Yes I know he is lying, Loonies are starting to figure out he has been lying but they will do nothing....Frankly the Banks own the place. Dick Durbin could not conceal the bitter aftertaste. He told a hometown radio interviewer: "Hard to believe in a time when we're facing a banking crisis that many of the banks created--they are still the most powerful lobby on Capitol Hill. And frankly, they own the place."
Durbin's disappointment may have included the former Illinois senator whom he had championed for president. Barack Obama took a walk on reform. Last year as a candidate, Obama declined to support the bankruptcy provision for the financial-bailout legislation, but he promised reform groups he would support it if elected. The White House wouldn't let reformers include it in the stimulus package or in Obama's first budget. The White House suggested the issue could proceed as a stand-alone measure (guaranteed to fail). On this important reform, the president stands with the sharks.
The Democratic Party ignores its left-liberal-progressive base with some regularity because it knows it can. Politicians understand they will suffer no consequences afterward. The galaxy of mediating organizations, including organized labor, that surrounds and supports the party may stomp and holler, but they do not attempt any retribution that might alter their relationship with power. Reform organizations will not withdraw their support, either money or rank-and-file voters. Nor will they seek to punish any of the wayward Democrats who regularly vote against them with opposition at the next election. The "white hat" reformers are Washington insiders themselves, with a seat at the table and influence on the substance of the party's agenda. They do not want to put their status at risk. Politicians know this from long experience.
but this post from The Market Ticker Guy is a "classic"...enjoy.
WASHINGTON (Reuters) - President Barack Obama said on Monday he expected to create or save 600,000 jobs over the next 100 days by expediting 10 major projects funded by a huge stimulus package that Congress passed in February.
Uh huh. This is what The White House says thus far:
The White House said the $787 billion Recovery and Reinvestment Act has helped save or create over 150,000 in the first 100 days since it was signed.
"We know they're going to be helpful," Paulson said on CNN television. "These checks should be a big part of adding 500,000 to 600,000 additional jobs this year."
That was March 31st, 2008.
How'd it work out?
600,000 must be a nice round number. I wonder if they left the other two "6s" off - you know, "666,000"?
After all, the words of these politicians appear to be about as trustworthy as what comes out of the mouth of this fine fellow....
Disclosure: Long Beelzebub; you know he's lying. Well it is even worse than that!
We have to put the data into perspective. Before the Lehman collapse, when equities were in a moderate bear market and bonds in a moderate bull market, the worst nonfarm payroll result we saw was -175,000. We don’t seem to recall too many pundits rejoicing over employment declines at that time, which were basically half of what was just posted in May. Moreover, the worst nonfarm payroll number in the 2001 recession — right after 9-11 — was -325,000; and before that, at the depths of the 1990-91 recession, the worst report showed a -306,000 print. So basically, what we saw today was a number consistent with a deep recession — just not quite as deep as the near-6% at an annual rate contraction we saw in the first quarter. It is difficult to rejoice over an employment data that is consistent with real GDP still declining anywhere from a 2% to 4% at an annual rate. Now here we are, close to nine months after the Lehman collapse, and we are still printing employment numbers that are double what they were before pre-Lehman. That is the bigger picture.
Moreover, the internals of today’s report, in a word, were awful. Not only are businesses still cutting jobs but they are also reducing the hours that their employees are working; the private workweek hit a new record low of 33.1 hours (from 33.2 hours in April). So, total labour input was much weaker than the headline payroll suggests and this is vividly illustrated in the aggregate-hours worked index, which fell 0.7% MoM and something ‘green shoot’ advocates will not like discuss since this was actually worse than the 0.3% MoM drop in April; this takes the three-month trend to a -8.6% annual rate. Think about that for a moment because what goes into GDP is total hours worked and productivity — so the latter better continue to hang in there or else we are going to be seeing some nasty output data going forward that may well take Mr. Market by surprise.Put another way, if companies had held hours worked constant in May instead of cutting them, to achieve the total labour input they achieved last month would have required — get this — a 927,000 payroll cut.‘Green shoot’ indeed.