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Daily Archives: September 7, 2011


Economic Releases 7 Sep 11

It’s not a big day for economic releases today, so we get a bit of a breather from major releases.

The Mortgage Bankers Association reports that their composite index fell once again, as mortgage applications dropped –4.9%, despite low interest rate.  Purchase applications actually increased by 0.2%, but re-fi apps fell –6.3%.

In retail sales for the week, ICSC-Goldman reports same-store sales fell steeply by 0.7% last week to pull down the year-on-year rate to 2.7%. Conversely, Redbook reports same-store year-on-year rose sharply by 0.9% last week, for a 4.9% rate.

UPDATE: The afternoon release of the Fed’s "Beige Book", prepared for the September 20-21 FOMC meeting, shows that the economy continues to expand at a "modest pace." Some Districts noted mixed or weakening activity, however the Fed believes that a double-dip recession is not in the offing. Overall, the report indicates that a sluggish recovery continues.

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Dale Franks
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Richard Cohen: Obama has lost the Hamptons

Interesting “read between the lines” column by Richard Cohen in the Washington Post today. In it he relates his sojourn in New York’s Hamptons on Long Island. As he describes it, “[t]he Hamptons is where the Democratic energy, money and intellectual firepower of Manhattan goes for R&R. It’s just not another beach.” Or said another way, it is an enclave of the East Coast liberal elite.

So given that fact, and frankly it is pretty indisputable, you’d believe there’d still be a lot of support for Barack Obama – given the alternative. Yes?

No.

Cohen:

Over the Labor Day weekend, I went to a number of events in the Hamptons. At all of them, Obama was discussed. At none of them — that’s none — was he defended. That was remarkable. After all, sitting around various lunch and dinner tables were mostly Democrats. Not only that, some of them had been vociferous Obama supporters, giving time and money to his election effort. They were all disillusioned.

It’s taken them 3 years to become disillusioned, but per Cohen, they finally are. And what are they disillusioned about? The very same thing we’ve harped on for 3 years. The fact that Obama isn’t a leader and certainly not the guy this country needs in charge in this time of crisis.  The difference is we knew that before he ever took office:

I expected more than a few people to defend the president. No one did. Everyone — and I do mean everyone — expressed disappointment in him as a leader. In that area, they thought he was a bust.

And this wasn’t something that was anticipated given his thin resume and his lack of ever being in an actual leadership position previous to the White House?

You know, at times I wonder about the supposed elite in this country. As is obvious in the case of Barack Obama and the wool he pulled over the eyes of the rich and powerful on the left, critical thinking is apparently not a requisite skill  for making money. That’s further demonstrated by the fact that they then handed over gobs of it to a political novice with no leadership experience and precious little experience in much of anything of worth when it comes to governing.

But here we are. And now they’re “disillusioned”.

Imagine that.

~McQ

Twitter: @McQandO


More Fast and Furious revelations

Business Insider has the details.   As the probe widens, more and more of the botched and frankly stupid operation becomes known:

The WSJ reports today that federal authorities are now investigating why the U.S. Attorney’s office in Phoenix — the same office that oversaw Fast and Furious — released Jean Baptiste Kingery after he confessed to providing military-style weapons to the now-defunct La Familia Michoacana drug cartel.

Kingery, who was arrested and released in June 2010, confessed to manufacturing improvised explosive devices (IEDs) using grenade components from the U.S. He also admitted to helping the cartel convert semi-automatic rifles into machine guns.

Mexican criminal organizations are increasingly using these military-style weapons as the cartels’ escalate their wars against the government and one another.

Despite Kingery’s confession, and over loud protestations from the arresting ATF officers, the U.S. Attorney’s office let Kingery go within hours of his arrest.

This has led the Phoenix U.S. Attorney’s office to attempt to push back:

The Phoenix U.S. Attorney’s office denies that it declined to prosecute the case, saying that it wanted to continue surveillance. The office alternatively told investigators that ATF agents wanted to make Kingery an informant, but lost contact with him within weeks of his release.

Prosecutors involved in the case also accuse ATF agents of devising a failed sting that allowed Kingery to take hundreds of grenade parts across the border in the months about six months prior to his arrest.

Kingery had been hauled in by ATF agents and confronted with the evidence and the U.S. Attorney’s office thinks he’s going to go back to work and it’ll be business as usual?  Really?  I guess they figured out that wasn’t the case when they “lost contact with him within weeks of his release”.

Botched?  That’s being kind.  And notice too the attempt to distract by the U.S. Attorney with the “failed sting”.  It seems to me if that’s the case and six months later the agents had the goods on Kingery, it was probably a good arrest at that point.  But apparently the U.S. Attorney there knows better, huh?

This is Clown College stuff.  How badly can an organization screw up an operation that was absolutely stupid to begin with?   Obviously worse than we thought.  The level of stupidity, incompetence and outright dumb decisions wrapped up in this case are staggering.   It was a dumb idea to begin with and it was compounded with incompetence, poor execution and it inevitably ended up killing a US agent and untold Mexicans.

The question is, who at what level knew about this in the administration.  There are those who believe Eric Holder is certainly knew and there’s speculation that the man in the White House may have known and condoned the operation as well.

The Fast and the Furious case has escalated over the past weeks, with news that at least three White House national security officials knew about the gunrunning program.

Emails obtained by the Committee last week show contact between the head of the Phoenix ATF and Kevin O’Reilly, then-director of North American affairs, about the operation. The White House confirmed that O’Reilly briefed Dan Restrepo, senior director for the Western Hemisphere, and Greg Gatjanis, director of counterterrorism and narcotics.

The emails, first reported by the LA Times, do not indicate that the White House aides knew about the more controversial tactics of letting the guns "walk." There is also no indication that the information went beyond those three officials.

Yeah, that sort of stuff never makes it into security briefings for the President, does it?

And you can already see the attempt to limit the damage if it is finally proven the President was aware of the operation (and tacitly approved it) with the line that says the White House security aides didn’t know “about the more controversial tactics of letting the guns “walk.””   That was sort of the whole point of the operation, wasn’t it?

Lots of interesting revelations yet to come methinks.  Whether or not the press will cover it in any depth remains to be seen, but in my estimation, this is a large enough scandal that at least Eric Holder’s job ought to be in jeopardy.

~McQ

Twitter: @McQandO