What Ben Bernanke and Peter Schiff Are Saying: Federal Reserve Will Be Keyboarding Digital Money Well Into 2015 or Two Years Minimum As U.S. Enters Another Recession With Higher Rates of Unemployment — Quantitative Easing For 2 Plus Years — Bubbles Going To Pop — This Time It Is Different — The Financial Crisis Or Collapse Will Be Much Worse — No Exit Strategy — Videos

Posted on July 18, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Rants, Raves, Regulations, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , |

shark_benNo-exit

ben_bernanke

Peter-Schiff

FedTreasury-Holdings

June 29, 2013

Digital Report Ben Bernanke Hearing

Bernanke: September Tapering Not a Sure Thing

Bernanke tells Congress Fed flexible on bond buying

Ben Shalom Bernanke NOT Ready To Declare “Too Big To Fail” A Thing Of The Past

Peter Schiff Speaks At 2013 Las Vegas MoneyShow 

Peter Schiff – US Hasn’t Had A Real Recovery Or Even A Real Recession Yet

Peter Schiff – Economic Predictions

Peter Schiff – Fed Will NEVER Stop Q E! They Can t The US Economy Will Collapse!

Next Fed Chair Bets Make ‘Hot Parlor Game’: Green

U.S. Fed balance sheet grows 7 straight weeks

The U.S. Federal Reserve’s balance sheet grew for a seventh week in the latest week as the U.S. central bank increased its holdings of Treasuries and mortgage-backed securities, Fed data released on Thursday showed.

The Fed’s balance sheet liabilities, which are a broad gauge of its lending to the financial system, stood at $3.495 trillion on July 17, compared with $3.462 trillion on July 10.

The Fed’s holdings of Treasuries rose to $1.962 trillion as of Wednesday, from $1.953 trillion the previous week.

The Fed’s ownership of mortgage bonds guaranteed by Fannie Mae, Freddie Mac and the Government National Mortgage Association (Ginnie Mae) increased to $1.235 trillion from $1.208 trillion from the previous week.

The Fed’s holdings of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank system totaled $66.52 billion, down from $69.18 billion from the previous week.

The Fed’s overnight direct loans to credit-worthy banks via its discount window averaged $13 million a day during the week, compared with $14 million a day the previous week.

http://money.msn.com/business-news/article.aspx?feed=OBR&Date=20130718&ID=16715716&industry=IND_BANKING&isub=

Is The Fed Really Tightening? Fed Policy in Two Charts.

Donald Marron,

The Fed believes the stimulus from quantitative easing depends on the stock of Treasuries and mortgage-backed securities that it owns, not on the flow of its purchases. If that view is correct, the future tapering of Fed purchases won’t be monetary tightening, it will a slowing pace of monetary easing (click for larger chart):
tapering-is-not-tightening-graph

The chart shows a hypothetical trajectory for the Fed’s bond and MBS holdings. Under the stock view, that trajectory will go through three stages, paralleling those of traditional interest rate policy:

  • Quantitative easing: The Fed expands its balance sheet by buying Treasuries and MBS. Current pace: $85 billion each month.
  • Quantitative accommodation: The Fed maintains its balance sheet; it buys new assets to replace older ones as they mature.
  • Quantitative tightening: The Fed contracts its balance sheet by allowing assets to mature without replacement or, more aggressively, by selling them.

In this view, tapering is the final stage of quantitative easing. The Fed buys assets during tapering, but at a slower tempo. Tapering is not tightening.

That view is clear, logical, and elegant. But it utterly fails to explain why financial markets went haywire last week when Ben Bernanke and company talked about tapering.

One reason is investor expectations. The Fed has been trying to stimulate the economy not only through QE, but also by telling investors to expect easing in the future. Such forward guidance can be a powerful lever for monetary policy.

tapering-is-tightening-graph-2

Last week, investors learned that QE might end sooner than they expected. In the stock view with expectations, that is monetary tightening. As illustrated in the second chart, future Fed policy would be tighter than financial markets had previously thought.*

This view likely explains some of the market reaction to recent Fed statements. But it’s hard to reconcile the magnitude of the movements. Suppose markets expected tapering to begin in January and now think September more likely. All else equal, that four-month difference implies a $340 billion reduction in the Fed’s ultimate portfolio. That’s something, but could that alone explain the sharp market response?

My sense it that something else must be going on as well. Some candidates include:

  • Perhaps the flow of Fed purchases matters, not just the stock. This view appears much more common among traders than Fed economists. If anyone has a reference for a good articulation of this view, I’d love to see it. The flow shouldn’t matter in normal times—was the Fed tightening when the flow of purchases was essentially zero for decades before the recent crisis?—but these are hardly normal times. Perhaps the flow matters when you are at the zero lower bound?
  • Perhaps world financial markets expected a much longer period of QE and are highly geared to Fed policy. If I am reading it correctly, that’s the view of Vince Foster who discusses the unwinding of the carry trade (ht Tyler Cowen)

* This definition of tightening compares the new expected trajectory of Fed holdings to prior expectations. Such comparisons are relative; in principle, one could equally say that the Fed announcement indicated that future policy would be less loose, not that it would be tighter. But for most purposes, it seems simpler just to say that future policy has gotten tighter. The same semantic issue exists in fiscal policy. If Medicare spending is scheduled to grow $35 billion next year, what do we call a proposal under which spending increases $30 billion? We usually call that a $5 billion spending cut since it’s a decline relative to an accepted baseline. But we should remember that Medicare spending is growing. The same seems true with early tapering. Tightening seems the cleanest description for most purposes, even though in absolute terms it is slower easing.

http://www.forbes.com/sites/beltway/2013/06/25/is-the-federal-reserve-really-tightening-fed-policy-in-two-charts/

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Let Obama Own The Tax Increases and Wrecking The Economy Leading To Great Depression–Videos

Posted on December 9, 2012. Filed under: Banking, Blogroll, College, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, government spending, Inflation, Investments, Law, liberty, Life, Links, media, Medicine, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Public Sector, Radio, Raves, Strategy, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , |

Rand Paul: We Should Let Dems Raise Taxes And Then Let Them Own It – CNBC’s Kudlow Report

SEN. RAND PAUL: I have yet another thought on how we can fix this. Why don’t we let the Democrats pass whatever they want? If they are the party of higher taxes, all the Republicans vote present and let the Democrats raise taxes as high as they want to raise them, let Democrats in the Senate raise taxes, let the president sign it and then make them own the tax increase. And when the economy stalls, when the economy sputters, when people lose their jobs, they know which party to blame, the party of high taxes. Let’s don’t be the party of just almost as high taxes.

LARRY KUDLOW, CNBC: Some people have called that the doomsday scenario. Others have said, ‘Look, it’s a strategic retreat on the Republicans’ behalf.’ WWould you vote present for that in the Senate if that came up?

RAND PAUL: Yes, I don’t think we have to in the Senate. In the House, they have to because the Democrats don’t have the majority. In the Senate, I’m happy not to filibuster it, and I will announce tonight on your show that I will work with Harry Reid to let him pass his big old tax hike with a simple majority if that’s what Harry Reid wants, because then they will become the party of high taxes and they can own it.

Obama Runs Rings pt4 + Rand Paul Joins the ‘Let Democrats Raise Taxes and Own It’ Crowd 

Gregory Mankiw: The Fiscal Challenge Ahead

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Weak Obama Recovery Ends–Great Obama Recession Economy Or GORE Starts–Labor Participation Rate in July 2011 Hits 27 Year Low of 63.9%–Over 130,000 Workers Leave Workforce In July 2011–No Jobs!–Videos

Posted on August 5, 2011. Filed under: American History, Banking, Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Inflation, Investments, Language, Law, liberty, Life, media, Microeconomics, Money, People, Philosophy, Politics, Psychology, Public Sector, Rants, Resources, Talk Radio, Taxes, Technology, Transportation, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , |

http://www.shadowstats.com/alternate_data/unemployment-charts

Unemployment Rate Dips, Economy Adds 117K Jobs

 

Morning Market Alert for August 5, 2011

 

Rep. Brady’s first round of questioning during JEC employment hearing 8-8-11

 

August 5th 2011 CNBC Stock Market Squawk Box July 2011 Jobs Report

 

 

AARP: Jeffrey Davis on 2011 Unemployment

Unemployment Rate Primer

 

NewsBusted 8/5/11

 

Peter Schiff “If Bush Had Been A Better President We Would Not Have Elected Obama!”

 

Market Plunge Startles Investors, But Fed ‘Out of Ammo’ Amid Double-Dip Fears

 

The August 2011 unemployment report from the Bureau of Labor Statistics indicated that the unemployment rate had declined slightly from 9.2% to 9.1% in July and 117,000 nonfarm jobs were created with 154,000 jobs created in the private sector.

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 4.8 5.1 4.9 5.4 5.6 5.8 6.1 6.2 6.6 6.8 7.3  
2009 7.8 8.2 8.6 8.9 9.4 9.5 9.5 9.7 9.8 10.1 9.9 9.9  
2010 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4  
2011 9.0 8.9 8.8 9.0 9.1 9.2 9.1            

This would normally be good news.

Looking closely at the numbers reveals that the labor participation declined to 63.9% the lowest rate since January 1984 when the U.S. economy was starting to recover from a recession that ended in November 1982.

Normally the labor participation rate falls in a range of between 66% to 67%.

Since President Obama has been in office the labor participation rate has declined from 65.7% in January 2009 to the new low of 63.9% in July 2011.

Even during the 12 month economic recovery from July 2009 through June 2010 the labor participation rate never went back over 66% and in fact never exceeded 65.7%.

 

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
1980 64.0 64.0 63.7 63.8 63.9 63.7 63.8 63.7 63.6 63.7 63.8 63.6  
1981 63.9 63.9 64.1 64.2 64.3 63.7 63.8 63.8 63.5 63.8 63.9 63.6  
1982 63.7 63.8 63.8 63.9 64.2 63.9 64.0 64.1 64.1 64.1 64.2 64.1  
1983 63.9 63.8 63.7 63.8 63.7 64.3 64.1 64.3 64.3 64.0 64.1 64.1  
1984 63.9 64.1 64.1 64.3 64.5 64.6 64.6 64.4 64.4 64.4 64.5 64.6  
1985 64.7 64.7 64.9 64.9 64.8 64.6 64.7 64.6 64.9 65.0 64.9 65.0  
1986 64.9 65.0 65.1 65.1 65.2 65.4 65.4 65.3 65.4 65.4 65.4 65.3  
1987 65.4 65.5 65.5 65.4 65.7 65.5 65.6 65.7 65.5 65.7 65.7 65.7  
1988 65.8 65.9 65.7 65.8 65.7 65.8 65.9 66.1 65.9 66.0 66.2 66.1  
1989 66.5 66.3 66.3 66.4 66.3 66.5 66.5 66.5 66.4 66.5 66.6 66.5  
1990 66.8 66.7 66.7 66.6 66.6 66.4 66.5 66.5 66.4 66.4 66.4 66.4  
1991 66.2 66.2 66.3 66.4 66.2 66.2 66.1 66.0 66.2 66.1 66.1 66.0  
1992 66.3 66.2 66.4 66.5 66.6 66.7 66.7 66.6 66.5 66.2 66.3 66.3  
1993 66.2 66.2 66.2 66.1 66.4 66.5 66.4 66.4 66.2 66.3 66.3 66.4  
1994 66.6 66.6 66.5 66.5 66.6 66.4 66.4 66.6 66.6 66.7 66.7 66.7  
1995 66.8 66.8 66.7 66.9 66.5 66.5 66.6 66.6 66.6 66.6 66.5 66.4  
1996 66.4 66.6 66.6 66.7 66.7 66.7 66.9 66.7 66.9 67.0 67.0 67.0  
1997 67.0 66.9 67.1 67.1 67.1 67.1 67.2 67.2 67.1 67.1 67.2 67.2  
1998 67.1 67.1 67.1 67.0 67.0 67.0 67.0 67.0 67.2 67.2 67.1 67.2  
1999 67.2 67.2 67.0 67.1 67.1 67.1 67.1 67.0 67.0 67.0 67.1 67.1  
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 66.0 66.1 66.0 66.0 65.8 65.8  
2009 65.7 65.7 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.1 65.0 64.7  
2010 64.8 64.8 64.9 65.1 64.9 64.7 64.6 64.7 64.7 64.5 64.5 64.3  
2011 64.2 64.2 64.2 64.2 64.2 64.1 63.9            

Unfortunately the primary reason for the small .1% decline in the unemployment rate was not that more workers  were finding employment in July.

Instead, the real reason the unemployment rate fell in July is that workers previously classified as unemployed were now considered discouraged workers and not unemployed or participating in the labor force.

Workers that normally would be considered unemployed left the labor force and became discouraged workers who are ready and willing to work and have looked for a job in the past, but now are so discouraged that they have stopped looking.

In July the number of discouraged workers rose from 982,000 in June to over 1,119,000 in July an increase of over 137,000.

Series Id:                       LNU05026645 Not Seasonally Adjusted Series title:                    (Unadj) Not in Labor Force, Searched For Work and Available, Discouraged Reasons For Not Currently Looking Labor force status:              Not in labor force
Type of data:                    Number in thousands
Age:                             16 years and over
Job desires/not in labor force:  Want a job now
Reasons not in labor force:      Discouragement over job prospects  (Persons who believe no job is available.)
 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 236 267 258 331 280 309 266 203 253 232 236 269 262
2001 301 287 349 349 328 294 310 337 285 331 328 348 321
2002 328 375 330 320 414 342 405 378 392 359 385 403 369
2003 449 450 474 437 482 478 470 503 388 462 457 433 457
2004 432 484 514 492 476 478 504 534 412 429 392 442 466
2005 515 485 480 393 392 476 499 384 362 392 404 451 436
2006 396 386 451 381 323 481 428 448 325 331 349 274 381
2007 442 375 381 399 368 401 367 392 276 320 349 363 369
2008 467 396 401 412 400 420 461 381 467 484 608 642 462
2009 734 731 685 740 792 793 796 758 706 808 861 929 778
2010 1065 1204 994 1197 1083 1207 1185 1110 1209 1219 1282 1318 1173
2011 993 1020 921 989 822 982 1119            

The U.S. economy needs to create between 100,000 to 150,000 jobs each month to keep up with population growth and new entrants into the labor force.

Each month  high school and college graduates and drop-outs enter the labor force for the first time.

In addition to jobs filled by new entrants into the labor force, the U.S. economy needs to create between 150,000 to 160,000 new jobs each month to reduce the unemployment rate by just .1% per month.

Therefore the U.S. economy needs to create approximately 300,000 new jobs  each month to reduce the unemployment by .1%.

While the total number of new jobs created was estimated to be 117,000 in July this is barely enough to keep up with population growth and not even close to the 300,000 jobs needed to actually reduce the unemployment rate by .1%.

The creation of 300,000 new jobs each month would require a growth rate in the Gross Domestic Product of between 3% to 4% or roughly a 3.5% growth rate.

The U.S economy grew at only a .4% rate for the first quarter on 2011 and 1.3% in the second quarter of 2011.

This is signficantly less than the 3.5% growth rate in real GDP needed to reduce unemployment by .1% each month.

The primary reason the unemployment rate fell by  .1% in July instead of remaining flator increasing was workers becoming discouraged at their job prospects and left the labor force.

This is indeed depressing news.

The U.S economy reached a peak in GDP growth in the middle of  2010.

Since then the growth rate of the Gross Domestic Product measure in real terms has steadily declined for four consecutive quarters.

The Weak Obama Recovery has ended and the Great Obama Recession Economy or GORE has started.

The recent correction of over 10% on Wall Street is a leading indicator that the GORE has begun.

When will the recession hit bottom  and another recovery begin?

When President Barack Obama is voted out of office in November 2012.

Until then keep looking for a job and do not become discouraged.

The Unemployment Game Show: Are You *Really* Unemployed?

 

Should the Bureau of Labor Statistics call you, tell them you have been looking for work.

Only then will you be considered unemployed and not be considered a discouraged worker.

A discouraged worker is classified by the Bureau of Labor Statistic as an individual that has left the labor force or is no longer participating.

This is one of the reasons the labor participation rate hit a new low of just 63.7% in July.

I expect the official unemployment rate to go over 10% in the first half of 2012 and then start to decline to just over 9% by election day 2012.

The US Misery Index by President
January 1948 to June 2011

Misery Index = Unemployment rate + Inflation rate

President Time Period Start End Change Avg.
 
Richard M. Nixon 1969-01 – 1974-07 7.80 17.01 9.21 10.57
James E. Carter, Jr. 1977-01 – 1980-12 12.72 19.72 7.00 16.26
Barack H. Obama 2009-01 – 2011-06 7.83 12.76 4.93 10.45
Dwight D. Eisenhower 1953-01 – 1960-12 3.28 7.96 4.68 6.26
Lyndon B. Johnson 1963-11 – 1968-12 7.02 8.12 1.10 6.77
George H.W. Bush 1989-01 – 1992-12 10.07 10.30 0.23 10.68
George W. Bush 2001-01 – 2008-12 7.93 7.49 -0.44 8.11
John F. Kennedy 1961-01 – 1963-10 8.31 6.82 -1.49 7.14
William J. Clinton 1993-01 – 2000-12 10.56 7.29 -3.27 7.80
Gerald R. Ford 1974-08 – 1976-12 16.36 12.66 -3.70 16.00
Ronald W. Reagan 1981-01 – 1988-12 19.33 9.72 -9.61 12.19
Harry S. Truman 1948-01 – 1952-12 13.63 3.45 -10.18 7.88

The OMI or Obama Misery Index, the sum of the unemployment and inflation rates has been rising and is at a new high of over 12.72% and heading for 15%.

This is better than President Jimmy Carter with a Misery Index over 20% in 1980.

President Carter lost to Ronald Reagan in 1980.

The economic recovery or expansion of the U.S. economy will start when the American people become convinced that President Obama cannot be elected to a second term as President of the United States.

This will happen on or before Tuesday, November 6, 2012.

During the Great Depression the rate of unemployment hit a monthly high of 24.9% in March 1933 with about 13 million American unemployed, the month Franklin D. Roosevelt was sworn in as President.

Today there are over 14 million American unemployed as measured by the offical unemployment rate (U-3) and over 25 million Americans seeking a full-time job as measured by the total unemployment rate (U-6).

A popular song in 1933 was Happy Days Are Here Again that may very well become a hit again in 2013!

Barbra Streisand – Happy Days Are Here Again

So long sad times
Go long bad times
We are rid of you at last

Howdy gay times
Cloudy gray times
You are now a thing of the past

Happy days are here again
The skies above are clear again
So let’s sing a song of cheer again
Happy days are here again

Altogether shout it now
There’s no one
Who can doubt it now
So let’s tell the world about it now
Happy days are here again

Your cares and troubles are gone
There’ll be no more from now on
From now on …

Happy days are here again
The skies above are clear again
So, Let’s sing a song of cheer again

Happy times
Happy nights
Happy days
Are here again!

 

Background Articles and Videos

Why the Meltdown Should Have Surprised No One | Peter Schiff

 

EAT THE RICH!

 

What We Believe, Part 1: Small Government and Free Enterprise

 

What We Believe, Part 2: The Problem with Elitism

 

What We Believe, Part 3: Wealth Creation

 

Peter Schiff Was Right 2006 – 2007 (2nd Edition)

Ron Paul Was Right (1983-2008)

Ron Paul was Right

Read Full Post | Make a Comment ( None so far )

Obama The Crisis Generator Leads To Regime Uncertainty–Impeachment In 2011!

Posted on July 2, 2010. Filed under: Blogroll, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Taxes, Technology, Video, Wisdom | Tags: , , , |

Robert Higgs on the Second Lost Decade

The Great Depression and the Current Recession–Robert Higgs–Videos

 

Robert Higgs Comparing The Great Depression With The Current Recession (1) (ECONOMICS SERIES)

Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War
By Robert Higgs

“…Evidence from public opinion polls and corporate bond markets shows that FDR’s policies prevented a robust recovery of long-term private investment by significantly reducing investors’ confidence in the durability of private property rights. Not until the New Deal/war economy ended and resources became available for peacetime production did private investment—and the nation’s economic health—fully recover. …”

http://www.independent.org/pdf/tir/tir_01_4_higgs.pdf

INVESTIGATE BP STAGED OIL SPILL – IMPEACH OBAMA

Dick Armey: Spill Reveals Obama’s ‘Competency Issues’

A Psychiatrist Analyzes Obama

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Henry Hazlitt–Economics In One Lesson–Videos

Robert Higgs–The Complex Path of Ideological Change–Videos

Robert Higgs–The Great Depression and the Current Recession–Videos

Robert Higgs–Why Are Politicians Always Trying to Scare Us?–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Paul Krugman–Videos

Liberal Fascism–Jonah Goldberg–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

Robert P. Murphy–Government Stimulus: Repeating the mistakes of the Great Depression–Videos

Gary North–Keynes and His Influence–Take The North Challenge–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos

Murray Rothbard–Videos

Murray N. Rothbard–Introduction to Economics: A Private Seminar–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

Murray Rothbard– What Has Government Done to Our Money?–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Econ Talk With Thomas Sowell–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Woods–Lectures On Liberty–Videos

Thomas E. Woods–The Market Economy–Videos

Tom Woods On Personal Rights and Property Ownership

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Woods–Who Killed The Constitution

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Read Full Post | Make a Comment ( 1 so far )

Robert P. Murphy–Videos

Posted on December 6, 2009. Filed under: Blogroll, Communications, Economics, Education, Employment, Energy, Fiscal Policy, government spending, history, Language, Law, liberty, Life, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Taxes, Video, Wisdom | Tags: , , , , , , |

 

Unemployment: The 1930s and Today

Bob Murphy, Author of the Politically Incorrect Guide to the Great Depression & New Deal

Robert Murphy: Busting the Myth of Green Jobs

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Robert P. Murphy – BookTV: The Politically Incorrect Guide

Austrian vs. Neoclassical Analytics

Authors Forum: “Human Action” Study Guide

Dr Robert Murphy “Repeating Mistakes of The Great Depression” Nassau, Bahamas Part 1/7

 

 

Dr Robert Murphy “Repeating Mistakes of The Great Depression” Nassau, Bahamas Part 2/7

 

Dr Robert Murphy “Repeating Mistakes of The Great Depression” Nassau, Bahamas Part 3/7

 

Dr Robert Murphy “Repeating Mistakes of The Great Depression” Nassau, Bahamas Part 4/7

 

Dr Robert Murphy “Repeating Mistakes of The Great Depression” Nassau, Bahamas Part 5/7

 

Dr Robert Murphy “Repeating Mistakes of The Great Depression” Nassau, Bahamas Part 6/7

 

Dr Robert Murphy “Repeating Mistakes of The Great Depression” Nassau, Bahamas Part 7/7

 

Background Articles and Videos

Robert Murphy

“…Robert P. “Bob” Murphy (born 23 May 1976) is an Austrian School economist and free market-oriented author.

Murphy completed his Bachelor of Arts in economics at Hillsdale College in 1998. He then moved back to his home state of New York to continue his studies at New York University. Murphy earned his Ph.D. in economics from NYU in 2003 after successfully defending a dissertation on Unanticipated Intertemporal Change in Theories of Interest.[1]

Murphy is married to Rachael Murphy (née Fajardo) with whom he has one son, Joel Clark Murphy, and lives in Nashville, Tennessee. Murphy is a Christian, and has stated in his writings that “my ethical beliefs are informed by my Christian faith, and I am a firm believer in natural law.”[2]

After earning his doctoral degree, Murphy served as Visiting Assistant Professor of Economics at Hillsdale College in Michigan, U.S., a role he relinquished in the summer of 2006 when he moved back to New York City. From 2006 until early 2007, Murphy was employed as a research and portfolio analyst with Laffer Associates,[3][4] an economic and investment consultancy firm.[5]

Murphy is a senior fellow in business and economic studies at the Pacific Research Institute,[6] and is an adjunct scholar and frequent speaker at the Ludwig von Mises Institute. He writes a column for Townhall.com[7] and has also written for LewRockwell.com. He is an adjunct scholar at the Mackinac Center for Public Policy[8] and an economist for the Institute for Energy Research.[9] Murphy appeared before the United States House Committee on Financial Services on 24 July 2008 to discuss oil prices and the United States dollar.[10] His work has been cited by Walter Block,[11] with whom Murphy has also published.[12] Murphy is a frequent radio guest. He appeared on “Free Markets With Dr. Mike Beitler” on the Voice America Business network on October 30, 2008. …”

http://en.wikipedia.org/wiki/Robert_P._Murphy

Economists Can Be Hilarious

By Robert Murphy

“…We economists have a reputation for being dry and boring. That’s why Ben Stein’s scene in Ferris Bueller’s Day Off works so well — and why this guy is such a novelty. Given our dismal reputation, I am happy to report that some economists’ recent defenses of the efficient-markets hypothesis are laugh-out-loud funny. Outside Cirque du Soleil, you will not see such contortions as when these economists try to defend their theory from either refutation or triviality. …”

http://mises.org/daily/3835

Apologist Responses to Climategate Misconstrue the Real Debate (Quantitative, not Qualitative)

by Robert Murphy

“…These defenses are self-evidently absurd to anyone who has read the actual CRU emails in question. The public’s faith in the sacrosanct “peer-review process” will be understandably shaken when they read just how this “consensus” was enforced. Furthermore, the real debate was not between ultra-skeptics who say “global warming is a hoax” versus professional climate scientists who say “anthropogenic climate change is real.”

No, the true debate has been among practicing climatologists, with some arguing that the global climate’s sensitivity to a doubling of greenhouse gas concentrations may be well below the IPCC AR4’s reported range of 2C – 4.5C. If these “skeptics”–such as Richard Lindzen, Pat Michaels, and Roy Spencer–are right, then the case for large-scale government intervention to penalize carbon emissions is considerably weakened.

In this context, the evidence brought to light by “Climategate” may be very significant, because it reaffirms the chinks in the IPCC armor that the educated skeptics have been pointing out for years. It’s true, an email from Phil Jones by itself doesn’t make Richard Lindzen right or wrong, but when policymakers need to decide which scientific experts they can trust, then the CRU emails are very relevant. …”

“…The scholarly skeptics do not doubt that the earth is warmer now than it was in 1850, and they don’t doubt that higher global temperatures would have noticeable effects on migratory patterns, ice sheets, and so forth. The real debate has been and continues to be: What fraction of this warming can be attributed to human activities? And then extrapolating, what will be the likely impacts on the climate if economic activity continues on its present trajectory?

When it comes to nuanced questions such as these–as opposed to loud mouths declaring, “Global warming is a hoax!”–the CRU emails and computer code are very revealing. Those of us who are not experts on climate models now have proof that the official line that “the science is settled” was a bluff. Of course it’s still possible that the IPCC projections may turn out to be accurate when all is said and done, but the confidence we should right now place in their modeling is much lower than what their biggest enthusiasts have been assuring us for years. …”

http://www.masterresource.org/2009/12/sarcastic-responses-to-climategate-misconstrue-the-real-debate/

Mises Daily, Robert P. Murphy

http://mises.org/articles.aspx?AuthorId=380

Free Advice, Robert P. Murphy

http://consultingbyrpm.com/blog/

Web Site of Robert P. Murphy, PhD.

http://consultingbyrpm.com/

Bob Murphy at Oil/Dollar Hearing 7/24/08 (Part 1 of 2)

Bob Murphy at Oil/Dollar Hearing 7/24/08 (Part 2 of 2)

Why You’ve Never Heard of the Great Depression of 1920


 

Conversations With History: Lessons from FDR’s New Deal

The Great Depression and the Current Recession–Robert Higgs–Videos
 

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Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

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Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

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Thomas E. Woods, Jr.–Videos

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The Great Depression and the Current Recession–Robert Higgs–Videos

Posted on December 4, 2009. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Fiscal Policy, Foreign Policy, government spending, Health Care, history, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Taxes, Video, Wisdom | Tags: , , , , , , , , , |

 

The Great Depression and the Current Recession (Robert Higgs)

Background Articles and Videos

Robert Higgs
Senior Fellow in Political Economy

“…Robert Higgs is Senior Fellow in Political Economy for The Independent Institute and Editor of the Institute’s quarterly journal The Independent Review. He received his Ph.D. in economics from Johns Hopkins University, and he has taught at the University of Washington, Lafayette College, Seattle University, and the University of Economics, Prague. He has been a visiting scholar at Oxford University and Stanford University, and a fellow for the Hoover Institution and the National Science Foundation. 

He is the recipient of numerous awards, including the Gary Schlarbaum Award for Lifetime Defense of Liberty, Thomas Szasz Award for Outstanding Contributions to the Cause of Civil Liberties, Lysander Spooner Award for Advancing the Literature of Liberty, Friedrich von Wieser Memorial Prize for Excellence in Economic Education, and Templeton Honor Rolls Award on Education in a Free Society. 

Dr. Higgs is the editor of The Independent Institute books Opposing the Crusader State, The Challenge of Liberty, Re-Thinking Green, Hazardous to Our Health? and Arms, Politics, and the Economy, plus the volume Emergence of the Modern Political Economy

Bob is also the author of Depression, War, and Cold War, available in April 2009 in a new paperback edition, and Neither Liberty Nor Safety, Politická ekonomie strachu (The Political Economy of Fear, in Czech), Resurgence of the Warfare State, Against Leviathan, The Transformation of the American Economy 1865-1914, Competition and Coercion, and Crisis and Leviathan. A contributor to numerous scholarly volumes, he is the author of more than 100 articles and reviews in academic journals.  …”

http://www.independent.org/aboutus/person_detail.asp?id=489

Robert Higgs

“…Robert Higgs (born 1 February 1944) is an American economist of the Austrian School and a libertarian anarchist. His writings in economics and economic history have most often focused on the causes, means, and effects of government growth.

He is a Senior Fellow in Political Economy at the Independent Institute (since September 1994), and is editor of Independent Review (since 1995).[1] He is an adjunct faculty member of the Ludwig von Mises Institute[2] and is an adjunct scholar at the Cato Institute.[3] Higgs is also a contributor to LewRockwell.com.[4]

Higgs has held teaching positions at University of Washington, Lafayette College, and Seattle University. He has also been a visiting scholar at Oxford University and Stanford University. Higgs held a visiting professorship at the University of Economics, Prague in 2006,[1] and has supervised dissertations in the Ph.D. program at Universidad Francisco Marroquín.[5] …”

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

Robert Higgs on Federal Reserve Transparency

 

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Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

Friedrich Hayek–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Read Full Post | Make a Comment ( None so far )

Official Unemployment Rate Hits 10.2%–15,700,000 Unemployed American Citizens–Real Unemployment Rate Hits 17.5%– 26,950,000 Americans Seeking Full Time Jobs–Obama Depression Worse Than Great Depression

Posted on November 6, 2009. Filed under: Blogroll, Climate, Communications, Economics, Employment, Fiscal Policy, government spending, Health Care, Immigration, Law, liberty, Life, Links, media, Music, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Taxes, Video, Wisdom | Tags: , , , , , , , , , , , , |

 

2_great_depression

Great Depression Billboard

Brother, Can You Spare A Dime?

“Courage is the greatest of all virtues, because if you haven’t courage, you may not have an opportunity to use any of the others. ”

~Samuel Johnson

“…Among the major worker groups, the unemployment rates for adult men (10.7 per-cent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted. …”

 

~Bureau of Labor Statistics, News Release, November 6, 2009

“It is not capitalism which is responsible for the evils of permanent mass unemployment, but the policy which paralyses its working.”

~Ludwig von Mises

 

Double-digit unemployment

Glenn Beck Show – Nov 6, 2009 – Pt 2 of 6 – John Stossel & Peter Schiff

Harris Calls Jobs Data `Backward Step’ for U.S. Economy: Video

http://www.youtube.com/watch?v=pOufvDvfZeQ

 

Unemployment in U.S. Jumps to 10.2% as Payrolls Fall: Video

http://www.youtube.com/watch?v=ldSUfGLqfyU

 

Dollar Volatile as U.S. Payrolls Fall More Than Forecast: Video

http://www.youtube.com/watch?v=LQNOME4cQKY

 

Unemployment Rate ‘disappointments’ White House

November 6, 2009 FTV Morning Report

Economic Expectations – Unemployment Rate May Reach 15% – Bloomberg–July 2, 2009

Why You’ve Never Heard of the Great Depression of 1920

Is Limited Government an Oxymoron?

The Obama Depression is real and worsening with the number of unemployed Americans over 15,700,000, while the number of Americans seeking a full time job is over 26,500,000 Americans.

During 1933, the worse year of the Great Depression, the number of unemployed Americans was about 13,000,000.

The Obama Depression has more than double the number of Americans seeking full time jobs than the Great Depression.

The Great Depression lasted at least another eight years until the start of World War II, but actually lasted until 1946.

The question is how long will the Obama Depression last?

As long as President Obama follows the failed Keynesian economic policies of more government stimulus spending at least another three years when he will be voted out of office.

The unemployment rate is expected to exceed 10% for at least another six months and peak at about 13% in July.

If a Health Care Reform, Cap and Trade Energy Tax, or Comprehensive Immgiration Reform bill is passed and signed into law, it will be worse.

The unemployment rate would remain in double digits until 2012.

When will the unemployment rate again achieve full-employment rates of 2% to 3% levels?

It will take another five years minimum to reach these levels provided pro-growth economic policies are implemented such as the FairTax and real cuts in Federal Government spending of at least 50%.

Not very likely with the Progressive Radical Socialist Democratic Party led by President Obama favoring massive government spending increases, huge tax increases and wealth redistribution instead of  wealth and job creation economic policies.

President Obama economic policies are pro-government, anti-growth and anti-small business.

The only sector that is growing is the Federal Government.

President Obama’s  economic policies of massive bailouts, stimulus-spending, deficits, wage and price controls and subsidies and funding for big corporations, unions  and community organizations are political payoffs for campaign contribution and support.

Obama’s policies are generating much uncertainty among both business owners and consumers.

Business and consumer confidence needs to be restore before an economic recovery with job creation begins.

Until confidence is restored higher unemployment rates combined with increasing inflation will result in stagflation or an inflationary depression–the Obama Depression.

Do not be surprised when President Obama announces wage and price controls once inflation start in earnest in 2011.

President Obama is destroying jobs, wrecking the economy and killing the American dream.

Expect massive Democratic defeats in the elections of 2010 with 50 House seats lost and with the Republicans gaining control of the House of Representatives and may be picking up two to four Senate seats. The Democrats will most likely continue to control the Senate.

Expect this massive Democratic defeat to continue into the 2012 as high rates of unemployment continue and inflation ramps up. The Democrats will lose another  25 House seats and eight Senate seats. The Republican Party will most likely gain control of the Senate in 2012 or 2014.

President Obama will be challenged in 2012 for the nomination and will lose to Hillary Clinton.

The Republicans will most likely win the Presidency in 2012 provided the Republican Party nominates a principled conservative/libertarian candidate with experience, integrity, and a record of fiscal responsibility. Possible leading candidates include Senator Coburn, Congressman Pence, former House Speaker Newt Gingrich and former Governor Sarah Palin.

There is a distinct possibility of another third political party being formed consisting of conservatives, libertarians, independents, and Reagan Democrats and Republicans, who have given up on the fiscal irresponsibility of the Democratic and Republican parties. The core of this party will come from Americans attending the tea party rallies.

The top policitical issues will be all be the economy (high unemployment and inflation), Federal government spending and taxation, illegal immigration, energy independence, and national defense, the Iran and  terrorist nuclear threats. 

The party is definitely over for Obama and the progressive radical socialist Democratic Party.

The American people are wide awake and ready to throw these bums out.

Doris Day sings The Party’s Over

The American people will lead the way.

The Law Of Attraction

“What lies behind us and what lies before us are tiny matters compared to what lies within us.”

~Ralph Waldo Emerson

 

“Keynes did not add any new idea to the body of inflationist fallacies, a thousand times refuted by economists… He merely knew how to cloak the plea for inflation and credit expansion in the sophisticated terminology of mathematical economics.”

~Ludwig von Mises

 

Background Articles and Videos

Transmission of material in this release is embargoed USDL-09-1331
until 8:30 a.m. (EST) Friday, November 6, 2009

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

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

THE EMPLOYMENT SITUATION — OCTOBER 2009

The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm payroll employment continued to decline (-190,000), the U.S. Bureau of Labor Statistics reported today. The largest job losses over the month were in con-struction, manufacturing, and retail trade.

Household Survey Data

In October, the number of unemployed persons increased by 558,000 to 15.7 million. The unemployment rate rose by 0.4 percentage point to 10.2 percent, the highest rate since April 1983. Since the start of the recession in December 2007, the number of unemployed persons has risen by 8.2 million, and the unemployment rate has grown by 5.3 percentage points. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (10.7 per-cent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted. (See tables A-1,
A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks and over) was
little changed over the month at 5.6 million. In October, 35.6 percent of
unemployed persons were jobless for 27 weeks or more. (See table A-9.)

The civilian labor force participation rate was little changed over the month
at 65.1 percent. The employment-population ratio continued to decline in
October, falling to 58.5 percent. (See table A-1.)

The number of persons working part time for economic reasons (sometimes refer-
red to as involuntary part-time workers) was little changed in October at 9.3
million. 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-5.)

About 2.4 million persons were marginally attached to the labor force in October,
reflecting an increase of 736,000 from a year earlier. (The data are not sea-
sonally 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-13.)

Among the marginally attached, there were 808,000 discouraged workers in October,
up from 484,000 a year earlier. (The data are not seasonally adjusted.) Dis-
couraged workers are persons not currently looking for work because they believe
no jobs are available for them. The other 1.6 million persons marginally attached
to the labor force in October had not searched for work in the 4 weeks preceding
the survey for reasons such as school attendance or family responsibilities.

Establishment Survey Data

Total nonfarm payroll employment declined by 190,000 in October. In the most re-
cent 3 months, job losses have averaged 188,000 per month, compared with losses
averaging 357,000 during the prior 3 months. In contrast, losses averaged 645,000
per month from November 2008 to April 2009. Since December 2007, payroll employment
has fallen by 7.3 million. (See table B-1.)

Construction employment decreased by 62,000 in October. Monthly job losses have
averaged 67,000 during the most recent 6 months, compared with an average decline
of 117,000 during the prior 6 months. October job losses were concentrated in
nonresidential specialty trade contractors (-30,000) and in heavy construction
(-14,000). Since December 2007, employment in construction has fallen by 1.6 mil-
lion.

Manufacturing continued to shed jobs (-61,000) in October, with losses in both
durable and nondurable goods production. Over the past 4 months, job losses in
manufacturing have averaged 51,000 per month, compared with an average monthly
loss of 161,000 from October 2008 through June 2009. Manufacturing employment has
fallen by 2.1 million since December 2007.

Retail trade lost 40,000 jobs in October. Employment declines were concentrated
in sporting goods, hobby, book, and music stores (-16,000) and in department
stores (-11,000). Employment in transportation and warehousing decreased by 18,000
in October.

Health care employment continued to increase in October (29,000). Since the start
of the recession, health care has added 597,000 jobs.

Temporary help services has added 44,000 jobs since July, including 34,000 in
October. From January 2008 through July 2009, temporary help services had lost
an average of 44,000 jobs per month.

The average workweek for production and nonsupervisory workers on private nonfarm
payrolls was unchanged at 33.0 hours in October. The manufacturing workweek rose
by 0.1 hour to 40.0 hours, and factory overtime increased by 0.2 hour over the
month. (See table B-2.)

In October, average hourly earnings of production and nonsupervisory workers on
private nonfarm payrolls rose by 5 cents, or 0.3 percent, to $18.72. Over the past
12 months, average hourly earnings have risen by 2.4 percent, while average weekly
earnings have risen by only 0.9 percent due to declines in the average workweek.
(See table B-3.)

The change in total nonfarm payroll employment for August was revised from -201,000
to -154,000, and the change for September was revised from -263,000 to -219,000.

_____________
The Employment Situation for November is scheduled to be released on Friday,
December 4, 2009, at 8:30 a.m. (EST).

http://www.bls.gov/news.release/empsit.nr0.htm

 

 

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
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0  
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 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8  
2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9  
2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2  
2009 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 9.8 10.2      
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
1999 5976 6111 5783 6004 5796 5951 6025 5838 5915 5778 5716 5653  
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 7759 7972 7740 7683 7672 7551 7415 7360 7570 7457 7541 7219  
2006 7020 7176 7080 7142 7028 7039 7167 7118 6874 6738 6837 6688  
2007 7029 6887 6737 6874 6844 7028 7128 7123 7221 7295 7212 7541  
2008 7555 7423 7820 7675 8536 8662 8910 9550 9592 10221 10476 11108  
2009 11616 12467 13161 13724 14511 14729 14462 14928 15142 15700      
Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 7.7 7.7 7.6 7.6 7.4 7.5 7.5 7.3 7.4 7.2 7.1 7.1  
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 9.2 9.0 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.5  
2006 8.4 8.5 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.0 7.9  
2007 8.3 8.1 8.0 8.2 8.3 8.3 8.3 8.5 8.4 8.5 8.4 8.7  
2008 9.0 9.0 9.1 9.2 9.8 10.1 10.4 10.9 11.2 12.0 12.6 13.5  
2009 13.9 14.8 15.6 15.8 16.4 16.5 16.3 16.8 17.0 17.5      
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
1999 139003 138967 138730 138959 139107 139329 139439 139430 139622 139771 140025 140177  
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 148005(1) 148349 148366 148926 149273 149262 149445 149794 149977 150007 150095 150002  
2006 150148(1) 150600 150793 150906 151120 151398 151414 151762 151680 152027 152425 152677  
2007 153012(1) 152879 153004 152522 152759 153085 153101 152855 153424 153162 153877 153836  
2008 153873(1) 153498 153843 153932 154510 154400 154506 154823 154621 154878 154620 154447  
2009 153716(1) 154214 154048 154731 155081 154926 154504 154577 154006 153975

 

Unemployment Rate Actually Near 14% in July is Now 17.5%

11/3/09 Part 1/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally

11/3/09 Part 2/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally

11/3/09 Part 3/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally

11/3/09 Part 4/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally

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The Big Economic Picture–Some Perspectives–Videos

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Yaron Brook–Videos

Posted on March 28, 2009. Filed under: Blogroll, Books, Economics, Links, Philosophy, Politics, Quotations, Religion, Video | Tags: , , , , , , , , , , , , |

 

Yaron Brook

Yaron Brook

The Relevance of Atlas Shrugged in Today’s World – Ayn Rand Center for Individual Rights

 

Is Atlas Shrugging?

http://www.pjtv.com/video/PJTV_Daily/Is_Atlas_Shrugging%3F/1530/;jsessionid=abcJ7cybVEg5D4v_arras
 

The Capitalist Manifesto

 

The Resurgence of Big Government – Ayn Rand Center – 1 of 2

 

The Resurgence of Big Government – Ayn Rand Center – 2 of 2

 

The Morality of Capitalism Part 1 of 7

 

The Morality of Capitalism Part 2 of 7

 

The Morality of Capitalism Part 3 of 7

 

The Morality of Capitalism Part 4 of 7

 

The Morality of Capitalism Part 5 of 7

 

The Morality of Capitalism Part 6 of 7

 

The Morality of Capitalism Part 7 of 7

 

Origin of Altruism – Ayn Rand Center for Individual Rights

 

The Great Depression – Ayn Rand Center for Individual Rights

 

Public Education – Ayn Rand Center for Individual Rights

 

Internet Regulation – Ayn Rand Center for Individual Rights

 

Government Highways – Ayn Rand Center for Individual Rights

 

Capitalism in China: Should We Trade With Them? – Ayn Rand Center for Individual Rights

 

Objectivism, Atheism & Conflict Between Religion & Science — Ayn Rand Center for Individual Rights

Reasons to be Optimistic about Ayn Rand’s Influence on American Culture

Yaron Brook’s Call to Action – March 2009 (Part 1 of 2)

Yaron Brook’s Call to Action – March 2009 (Part 2 of 2)

Yaron Brook 27 march 2009

Interview with Yaron Brook
http://www.youtube.com/watch?v=GIoP7V6U-aQ&NR=1

 

Background Articles and Videos

 

Yaron Brook

“Yaron Brook (Hebrew: ירון ברוק‎; born 1961) is the current president and executive director of the Ayn Rand Institute, an educational non-profit organization in Irvine, California, whose mission is to promote the novels of Ayn Rand and her philosophy of Objectivism. He regularly speaks at universities, corporations, and professional and community groups across America, addressing a wide-range of current events and philosophical issues from an Objectivist perspective. He is a frequent radio guest on The Thom Hartmann Program, a weekly guest on the Fox Business Network[1][2], and has appeared many times on national TV shows such as CNBC’s On the Money[3]. He is interviewed for his expertise on the Middle East, business ethics issues, and the economy. He served in the Israeli Army military intelligence, and he is a former professor with a PhD in finance.[4] …”

“…In 1987 Brook moved to the United States to study at the University of Texas at Austin (UT). At UT he received his MBA (in 1989) and his PhD in finance (in 1994). He was subsequently hired to teach finance at Santa Clara University in California, where he was an assistant professor for seven years. He was an award-winning teacher and developed a popular class on Finance and Ethics.[1]

In 1998 Brook (with Robert Hendershott) started an investment consulting business called BH Equity Research, located in San Jose, California. He is currently a managing partner of that firm.[2] He also co-founded Lyceum International in 1994, a company that organized Objectivist conferences and offered distance-learning courses.[3]

Brook left Santa Clara University in 2000 to become president and executive director of the Ayn Rand Institute, which was then located in Marina del Rey, California. The Institute moved to Irvine, California in 2002.[4] …”

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

 

Yaron Brook Web Site

http://www.yaronbrook.com/

 

Ayn Rand® Institute (ARI).

http://www.aynrand.org/site/PageServer?pagename=index

 

Capitalism Magazine About Yaron Brook

http://www.capmag.com/author.asp?ID=16

 

The Government Did It
Yaron Brook

“…All of these government factors contributed to creating a situation in which millions of people were buying homes they could not afford, in which the participants experienced the illusion of prosperity, in which billions upon billions of dollars were going into bad investments. Eventually the bubble burst; the rest is history.

Given that our government was behind the wheel, influencing every aspect of the mortgage crisis, it is absurd to call today’s situation the result of insufficient regulation.

We do not need more regulation or economic “steering”–laws or bureaucrats dictating to financiers and investors the kind of innovation they may or may not engage in. If that were the solution to economic problems, then Hugo Chavez would preside over the world’s healthiest economy in Venezuela. What we need to do is remove the government’s power to coerce, bribe, reward and bail out irrational decisions. The unfree market has failed. It’s time for a truly free market.

Yaron Brook is managing director of BH Equity Research and executive director of the Ayn Rand Institute.”

http://www.forbes.com/2008/07/18/fannie-freddie-regulation-oped-cx_yb_0718brook.html

Leave the lights on: Celebrate Human Achievement Hour

By Michelle Malkin  

I mentioned earlier this week that my friends at CEI are leading a counter-movement today to answer the enviro-nitwits’ “Earth Hour” with Human Achievement Hour.

Leave the lights on between 8:30pm and 9:30pm and watch this video with your friends and family! …”

http://michellemalkin.com/2009/03/28/leave-the-lights-on-celebrate-human-achievement-hour/

 

Celebrate Human Achievement Hour

By Michelle Malkin 

“…This weekend, enviro-zealots will celebrate “Earth Hour” by turning off their lights. They’ve pulled this stunt for a few years now. But this time, they’ve added a new twist: “This year, Earth Hour has been transformed into the world’s first global election, between Earth and global warming. For the first time in history, people of all ages, nationalities, race and background have the opportunity to use their light switch as their vote – Switching off your lights is a vote for Earth, or leaving them on is a vote for global warming.”

How about voting for human achievement? Michelle Minton at the Competitive Enterprise Institute has a good proposal: …”

http://michellemalkin.com/2009/03/24/celebrate-human-achievement-hour/

 

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President Doom and Panic Obama’s Big Lie: More Government Spending Works and Tax Cuts Do Not Work

Posted on February 10, 2009. Filed under: Blogroll, Economics, Employment, Investments, Politics, Quotations, Rants, Raves, Regulations, Taxes, Video | Tags: , , , , , , , , , , , , , , , , |

newsweek_photo1 

 

Bulworth (Warren Beatty) : the luncheon rap

 

 

Obama Flips Off McCain

  

President Obama’s

The American Recovery and Reinvestment Plan

 

 

 

President Obama’s first press conference – Question segment 1

 

Obama: I Thought FDR-New Deal Argument Was Resolved

 

Yes it was resolved that FDR intervention in the economy with massive federal government spending did not work in getting the economy out of the Great Depression.

The depression lasted until the start of World War II.

Stop misleading the Amercian people Mr. President.

Uncommon Knowledge: The Great Depression with Amity Shlaes

 

Tom Woods on Glenn Beck “Meltdown” 02/09/2009

 

Obama’s New New Deal: As bad as the old new deal?

 

Ayn Rand — “This Country is Moving Towards Socialism”

  

Liberate, Don’t Stimulate, the Economy – Ayn Rand Institute

 

President  Franklin D. Roosevelt’s  economic policies were a failure and prolonged the recession unnecessarily–hurting millions upon millions of Americans that remained unemployed for years.

FDR also had a justified reputation for being a notorious liar and manipulator of people.

Not exactly  a President one should emulate for economic policies, character and integrity.
 

President Doom and Panic Obama advocates the quick passage of a  “stimulus package”–the American  Recovery and Investment Plan–largely more Federal Government spending to pay off many of his Democratic supporters-government workers, union members and illegal aliens in the construction industry.

This stimulus bill is based upon the failed economic theories of John Maynard Keynes and is referred to by economists as Keynesian Economics:

 

Truth: More Government Spending Does Not Usually Work

Keynesian Economics Is Wrong Bigger Gov’t Is Not Stimulus CATO’s Dan Mitchell

 

Inhofe on Kudlow and Company

 

Inhofe Remarks on “1.2 Trillion Mistake”

Repeatedly President Doom and Panic Obama said that tax cuts do not work, this is a lie and is rewriting economic history.

 

Truth: Most Tax Cuts Do Work

 

Cutting the U.S.’s Corporate Tax Rate

 

The Laffer Curve, Part I: Understanding the Theory

 

The Laffer Curve, Part II: Reviewing the Evidence

 

The Laffer Curve, Part III: Dynamic Scoring (Corrected)

 

 

President Obama also misleads the American people as to what happened in Japan in the 1990 and the United States in 1930 when Keynesian economics and massive government spending was tried and only prolonged the recession/depression for many years.

One of the worst recession in US economic history was faced by a new President Warren G. Harding in 1921.

President Harding cut Federal government spending by about 40% and taxes were reduced.

The worse recesssion was also one of the shortest and resulted in an economic boom in the 1920s.

“…The recession of 1921-1923 recession proved to be the sharpest economic downturn since the emergence of the business cycle in the early 19th century, but it also was one of the shortest reversals. The government intervened to a greater extent, but wage rates were permitted to fall, and government expenditures and taxes were reduced. The recession was over in one year. …”

http://en.wikipedia.org/wiki/1921_recession

 

US Business Cycle Expansions and Contractions

Contractions (recessions) start at the peak of a business cycle and end at the trough.

http://www.nber.org/cycles.html

 

Wage Adjustment and Aggregate Supply  in the Depression of 1920-1921:  Extending the Bernanke-Carey Model 
 

 Bryan Caplan

 “… In one crucial respect, the depression of 1920-21 was actually more severe than the Great Depression itself: there was a rapid decline in the price level of between forty and fifty percent within the course of a single year.  As Friedman and Schwartz (1963) explain, “From their peak in May [1920], wholesale prices declined moderately for a couple of months, and then collapsed.  By June 1921, they had fallen to 56 per cent of their level in May 1920.  More than three-quarters of the decline took place in the six months from August 1920 to February 1921.  This is, by all odds, the sharpest price decline covered by our money series, either before or since that date and perhaps also in the whole history of the United States.” (1963, pp.232-233.)  The wholesale price index during the Great Depression took about three years to fall by the same amount. 

      Employment and output were however not as severely affected as in the Great Depression.  Of course precise unemployment data are not available for this period, but one representative estimate (Lebergott, 1957) puts civilian unemployment at 2.3% in 1919, 11.9% in 1921, and back to 3.2% in 1923.  Output figures tell a similar story: one aggregate index (Mills, 1932) indexes production at 125.3 in 1919, 99.7 in 1921, and rebounding to 145.3 in 1923.  As these stylized facts indicate, the second unusual feature of the depression of 1920-21 was the rapid recovery in employment and output, in sync with a swift adjustment of the real wage to its new equilibrium position. …”

http://74.125.95.132/search?q=cache:eTtQr-KkmTkJ:www.gmu.edu/departments/economics/bcaplan/year2.doc+caplan+wage+adjustment+1921&hl=en&ct=clnk&cd=1&gl=us

 

History speaks, who will listen?

“…So what to do? President Warren Harding first ignored his commerce secretary, Herbert Hoover, who wanted, naturally, to increase government further. Then he slashed federal spending – imagine! – cut taxes, paid down debt and, voila, the economy roared. Unshackled businesses reinvested. Factories rumbled back to life. Unemployment fell to 1.8 percent.

Hoover and then FDR tried a tack in precisely the opposite direction when the economy later slipped again, and the result was the Depression, exacerbated by the New Deal and ended by a wartime production boom.

What Harding understood that FDR and Hoover did not is that recessions, however painful, are necessary evils in a free-market economy, and not so evil at all when compared to totalitarian alternatives. The recession of 1920 to 1921, as historian Paul Johnson explained, “sorted out the sheep from the goats, liquidated the unhealthy elements in the economy and turned out the parasites … business downturns serve essential purposes. But they need not be long because they are self adjusting.”  …”

http://www.newsvirginian.com/wnv/news/opinion/editorials/article/history_speaks_who_will_listen/35528/

 

Harding and Historical Deconstruction

“…Harding inherited from the comatose Wilson regime one of the sharpest recessions in American history. By July 1921 it was all over and the economy was booming again. Harding and Mellon had done nothing except cut government expenditure by a huge 40 percent from Wilson’s peacetime level, the last time a major industrial power treated a recession by classic laissez-faire methods, allowing wages to fall to their natural level. Benjamin Anderson of Chase Manhattan was later to call it ‘our last natural recovery to full employment.’  The cuts were not ill-considered but part of a careful plan to bring the spending of the monster state which had emerged under Wilson back under control. The Budget and Accounting Act (1921) created a Bureau of the Budget, to subject authorizations to systematic central scrutiny and control. Its first director, Charles Dawes, said in 1922 that, before Harding, ‘everyone did as they damn well pleased,’ Cabinet members were ‘comanchees,’ Congress ‘a nest of cowards.’  Then Harding ‘waved the axe and said that anybody who didn’t cooperate his head would come off.’ The result was ‘velvet for the taxpayer.’

~Paul Johnson, A History of the American People, page 708  

 

Well President Obama how many Federal Government employees are being let go–any?

Start with your 1700 plus White House staff.

As I recall President Obama said that he was going to go over the budget line by line.

If President Obama and his staff cannot reduce Federal Government spending by at least 5% , they  are not really trying.

President Harding and not Presidents Hoover and Roosevelt should be the role model President Obama emulates. 

As an economist, I agree with President Obama that the American economy does need a stimulus package.

I know of no economist that advocates doing nothing, although it would be a better alternative course of action then massive government spending  and massive increases in the money supply–an economic catastrophe in the making bythe Obama Administration and the Federal Reserve.

However, instead of the Federal Government deciding what to spend taxpayer money on,  here is one economic plan that will at least let the American people make the spending and saving decision:

American People’s Household Stimulus Package Check–Please Call Today–Ask: Where is My Household Check for $7,044.24! I want my money back!

 

A even better plan that will work  in terms of creating million of jobs and getting the US economy out of the recesssion and booming again quickly:

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

 

The FairTax: It’s Time

 

Lunch&Taxes HOWITWORKS

 

Lunch&Taxes HOWMUCH

 

Lunch&Taxes COLLECTED

 

Lunch&Taxes: LESS

 

Lunch&Taxes HER

 

FAIRTAX AD

 

“Harding’s funeral train moving east was the occassion of extraordinary demonstrations of public affection for the man who, unlike Taft and Wilson, ‘looked like a president.’ In Cheyenne immense crowds stood in a dust-storm, in Chicago they filled the freight-yards until the train could not move: Harding was the kind of president American people of all classes love–kind, genial, decent, ordinary, human, one of them.”

~Paul Johnson, A History of the American People, page 710

 

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 1

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 2

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 3

Why Nazism Was Socialism and Why Socialism Is Totalitarian 4

Background Articles and Videos

 

 

Glenn Beck, “Do nothing, Congress!”

 

 

Glenn Beck is on a red scare

Glenn Beck, Economic Apocalypse (Obama’s Stimulus Package!)

 

 

Why I fear the west’s luck has run out

By Luke Johnson

“…Plenty of observers, including me, have criticised the media for being too gloomy. I am now beginning to believe that they have not been gloomy enough, if they want to reflect the true consequences of our profligacy and past conceit.

After all, who wants to face up to the bleak reality that confronts us? The experts say we will not suffer a repeat of the 1930s slump. Indeed, we have to contend with fresh issues. Like the fact that there are 1.5bn recent additions to the capitalist workforce in China and India – hard-working, increasingly well-educated people, all keen to better themselves. Meanwhile, modern logistics and communications mean trade and production can take place almost anywhere if it makes economic sense.

So why should industrious Asians earn a tiny fraction of what citizens in the west earn? Especially when they have so much of the cash and productive resources, while we have deficits, high costs and poor demographics.

Prepare for a wrenching, unstoppable redistribution of wealth – and I am not talking about domestic taxes. For too long it has been more profitable in the west to finance consumption rather than production. That cannot continue. I am afraid that the west’s credibility – and luck – has run out.

This vast reordering of our economic system has only just begun. We shall have to cancel all the self-indulgence of endless welfare spending and cultivate rather more of a work ethic and a sense of self-sufficiency. Expectations must be modified and attitudes altered profoundly. Expect years of negligible growth, permanent high unemployment, declining property prices, higher taxes, crumbling currencies and falling living standards.

We shall look back on the last decade and think: we never realised what we had until it was gone.”

http://www.ft.com/cms/s/0/49ccaa62-ec8e-11dd-a534-0000779fd2ac.html

 

Savior holds first fear-mongering press conference

By Michelle Malkin  

 

“…The wealth-redistributor-in-chief, his High Holiness, is set to begin his first official prime-time press conference at 8pm Eastern.

Will he go all Howard Dean?

Will he get snippy?

Drinking game buzzwords: “Bipartisan,” “crisis,” “get the economy moving again,” “create jobs.”

Add your own.

Update 8:05pm Eastern. President Obama. “It is only government that can break the vicious cycle.”

Jobs, jobs, jobs. Investment, investment, investment.

Gag. President Obama claims to be acting on behalf of my children and grandchildren.

Stop, thief. …” 

http://michellemalkin.com/2009/02/09/savior-holds-first-fear-mongering-press-conference/

 

1921 Recession

“The 1921 recession was an extremely sharp deflationary recession following World War I. It lasted until 1923. The extent of the deflation was not only large, but large relative to the accompanying decline in real product.

The National Bureau of Economic Research dates the 1921 recession from a general business peak in January 1920 to a trough in July 1921. The recession in the United States was brief relative to the Great Depression later that decade, but it included a very sharp price deflation. The decline in the GNP price deflator from 1920 to 1921 is the largest one-year percentage decline in the series in the more than 120 years covered.

Various estimates show that one-year deflation figures were 18 percent, 13.0 percent, and 14.8 percent, respectively. The closest comparator is the 11.5 percent deflation recorded for 1931-32, the third year of the Great Depression. Wholesale prices declined by 36.8 percent for 1920-21, the largest one-year decline on record, going back at least to the American Revolutionary War period. The 1921 deflation contains another striking feature. Not only was it sharp, it was large relative to the accompanying decline in real product. The ratio of the percentage decline in the GNP deflator for 1920-21 to the percentage decline in real GNP is 2.6 using the Department of Commerce figures. By contrast, during 1929-30, the first year of the Great Depression, the GNP deflator declined by 2.7 percent and real GNP by 9.4 percent, for a ratio of 0.3. The ratios of the percentage decline in GNP prices to the percentage decline in real GNP for 1930-31, 1931-32, 1932-33, and 1937-38, the other Great Depression years in which real GNP declined, were 1.0, 0.9, 1.2, and 0.3, respectively, all well below the 1920-21 figures.

Deflation was so sharp, both in itself and in relation to the decline in real product, because the deflation was produced by a sharp decline in aggregate demand combined with an increase in aggregate supply, a supply increase in which deflationary expectations played a prominent role.

As usual, a buoyant expansion followed the severe contraction of 1920-1921. In the 22 months after the depression bottom, industrial production rose 63%, the money stock expanded by 14%, and wholesale prices rose by 9%. Net national product rose 23% in the corresponding two calendar years. …” 

http://en.wikipedia.org/wiki/1921_recession

Thomas Sowell – Obama’s Vision

 

Dennis Prager & Thomas Sowell – Part 3/3

 

The Great Depression then 1929, & now 2008/09. PART 1:

 

The Great Depression then 1929, & now 2008/09. PART 2:

 

The Great Depression then 1929, & now 2008/09. PART 3:

 

The Great Depression then 1929, & now 2008/09. PART 4:

 

The Great Depression then 1929, & now 2008/09. PART 5:

 

The Great Depression then 1929, & now 2008/09. PART 6:

 

The Great Depression then 1929, & now 2008/09. PART 7:

 

The Great Depression then 1929, & now 2008/09. PART 8:

 

The Great Depression then 1929, & now 2008/09. PART 9:

 

The Great Depression then 1929, & now 2008/09. PART 10:

 

The Great Depression then 1929, & now 2008/09. PART 11:
 

 

The Great Depression then 1929, & now 2008/09. PART 12:

 

Keynesian Economics

“In economics Keynesianism (pronounced /ˈkeɪnziən/, also Keynesian economics and Keynesian Theory), is based on the ideas of twentieth-century British economist John Maynard Keynes. According to Keynesian economics the state should stimulate economic growth and improve stability in the private sector — through, for example, adjusting interest rates and taxation and funding public projects.

The theories forming the basis of Keynesian economics were first presented in The General Theory of Employment, Interest and Money, published in 1936.

In Keynes’s theory, some micro-level actions of individuals and firms can lead to aggregate macroeconomic outcomes in which the economy operates below its potential output and growth. Many classical economists had believed in Say’s Law, that supply creates its own demand, so that a “general glut” would therefore be impossible. Keynes contended that aggregate demand for goods might be insufficient during economic downturns, leading to unnecessarily high unemployment and losses of potential output. Keynes argued that government policies could be used to increase aggregate demand, thus increasing economic activity and reducing high unemployment and deflation.

Keynes argued that the solution to depression was to stimulate the economy (“inducement to invest”) through some combination of two approaches :

  • a reduction in interest rates.
  • Government investment in infrastructure – the injection of income results in more spending in the general economy, which in turn stimulates more production and investment involving still more income and spending and so forth. The initial stimulation starts a cascade of events, whose total increase in economic activity is a multiple of the original investment.[1]

A central conclusion of Keynesian economics is that in some situations, no strong automatic mechanism moves output and employment towards full employment levels. This conclusion conflicts with economic approaches that assume a general tendency towards an equilibrium. In the ‘neoclassical synthesis’, which combines Keynesian macro concepts with a micro foundation, the conditions of General equilibrium allow for price adjustment to achieve this goal.

The New classical macroeconomics movement, which began in the late 1960s and early 1970s, criticized Keynesian theories, while New Keynesian economics have sought to base Keynes’s idea on more rigorous theoretical foundations. 

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

 

Obama Hid His Father’s Socialism From Readers

“…There’s a big mystery at the heart of Barack Obama’s Dreams From My Father:  A Story of Race and Inheritance.  What was Barack Obama doing seeking out Marxist professors in college?  Why did Obama choose a Communist Party USA member as his socio- political counselor in high school?  Why was he spending his time studying neocolonialism and the writings of Frantz Fanon, the pro-violence author of “the Communist Manifesto of neocolonialsm”, in college?  Why did he take time out from his studies at Columbia to attend socialist conferences at Cooper Union?

And there is more mystery in the book.  Why does Obama consider working in a consulting house for international business like being “a spy behind enemy lines?”  Why does he repeatedly find it so hard to explain his political views to others?  Why was he driven to become a left-aligned political organizer?  It’s a question Obama again and again can’t seem to answer to the satisfaction of the interlocutors in his own memoir.

If there is a mystery at the heart of Barack Obama’s Dreams From My Father, one thing is not left a mystery, the fact that Barack Obama organized his life on the ideals given to him by his Kenyan father.  Obama tells us, “All of my life, I carried a single image of my father, one that I .. tried to take as my own.” (p. 220)   And what was that image?  It was “the father of my dreams, the man in my mother’s stories, full of high-blown ideals ..” (p. 278)  What is more, Obama tells us that, “It was into my father’s image .. that I’d packed all the attributes I sought in myself.”  And also that, “I did feel that there was something to prove .. to my father” in his efforts at political organizing. (p. 230) …”

 

http://blog.mises.org/archives/008007.asp

Warren Beatty interview Bulworth with Jimmy Carter

 

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