This week, Bruce, Michael, and Dale discuss the week’s shootings, and the debt limit. Be sure not to miss the hilariously incompetent closing credits.
The direct link to the podcast can be found here.
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.
Speaking of “disgust”, these people disgust me – this one in particular:
Striking a tone of disgust, House Democratic Leader Nancy Pelosi ridicules the GOP as obsessed with its loathing of President Obama and hell-bent on hurting him politically, regardless the cost. She assigns little to no blame to the president (even though Democrats privately say that’s laughable) and instead portrays him as saintly, above reproach and the victim of jealousy or something worse.
After 26 years in the House, she says, “I haven’t seen anything like it. I haven’t seen anything like it.”
She must have had an 8 year mental enema then because she did precisely what disgusts her for 8 years to a president of the opposition party. And, of course, does anyone in the press call her on it.
Then, like many of our political class, she utters nonsense that is factually inaccurate:
Then she added a line that she has used before, that drives Republicans batty: “He has been … open, practically apolitical, certainly nonpartisan, in terms of welcoming every idea and solution. I think that’s one of the reasons the Republicans want to take him down politically, because they know he is a nonpartisan president, and that’s something very hard for them to cope with.”
Does anyone in the press call her on it?
“Ill served” by both the press and our politicians doesn’t even begin to cover it.
Initial jobless claims rose 15,000 to 309,000 vice last week’s wildly undercounted number. The 4-week average fell 7,000 to 314,750, while continuing claims fell to a recovery low of 2.787 million.
The nation’s current account deficit for the second quarter was a higher-than-expected $-98.9 billion.
The Bloomberg Consumer Comfort Index rose nearly 3 points to -29.4 in the latest week.
Existing home sales were much better than expected for August, up 1.7% to a 5.480 million annual rate. On a year-over-year basis, sales are up 13.2%.
The September Philadelphia Fed Survey rose from an already strong 9.3 to an outstanding 22.3.
The Conference Board’s index of leading indicators jumped a surprisingly strong 0.7% in August.
The Fed reports that M2 money supply fell by $-0.3 billion in the latest week.
The Fed’s balance sheet jumped $60.2 billion last week, with total assets of $3.722 trillion. Reserve Bank credit increased $56.4 billion.
There are among politicians, certain ones who think you’ll believe this:
“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”
Obama went on to suggest that “the average person” mistakenly thinks that raising the debt ceiling means the U.S. is racking up more debt: “It’s always a tough vote because the average person thinks raising the debt ceiling must mean that we’re running up our debt, so people don’t like to vote on it, and, typically, there’s some gamesmanship in terms of making the President’s party shoulder the burden of raising the — taking the vote.”
First – what is it called?
Oh, a debt ceiling.
Anyone – what is the purpose of raising the debt ceiling?
To allow more debt.
If the debt ceiling isn’t raised, then the government can’t do what?
Increase our debt. Correct?
They can’t borrow (commonly known as going into debt) more money to pay those “bills” they’ve already “racked up”, can they?
So when “the average person” thinks that raising the debt ceiling means”running up more debt“, they’re absolutely dead-on right. Unless you plan on “running up more debt“, there is no reason to raise the debt ceiling, is there?
It’s called a “debt ceiling” for a reason.
Our subject is an iconic American vehicle that does exactly what it’s designed to do and does it very well. It’s almost infinitely—and dangerously—customizable, and it will get you to practically any destination you can imagine. You’ll hate it if you have to drive it every day.
The MBA reports that mortgage applications rose a sharp 11.2% last week, with purchases up 3.0% and re-fis up 18.0%. As rates are starting generally to rise, last week’s 5 basis-point drop has everyone locking in the best rate they can.
A downward revision in July’s housing starts resulted in a nominal rise of 0.9% in August to a 0.891 million annual rate. Housing permits, an indicator of future activity, declined to a 0.918 million annual rate from July’s 0.943 million.
At today’s meeting of the Federal Open Markets Committee, the Fed surprised the markets by not tapering off its Quantitative Easing program. They fear that doing so will result in a fiscal drag on the economy. They also say that labor market conditions still are questionable. The Fed is predicting 2013 GDP growth at a below-trend 2.0% to 2.3%. The Fed also predicts a slow improvement to the unemployment rate, with it dropping below 7.0% sometime in 2014. Inflation is below the Fed’s long-term goal of 2 percent, and says downside risks to growth have eased. Chairman Bernanke indicated that increases in interest rates may not occur until the unemployment rate is substantially below 6.5 percent, which is expected in late 2014 or 2015.
And while I have your attention, Bill Quick is doing one of his very infrequent fund-raisers. Give him a hand if you can. Besides being one of the strongest voices for liberty on the Interwebs, he also loves Dale’s auto reviews.
The CPI rose 0.1% in August at both the headline and core rate. On a year-over-year basis, consumer prices rose 1.5%, and 1.8% ex-food and -energy.
The Housing Market Index lost a single point in September, coming in at 58, still a multi-year high.
Foreign demand for long-term U.S. Securities moved back into positive territory, with a net inflow of $31.1 billion in July.
Retail sales seem to be slowing, as Redbook reports a decline from last week’s 4.6% year-on-year sales increase to 3.4% this week. ICSC-Goldman Store Sales are mixed and hard to read, with a weekly sales drop of -1.6%, but a stronger 2.3% year-on-year sales increase.
Of course, much like the climate alarmists, other than leveraging off a horrible incident like the Navy Yard shootings they really don’t have the stats (or the Constitutional backing) to call for banning guns. But that doesn’t stop them from doing so anyway:
“This is one more event to add to the litany of massacres that occur when a deranged person or grievance killer is able to obtain multiple weapons — including a military-style assault rifle — and kill many people in a short amount of time. When will enough be enough?” Feinstein asked in a statement.
She added: “Congress must stop shirking its responsibility and resume a thoughtful debate on gun violence in this country. We must do more to stop this endless loss of life.”
When will enough be enough? Ask a couple of Colorado state senators.
Enough will never be enough as long as the gun grabbers try to continue to pin it on the implement instead of the murderer. Here again we have a not quite right person acting out with guns. Sound familiar? Yet somehow the system not only gave him a security clearance (after he’d been arrested previously for using a gun in Seattle), but apparently okayed it for him to be sold a weapon.
How is that the fault of the weapon? Where did the weapon “fail” in this? Where did the weapon “cause” this to happen? How did the weapon find its way into this man’s hands? Because the state failed in numerous ways to do what it is and was supposed to do. Grant a security clearance to a clearly disturbed person, lax security at a secure facility, etc. Gee, maybe it isn’t guns. Maybe it is incompetent government that can’t enforce existing laws?
But DiFi, the WaPo and other gun grabbers don’t really care about facts.
Life does go on, through Columbine in 1999, through Virginia Tech in 2007, through Sandy Hook in 2012. Each atrocity provides a jolt to the nation and then recedes with little effect, until the next unimaginable event occurs, except each time a little more imaginable. Everything was supposed to change after a man with a semiautomatic weapon mowed down 20 elementary school children in their classrooms last December. But for the politicians, nothing changed. Now, another massacre, another roster of funerals. Again, again, again.
Anyone notice the one similarity in all these events? Everyone of them took place in a “gun free” zone. And what else do you notice about each? And in each one, the state did a bang up job of protecting everyone in them, didn’t it?
DiFi comes from a long line of those who find freedom messy and dangerous and would prefer the orderly and safe haven of state authority instead (with her in charge, of course – and exempted from her own rules). And she wouldn’t at all mind imposing her utopia on you – by force if necessary.