Free Markets, Free People


Economic Statistics for 16 May 12

The following statistics were released today on the state of the US economy:

The Fed reports industrial production rose 1.1% in April, while capacity utilization increased to 79.2%.

A dip in mortgage rates is causing an increase in refinance applications. MBA reports applications rose 9.2%, with purchases down -2.4%, but refinance applications up 13%.

Housing starts rose 2.6% in April, erasing March’s decline of -2.6%, coming in at a 717,000 annual rate. Building permits were at a 715,000 annual rate.

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Dale Franks
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3 Responses to Economic Statistics for 16 May 12

  • Does anyone remember Ross Perot? Well, to refresh your memory he ran as an independent in the 1992 Presidential race and lost. However, he garnered enormous media attention and was able to procure almost 20,000,000 votes.

    Back in 1992 many Americans, including myself, were impressed with his success and business savvy. We viewed him as someone who had made it in America and as a candidate who knew how create wealth not only for himself but also for others. We thought, if Ross Perot could run the economy half as well as his own finances, our country will be economy thriving for generations.

    Ross Perot was a proven winner and America looked up to him as a result. 20,000,000 of us believed that his business success, proper economic choices and keen eye for making right decisions would make him an excellent president.

    However, I ask myself now: how would he be portrayed if he ran for president today? The media, including CNN, in 1992 represented him as a generous humanitarian who personified the American dream. Do you think they or most of the media outlets would do the same now, 20 years later? Unfortunately, the answer is no. Instead they have taken Obama’s lead and would vilify him every chance they had. They would tarnish his name, call him a 1 percenter and denigrate him as someone who doesn’t pay enough taxes. They may even get a sound bite from Buffet saying how ashamed he is at Ross Perot for not paying his fair amount of taxes. He would no longer be represented as someone to vote for because of his success. Instead, he would be cast aside as a greedy businessman who earns too much and gives back too little. They would not longer taught his success but would be quick to point out his luxuries. They would show how many homes he owned or speak of his antique car collection.

    He would no longer be seen as someone that the American people should emulate. All his hard work, dedication to his business and rise to success would be overlooked. He would be considered “out of touch” with the American people and his wife would be referred to as the spoiled “rich bitch” who never worked a day in her life.

    You may think I’m simply making up these allegations or just spewing out false claims. But before you make that conclusion, I just have to ask you to open your eyes and see what they are doing to Mitt Romney. Just look at an article I read about him on Yahoo this week. Instead of interviewing him about his success they were making him defend himself for being wealthy. He should not need to defend himself. On the contrary, he should be answering questions about what he did to become such as success and how he would use these principles to turn around America’s ongoing recession. He should be detailing his plans about what economically he will do to get us out of the economic debacle Obama has placed our country in. He should be speaking about how he will save the American people 6 trillion dollars instead of putting us 6 trillion dollars in debt and weakening our military during a time of global war.

    Obama has set the new tone for the entire American media. He no longer wants us to aspire to greatness or wealth. He no longer wants us to believe in ourselves and in our own ability to achieve economic success. He no longer wants us to view people such as Ross Perot as someone to emulate. Instead, he wants us to believe in his philosophy called “fairness”. Does this philosophy create jobs, decrease the deficit or build the economy in any, even remote, fashion? The answer is a simple no. Instead of facts he gives us feelings. Instead of success, he gives us lectures. Instead of properly running the country, he is running for reelection.

    Obama has already lead the American media on a witch hunt against all American values that we grew up with. As I already stated he wants us to believe that we no longer have to strive for success and that our big brother, the government, will take care of us. He also vilifies those that “cling to the bible”. He wants us to throw away religion and instead of looking to the bible for inspiration, we should again turn to him and big government. It’s a trick all totalitarian governments have enforced on their people to impose their rule over them. Just currently look at North Korea. Lastly, family values are also something he considers out-of-date. Who needs a family when you can have the American government?

    Use common sense this November. Vote for a proven success not a proven failure.

  • WASHINGTON (MarketWatch) – Business conditions at manufacturing firms in the Philadelphia region worsened in May, according to the monthly survey issued Thursday by the Federal Reserve Bank of Philadelphia. The Philly Fed index fell to -5.8 from 8.5 in April, well below expectations. Economists polled by MarketWatch had expected the index to increase to 10.0. Reading below zero indicate that more companies are contracting instead of expanding. The new-orders index dropped to -1.2 from 2.7 in April and the employment index, a gauge of hiring expectations, also turned negative.