Free Markets, Free People

Daily Archives: July 18, 2013

Economic Statistics for 18 Jul 13

Here are today’s statistics on the state of the economy:

Initial jobless claims fell 24,000 to 334,000. The 4-week average fell 5175 to 346,000, while continuing claims rose 91,000 to 3.114 million.

The Bloomberg Consumer Comfort Index fell a point to -28.4 in the latest week.

The Philadelphia Fed Survey rose more than 7 points to 19.8, the strongest rate of monthly growth in the Mid-Atlantic region since March 2011.

The Conference Board’s index of Leading Indicators remained unchanged for June.

The Fed reports that M2 money supply fell by $-8.8 billion in the latest week.

The Fed’s balance sheet expanded $33.8 billion last week, while Reserve Bank credit rose $21.3 billion. Total assets were $3.538 trillion.

~
Dale Franks
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IRS scandal cover-up begins to unravel

The IRS scandal took on new impetus today with a interesting revelation:

Top IRS officials in Washington, D.C. planned and oversaw the agency’s improper targeting of conservative groups, according to the 72-year old retiring IRS lawyer who will testify Thursday before the House Oversight Committee.

Retiring IRS lawyer Carter C. Hull implicated the IRS Chief Counsel’s office, headed by Obama appointee William J. Wilkins, and Lois Lerner, the embattled head of the IRS’ exempt organizations office, in the IRS targeting scandal and made clear that the targeting started in Washington, according to leaked interviews that Hull granted to the Oversight Committee in advance of Thursday’s hearing.

Treasury Inspector General J. Russell George will return to Republican chairman Darrell Issa’s committee Thursday along with two central characters in the IRS saga: Hull and Cincinnati-based IRS employee Elizabeth Hofacre, who previously gave Hull’s name to congressional investigators, fingering him as her Washington-based supervisor.

Yup, the rats are deserting the sinking ship.  They are certainly not willing to go down with it and so they’re naming names.  And contrary to all the claims previously, it seems that Washington D.C. was indeed involved and not just a “couple of rogue agents in Cincinnati” as we were told in the beginning.

It’s usually never the crime itself that hangs politicians, but the attempted (and ham-fisted) cover-up.  And that’s precisely what this is beginning to look like.  As for being “ham-fisted”, is there anything this administration does that isn’t ham-fisted?

~McQ