[CNBC] The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly.
Unexpectedly!
The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month.
While the economy's woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government's first estimate was published in April, which had the economy expanding at a 0.1 percent rate.
The difference between the second and third estimates was the largest on records going back to 1976, the Commerce Department said. Economists had expected growth to be revised to show it contracting at a 1.7 percent
Posted by: Fred ||
06/26/2014 00:00 ||
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While the economy's woes have been largely blamed on an unusually cold winter
Hot Cold weather, and the need for people to stay warm. Obviously then, it's the PEOPLE and their need to stay warm, who are to blame.
#2
and since employment grew slightly, productivity decreased at about a 3.6% annual rate, the worst reading since records have been kept
we have had cold winters before but the amount of ice in the Great Lakes and on the Mississippi and Ohio Rivers was more than anytime in the past two decades and this probably was much of the reason for the big decline in construction and the slightly less of a decline in manufacturing
Posted by: lord garth ||
06/26/2014 6:58 Comments ||
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#3
expect bogus sunny numbers prior to the election.
Posted by: Frank G ||
06/26/2014 9:19 Comments ||
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#7
It would seem that people aren't buying the Little Miss Sunshine BS that Bummble is putting out. Money is worth less because more and more is printed. Food has gone up considerably. Gasoline has gone up. The labor participation rate is way down. Can't say that is all George W's fault but the Donks will do. The transparency may be starting to come through.
#8
When you raise taxes dramatically and roll out gobs of new, burdensome regulations a contracting economy is only a surprise if you are an idiot, a member of the Press, or this Administration. But I repeat myself.
Posted by: Deacon Blues ||
06/26/2014 16:26 Comments ||
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[WEEKLYSTANDARD] Veteran New York congressman Charlie Yez got nuttin' on me, coppers! Rangel Congressman-for-Life from Harlem, who became what 20 terms in Congress turns you into ... seems to have held on in Tuesday's Democratic primary. The third-longest serving member of the House has a lead over just about 1800 votes over his top challenger, state senator Adriano Espaillat. Rangel has claimed victory in the primary, although Espaillat has not yet conceded the race.
Rangel, long known as the congressman from Harlem, faces changing demographics in his Manhattan district. His natural black base there has been largely replaced by Hispanics, particularly Dominican Americans like Espaillat. Add to that Rangel's ethics problems and charges of unreported income and unpaid taxes (which forced him to step down as Ways and Means committee chairman in 2010), and it's no surprise Rangel found himself in a fight. In fact, Espaillat nearly beat him in the Democratic primary in 2012, with Rangel escaping by just a thousand votes.
But as the Washington Post's Wesley Lowery reported, Rangel seemed more ready this time to shore up support in his changing district:
But, vowing to not be taken by surprise, Rangel has campaigned hard and boasts the endorsements of many of the nation's top Democrats. Former president Bill Clinton ...former Democratic president of the U.S. Bill was the second U.S. president to be impeached, the first to deny that oral sex was sex, the first to have difficulty with the definition of is... , House Minority Leader Nancy San Fran Nan Pelosi Congresswoman-for-Life from the San Francisco Bay Area, born into a family of professional politicians. Formerly Speaker of the House, but it's not her fault they lost. Really. Noted for her heavily botoxed grimace... (Calif.) and House Minority Whip Steny H. Hoyer (Md.) have lent their names to Rangel's reelection bid which, if successful, is likely to make him the second-longest-serving current House member, behind Rep. John Conyers Jr. (D-Mich.), who also is seeking reelection. Rangel's campaign has worked to underscore his links to local Hispanic communities, rolling out endorsements from Latino leaders.
Posted by: Fred ||
06/26/2014 00:00 ||
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But, but, but I thought the Dems were pro-Hispanic ?
[BREITBART] Sen. Thad Cochran (R-MS) survived the most intense challenge he's ever faced in his 41-year political career, winning a runoff against conservative state Sen. Chris McDaniel.
The News Agency that Dare Not be Named called the race for Cochran, who is up 6,880 votes with 99.9 percent of precincts reporting.
A source close to McDaniel told Breitbart News that he is considering legal challenges over ballots. Democrats who voted for Cochran on Tuesday but voted three weeks ago in the Democratic primary in the state were not allowed to vote in Tuesday's election.
Election results indicate Cochran's late appeal to Democratic voters paid off, with the incumbent senator picking up sizable vote totals in precincts with heavily black populations. Partisanship in Mississippi is largely polarized on racial lines, and Cochran allies paid key Democratic operatives to help turn out the vote.
Posted by: Fred ||
06/26/2014 00:00 ||
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Cochran ran a sleazy campaign that is more worthy of the Democratics. He warned certain segments of the Donk base that they were going to end up in chains, lose their freedoms, lose their vote, and lose their welfare benefits. What was it that Reagan said about speaking ill of fellow Republicans? He was opposed to it. If you act like a Democrat, speak like a Democrat, make phony promises, and demonize your opponent, then what have you become?
#6
Cochran will resign in a couple years. He was set to retire but the talked that senile asshole into running for his puppet masters. Cochran resigns, then Henry Barbour gets appointed, just like that scumbag Haley Barbour wanted when he paid for the lying bigoted Robo calls and flyers to scare democrats into voting contrary to the law [vote in primary only for candidate you support in the general]
That's the kind of bullshit you get in open primaries. Presidentially, you end up with McCain or Romney due to Dems in lblue states
[FOXNEWS] Republican voters on Tuesday opted for U.S. Rep. Bob Beauprez to challenge Democratic Gov. John Hickenlooper in November, pinning their hopes to end a long electoral drought in Colorado on a candidate who lost his previous gubernatorial bid by 17 points.
Beauprez, a buffalo rancher who grew up working on his father's dairy farm, defeated three other Republican candidates in a sleepy primary with little advertising thunder. That will change fast: Hickenlooper, who has raised nearly $3 million for his re-election bid, already has bought $1.4 million in television advertising for the weeks leading up to the general election.
The victory punctuates an eight-year journey for Beauprez back to the Republican Party spotlight, and shows that despite his past defeat the GOP establishment still views him as the most formidable candidate against Hickenlooper.
Posted by: Fred ||
06/26/2014 00:00 ||
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I remember when Hickenlooper was a bartender. Then he bought the bar with some patron/partners and began the Colorado microbrewery boom. Then he organized the renovation of lower downtown (LODO) Denver. He went on to become Mayor of Denver, then Gov. of CO. Something Pena couldn't do...Goes to show you what industry and financing can do for a lad with a thirst.
#2
Lickenpooper is a lying scumbag lefty who has managed to fool just enough Coloradans with media help and Gills Gay Gangsters bankrolling him. He is an asshole who should be driven from office. Problem is the GOP in Colorado is run by the country club bunch and manages to screw up nearly every election lately, and who will sabotage and refuse to support any candidate they don't control even if that costs them the election. Greedy stupid bastards.
In 2012, Scott Downtown Scotty Brown was avoiding Willard Mitt Romney ...former governor of Massachussetts, the Publican nominee for president in 2012. He is the son of the former governor of Michigan, George Romney, who himself ran for president after saving American Motors from failure, though not permanently. Romney has a record as a successful businessman, heading Bain Capital, and he rescued the 2002 Winter Olympics from the midst of bribery and mismanagement scandals.... like the plague as he tried to get reÂelected to the U.S. Senate amidst a tidal wave of Wall Street bucks and a million no-info Obamaphone-wielding voters washing over him to cast a ballot for the fake Indian.
Continued on Page 49
Posted by: Fred ||
06/26/2014 00:00 ||
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[NEWS.YAHOO] Congressional Sherlocks say they uncovered emails Wednesday showing that a former Internal Revenue Service official at the heart of the tea party investigation sought an audit involving a Republican senator in 2012.
The emails show former IRS official Lois Lerner mistakenly received an invitation to an event that was meant to go to Sen. Charles Grassley, R-Iowa.
The event organizer apparently offered to pay for Grassley's wife to attend the event. In an email to another IRS official, Lerner suggests referring the matter for an audit, saying it might be inappropriate for the group to pay for his wife.
Continued on Page 49
Posted by: Fred ||
06/26/2014 00:00 ||
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[WASHINGTONEXAMINER] Does the federal government have any systems at all to back its email archives? Maybe not, because the Environmental Protection Agency is now using the same excuse as the IRS is using in response to a Congressional subpoena: the computer ate our homework. If the government would like to give me lots of money I'll be happy to show them how to back up a database remotely three times a day in case of a hard drive crash.
In a hearing Wednesday before the House Oversight and Government Reform Committee, EPA Administrator Gina McCarthy said the agency was still trying to recover the emails from a now-retired employee who was involved in a controversial EPA evaluation of a proposed mine project in Alaska's Bristol Bay.
Rep. Mark Meadows, R-N.C., asked McCarthy: "Were all of his emails preserved according to the Federal Records Act or was a law violated?"
McCarthy responded: "I think we have notified the appropriate authorities that we may have some emails that we cannot produce that we should have kept. I do not know yet whether we can recover all of these or not." She added that later: "We are not sure where the failure came from and what it is attributed to."
A committee aide told the National Journal that an apparent hard drive crash in 2010 is preventing the recovery. The crash reportedly happened right around the same time that the committee first started expressing an interest in the emails.
Posted by: Fred ||
06/26/2014 00:00 ||
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That homework eatin' dog certainly seems to get around...
Posted by: ed in texas ||
06/26/2014 7:50 Comments ||
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Just keep repeating the same lie until it becomes fact! Jeez, people, how hard is that?!?
[Washington Post] Two senior Veterans Affairs Department officials will be stepping down this week as a personnel overhaul continues in the wake of the resignation of former VA secretary Eric K. Shinseki.
Will Gunn, who has served as VA general counsel since 2009, will be stepping down from a job he's held since the start of the B.O. regime. And Robert Jesse, currently the acting undersecretary for the Veterans Health Administration, will be stepping down and rejoining the department's medical ranks.
The forthcoming changes are according to two people familiar with the shakeup who were not authorized to speak publicly about them. A formal announcement of the departures is expected later Wednesday or Thursday, the two people said.
Posted by: Fred ||
06/26/2014 00:00 ||
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"A formal announcement of the departures is expected later Wednesday or Thursday..."
Or maybe Friday say around 1750 -ish at the end of 17 page press release.
Posted by: Bangkok Billy ||
06/26/2014 9:49 Comments ||
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A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
I recommend closely monitoring urban dog pound population trends. 
Charlie 
Nancy 
[WASHINGTONEXAMINER] Does the federal government have any systems at all to back its email archives? Maybe not, because the Environmental Protection Agency is now using the same excuse as the IRS is using in response to a Congressional subpoena: the computer ate our homework.
[Washington Post] Two senior Veterans Affairs Department officials will be stepping down this week as a personnel overhaul continues in the wake of the resignation of former VA secretary Eric K. Shinseki.
