Free Markets, Free People

Monthly Archives: September 2012


Economic Statistics for 18 Sep 12

The following US economic statistics were announced today:

Housing starts rose a worse-than-expected 2.3% in August to a 0.75 million annual rate, following July’s revised -2.8% drop. The August starts pace is up 29.1% on a year-ago basis.

The MBA reports mortgage applications fell -0.2% in the most recent week, with purchases down -4.0% and refinancings up 1.0%.

Existing home sales rose strongly in August, up 7.8% to an annual unit rate of 4.82 million. This is the second strong increase in a row, and is the highest since May 2010.

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Dale Franks
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Voter fraud? Aw, come on, no way.

Or at least that’s what those who oppose using a picture ID to ensure the integrity of the voting system would have you believe.  All a nonissue they tell us.

One day after being sued over a controversial ballot box citizenship question, Secretary of State Ruth Johnson said Tuesday there are an estimated 4,000 noncitizens on Michigan’s voter rolls.

The estimate is based on the state’s access to citizenship information for one-fifth of the population, Johnson said, adding the federal government won’t give her access to more citizenship data.

Johnson said the results of a “very tedious” analysis of 58,000 driver’s licenses and state-issued identification cards found 963 noncitizens registered to vote.

Department of State employees cross-referenced those noncitizens with voting records and found 54 have a voting history and have voted a total of 95 times, Johnson said.

So you have 963 noncitizens in the sample who have managed to get state issued driver’s licenses.  Nice.  There’s something else that needs to be tightend up a tad in Michigan, huh?

But obviously the point is that you have people who are not entitled to vote voting fraudulently (oh, and they didn’t have any problem obtaining ID so why do our “minorities” have such a tough time?).  And in contests decided by a few votes as we’ve seen numerous times over the years (convicted felons for go big for Al Franken!), the integrity of the system is in question.

However, it’s just too much to a) have people prove their citizens prior to getting a state issued ID and b) produce that at the polling place to ensure they are who they say they are.  You know, like they do when you board a plane?

~McQ

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Economic Statistics for 18 Sep 12

The following US economic statistics were announced today:

The U.S. current account deficit improved sharply to -$117.4 billion in the second quarter from a revised -$133.6 billion in the first quarter.

Net foreign demand for long-term U.S. securities rose from $9.3 billion in June to $676.0 billion in July.

The NAHB housing market index in September rose another 3 points to 40, for the fifth straight rise to the best level since early 2007.

Retail Sales: Redbook reports year-over-year retail sales growth of 2.4%, weaker than last week, but still moderately strong. ICSC-Goldman reports a -2.5% sales decrease from last week, and only a 2.1% increase over last year.

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Dale Franks
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Romney’s reaction to the Libya debacle is still not the story

The question is, will the real story ever be told by the media of this country:

After the American media grabbed and held the pro-Obama headlines against Romney’s comments and took Obama’s “Romney shoots first and aims second” quote to iconic proportions, the rest of the world is reporting that the Obama administration knew about the planned-attack on the Benghazi, Libya Embassy where four Americans, including United States Ambassador Christopher Steven was murdered.

That strong allegation needs to be “the story”, not the political-trouncing of Mitt Romney, a man who has nothing to do with the White House, the U.S. Embassy, or the deadly and non-deadly attacks on our United States Embassy’s around the world. “The story” obviously involves the White House and the president within – Barack Obama – not the Massachusetts challenger.

The reporters and bloggers who have made Mitt Romney the story – instead of the attacked-United States Embassy, the innocent Americans who were attacked, and the White House with its president in abstention as he continually treks the campaign trail regardless of the duties left behind in Washington, D.C. – are guilty of letting another American tragedy remain buried.

To me this is the stunner of the month.  It isn’t about what Romney said, it’s about an administration who doesn’t do the elemental things necessary to protect it’s own embassy staff in Libya, even when they knew something was brewing (Word on the street and the anniversary of 9/11?  You don’t have to be a rocket scientist, do you?).

And yet somehow this has all become about Romney?  Meanwhile the administration has said they’re not going to talk about Libya anymore and the media say, “okay”.

You know, it wasn’t too long ago that dissent was the highest form of patriotism, remember?

Now?

Yeah, not so much.

But if you want the real story, this is where the press ought to be digging:

Reports from a number of knowledgeable sources are being widely-circulated regarding the United States State Department’s having received knowledge of the attack in Benghazi as early as September 9 – two days before the four Americans were killed. That’s “the story”. There were also similar reports that the attack in Cairo was revealed prior to its occurrence. The knowledgeable sources report that no warning was given to persons in the U.S. Embassies in Cairo or Benghazi after the State Department was warned. In Libya, there were approximately 30 people in the main consulate building who could have been warned but weren’t.

Additionally, Wanis el-Sharef, Libya’s deputy interior minister, told the Associated Press that the heavily armed militants “used” a protest of an anti-Islam film as a “cover” in their deadly attack on the U.S. Embassy while screaming “God is great!”

But instead, page 1 is what Romney said.  Meanwhile, the compliant media accepts the “we’re done talking about it” from the most transparant administration ever.

~McQ

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About all those polls… (Updated)

If you listen to the podcast, you may have noticed that, over the past couple of weeks, we’ve talked a lot about polling, and why Obama is doing so well. We’re not the only ones. A lot of people are wondering why Obama is polling well when the things are so bad. One of the criticisms I’m seeing about a lot of the polls is that they skew so heavily democratic. Except for Rasmussen, almost all of the polls coming out seem to have larger numbers of Democrats than one would expect. They have been as high as a D+11% advantage in the population.

This is seen by some as proof that the pollsters are skewing the respondent population towards Democrats. I’m not impressed by the argument, because most pollsters don’t actually try and set up a likely voter model for the poll. Instead, the poll is a sample of usually between 1,000 and 1,500 randomly selected voters. The Democratic advantage in this poll, therefore, is not an artifact of the selection method, but is actually the result of what the respondents identify themselves as. If you call 1,000 people, and 380 of them say they’re Democrats, then that’s the sample.

The poll, then, reports what the respondents say. It’s not the result of selecting a particular number of Democrats or Republicans. That’s a vitally important distinction, because voter identification changes over time. The poll reports what voters say their party affiliation is, but a voter may say he’s a Democrat this week, and a Republican or Independent two weeks from now.

So, the key here, it seems to me, is to look at a set of polls from a particular pollster and see if the party affiliation varies widely from poll to poll. If it does, then there’s probably a problem with their methodology. You might see a shift in party affiliation over time, but the change between consecutive individual polls should probably be fairly small. But in general, if a pollster uses the same methodology for every poll, and is not explicitly looking to create a voter response model, then the results are probably fairly accurate, and show small movements–if they occur–to party identification from poll to poll.

What I’m hearing from a lot of conservatives this week is the idea that the polls are horribly skewed, as if there’s some industry-wide conspiracy to make Obama look good. That doesn’t seem very likely, especially since nearly every pollster uses a bipartisan polling team, i.e. one Democrat and one Republican. So, what I’m hearing from conservatives sounds like the response Democrats made in the 2004 election, when John Kerry was polling badly. Then, as now, there was this feeling that the polls were horribly wrong, and their candidate wasn’t actually losing. But the losing candidate was, in fact, losing.

So if the polls are off, then it must be the result of either a gross, industry-wide incompetence that is causing them all to use a faulty methodology, or a gross, industry-wide conspiracy–between both Republican and Democrat pollsters–to push a pro-Obama narrative. The alternative is that the polls aren’t off, and within a 3% or so margin of error, are reporting accurately what the electorate is saying. The latter seems to me to be far more likely.

Now, as to why so many voters are identifying as Democrats, I don’t have a clue. But consider this: pretty much everyone knows Bill Clinton is smarmy liar, and if he could run for a 3rd term…he’d win.

Also, consider that everyone remembers the Bill Clinton presidency as a time of economic growth and balanced budgets. They remember the end of Bush’s two terms as a time of complete economic collapse. The underlying reasons don’t matter, because most voters neither understand nor care. It may be that voters simply trust Obama more on the economy than they do Romney, because they fear a return to economic collapse. Maybe they think Obama has done as well as could be done. But simply dismissing that with a "the polls can’t be right" explanation is just whistling past the graveyard.

UPDATE: More here, including this graphic.

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Now, let’s split this out and look at correlation:

polls

That’s a pretty weak correlation. Look at the blue diamonds for the Obama lead. What is that, a bell curve? Seriously?

No, unless the poll makes a specific effort to model a voter turnout, and specifically samples for a given percentage of R-D-I, then the poll is just telling you what the respondents are telling the pollsters. They may tell them something different next week or next month, but the R-D-I sample is simply a result of respondent self-identification.

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Dale Franks
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Ever have one of those days?

Well I’m having one of those days.  Nothing horrific.  Nothing tragic.  Nothing to worry about.  Just one of those days.

So, other than this, I’ll likely not be saying much more today.

Well, except a reminder to join us on Facebook for QandO plus (which I also haven’t had time for today).

Later.

~McQ

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Economic Statistics for 17 Sep 12

Today’s only economic release is the Empire State manufacturing index, which fell sharply to -10.41 vice -5.85 in August. New orders plunged to -14.03 down 12 points since June. Unfilled orders have been falling for months now, and stand at -14.89. On the other hand, the 6-month expectation for new orders is up to 17.02, well into positive territory. Whether those expectations will be met remains to be seen. Meanwhile, the district’s manufacturing sector continues to bump along the bottom.

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Dale Franks
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Observations: The QandO Podcast for 16 Sep 12

This week, Bruce, Michael, and Dale talk about the week’s events.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.


The End of the Road

I‘ve Just finished watching a documentary call "The End of the Road: How money became worthless" on Netflix. It’s 55 minutes long. It’s wonderfully educational, and horrifically frightening.

IT explains exactly why I’ve been harping on the coming hyperinflation for the last three years, and it tells you how close we are to seeing it happen. It explains the current situation we face extremely clearly and simply, so that anyone can understand it.

You need to watch it as soon as you possibly can.

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Dale Franks
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Someone’s in trouble

The Los Angeles Times was there when the LASO came to pick up the "Innocence of Muslims" filmmaker for a "voluntary interview".

arrest

As the Times put it:

Just after midnight Saturday morning, authorities descended on the Cerritos home of the man believed to be the filmmaker behind the anti-Muslim movie that has sparked protests and rioting in the Muslim world.

Sheriff’s officials could not be reached by The Times, but department spokesman Steve Whitmore told KNBC News that deputies assisting the federal probation department took Nakoula to the sheriff’s substation in Cerritos for interviewing.

Apparently, they’re concerned about a possible probation violation, because he wasn’t supposed to access the Internet. But now his horrible movie is on YouTube, so he may in trouble. Hence, brown-shirted men showed up at midnight to "escort" him to a "voluntary interview".

There’s no free speech issue at all to be concerned with here. Move along citizen.

Instapundit has a round-up of reaction.

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Dale Franks
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