Bailout Nation: Obama and Congress Get F in Economics

Here's your pink slip. Have a nice Labor Day!

B. Hussein Obama famously told "Joe the Plumber" that his whole scam to 'revive' the economy rested on doing what liberals enjoy doing more than anything else in life (even more than having sex with interns): Spreading the wealth around.
With almost 15 million people looking for a job in Obama's miraculously 'recovering' economy that's shrinking, "Joe the Biden" last Thursday marked the 200-day milestone of Obama's failed stimulus package by claiming it's working better than expected.
Why, just look at all those new high-paying "green-collar" jobs Van Jones had saved or created! Such as __________. And don't forget all these __________. And it only cost taxpayers $30 billion. (Jones resigned over the weekend to devote time to organizing a mainstream, middle-of-the-road group called, Standing Together to Organize a Revolutionary Movement to Stop Whitey from Pumping Poison into Minority Communities.
Playing the role of trumpeting happy news about a trillion-dollar stimulus package that has yet to create a new job, Biden tried to assure liberals at the Brookings Institution that all is well. No -- better than expected! The stimulating 787 billion "dollars are going farther and working harder than we anticipated," said Biden. In fact, thanks to Obama's stimulus package (designed by Nancy Pelosi and Harry Reid), the economy is sinking more slowly and jobs are tanking better than expected! This should explain why Pelosi and Reid are the two most despised politicians in America today.
Biden insisted hysterically that the "recovery act is doing more, faster, more efficiently and more effectively than we had hoped." He says that "When we took office back in January, the job losses were staggering," but now "the recovery act is working." So, let's tick off the list of achievements:
-- The jobless rate soared to a non-staggering 9.7% in August, highest in 26 years, while 216,000 nonfarm payroll jobs were destroyed. (Or, as Karl Marx and Van Jones would say, 216,000 proletarians joined the vast army of the unemployed.) That's according to the payroll survey. The BLS's household survey -- from which the jobless rate is derived -- showed an even brighter picture, with 392,000 jobs destroyed in August, on top of an equally non-staggering 529,000 jobs lost in June and July. The underemployment rate -- which includes workers forced to work part-time in Obama's booming economy, plus people who want a job but have given up their fruitless search -- soared to 16.8% in August, from 16.3 in July. Five million Americans have been unemployed for more than six months. The recession is over.
In August, 65,000 construction jobs were lost, 63,000 manufacturing jobs disappeared, 23,000 financial activities jobs vanished and 6,500 temporary service jobs were gone. In response, Robert Gibbs said, "We are losing more (jobs) than we're creating, but we're heading in the right direction."
-- Heading in the right direction, 570,000 people filed new claims for unemployment in the week ending August 29. The nation's top expecters were expecting 6,000 fewer claims. In more upbeat news, continuing claims rose 92,000 to 6.23 million. The expecters expected a rosier 6.12 million.
-- Five more banks got shut down by regulators on Friday, "bringing the total number of (bank) failures this year to 89, as losses on bad mortgages and construction loans continue to plague the financial industry," with up to 300 more banks possibly getting shut down in the next two years, (DailyFinance, 9/5). When he heard the news, Obama swiftly responded with another round of golf.
-- On Thursday, retailers posted widespread sales declines for August as consumers, apparently unaware that Robert Gibbs said things are headed in the right direction, spent only on necessities. It was the 12th consecutive monthly drop. And, during the crucial back-to-school sales week, "chain-store sales ended up being a disappointment, according to ICSC-Goldman's same-store tally which fell 0.5 percent in the Aug. 29 week for a minus 0.7 percent year-on-year rate, (Econoday, 9/1 -- H/T, The Market Ticker, 9/1. The AP said the dismal numbers were "better than expected."
-- Also headed in the right direction was the entire service sector of the economy (which makes up 90% of the economy) which shrank again in August. The service-sector ISM index came in under 50 -- indicating contraction -- and its employment index was even worse. Liberals point to last week's manufacturing ISM data, thinking that cash-for-clunkers is a sound basis for economic growth. Just like spending your way out of debt. Or spending another $1.5 trillion to save on health-care. Or borrowing $787 billion in order to lose 3 million jobs. Or hiring a lunatic like Van Jones to showcase your keen hiring skills.
And if manufacturing is going so great, why appoint a manufacturing czar to spur manufacturing? According to news reports tonight, Obama decided he now needs the Car Czar chap from the already understaffed and dysfunctional Treasury Department to become a Manufacturing Czar in order to "rebuild manufacturing", a special talent this Ron Bloom fella must've acquired during his union honcho gigs. Relax. Czar Nicholas Bloom proposes to "rebuild manufacturing" through new and innovative ways, like suffocating it to death with union rules which have done wonders for Detroit. Surprisingly, Bloom's resume claims he worked as special assistant to the United Steelworkers Union president. When has a union official ever done any actual work? So, if you're a blooming idiot appointing a union man to figure out manufacturing, Labor Day becomes the perfect venue to make the announcement! But if the goal is to spur manufacturing, what you do is appoint an industry CEO as *Union Czar* to finish off the unions -- manufacturing would take off.
In rearranging the deck czars on the Titanic in this way, just a day after Van Jones resigned to spend more time with his Truther lunatics under the bus, Obama keeps trying to pile on the evidence that he was elected in order to make Jimmy Carter look competent.
Anyway, that's...
My Two Cents...
"JohnHuang2"

Spreading the wealth around = Other People’s Money = Watch your back pocket = There’s a sucker born every minute = Liberalism is a mental disorder (apologies to Michael Savage)

Um, not to piss in anyone's Cheerios this morning but Bush and Paulsen started the bailouts.

*ducking*

Good Two Cents, John Huang2. Thanks for posting.

Yes they did. $750 billion to bailout financial institutions, but they deferred spending half of that so the new administration would have options.

How nice of them.

Spending $350 billion is nice compared to spending trillions.

Yeah, what's $350 billion anyway? Pocket change.

*rolls eyes*

My two questions are just exactly who are the players that started and were involved in the massive withdrawal of money from the market in the first place which allegedly required the bailout?

Why has there been NO INVESTIGATION into those economy shattering facts? Hmmmmmmn!

Oh, and how magnanimous of them! They got Congress to approve a $350B blank check for Obama before he was even sworn in!

Good questions. I believe answering the first question would probably answer the second. I don’t know who was responsible but his initials might have been George Soros.

Obama keeps trying to pile on the evidence that he was elected in order to make Jimmy Carter look competent.

Uhm...can I steal some of that for a tagline? It is great! Thanks for the article. Good job as always JH2.

If Paulson had the information that massive withdrawals were taking place in the market place, which he did, then it would follow that he knew exactly who, where, and what companies or persons were involved in this. Then, if in fact that's the case, an investigation into the purpose of those withdrawals should be made.

I'm not a conspiracy nut or control freak that thinks people shouldn't have the right to do what they want with their money as long as it's legal, but it is an interesting issue that should be answered.