#1
From the cited article: According to Meredith Whitney, founder and CEO of Meredith Whiney Advisory Group,
Wells is working an accounting game of extend and pretend. According to other analysts, many if not all of the big banks are 'extending & pretending'.
Photo submitted for Fred's 'Women who advise' section
Consider first the part of the chart pertaining to the spring of this year and observe that disposable personal income (DPI)--the total amount of income people have left to spend after they pay taxes and receive transfers from the government--jumped. The increase is due to the transfer and rebate payments in the 2009 stimulus package. However, as the chart also shows, there was no noticeable impact on personal consumption expenditures. Because the boost to income is temporary, at best only a very small fraction was consumed.
This is exactly what one would expect from "permanent income" or "life-cycle" theories of consumption, which argue that temporary changes in income have little effect on consumption. These theories were developed by Milton Friedman and Franco Modigliani 50 years ago, and have been empirically tested many times. They are much more accurate than simple Keynesian theories of consumption, so the lack of an impact should not be surprising.
Indeed, one need not have looked any further than the Bush administration's Economic Stimulus Act of 2008 to find plenty of evidence that temporary payments of this kind would not jump-start consumption. That package made one-time payments and rebates to people in the spring of 2008, but, as the chart shows, failed to stimulate consumption as had been hoped. Some argued that other factors such as high oil and gasoline prices caused consumption to fall during this period and that consumption would have been even lower without the stimulus, but no significant impact of these rebates is found even after controlling for oil prices.
#1
--- This is news about another failed prediction from a government that failed to see the crisis coming in the first place.
--- From the cited article: As the economic recovery takes hold, it is important to continue assessing the role played by the stimulus package and other factors. Not so fast -- there's still hundreds of billions, if not trillions in bad debts that must be worked out of the system. And I'm not referring to the national debt. There were several false recoveries during the Great Depression, too.
Posted by: Frozen Al ||
09/17/2009 18:40 Comments ||
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#5
Goal: reward SEIU members by using "stabilization" funds to avoid any layoffs or furloughs at the state and local levels.
Secondary benefit: avoid any public scrutiny of bloated state budgets, which have doubled as a % of GDP in the last 15 years, and irresponsible expansion in state payrolls.
Vehicle: Recovery Act.
Outcome: Mission accomplished.
Never have the SEIU and its peers in the auto industry wielded such power in our lifetimes. Barry's got at least one pillar of support (outside of Government $achs, that is.) Hooray!
The ongoing controversy over the community organizing group ACORN -- spurred by several undercover videos shot for a conservative blog known as biggovernment.com -- has emboldened Republicans to use the group's troubles as a political cudgel against Democrats.
"If the Democrats continue to ignore the apparent fraud taking place with taxpayer money, they will pay a price politically," predicted former Florida governor Jeb Bush (R) in an e-mail exchange with the Fix late Wednesday.
Bush's Republican colleagues are already moving to exact that political price.
Minnesota Republican Gov. Tim Pawlenty, who is widely expected to run for president in 2012, announced on Wednesday that he had ordered all state funds going to the group frozen until a review of the organization had been completed.
Pawlenty's decision comes less than 48 hours after the Senate voted on a measure to restrict all federal funding devoted to ACORN -- a piece of legislation that drew wide bipartisan support with only seven senators (all Democrats) voting against it.
And, Republican leaders in the House continue to push the idea of bringing a similar bill up for a vote in the near future. "Simply put, ACORN should not receive another penny of American taxpayers' money," wrote House Minority Leader John Boehner (Ohio) in a letter to his colleagues earlier this week.
The ACORN effect is even hitting the campaign trail. In New York's 23rd district special election, Conservative Party candidate Doug Hoffman is hitting state Assemblywoman Dede Scozzafava (R) for her alleged ties to ACORN.
The efficacy of these attacks remain to be seen -- John McCain attempted unsuccessfully to link President Obama to ACORN during the 2008 campaign -- but it's clear from the reaction of the White House that leading Democrats understand that being seen as defenders of the community group is political suicide.
White House press secretary Robert Gibbs called the tapes "completely unacceptable" during his daily briefing on Wednesday, adding "the administration takes accountability extremely seriously."
Doug Schoen, a Democratic pollster, said the ACORN controversy poses a "huge risk" to the Democratic party. "Swing voters are almost certainly going to put off by the constant barrage of stories about their abuses, the videos, and their unrepentant approach to the way they operate," he added.
Jon Lerner, a Republican consultant, argued that the ACORN problem is one that plagues whichever party is in the majority in Washington. "When Republicans were in control, their fringe organizations became fodder for the perception that they were too extreme," Lerner noted.
ACORN has long been a hot button issue for conservatives who believe the group engages in shady (at best) voter registration and turnout efforts. But, to date, conservatives have been unable to draw strong enough links between ACORN and the Democratic Party to score real political points.
With more undercover videos allegedly on the way, expect more Democratic elected officials to follow the White House's lead and begin not only distancing themselves from ACORN but also siding with those who are calling for investigations into its conduct.
"Any Democrat who acts or votes to protect ACORN will have an impossible time justifying it, and it will almost be too easy for us to make them pay politically for doing so," predicted Republican strategist Kevin Madden.
#3
Siding with the Repubs on this isn't enough. They need to get in front of this mess, and yes....maybe precious Prince Eric at the Justice Dept should open up a Federal investigation.
(Yeah, I know, probably won't happen, considering how tone deaf this gang o' clowns are...)
#5
The One suffers. He had hoped to introduce a boatload of Quangos like in the UK to paralyze the US in the same way. Now there will be much more scrutiny of these tumors on the body politic.
#7
It is a danger, but with the MSM covering for them, it won't be nearly enough. Along with weak Republican leadership, the donks won't be trounced. Just loose a few seats over it.
#8
The fact that Jon Stewart skewered ACORN and the MSM the other day is huge. It gives credibility to the anti-ACORN forces among its normal allies and makes it very difficult for any but the most leftwing politicians to openly defend it. Next step for ACORN - deny and delay using captive investigation and hunker down and hope America's ADD kicks in. If not, reconstitute under a new name and proceed with business as usual.
#2
Sorry, Glen Beck is a raving lunatic and while not bad for America, he is definitely bad for the conservative movement. He's nucking futs and needs to be taken off the air. He's the Keith Olbermann of the right. Moronic convergence.
#3
No apology necessary. You've got Karl Marx, Amin al-Husseini Grand Mufti of Jerusalem, Osama bin Laden, Richare Reid, and Adolf Hitler. We've got Glen Beck.
#5
Maybe if the Legacy Media would get off their collective arses and do some actual reporting, he wouldn't get 3-4 million viewers every evening in a crappy time slot, and more listeners than that in the afternoon.
Just sayin'. (Although I really hope he never ever puts those lederhosen on again. THAT was scary!!)
#6
Excuse me? Are you stupid? What exactly has he 'exposed'? Other than he looks bad in lederhosen and looks stupid when he cries? He's a birther and a truther. He espouses the views of neo-nazi's and conspiracy nuts. He had nothing to do with breaking ACORN. That was two kids and a camcorder. Just because the legacy media is full of retards doesn't make Beck worth two shits. He's the poster boy of the fringe right who are every bit as bad as the fringe left (Pelosi, Reid, Rangel, et al). If the Republicans fail to pick up some serious seats in the mid-terms it will because of the lunacy he spouts and the brain-dead morons who think he's enlightened. There are quality right-thinking commentators (Rush sometimes, Hannity, O'Reilly, IBD) Beck is not one of them.
#7
Watching Glenn Beck's show is like watching 15 year old boys present the news. That doesn't mean he is wrong, though. (Is he less annoying and over the top on the radio?)
#8
He is having an impact Beck pushed one of Obama's so-called czars, Van Jones, to resign during Labor Day weekend.
No Mr. Time Magazine Journalist he didnt. It was Van Jones that brought down Van Jones. Its just that Beck is one of the few that believed it was newsworthy that The President of the United States appointed an advisor who is a self avowed radical communist and believes GW Bush orchestrated the attacks on 9/11. Or maybe I just missed that issue of Time.
#11
I agree with Allah. Glenn Beck is a mouthbreather. I don't see him often, but every time I see him, I can't think about his crying jag about his anal surgery (Youtube it), and think: this is not a guy I will think of an authoritative source ON ANYTHING.
If he's leading people anywhere on the right, it's off a cliff.
Good for him that he ran with the ACORN videos. But he did zero to make it happen.
To quote Barry: "We can do better."
#12
I look at Glenn Beck as a libertarian version of Jon Stewart. The difference is he is putting things on his show that are actually having a positive outcome. He is a megaphone for the folks however flawed he might be.
Chalie Gibbson didn't know about the ACORN scandal the day before Congress starting defunding them. MSM Fringe Media
#13
BTW, ACORN will not get the $8.5 Billion, with a "B", the was set aside in the Stimulus Bill. I believe Beck helped bring that about by giving the two young patriots a voice. Now it will be up to him to make sure ACORN going by another name does not get that money.
Anyone who does not think Beck helped bring this about should check to see if their head is stuck in rectal defilade.
He espouses the views of neo-nazi's (sic) and conspiracy nuts.
No, he doesn't. He HATES conspiracy nuts.
He had nothing to do with breaking ACORN. That was two kids and a camcorder.
Uh, who aired the videos, moron? Not to take anything away from those brave kids. Kudos to them.
#15
common sense and speaking straight is what this nation needs...screw pc crap our country was born in rebellion and all true patriots should question our govt
like him or not he is telling it straight.
As for the birther -- while i believe the O is from hawaii -- it still bothers me that the O will spend a million in court battles to deny a full public review of the original birth cert...why not just come out with it? and why hide your college student aid papers...you only hide somehting for a reason --
Posted by: Dan ||
09/17/2009 20:16 Comments ||
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#16
AllahHateMe, please. One of the things he was going off on Van Jones about was that Jones signed that troofer petition back in 2004 along with Rosie O'Donut and Janeane Garofalo. If Beck was a troofer, would he have had a problem with that?
As for your charge he's a nirther...got proof of that? He can't shut up about lots of things, and I'm sure if he was a nirther, there would be plenty of video/audio you could dig up in two minutes on Google.
He is certifiable. But even though he's crazier than a sh!thouse rat, he manages to get information that the Legacy Media has no idea even exists (ie. Charlie Gibson).
(BTW, LGF is not a reliable source of information any longer, ok? And I say that as one of the few people who have been registered to leave comments on that site since 2003 who hasn't gotten banned yet. If you insist on calling anyone who disagrees with you "stupid", maybe the 'Burg isn't the place for you. Send love notes to "Sharmuta", "iceweasel" or "Irish Rose", and maybe you will find a congenial place to spew that kind of immature crap over at Chuckie's.)
#18
I like Beck....along w/Mike Church and Andy Wilkow he's a refreshing voice of the new right. W/out him banging this drum many folks would not have tuned in for the full story on Van Jones etc. Some people don't like his delivery but the content is still substantial.
Posted by: Frank G ||
09/17/2009 21:21 Comments ||
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#20
BTW, LGF is not a reliable source of information any longer, ok? And I say that as one of the few people who have been registered to leave comments on that site since 2003 who hasn't gotten banned yet.
I more or less went and got myself banned when I looked at the list of the thousand+ people who have been banned, stopped, and thought "I haven't been banned yet. There must be something _wrong_ with me."
Anyway, while I'm here, about Glenn Beck... I've never really liked him, simply because he always seemed to be way over the top and emotional, and seemed to freeze up with emotional responses to questions (like liberal callins to one of his shows) that have _perfectly rational non-emotional responses_.
I also have severe differences with his "a pox on everyone's houses" approach to politics.
That said, he's gone out and turned over a whole heck of a lot of rocks regarding the current administration, and he's gone the extra mile in showcasing a lot of the people out there who are also turning over other rocks.
So, his personality is annoying to me, I disagree with a lot of his politics, and he's going out there and getting the job done.
So I guess this sort of puts me in the same situation Lincoln was regarding Grant. Yeah, he drinks, but let's try to figure out what he's drinking, and give it to my other generals.
#21
Oh, and fwiw, if you've been on the conservative/libertarian side of the political spectrum, ever, this whole "six degrees of separation/Kevin Bacon/guilt by association/accusation of extremism" bit practiced most recently by the proprietor of lgf isn't anything particularly new or clever. It's something I've seen the far-left shit-brained-assholes practice extensively since about the time I was FIVE. And I'm into middle age now. It's one of those things that the left uses for internal discipline, to keep each other from actually thinking about the issues. "They're all nazis."
It kind of makes it hard for us to take the situation seriously.
One wonders what Hitler would think of the situation.
#22
Up here on the Pacific NW is a little town called Mount Vernon. Maybe you've head of it. Seems Beck grew up here and on Sep 25, the mayor is giving him the keys to the city. The libs up here have a serious case of Terminal PantyWaditis.
They are organizing boycotts of any and all merchants here that are not vocalizing their displeasure with the Mayor. And if reports are to be believed, it is having an effect at the cash register. The mayor is not backing down, and there are protests planned at the key handing over ceremony. The 700 seats for the ceremony, BTW, sold out almost immediately.
More as it develops.
Whom do Democrats trust more for news: Fox News or the New York Times? With all the vitriol directed against Fox News, one would think that it is a no brainer. But a new Pew Research Center for the People & the Press poll shows that it is Fox News. While 43 percent of Democrats have a positive view of Fox News, 39 percent of Democrats feel the same way about the New York Times.
Of course among Republicans or Independents it isn't even a close contest. 72 percent of Republicans have a favorable view of Fox News compared to only 16 percent who have a favorable view of the New York Times. Almost twice as many independents have a favorable view of Fox than the New York Times.
The survey was done from July 22-26 so it doesn't reflect how the New York Times ignored the Van Jones story or the recent controversy over ACORN.
#1
This is probably because sane democrats are bailing in droves. Only the true believers of the religious left are sticking with the dems now. Hard to love those cuddly union thugs of the Daily machine, er, I mean the democrats who are about as nuanced as a wrecking ball. But you all just keep on believing that you are so much smarter and cooler than the rest of us. We are enjoying watching you humiliate yourselves.
#5
The correlation between dislike of Obama's policies and dislike of Nancy Pelosi's actions is 0.995, I guess. Does this mean that everyone who dislikes those policies and actions is anti-white?
Posted by: Eric Jablow ||
09/17/2009 19:39 Comments ||
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#6
It's true, I don't like Obama just because he's a half white-man....
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.