Free Markets, Free People

Daily Archives: October 20, 2011


Economic statistics for 20 Oct 11

Today’s economic statistical releases:

Initial jobless claims dropped 6k from last week to 403k, but that was still 3k higher than analysts expected.

The Bloomberg index of consumer comfort fell to -48.4 from last week’s -50.8.

Existing home sales fell -3.0% to a 4.91 million annual rate in September, mainly due to a 3.6% drop in the key single-family component.

The Philadelphia Fed reports that the Mid-Atlantic manufacturing sector is stabilizing and improving as the general business conditions index rose to 8.7 from -9.8.

Most of the leading economic indicators point to sluggish growth ahead, but loose monetary policy boosted the overall index by 0.2%.

~
Dale Franks
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Gaddafi dead

Well apparently the Libyan revolution has bagged its bad guy:

Al Jazeera has acquired exclusive footage of the body of Muammar Gaddafi after he was killed in his hometown, Sirte.

Abdul Hakim Belhaj, an NTC military chief, said Gaddafi had died of his wounds after being captured near Sirte on Thursday.

The body of the former Libyan leader was taken to a location which is being kept secret for security reasons, an NTC official said.

"Gaddafi’s body is with our unit in a car and we are taking the body to a secret place for security reasons," Mohamed Abdel Kafi, an NTC official in the city of Misrata, told Reuters.

Earlier, Abdel Majid, another NTC official, said the toppled leader had been wounded in both legs.

A photograph taken on a mobile phone appeared to show Gaddafi heavily bloodied, but it was not possible to confirm the authenticity of the picture.

The news came shortly after the NTC captured Sirte, Gaddafi’s hometown, after weeks of fighting.

"Thank God they have caught this person. In one hour, Sirte was liberated," a fighter in the town said.

Now comes the hard part – keeping the “revolution” out of the “Islamic extremist” ditch.

Cue the Muslim Brotherhood …

~McQ

Twitter: @McQandO


Joe Biden: Scaring the little people in flyover land

In another version of the “pushing granny over the cliff” scare which typified the resistance mounted by Democrats to Social Security reform, VP Joe Biden is out there trying to scare the people about crime in order to spend more on shoring up the Democratic base (more political cronyism) to be found in teacher’s and public servant’s unions:

“Murder will continue to rise, rape will continue to rise, all crimes will continue to rise,” if the Democrats agenda isn’t passed, he added.

Because, you know, there’s a direct correlation between murder, rape and the number of cops on the beat.

Except both murder and rape stats have been in a downward trend since 2006.  In 2006 the murder rate per 100,000 was 5.7, rape 30.9.

In 2010 the rate for murder was 4.8 and rape 27.5.  In the two intervening years, those numbers continued to fall.  And we all know we’ve been in the recession for at least 3 years and there have been cutbacks in police during that time.

So, unsurprisingly Biden is wrong and is pushing a myth (they’ll “continue rising”) when in fact, the stats show a steady drop for the past 4 years.

But he’s shameless in his fact free attack:

Then in the same speech he wished Republicans were themselves rape victims.  “I wish they had some notion of what it was like to be on the other side of a gun, or [to have] a 200-pound man standing over you, telling you to submit.”

Amazing.  Vice President of the US and trying to pull this political hackery complete with the usual scare tactics off.  Of course, look at his boss.

~McQ

Twitter: @McQandO


Harry Reid: Crony jobs bill to shore up the political base

If you’ve ever wanted a good argument against seniority as a good way to pick leaders, Harry Reid is your poster boy.  The Nevada Democratic Senator and House Majority leader manages to make himself look stupid on any number of occasions during a legislative year.  His latest:

Senate Majority Leader Harry Reid (D-Nev.) on Wednesday indicated Congress needs to worry about government jobs more than private-sector jobs, and that this is why Senate Democrats are pushing a bill aimed at shoring up teachers and first-responders.

“It’s very clear that private-sector jobs have been doing just fine; it’s the public-sector jobs where we’ve lost huge numbers, and that’s what this legislation is all about,” Reid said on the Senate floor.

Really?  That’s the sector “government” needs to worry about more because “private-sector jobs have been doing just fine?”   Where in the world, other than the Senate cloak room, has this man been?

What this is, and anyone who can’t figure this out doesn’t deserve to be in a political discussion, is just another version of cronyism.   Teachers unions and government unions are where you find the Democrat base. This is throwing taxpayer money to that base in order to shore it up for the upcoming election.  Nothing more.

He has access to your tax dollars and spending them in this way benefits his party.  Screw the country, he has an election to win.  Of course he’s also the Senate leader who hasn’t offered a budget in over 900 days.  That’s dereliction of duty.

Reid reiterated his emphasis on creating government jobs by saying Democrats are looking to “put hundreds of thousands of people back to work teaching children, have more police patrolling our streets, firefighters fighting our fires, doing the rescue work that they do so well … that’s our priority.” He said Republicans are calling the bill a “failure” because they are “using a different benchmark for success than we are.”

Yeah, they’re using the private sector where jobs generate revenue for taxes to pay for all the nonsense Reid spouts. 

Government workers are not producers in the sense of the production we need to get the economy going.   But they are voters.   This is an attempt to keep them in the Democratic corral long enough to get Democrats re-elected.  Then Harry probably won’t care very much again.

Remember, when Obama was calling for his jobs bill to be given priority, Harry Reid was on the Senate floor expounding on the virtue of  … bike paths (and, naturally, calling for government to pay for them).

Ever get the idea that we’re all now serfs on a huge plantation paying for the whims of our “leaders”.

~McQ

Twitter: @McQandO

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