judiciary Committee Guts NSA Reform Bill — USA Freedom Act — Broadly Defined Bulk Collection Will Continue — Congress Pulls Bait-and-Switch on U.S. Freedom Act — Videos

Posted on May 11, 2014. Filed under: American History, Blogroll, College, Communications, Computers, Computers, Constitution, Data Storage, Diasters, Drones, Economics, Education, Employment, Energy, External Hard Drives, External Hard Drives, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government, government spending, history, Inflation, Investments, IRS, Language, Law, liberty, Life, Macroeconomics, media, Mobile Phones, National Security Agency (NSA_, Natural Gas, Nuclear, Nuclear Power, Oil, People, Philosophy, Photos, Politics, Programming, Psychology, Radio, Raves, Regulations, Resources, Security, Strategy, Systems, Talk Radio, Tax Policy, Taxes, Technology, Television, Terrorism, Unemployment, Video, War, Water, Wealth, Weapons, Weapons of Mass Destruction, Weather, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , |

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Bizarre week for NSA reformers

“USA Freedom Act” Has All Oversight Of NSA Gutted By Phony Gatekeepers!

Through a PRISM, Darkly – Everything we know about NSA spying [30c3]

U.S. Freedom act

Real Talk with Julie Borowski: Stop Snooping, NSA!

Is NSA reform being sabotaged?

 

“The USA FREEDOM Act” Congress Plan To Curb NSA Spying On American Citizens

GOP against Justin Amash The Glenn Beck Talk Show

Report exposes secret NSA snooping tool

Opposing Bulk NSA Surveillance (Rep. Justin Amash)

Rep. Justin Amash cosponsored an amendment that would have defunded the National Security Agency’s unwarranted bulk collection of Americans’ phone data. The measure failed narrowly, but has re-energized the legislative struggle for civil liberties. Amash believes that James Clapper, the Director of National Intelligence, should be prosecuted for lying to Congress. He also says he doesn’t appreciate the “condescending” tone of New Jersey Gov. Chris Christie with respect to the debate over national security.

Glenn Beck Justin Amash Interview On Nsa Surveillance

Congress’s Abdication on NSA Oversight (U.S. Rep. Justin Amash (R-MI))

Justin Amash: President Obama Was ‘Highly Misleading’ In Claiming There’s No Domestic Spying Program

House committee passes NSA reform bill

The House Judiciary Committee passed the National Security Agency reforming “USA Freedom Act” 31-0 Wednesday. The first major piece of legislation seeking to curb the NSA’s collection of electronic information, the bill which has undergone major changes will now proceed to the full House of Representatives. It will be competing with another reform bill that is expected to be approved by the House Intelligence Committee Thursday. RT’s Sam Sacks breaks down the bill and the chances for instituting real reform.

“USA Freedom Act” Bill To Put NSA “Out Of Business”

Fox News Reporting The NSA’s Secret War Who’ The Enemy? 1 of 6

Fox News Reporting The NSA’s Secret War Who’ The Enemy Controversy Not The First Time 2 of

Fox News Reporting The NSA’s Secret War Who’ The Enemy? Controversy? 9 11 3 of 6

Fox News Reporting – The NSA’s Secret War Who’ The Enemy? – Phone Records – 4 of 6

Fox News Reporting – The NSA’s Secret War Who’ The Enemy? – Edward Snowden & Security – 5 of 6

Fox News Reporting – The NSA’s Secret War Who’ The Enemy? – Day Of Reckoning At Hand? – 6 of 6

C-SPAN Callers On The Future Of The National Security Agency (NSA)

James Bamford Says NSA “Exploiting” U.S. Citizens With Info About Their Online Porno Viewing Habits

 

 

 

Congress Pulls Bait-and-Switch on USA FREEDOM Act

Yesterday, C4L sent a letter to members of the House Judiciary Committee strongly opposing the Manager’s Amendment to H.R. 3361, the USA FREEDOM Act.

The original version of the act was sold to Americans as a way to rein in the NSA’s domestic surveillance programs, and it would have been a first step towards real reform of the surveillance state since 9/11.

But, that’s seldom the way Congress works. In an effort to “pass something this year,” the Judiciary Committee watered down the legislation and it passed out of the committee unanimously.

Want proof the recent changes to USA Freedom Act make it unworthy of support from civil libertarians? Mike Rogers and Dutch Ruppersberger, the NSA’s biggest cheerleaders in the House,just reported it out of their committee by voice vote.

What’s more likely, that Rogers and Ruppersberger had a change of heart on the NSA? Or that Judiciary watered down the USA FREEDOM Act enough to the point that its “reform” is devoid of any substantive changes?

The bill is now earning plaudits from the same guys who said the original version would “make America less safe,” and from the administration that never wanted you to know they were spying on you in the first place.

Read Campaign for Liberty’s letter to the Judiciary Committee below:

Letter to Judiciary Committee – USA FREEDOM Act

http://www.campaignforliberty.org/national-blog/congress-pulls-bait-switch-usa-freedom-act/

 

USA Freedom Act unanimously clears House Judiciary Committee

Surveillance reform bill designed to prevent collection of US phone data in bulk and is first to proceed onto the House floor

Jim Sensenbrenner
The bill’s architect, Republican James Sensenbrenner, said the bill ‘makes it crystal clear that Congress does not support bulk collection.’ Photo: Chip Somodevilla /Getty

Six months after it was written to restrain the National Security Agency’s sweeping domestic surveillance, a privacy bill cleared a major legislative obstacle on Wednesday, even as its advocates worried that the compromises made to advance the bill have weakened its constraints on mass data collection.

The USA Freedom Act, designed to prevent the US government from collecting US phone data in bulk, passed the House Judiciary Committee by a 32 to zero bi-partisan vote, making it the first surveillance reform bill to proceed out of committee and to the House floor.

But an internal committee breakthrough on Monday that won the support of chairman Bob Goodlatte, a Virginia Republican, significantly recast the bill, softening its prohibitions on aspects of bulk collection and requiring transparency around it.

The bill’s architect, Republican James Sensenbrenner of Wisconsin, who also wrote the 2001 Patriot Act, said the bill “makes it crystal clear that Congress does not support bulk collection.”

While changes to the bill now permit the government to gather call records up to two degrees of separation away from a specific target – potentially millions of records – Sensenbrenner urged his colleagues “not to make the perfect the enemy of the good,” expressing confidence that the revamped USA Freedom Act was on “the fast track to passage.”

Supporters in and outside of Congress concede the latest compromises have left the USA Freedom Act less protective of civil liberties than it was when introduced in October. Its distinctions from a rival bill written by the leaders of the House intelligence committee, the NSA’s strongest Capitol Hill advocates, are somewhat blurred, prompting civil libertarians to become less enthusiastic of a measure they have championed as a fix to the broad NSA powers exposed by whistleblower Edward Snowden.

Representative John Conyers, a Michigan Democrat and longtime USA Freedom Act supporter, said that the new version of the bill was a “less than perfect compromise” that still makes “important, vital, substantive changes” to US surveillance.

The revised USA Freedom Act, “while still better than any other proposal on the board, is a setback from the original,” said Amie Stepanovich of Access, a human rights and digital rights advocacy group.

While the USA Freedom Act has nearly 150 House co-sponsors, and a stalled Senate companion commands 20 votes in the upper chamber, it was clear on Wednesday that the House intelligence committee will continue attempts to outmaneuvre its rival.

The chairman of the intelligence committee, until now a fervent critic of the USA Freedom Act, is now praising a bill he has long criticized, and which several congressional sources said he attempted to influence ahead of Wednesday’s vote.

Representative Mike Rogers, a Michigan Republican who is retiring this year, called the changes to the USA Freedom Act a “huge improvement,” adding in an interview with Foreign Policy magazine that the bill’s architects have “come a lot closer [and] now we’re just trying to work out the wording.”

Rogers is scheduled to mark up his alternative bill, the Fisa Transparency and Modernization Act, on Thursday, a decision USA Freedom Act supporters view as a desperation move. But on Wednesday, Rogers’ committee announced it will also mark up the USA Freedom Act on Thursday, prompting Capitol Hill speculation that Rogers will attempt to merge his bill with the Freedom Act rather than attempt to rally more votes.

House Speaker John Boehner of Ohio had earlier thrown his support behind Rogers’ bill. But now Boehner is said to be monitoring the committe process and keeping his options open. Congressional sources expected Boehner to schedule a vote on a surveillance proposal – of whatever form – as early as the week of 19 May, so the issue does not derail the annual defense budget authorization, though nothing is scheduled yet.

Both bills as originally crafted prevent the NSA from collecting US phone data in bulk, as it has done in secret since 2001, a position that President Barack Obama now embraces. The major difference between the two bills remains the role of judges in authorizing data collection. The Rogers bill permits the government to collect phone and email data absent a judges’ prior order, which the revised USA Freedom Act requires in all but emergency cases.

Additionally, the revised USA Freedom Act permits the government to get phone data two “hops,” or degrees of separation, from the target of the order, which can mean millions of call records reaped from a single court order. The legal standard for that order, for counterterrorism purposes, will be “reasonable articulable suspicion” of connection to an agent of a foreign power, the NSA’s desired framework.

Significantly, the new version of the USA Freedom Act all but stripped out a provision preventing the NSA from combing through its foreign communications dragnets for Americans’ information, something Senator Ron Wyden of Oregon dubbed the “backdoor search provision,” an absence that has deeply upset supporters. Those dragnets exist pursuant to a major 2008 piece of legislation, known as Section 702 of the Fisa Amendments Act.

Congressional sources pointed to new language tightening up prohibitions on the NSA intentionally targeting Americans’ communications at the outset as a palliative. But they conceded the absence of the backdoor search ban was a major change – one they said the NSA’s advocates fought hard for, an indication of how central the NSA considers a power it has rarely forthrightly acknowledged using. They indicated that USA Freedom Act supporters lacked the votes within the committee to pass the bill that retained the backdoor search prohibition.

An attempt by Representative Zoe Lofgren, a California Democrat, to restore the backdoor search provision failed Wednesday. Goodlatte said restoring it would “disrupt this bipartisan agreement.”

Kevin Bankston of the Open Technology Institute said he was “incredibly disappointed” at the new USA Freedom Act’s effective blessing of backdoor searches.

“Especially when we’re expecting the government’s own surveillance watchdog, the Privacy and Civil Liberties Oversight Board, to issue a report on just that issue within a month or so, closing the door to reform on Section 702 of the Fisa Amendments Act would be premature,” Bankston said in a statement.

But the Judiciary Committee restored a provision initially struck from the original USA Freedom Act permitting increased transparency for companies receiving surveillance orders for their customers’ data, the absence of which had alarmed supporters.

The language, added back to the bill Wednesday by Representative Suzan Delbene of Washington, had been cut in order to codify a January deal the Justice Department reached with phone and Internet companies allowing them to list received orders only in bands of 1,000 and with a time lag. Congressional sources said companies lobbied hard to restore transparency language.

The Obama administration has withheld endorsement of either bill in public, confusing supporters. But in recent weeks, its guidance to Capitol Hill on surveillance reform included a requirement for up-front judicial authorization for data requests, which only the USA Freedom Act possesses.

“At this stage, I think I’d just say we will be watching closely as these bills go through the process,” said Caitlin Hayden, a White House spokeswoman said shortly before the vote.

Hours after the vote, Hayden issued a statement welcoming the USA Freedom Act as “a very good first step”:

“In March the president laid out his proposal to reform Section 215, and called upon Congress to act quickly to pass implementing legislation. We applaud the House Judiciary Committee for approaching this issue on a bipartisan basis. The Judiciary Committee passed bill is a very good first step in that important effort, and we look forward to House Permanent Select Committee on Intelligence action on it tomorrow,” Hayden said.

Section 215 of the Patriot Act is the provision cited by the NSA and blessed by the secret Fisa Court for bulk data collection.

Some legislators, distressed by the changes to the USA Freedom Act, are considering a different option for surveillance reform.

As amended, the USA Freedom Act would push back the expiration of Section 215 to the end of 2017, when Section 702 is set to expire. The current expiration is 1 June of next year. Some legislators are already whispering that allowing Section 215 to expire wholesale in 2015 is a preferable reform.

But Representative Jerrold Nadler of New York, a Democrat, said the USA Freedom Act was “the first, best and perhaps only chance in a decade” to constrain widespread surveillance.

“This is our chance. We have to seize it,” Nadler said on Wednesday.

Patrick Leahy, the Vermont Democrat who sponsored the USA Freedom Act in the Senate, hailed the committee vote, but said he was concerned that the text does not reform the Federal Bureau of Investigation’s national-security letters and makes insufficient changes on transparency and to the Fisa Court.

“I will continue to push for those reforms when the Senate Judiciary Committee considers the USA Freedom Act this summer,” Leahy said in a statement.

http://www.theguardian.com/world/2014/may/07/usa-freedom-act-clears-house-committee-nsa-surveillance

 

USA Freedom Act

The USA Freedom Act, formally titled the Uniting and Strengthening America by Fulfilling Rights and Ending Eavesdropping, Dragnet-Collection and Online Monitoring Act, is a bill that was introduced in both houses of the U.S. Congress on October 29, 2013.

The House version, introduced by Representative Jim Sensenbrenner as HR 3361, was referred to the United States House Judiciary Subcommittee on Crime, Terrorism, Homeland Security and Investigations January 9, 2014,[3] and the Senate version, S. 1599, introduced by Senator Patrick Leahy, was read twice and referred to the Senate Committee on the Judiciary.[4] An amended version out of the House Judiciary Committee contained many provisions raising concerns among civil libertarians,[5] including an extension of the controversial USA PATRIOT Act through the end of 2017.[6][7] The bill will be considered in the Senate through the summer of 2014.[8]

Purpose

The USA Freedom Act[9] would end the bulk collection of Americans’ metadata, end the secret laws created by the FISA court, and introduce a “Special Advocate” to represent public and privacy matters.[10][11][12] Other proposed changes include limits to programs like PRISM, which “incidentally” retains Americans’ Internet data,[13] and greater transparency by allowing companies such as Google and Facebook to disclose information about government demands for information.[14]

Representative Jim Sensenbrenner, who introduced the bill, stated that its purpose was:

To rein in the dragnet collection of data by the National Security Agency (NSA) and other government agencies, increase transparency of the Foreign Intelligence Surveillance Court (FISC), provide businesses the ability to release information regarding FISA requests, and create an independent constitutional advocate to argue cases before the FISC.[10][15]

According to the bill’s sponsors, their legislation would amend Section 215 of the Patriot Act to ensure that any phone records obtained by the government were essential in an investigation that involved terrorism or espionage, thereby ending bulk collection,[16] while preserving “the intelligence community’s ability to gather information in a more focused way.”[17] A May 2014 amended version of the bill would also extend thecontroversial USA PATRIOT Act through the end of 2017.[18] The Electronic Privacy Information Center (EPIC) has criticized the Patriot Act as unconstitutional, especially when “the private communications of law-abiding American citizens might be intercepted incidentally”.[19]

The bill is made up of several titles: FISA business records reforms, FISA pen register and trap and trace device reforms, FISA acquisitions targeting persons outside the United States reforms, Foreign Intelligence Surveillance Court reforms, Office of the Special Advocate, National Security Letter reforms, FISA and National Security Letter transparency reforms, and Privacy and Civil Liberties Oversight Board subpoena authority.[20]

Background

Many members of Congress believed that in the wake of the Snowden disclosures, restoration of public trust would require legislative changes.[21] More than 20 bills have been written since the disclosures began with the goal of reining in government surveillance powers.[13]

Sensenbrenner, who introduced the USA PATRIOT Act (H.R. 3162) in 2001 following the September 11 terrorist attacks to give more power to US intelligence agencies, and who has described himself as “author of the Patriot Act”,[22] declared that it was time to put the NSA’s “metadata program out of business”. With its bulk collection of Americans’ phone data, Sensenbrenner asserted that the intelligence community “misused those powers”, had gone “far beyond” the original intent of the legislation, and had “overstepped its authority”.[21][23]

An opinion piece by Leahy and Sensenbrenner, published in Politico, described the impetus for proposed changes,[24] saying:

The intelligence community has failed to justify its expansive use of [the FISA and Patriot Act] laws. It is simply not accurate to say that the bulk collection of phone records has prevented dozens of terrorist plots. The most senior NSA officials have acknowledged as much in congressional testimony. We also know that the FISA court has admonished the government for making a series of substantial misrepresentations to the court regarding these programs. As a result, the intelligence community now faces a trust deficit with the American public that compromises its ability to do its job. It is not enough to just make minor tweaks around the edges. It is time for real, substantive reform.[17]

Markup in House Judiciary Committee

In May 2014, the U.S. House Judiciary Committee posted a “Manager’s Amendment” on its website. Title VII of the Amendment read “Section 102(b)(1) of the USA Patriot Improvement and Reauthorization Act of 2005 (50 U.S.C. 1805 note) is amended by striking “June 1, 2015″ and inserting “December 31, 2017″, extending the controversial USA PATRIOT Act through the end of 2017.[25] The Electronic Privacy Information Center(EPIC) has criticized the Patriot Act as unconstitutional, especially when “the private communications of law-abiding American citizens might be intercepted incidentally”.[19] James Dempsey, of the CDT, believes that the Patriot Act unnecessarily overlooks the importance of notice under the Fourth Amendment and under a Title III wiretap,[26] while the American Library Association became so concerned that they formed a resolution condemning the USA PATRIOT Act, and which urged members to defend free speech and protect patrons’ privacy against the Act.[27]

The Guardian wrote “civil libertarians on the Judiciary Committee had to compromise in order to gain support for the act. Significantly, the government will still be able to collect phone data on Americans, pending a judge’s individualized order based on ‘reasonable articulable suspicion‘ – a standard preferred by the NSA – of wrongdoing, and can collect call records two degrees or ‘hops’ of separation from the individual suspected”.[5] Kara Brandeisky of ProPublica said “some worry that the bill does not unequivocally ban bulk collection of American records. Again, a lot depends on how the Foreign Intelligence Surveillance Court interprets the statute”.[28]

The National Journal wrote “one tech lobbyist noted concern that a provision that would have allowed companies to disclose to customers more information about government data requests has been dropped. In addition, an external special advocate that would oversee the Foreign Intelligence Surveillance Court would no longer be selected by the Privacy and Civil Liberties Oversight Board. Instead, the court’s judges would designate five ‘amicus curiae‘ who possess appropriate security clearances.”[29]

The Electronic Frontier Foundation (EFF) stated it remained “concerned that this bill omits important transparency provisions found in the USA FREEDOM Act, which are necessary to shed light on surveillance abuses”. In addition, the EFF said it believed “this bill should do more to address mass surveillance under Section 702 of Foreign Intelligence Surveillance Amendments Act, a section of law used to collect the communications of users worldwide”.[30] The Open Technology Institute commented “several other key reforms—such as provisions allowing Internet and phone companies to publish more information about the demands they receive, which OTI and a coalition of companies and organizations have been pressing for since last summer—have been removed, while the bill also provides for a new type of court order that the President has requested, allowing for continuous collection by the government of specified telephone records.”[31]

Despite the criticism from civil liberties groups, Mike Rogers, a defender of the NSA‘s surveillance practices and the chairman of the House Intelligence Committee, praised the amendments. Rogers, who had his own bill which would codify the NSA’s surveillance practices in to law, called the proposed amendments a “huge improvement”. Foreign Policy wrote “any compromise to the Judiciary bill risks an insurrection from civil libertarians in Congress. Michigan Republican Justin Amash led such a revolt last year when he offered an NSA amendment to a defense appropriations bill that would have stripped funding for the NSA’s collection program.” “Just a weakened bill or worse than status quo? I’ll find out,” Representative Amash said.[32]

After passage of the marked up bill, USA Freedom Act co-author and Senate Committee on the Judiciary Chairman Patrick Leahy commented that he “remain concerned that the legislation approved today does not include some of the important reforms related to national security letters, a strong special advocate at the FISA Court, and greater transparency. I will continue to push for those reforms when the Senate Judiciary Committee considers the USA FREEDOM Act this summer.”[8]

Reaction

The Act has bipartisan support, evenly split between Democrats and Republicans. As of May 8, 2014, it had 150 co-sponsors in the House[1] and 21 in the Senate.[2] Viewed as one of the most comprehensive of the similar bills introduced since the NSA leaks, the USA Freedom Act has support or qualified support from a diverse range of groups such as the ACLUMozilla, and the NRA.[13][33]

Representative Justin Amash, author of the narrowly-defeated Amash Amendment, a proposal that would have de-funded the NSA, backed the legislation. “It’s getting out of control” he commented, “[Courts are issuing] general warrants without specific cause…and you have one agency that’s essentially having superpowers to pass information onto others”.[23]

According to Deputy Attorney General James Cole, even if the Freedom Act becomes law, the NSA could continue its bulk collection of American’s phone records. He explained that “it’s going to depend on how the [FISA] court interprets any number of the provisions” contained within the legislation.[16] Jennifer Granick, Director of Civil Liberties at Stanford Law School, stated:

The Administration and the intelligence community believe they can do whatever they want, regardless of the laws Congress passes, so long they can convince one of the judges appointed to the secretive Foreign Intelligence Surveillance Court (FISC) to agree. This isn’t the rule of law. This is a coup d’etat.[16]

Opponents of global surveillance have called for the bill to be strengthened. The Electronic Frontier Foundation (EFF) released a statement saying “we consider this bill to be a floor, not a ceiling”. The ACLU wrote that “although the USA Freedom Act does not fix every problem with the government’s surveillance authorities and programs, it is an important first step and it deserves broad support.”[34][35]

International human rights groups remain somewhat skeptical of specific provisions of the bill. For example, Human Rights Watch expressed its concern that the “bill would do little to increase protections for the right to privacy for people outside the United States, a key problem that plagues U.S. surveillance activities. Nor would the bill address mass surveillance or bulk collection practices that may be occurring under other laws or regulations, such as Section 702 of the FISA Amendments Act or Executive Order 12333. These practices affect many more people and include the collection of the actual content of internet communications and phone calls, not just metadata”.[36] Zeke Johnson, Director of Amnesty International‘s Security and Human Rights Program, agreed that “any proposal that fails to ban mass surveillance, end blanket secrecy, or stop discrimination against people outside the U.S. will be a false fix”.[37]

See also

References

  1. Jump up to:a b “Bill Summary & Status 113th Congress (2013–2014) H.R.3361″THOMAS, Library of Congress. Retrieved 8 May 2014.
  2. Jump up to:a b “Bill Summary & Status 113th Congress (2013–2014) H.R.3361″THOMAS, Library of Congress. Retrieved 8 May 2014.
  3. Jump up^ “Bill Summary & Status 113th Congress (2013–2014) H.R.3361″. THOMAS, Library of Congress.
  4. Jump up^ “Bill Summary & Status 113th Congress (2013–2014) S.1599″. THOMAS, Library of Congress.
  5. Jump up to:a b The Guardian: Chairman of key House committee agrees to proceed with NSA reform bill
  6. Jump up^ House Judicicary Committee: Manager’s Amendment to USA Freedom Act

    Section 102(b)(1) of the USA PATRIOT Improvement and Reauthorization Act of 2005 (50 U.S.C. 1805 note) is amended by striking ‘‘June 1, 2015’’ and inserting ‘‘December 31, 2017’’.

  7. Jump up^ The Guardian: USA Freedom Act unanimously clears House Judiciary Committee

    As amended, the USA Freedom Act would push back the expiration of Section 215 to the end of 2017, when Section 702 is set to expire. The current expiration is 1 June of next year. Some legislators are already whispering that allowing Section 215 to expire wholesale in 2015 is a preferable reform.

  8. Jump up to:a b Office of Senator Patrick Leahy: Comment Of Senator Patrick Leahy (D-Vt.), Chairman, Senate Judiciary Committee, On Action by the House Judiciary Committee to End Bulk Collection
  9. Jump up^ “Bill Summary & Status: 113th Congress (2013–2014) H.R.3361 CRS Summary”. THOMAS, Library of Congress.
  10. Jump up to:a b Roberts, Dan. “The USA Freedom Act: a look at the key points of the draft bill”Guardian.com. Retrieved 18 January 2014.
  11. Jump up^ Wilhelm, Alex (2013-10-29). “Proposed USA FREEDOM Act Would Dramatically Curtail The NSA’s Surveillance”TechCrunch.com. Retrieved 18 January 2014.
  12. Jump up^ ‘Patriot Act’ Author Seeks ‘USA Freedom Act’ to Rein In NSA – US News and World Report. Usnews.com (October 10, 2013).
  13. Jump up to:a b c Gallagher, Rhan. “U.S. Lawmakers Launch Assault on NSA Domestic Snooping”Slate.com. Retrieved 18 January 2014.
  14. Jump up^ “USA Freedom Act Would Leash the National Security Agency”Businessweek. Bloomberg. 2013-10-31. Retrieved 18 January 2014.
  15. Jump up^ Sensenbrenner, Jim. “The USA Freedom Act”House.gov. Retrieved 18 January 2014.
  16. Jump up to:a b c Granick, Jennifer (2013-12-16). “NSA’s Creative Interpretations Of Law Subvert Congress And The Rule Of Law”Forbes. Retrieved 18 January 2014.
  17. Jump up to:a b Leahy, Sen. Patrick; Sensenbrenner, Rep. Jim (29 October 2013). “The case for NSA reform”Politico. Retrieved 18 January 2014.
  18. Jump up^ House Judicicary Committee: Manager’s Amendment to USA Freedom Act
  19. Jump up to:a b “Analysis of Specific USA PATRIOT Act Provisions: Expanded Dissemination of Information Obtained in Criminal Investigations”AnalysisElectronic Privacy Information Center. Retrieved July 11, 2008.
  20. Jump up^ “Bill Text 113th Congress (2013–2014) H.R.3361.IH”THOMASLibrary of Congress. Retrieved 2014-03-09.
  21. Jump up to:a b Roberts, Dan (2013-10-10). “Patriot Act author prepares bill to put NSA bulk collection ‘out of business'”Guardian. Retrieved 20 January 2014.
  22. Jump up^ Editorial Board (2013-06-06). “President Obama’s Dragnet”. New York Times.
  23. Jump up to:a b Krietz, Andrew (2013-10-15). “Amash-backed bill aimed to end NSA spying programs garners even bipartisan support”. Retrieved 20 January 2014.
  24. Jump up^ Shabad, Rebecca (2014-01-16). “Sen. Leahy on NSA claim: ‘Baloney'”The Hill.com. Retrieved 18 January 2014.
  25. Jump up^ House Judicicary Committee: Manager’s Amendment to USA Freedom Act
  26. Jump up^ James X. Dempsey“Why Sections 209, 212, and 220 Should be Modified” (undated). Retrieved October 15, 2007.
  27. Jump up^ “Resolution on the USA Patriot Act and Related Measures That Infringe on the Rights of Library Users”American Library Association. January 29, 2003. Retrieved July 11, 2008.
  28. Jump up^ ProPublica: What the Proposed NSA Reforms Wouldn’t Do
  29. Jump up^ National Journal: House Panels Race Against Each Other to Reform NSA Spying
  30. Jump up^ EFF Statement on Rep. Sensenbrenner’s USA FREEDOM Act Amendment
  31. Jump up^ Open Technology Institute: OTI Statement on New Version of Surveillance Reform Bill, The USA FREEDOM Act
  32. Jump up^ Foreign Policy: Key NSA Defender: Congress ‘A Lot Closer’ On Surveillance Reform
  33. Jump up^ Handerson (2013-10-29). “The Freedom Act will Help Rebuild User Trust in the Internet”The Mozilla Blog. Retrieved 18 January 2014.
  34. Jump up^ Kurt Opsahl and Rainey Reitman (2013-11-14). “A Floor, Not a Ceiling: Supporting the USA FREEDOM Act as a Step Towards Less Surveillance”. Electronic Frontier Foundation.
  35. Jump up^ Michelle Richardson (2013-10-29). “The USA FREEDOM Act is Real Spying Reform”. American Civil Liberties Union.
  36. Jump up^ Human Rights Watch: US: Modest Step by Congress on NSA Reform
  37. Jump up^ Amnesty International: Congress Must Put Human Rights at the Center of Surveillance Reform

External links

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

 

XKeyscore

From Wikipedia, the free encyclopedia

Logo for the XKeyscore program

XKeyscore or XKEYSCORE (abbreviated as XKS) is a formerly secret computer system first used by the United States National Security Agency for searching and analyzing Internet data it collects worldwide every day. The program has been shared with other spy agencies including Australia’s Defence Signals Directorate, New Zealand’s Government Communications Security Bureau and the German Bundesnachrichtendienst.[1]

The program’s existence was publicly revealed in July 2013 by Edward Snowden in The Sydney Morning Herald and O Globo newspapers, though the codename is mentioned in earlier articles, and like many other codenames can also be seen in job postings, and in the online resumes of employees.[2][3]

The scope of XKeyscore

XKeyscore is a complicated system and various authors have different interpretations about its actual capabilities. Edward Snowden and Glenn Greenwald explained XKeyscore as being a system which enables almost unlimited surveillance of anyone anywhere in the world, while NSA said that usage of the system is limited and restricted.

According to The Washington Post and national security reporter Marc Ambinder, XKeyscore is an NSA data-retrieval system which consists of a series of user interfaces, backend databases, servers and software that selects certain types of data and metadata that the NSA has already collected using other methods.[4][5]

According to Snowden and Greenwald

On January 26, 2014, the German broadcaster Norddeutscher Rundfunk asked Edward Snowden in its TV interview: “What could you do if you would use XKeyscore?” and he answered:[1]

“You could read anyone’s email in the world, anybody you’ve got an email address for. Any website: You can watch traffic to and from it. Any computer that an individual sits at: You can watch it. Any laptop that you’re tracking: you can follow it as it moves from place to place throughout the world. It’s a one-stop-shop for access to the NSA’s information.”
“…You can tag individuals… Let’s say you work at a major German corporation and I want access to that network, I can track your username on a website on a form somewhere, I can track your real name, I can track associations with your friends and I can build what’s called a fingerprint, which is network activity unique to you, which means anywhere you go in the world, anywhere you try to sort of hide your online presence, your identity.”

According to The Guardian’s Glenn Greenwald, low-level NSA analysts can via systems like XKeyscore “listen to whatever emails they want, whatever telephone calls, browsing histories, Microsoft Word documents. And it’s all done with no need to go to a court, with no need to even get supervisor approval on the part of the analyst.”[6]

He added that the NSA’s databank of collected communications allows its analysts to listen “to the calls or read the emails of everything that the NSA has stored, or look at the browsing histories or Google search terms that you’ve entered, and it also alerts them to any further activity that people connected to that email address or that IP address do in the future”.[6]

According to the NSA

Further information: SIGINT

In an official statement from July 30, 2013, the NSA said there is no “unchecked analyst access to NSA collection data. Access to XKeyscore, as well as all of NSA’s analytic tools, is limited to only those personnel who require access for their assigned tasks.” The NSA also states that there are “stringent oversight and compliance mechanisms built in at several levels. One feature is the system’s ability to limit what an analyst can do with a tool, based on the source of the collection and each analyst’s defined responsibilities.”[7]

The agency defended the program, stressing that it was only used to legally obtain information about “legitimate foreign intelligence targets in response to requirements that our leaders need for information necessary to protect our nation and its interests. [...] XKeyscore is used as a part of NSA’s lawful foreign signals intelligence collection system. [...] These types of programs allow us to collect the information that enables us to perform our missions successfully — to defend the nation and to protect U.S. and allied troops abroad.”[8]

Workings

Slide from a 2008 NSA presentation about XKeyscore, showing a worldmap with the locations of XKeyscore servers

Slide from a 2008 NSA presentation about XKeyscore, showing the query hierarchy

An NSA presentation about XKeyscore from 2008 says that it’s a “DNI Exploitation System/Analytic Framework”. DNI stands for Digital Network Intelligence, which means intelligence derived from internet traffic.[9] In an interview with the German Norddeutscher Rundfunk, Edward Snowden said about XKeyscore: “It’s a front end search engine”.[10]

Data sources

XKeyscore consists of over 700 servers at approximately 150 sites where the NSA collects data, like “US and allied military and other facilities as well as US embassies and consulates” in many countries around the world.[11][12][13] Among the facilities involved in the program are four bases in Australia and one in New Zealand.[12]

According to an NSA presentation from 2008, these XKeyscore servers are fed with data from the following collection systems:[14]

  1. F6 (Special Collection Service) – joint operation of the CIA and NSA that carries out clandestine operations including espionage on foreign diplomats and leaders
  2. FORNSAT – which stands for “foreign satellite collection”, and refers to intercepts from satellites
  3. SSO (Special Source Operations) – a division of the NSA that cooperates with telecommunication providers

In a single, undated slide published by Swedish media in December 2013, the following additional data sources for XKeyscore are mentioned:[15]

  1. Overhead – intelligence derived from American spy planes, drones and satellites
  2. Tailored Access Operations – a division of the NSA that deals with hacking and cyberwarfare
  3. FISA – all types of surveillance approved by the Foreign Intelligence Surveillance Court
  4. Third party – foreign partners of the NSA such as the (signals) intelligence agencies of Belgium, Denmark, France, Germany, Italy, Japan, the Netherlands, Norway, Sweden, etc.

From these sources, XKeyscore stores “full-take data”, which are indexed by plug-ins that extract certain types of metadata (like phone numbers, e-mail addresses, log-ins, and user activity) and index them in metadata tables, which can be queried by analysts. XKeyscore has been integrated with MARINA, which is NSA’s database for internet metadata.[9]

However, the system continuously gets so much Internet data that it can be stored only for short periods of time. Content data remain on the system for only three to five days, while metadata is stored for up to 30 days.[16] A detailed commentary on an NSA presentation published in The Guardian in July 2013 cites a document published in 2008 declaring that “At some sites, the amount of data we receive per day (20+ terabytes) can only be stored for as little as 24 hours.”[17]

Capabilities

Slide from a 2008 NSA presentation about XKeyscore, showing the differences between the various NSA database systems

For analysts, XKeyscore provides a “series of viewers for common data types”, which allows them to query terabytes of raw data gathered at the aforementioned collection sites. This enables them to find targets that cannot be found by searching only the metadata, and also to do this against data sets that otherwise would have been dropped by the front-end data processing systems. According to a slide from an XKeyscore presentation, NSA collection sites select and forward less than 5% of the internet traffic to the PINWALE database for internet content.[16]

Because XKeyscore holds raw and unselected communications traffic, analysts can not only perform queries using “strong selectors” like e-mail addresses, but also using “soft selectors”, like keywords, against the body texts of e-mail and chat messages and digital documents and spreadsheets in English, Arabic and Chinese.[9]

This is useful because “a large amount of time spent on the web is performing actions that are anonymous” and therefore those activities can’t be found by just looking for e-mail addresses of a target. When content has been found, the analyst might be able to find new intelligence or a strong selector, which can then be used for starting a traditional search.[9]

Besides using soft selectors, analysts can also use the following other XKeyscore capabilities:[9][18]

  • Look for the usage of Google Maps and terms entered into a search engine by known targets looking for suspicious things or places.
  • Look for “anomalies” without any specific person attached, like detecting the nationality of foreigners by analyzing the language used within intercepted emails. An example would be a German speaker in Pakistan. The Brazilian paper O Globo claims that this has been applied to Latin America and specifically to Colombia, Ecuador, Mexico and Venezuela.[11][19]
  • Detect people who use encryption by do searches like “all PGP usage in Iran”. The caveat given is that very broad queries can result in too much data to transmit back to the analyst.
  • Showing the usage of Virtual private networks (VPNs) and machines that can potentially be hacked via TAO.
  • Track the source and authorship of a document that has passed through many hands.

Most of these things cannot be detected by other NSA tools because they operate with strong selectors (like e-mail and IP addresses and phone numbers) and the raw data volumes are too high to forward them to other NSA databases.[9]

In 2008, it was planned to add a number of new capabilities in the future, like:

Significance

The NSA slides published in The Guardian during 2013 claimed that XKeyscore had played a role in capturing 300 terrorists by 2008.[9] This claim could not be substantiated as the redacted documents do not cite instances of terrorist interventions.

A 2011 report from the NSA unit in Griesheim (Germany) says that XKeyscore made it easier and more efficient to target surveillance. Previously, analysis often accessed data they were not interested in. XKeyscore allowed them to focus on the intended topics, while ignoring unrelated data. XKeyscore also proved to be an outstanding tool for tracking active groups associated with the Anonymous movement in Germany, because it allows for searching on patterns, rather than particular individuals. An analyst is able to determine when targets research new topics, or develop new behaviors.[20]

To create additional motivation, the NSA incorporated various features from computer games into the program. For instance, analysts who were especially good at using XKeyscore could acquire “skilz” points and “unlock achievements.” The training units in Griesheim were apparently successful and analysts there had achieved the “highest average of skilz points” compared with all other NSA departments participating in the training program.[20]

Usage by foreign partners of the NSA

Germany

Excerpt of an NSA document leaked by Edward Snowden that reveals the BND‘s usage of the NSA’s XKeyscore to wiretap a German domestic target

According to documents Der Spiegel acquired from Snowden, the German intelligence agencies BND (foreign intelligence) and BfV (domestic intelligence) were also allowed to use the XKeyscore system. In those documents the BND agency was described as the NSA’s most prolific partner in information gathering.[21] This led to political confrontations, after which the directors of the German intelligence agencies briefed members of the German parliamentary intelligence oversight committee on July 25, 2013. They declared that XKeyscore has been used by the BND since 2007 and that the BfV uses a test version since 2012. The directors also explained that this program is not for collecting data, but only for analyzing them.[22]

Sweden

As part of the UKUSA Agreement, a secret treaty was signed in 1954 by Sweden with the United States, the United Kingdom, Canada, Australia and New Zealand for the purpose of intelligence collaboration and data sharing.[23] According to documents leaked by Snowden, the National Defence Radio Establishment (FRA) has been granted access to XKeyscore.[24]

 

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National Security Agency (NSA)  — Thin Thread — Trailblazer — The Program — Stellar Wind: PRISM — NUCLEON — Mainstay — Marina — EVILOLIVE — FASCIA —  XKeyscore — Co-Traveller — Photos — Slides — Videos

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Keith E. Wrightson — Early Modern England: Politics, Religion, and Society under the Tudors and Stuarts — History 251 — Yale University — Videos

Posted on May 4, 2014. Filed under: Agriculture, Art, Art, Blogroll, Books, British History, Business, Climate, College, Comedy, Communications, Constitution, Crime, Cult, Culture, Dance, Demographics, Economics, Education, Employment, Entertainment, European History, Faith, Family, Farming, Fiscal Policy, Food, Foreign Policy, Freedom, Games, government, Heroes, history, Homes, Language, Law, liberty, Life, Links, media, Music, Non-Fiction, People, Philosophy, Photos, Politics, Rants, Raves, Resources, Taxes, Unemployment, Video, War, Wealth, Weapons, Weather, Wisdom | Tags: , , , , , , , , , , , , , , , , |

Professor Keith E. Wrightson

Early Modern England: Politics, Religion, and Society under the Tudors and Stuarts (HIST 251)

1. General Introduction

2. “The Tree of Commonwealth”: The Social Order in the Sixteenth Century

3. Households: Structures, Priorities, Strategies, Roles

4. Communities: Key Institutions and Relationships

5. “Countries” and Nation: Social and Economic Networks and the Urban System

6. The Structures of Power

7. Late Medieval Religion and Its Critics

8. Reformation and Division, 1530-1558

9. “Commodity” and “Commonweal”: Economic and Social Problems, 1520-1560

10. The Elizabethan Confessional State: Conformity, Papists and Puritans

11. The Elizabethan “Monarchical Republic”: Political Participation

12. Economic Expansion, 1560-1640

13. A Polarizing Society, 1560-1640

14. Witchcraft and Magic

15. Crime and the Law

16. Popular Protest

17. Education and Literacy

18. Street Wars of Religion: Puritans and Arminians

19. Crown and Political Nation, 1604-1640

20. Constitutional Revolution and Civil War, 1640-1646

21. Regicide and Republic, 1647-1660

22. An Unsettled Settlement: The Restoration Era, 1660-1688

23. England, Britain, and the World: Economic Development, 1660-1720

24. Refashioning the State, 1688-1714

25. Concluding Discussion and Advice on Examination

 

 

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The Federal Reserve’s Near Zero Interest Rate Policy Has Hurt Savers — Videos

Posted on April 26, 2014. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Family, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, government spending, history, IRS, Law, liberty, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Photos, Politics, Press, Rants, Raves, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , |

 

 

 

How the Fed is hurting seniors

Federal-Funds-Interest-Rate

fed-funds-rate-2000-2013

fed_funds_rate_qe_1_2_3

Corporate-Bond-Yield

1-Year-Treasury-Bill-Yield

6-Month-Treasury-Bill-Yield

JIM ROGERS When the FED stops PRINTING FIAT CURRENCY the COLLAPSE will be here. PREPARE NO

Fed to keep interest rates low

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Jeremy Stein: Policy Doesn’t Work as Well for Those Near the “Zero Lower Bound”

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Lew Rockwell explains how the Federal Reserve Enables War, Empire, and Destroys the Middle Class

Zero Interest Rate Policy (ZIRP) & Inflation

 

Opinion: The low-interest-rate policy does more harm than good

By Diana Furchtgott-Roth


Bloomberg

Seniors, wake up and call Janet Yellen. With an increase in interest rates next year, as Chair Yellen implied in her press conference on Wednesday, she can restore your savings accounts to relevance. The end for low rates might be in sight, and that is good news, despite the initial reaction from markets.

Chair Yellen continued the taper, and suggested that she would start to raise rates when the taper was over. The Fed has plenty of wiggle room, though, because it will keep current policies “until the outlook for the labor market has improved substantially in a context of price stability,” according to the Federal Open Market Committee statement . That is a fuzzy goal that should not give much hope to those who want a sounder system.

Back in the 1970s or 1980s or 1990s, you might have expected a 5% interest rate or higher on your savings to generate income for your golden years. Now, it is not even 1%.

Ten years ago, in 2004, the federal funds rate was about 1%. Then, it temporarily climbed to a plateau of about 5.25% between the summers of 2006 and 2007. However, from the end of 2007 to the beginning of 2009, the rate declined to practically zero and has remained there.

Income inequality is “the defining challenge of our time,” President Obama said last December, and a zero interest rate for savers contributes to inequality. Those with stock portfolios gain because asset prices are inflated as people look for higher returns. Seniors on fixed incomes have to get returns somehow, and junk bonds and riskier stocks are the answer for many.

Economists and politicians tend to believe in the greatest good for the greatest number. But the idea of a system in which the returns to frugal saving are zero with certainty, while the returns to investing money in risky high-yield stocks and bonds — a form of gambling — often pays off, is troubling, to say the least. It might pay for a senior to invest in riskier assets in the short run, but if interest rates rise to historical levels and the stock markets adjust down, such senior investors will suffer.

It is not only gambling that pays off, it is also borrowing. With mortgage rates at historic lows, people can take on a lot of debt.

So winners from low rates include those who want to borrow, and those who hold stocks and commodities. Losers include those who save and lend because they receive less in interest payments from their assets.

This situation disproportionately affects seniors. According to data from the Census Bureau, seniors ages 65 and over made an average of $3,239 from interest in 2012, and an average of $32,849 in total income. Thus, just under 10% of their income came from interest. In contrast, people ages 25 to 64 earned an average of $1,356 annually from interest, and $47,364 in total income. Less than 3% of income came from interest for people ages 25 to 64.

McKinsey concluded in a November 2013 report that from 2007 to 2012, defined-benefit pension plans and guaranteed-rate life insurance plans lost $270 billion of income due to the Fed’s low-interest-rate policies because they have far more interest bearing assets than liabilities. McKinsey estimated that American households have lost $360 billion of income. On average, American households are net savers.

The big winners of the Fed’s policies were the U.S. government, which gained about $900 billion, and non-financial corporations, which gained $310 billion.

McKinsey calculated that households headed by people under the age of 45 are net debtors and so have benefitted from lower rates. In particular, those households with heads ages 35 to 44 have gained $1,700 more in spending each year because of lower rates. Those under 35 gained $1,500 a year.

The losers are the seniors, especially household heads aged 75 and over, who lost $2,700 a year in income. Those aged between 65 and 74 lost $1,900.

If markets were perfectly liquid, seniors would be able to take advantage of falling interest rates to refinance their mortgages. But many seniors have no mortgage. Those that do are often unwilling to refinance. Others, even though they might want to refinance, find that their houses are worth less than the mortgage, and they cannot meet tighter credit standards.

Keeping interest rates low is not only bad for seniors and savers, it is bad for the economy as a whole. In a global marketplace, low interest rates in the United States discourage lending to the United States. The reason the Fed had to step in to buy Treasury paper is that there is lower demand because of ultra-low interest rates. When interest rates rise, and eventually they will, many parts of our financial system will have a rude awakening and a difficult adjustment. Our deficit will balloon with our high level of debt. Many businesses predicated on low interest rates will fail.

Small- and mid-sized economies cannot pretend that easy money is a successful monetary policy. Japan and Europe have tried easy money. It has not worked. The United States has performed slightly better, not because easy money is a good policy, but because people around the world still look to the dollar as a safe haven in times of trouble. And the world today has more than its fair share of troubles.

All Americans, and seniors in particular, will be better when the Fed abandons its low-interest-rate policy, despite some initial turbulence. Almost five years into the recovery, economic growth is stunted, and labor force participation rates are at 1978 levels. Seniors always tell their children they know better — now they should tell Janet Yellen to let those rates rise.

 

http://www.marketwatch.com/story/how-the-fed-is-hurting-seniors-2014-03-21

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The Legend of Barry Davis aka Barack Obama — A Legend in His Own Mind — Videos

Posted on April 21, 2014. Filed under: American History, Babies, Blogroll, Communications, Demographics, Economics, Federal Government Budget, Fiscal Policy, government, government spending, history, IRS, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Strategy, Taxes, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , |

 

The Platters – The Great Pretender – HD (1955)

 

Glenn Beck Exposes Obama’s Fraudulent History and Radicalized Beliefs

Mark Levin – Obama the “Red Diaper Baby”

OBAMA’s REAL FATHER is Frank Marshall Davis !!!

President Frank Marshall Davis Jr.

The Great Pretender

Sam Vaknin Analyzes Barack Obama (Part 1)

Sam Vaknin Analyzes Barack Obama (Part 2)

Sam Vaknin Analyzes Barack Obama (Part 3)

Sam Vaknin Analyzes Barack Obama (Part 4)

Sam Vaknin Analyzes Barack Obama (Part 5)

 

 

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U.S. Labor Force Increases By Over 500,000 in March as Americans Look For Jobs, U-3 Unemployment Rate 6.7 with 10.5 Million Unemployed and U-6 Unemployment Rate 12.7%! — Videos

Posted on April 5, 2014. Filed under: American History, Blogroll, College, Communications, Constitution, Economics, Education, Employment, Federal Communications Commission, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Language, Law, liberty, Life, Links, Literacy, media, People, Philosophy, Politics, Radio, Rants, Raves, Taxes, Technology, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 237: April 4, 2014

Pronk Pops Show 236: April 3, 2014

Pronk Pops Show 235: March 31, 2014

Pronk Pops Show 234: March 28, 2014

Pronk Pops Show 233: March 27, 2014

Pronk Pops Show 232: March 26, 2014

Pronk Pops Show 231: March 25, 2014

Pronk Pops Show 230: March 24, 2014

Pronk Pops Show 229: March 21, 2014

Pronk Pops Show 228: March 20, 2014

Pronk Pops Show 227: March 19, 2014

Pronk Pops Show 226: March 18, 2014

Pronk Pops Show 225: March 17, 2014

Pronk Pops Show 224: March 7, 2014

Pronk Pops Show 223: March 6, 2014

Pronk Pops Show 222: March 3, 2014

Pronk Pops Show 221: February 28, 2014

Pronk Pops Show 220: February 27, 2014

Pronk Pops Show 219: February 26, 2014

Pronk Pops Show 218: February 25, 2014

Pronk Pops Show 217: February 24, 2014

Pronk Pops Show 216: February 21, 2014

Pronk Pops Show 215: February 20, 2014

Pronk Pops Show 214: February 19, 2014

Pronk Pops Show 213: February 18, 2014

Pronk Pops Show 212: February 17, 2014

Pronk Pops Show 211: February 14, 2014

Pronk Pops Show 210: February 13, 2014

Pronk Pops Show 209: February 12, 2014

Pronk Pops Show 208: February 11, 2014

Pronk Pops Show 207: February 10, 2014

Pronk Pops Show 206: February 7, 2014

Pronk Pops Show 205: February 5, 2014

Pronk Pops Show 204: February 4, 2014

Pronk Pops Show 203: February 3, 2014

Pronk Pops Show 202: January 31, 2014

Pronk Pops Show 201: January 30, 2014

Pronk Pops Show 200: January 29, 2014

Pronk Pops Show 199: January 28, 2014

Pronk Pops Show 198: January 27, 2014

Pronk Pops Show 197: January 24, 2014

Pronk Pops Show 196: January 22, 2014

Pronk Pops Show 195: January 21, 2014

Pronk Pops Show 194: January 17, 2014

Pronk Pops Show 193: January 16, 2014

Pronk Pops Show 192: January 14, 2014

Pronk Pops Show 191: January 13, 2014

Pronk Pops Show 190: January 10, 2014

Pronk Pops Show 189: January 9, 2014

Pronk Pops Show 188: January 8, 2014

Pronk Pops Show 187: January 7, 2014

Pronk Pops Show 186: January 6, 2014

Pronk Pops Show 185: January 3, 2014

The Pronk Pops Show 237, April 4, 2014, Story 1: U.S. Labor Force Increases By Over 500,000 in March as Americans Look For Jobs,  U-3 Unemployment Rate 6.7 with 10.5 Million Unemployed and U-6 Unemployment Rate 12.7%! — Videos

April 4, 2014- Business News – Financial News – Stock News –NYSE — Market News 2014

U.S. Wages Stagnate as American Work Week Lengthens

U.S. March Nonfarm Payrolls Rises 192,000

Employment Level

 145,742,000

Labor Force Statistics from the Current Population Survey

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

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 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142152(1) 141640 140707 140656 140248 140009 139901 139492 138818 138432 138659 138013
2010 138451(1) 138599 138752 139309 139247 139148 139179 139427 139393 139111 139030 139266
2011 139287(1) 139422 139655 139622 139653 139409 139524 139904 140154 140335 140747 140836
2012 141677(1) 141943 142079 141963 142257 142432 142272 142204 142947 143369 143233 143212
2013 143384(1) 143464 143393 143676 143919 144075 144285 144179 144270 143485 144443 144586
2014 145224(1) 145266 145742
1 : Data affected by changes in population controls.

 

Civilian Labor Force Level

156,227,000

 

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 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153404(1) 153720 153964 154642 154106 153631 153706 154087 153971 153631 154127 153639
2011 153198(1) 153280 153403 153566 153526 153379 153309 153724 154059 153940 154072 153927
2012 154328(1) 154826 154811 154565 154946 155134 154970 154669 155018 155507 155279 155485
2013 155699(1) 155511 155099 155359 155609 155822 155693 155435 155473 154625 155284 154937
2014 155460(1) 155724 156227
1 : Data affected by changes in population controls.

Labor Force Participation Rate

 

63.2%

 

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

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 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.9 63.8 63.7 63.8 63.8 63.7 63.5 63.6 63.7 63.6 63.6
2013 63.6 63.5 63.3 63.4 63.4 63.5 63.4 63.2 63.2 62.8 63.0 62.8
2014 63.0 63.0 63.2

Unemployment Level

10,486,000

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

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 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12058 12898 13426 13853 14499 14707 14601 14814 15009 15352 15219 15098
2010 14953 15121 15212 15333 14858 14483 14527 14660 14578 14520 15097 14373
2011 13910 13858 13748 13944 13873 13971 13785 13820 13905 13604 13326 13090
2012 12650 12883 12732 12603 12689 12702 12698 12464 12070 12138 12045 12273
2013 12315 12047 11706 11683 11690 11747 11408 11256 11203 11140 10841 10351
2014 10236 10459 10486

U-3 Unemployment Rate

6.7%

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 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.4
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.2 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.8 7.9
2013 7.9 7.7 7.5 7.5 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
2014 6.6 6.7 6.7

U-6 Unemployment Rate

12.7%


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
ear 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 11.0 11.8 12.6 13.6
2009 14.2 15.2 15.8 15.9 16.5 16.5 16.4 16.7 16.7 17.1 17.1 17.1
2010 16.7 17.0 17.1 17.2 16.6 16.4 16.4 16.5 16.8 16.6 16.9 16.6
2011 16.1 16.0 15.9 16.1 15.8 16.1 16.0 16.1 16.3 15.9 15.6 15.2
2012 15.1 15.0 14.5 14.6 14.8 14.8 14.9 14.7 14.7 14.4 14.4 14.4
2013 14.4 14.3 13.8 13.9 13.8 14.2 13.9 13.6 13.6 13.7 13.1 13.1
2014 12.7 12.6 12.7

Unemployment Rate 16-19 Years

20.9%

 

Series Id:           LNS14000012
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 to 19 years

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9
2006 15.1 15.3 16.1 14.6 14.0 15.8 15.9 16.0 16.3 15.2 14.8 14.6
2007 14.8 14.9 14.9 15.9 15.9 16.3 15.3 15.9 15.9 15.4 16.2 16.8
2008 17.8 16.6 16.1 15.9 19.0 19.2 20.7 18.6 19.1 20.0 20.3 20.5
2009 20.7 22.3 22.2 22.2 23.4 24.7 24.3 25.0 25.9 27.2 26.9 26.7
2010 26.0 25.6 26.2 25.4 26.5 26.0 25.9 25.6 25.8 27.3 24.8 25.3
2011 25.5 24.1 24.3 24.5 23.9 24.8 24.8 25.1 24.5 24.2 24.1 23.3
2012 23.5 23.8 24.8 24.6 24.2 23.7 23.7 24.4 23.8 23.8 23.9 24.0
2013 23.5 25.2 23.9 23.7 24.1 23.8 23.4 22.6 21.3 22.0 20.8 20.2
2014 20.7 21.4 20.9

Black Unemployment Rate

12.4%

Series Id:           LNS14000006
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - Black or African American
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Race:                Black or African American

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 8.2 8.1 7.4 7.0 7.7 7.8 7.7 7.9 7.3 7.3 7.3 7.4
2001 8.2 7.7 8.3 8.0 7.9 8.3 8.0 9.1 8.9 9.5 9.8 10.1
2002 10.0 9.9 10.5 10.7 10.2 10.5 9.8 9.8 9.7 9.8 10.7 11.3
2003 10.5 10.7 10.3 10.9 10.9 11.5 10.9 10.9 11.1 11.4 10.2 10.1
2004 10.4 9.7 10.3 9.8 10.1 10.2 11.0 10.5 10.3 10.8 10.7 10.7
2005 10.6 10.9 10.5 10.3 10.1 10.2 9.2 9.7 9.4 9.1 10.6 9.2
2006 8.9 9.5 9.5 9.4 8.7 8.9 9.5 8.8 9.0 8.4 8.5 8.3
2007 7.9 8.0 8.4 8.3 8.3 8.5 8.1 7.6 8.0 8.5 8.5 9.0
2008 9.1 8.4 9.2 8.6 9.6 9.4 10.0 10.6 11.3 11.4 11.5 12.1
2009 12.7 13.7 13.7 15.0 15.0 14.8 14.8 14.8 15.3 15.8 15.7 16.1
2010 16.5 16.0 16.9 16.6 15.5 15.1 15.7 15.9 16.0 15.7 16.1 15.6
2011 15.8 15.5 15.8 16.5 16.3 16.0 15.9 16.4 15.9 14.7 15.6 15.6
2012 13.6 14.0 14.1 13.2 13.6 14.1 14.2 13.9 13.5 14.2 13.3 14.0
2013 13.8 13.8 13.2 13.1 13.5 13.5 12.6 12.9 13.0 13.0 12.4 11.9
2014 12.1 12.0 12.4

Employment Situation Summary

Transmission of material in this release is embargoed until                    USDL-14-0530
8:30 a.m. (EDT) Friday, April 4, 2014

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 -- MARCH 2014


Total nonfarm payroll employment rose by 192,000 in March, and the unemployment rate
was unchanged at 6.7 percent, the U.S. Bureau of Labor Statistics reported today.
Employment grew in professional and business services, in health care, and in mining
and logging.

Household Survey Data

In March, the number of unemployed persons was essentially unchanged at 10.5 million,
and the unemployment rate held at 6.7 percent. Both measures have shown little movement
since December 2013. Over the year, the number of unemployed persons and the unemployment
rate were down by 1.2 million and 0.8 percentage point, respectively. (See table A-1.)

Among the major worker groups, the unemployment rate for adult women increased to 6.2
percent in March, and the rate for adult men decreased to 6.2 percent. The rates for
teenagers (20.9 percent), whites (5.8 percent), blacks (12.4 percent), and Hispanics
(7.9 percent) showed little or no change. The jobless rate for Asians was 5.4 percent
(not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2,
and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more), at 3.7 million,
changed little in March; these individuals accounted for 35.8 percent of the unemployed.
The number of long-term unemployed was down by 837,000 over the year. (See table A-12.)

Both the civilian labor force and total