Quote

People who say it cannot be done should not interrupt those who are doing it. Welcome to From On High.

Friday, August 05, 2011

What To Make of This?

The Democrats and the media and the really smart crowd in this country didn't want Sarah Palin to be vice president in 2008. They considered the post to be far too important for the likes of her. Their choice?

Biden to Gabby Giffords: “Welcome to the Cracked Head Club.”

For the love of God. Tell me he didn't actually say that to a woman who had her skull blown apart by a madman's bullet.

How they fought to keep Palin from securing that vital office. Too stupid. Isn't that what they said?

Now They whine About It

My question: Where were they in decades past when we could have done something to forestall this government-induced dilemma?
WaPo: High gas prices are holding the economy down
By Mark Sumner

Economic growth over the last quarter was once again disappointing. The possible factors out there weighing down on jobs, sales, and incomes range from the global consequences of the earthquake in Japan to concerns over the debt ceiling. Among all the factors that could be holding us back, Washington Post centers in on a culprit we think readers know a little something about:

"Earlier this year, economists were optimistic that a Social Security payroll tax cut would accelerate growth and help strengthen the recovery. Instead, most of that money– roughly $1,000 to $2,000 per person – has gone to pay for higher gas prices.

"The average price for a gallon of gas peaked in early May at nearly $4. While it has eased since then, motorists paid an average of $3.71 per gallon on Friday – nearly a dollar more than they paid a year ago."

Tactics like the temporary reduction in payroll tax are directly designed to boost the economy by putting more cash in more pockets. The theory goes that if the average person has a little more cash available they'll spend it, creating more demand and eventually more jobs.

However, it all the spare cash ends up in just one small set of pockets – that of oil companies – and if the extra dollars don't actually deliver any extra products to the consumer, the ability of that cash to create economic impact is greatly reduced.
Meanwhile ANWR sits and collects icicles. And the shale oil fields sit idle. And new offshore drilling is still in moratorium, and ...

Do they even understand the part they've played in bringing this malaise about?

Where Are The Jobs?

I was listening to Rush (briefly) on the radio the other day going after people like me who think we should be celebrating the outcome of the debt ceiling debate.  He doesn't consider the deal to be a battle won and that we have nothing to shout about.

And on that score - in and of itself - he's right.  It's not a war won.  But it is an opening skirmish victorious.

Though it's not a whole lot more.

The real battles are yet to come.

Starting here:



Where are the jobs?

It's all about unemployment from here on out.

Rush would do well to keep our high-fiving in that perspective. It was never about the debt ceiling. It was about shaping the battlefield.

The Second Plunge ...

What did I tell you a few months ago that my worst fear was with regard to the economy?  That Obama's stimulus wouldn't pull us out of the worst decline in history and the second wave of recession would make the first pale in comparison.

Boy, I sure hope I'm not accurate in my prediction:
Dow Skids 3%, Major Averages Lower for 2011
By JeeYeon Park, CNBC.com

All three major averages fell into negative territory for the year Thursday and are on track to post their steepest loss since May 2010 as investors were rattled over an intensifying global economic slowdown and ahead of the widely-followed monthly unemployment report.

The S&P 500 and Nasdaq also plummeted. The S&P is also in correction mode. All three major indices are currently trading in negative territory for the year.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, surged more than 25 percent to trade near 30.

On the economic front, weekly jobless claims were little changed last week, edging down to a seasonally adjusted 400,000, according to the Labor Department.

“The jobless claims number was not too encouraging … we need to see more of a significant improvement than the data just squeaking by,” said Doreen Mogavero, president and CEO of Mogavero Lee & Company. [link]
Couple that news with this:
Analysis: Obama, Bernanke out of ammo to boost jobs, growth
By Alister Bull and Jonathan Spicer, Reuters

The United States has a jobs problem and there's not a lot President Barack Obama or Federal Reserve Chairman Ben Bernanke can do about it.

In the face of rising risks of a recession that could imperil his re-election chances next year, Democrat Obama wants Congress to extend a payroll tax cut and emergency unemployment benefits that are due to expire in December.

"Obama does not have much presidential persuasion left. He is running out of capital," said James Thurber, of American University's Center for Congressional and Presidential Studies. [link]
The only way to stop a major recession from occurring now- and I mean MAJOR - is for the government to slash spending, slash taxes, and leave dollars in the hands of consumers and investors.

But Obama and his ilk are in charge.

May God have mercy.

This Is Pathetic

Obama has sunk to this level:
When I said 'change we can believe in' I didn't say 'change we can believe in tomorrow.' Not change we can believe in next week. We knew this was going to take time because we've got this big, messy, tough democracy," President Obama said at a campaign fundraiser in Chicago on Wednesday night.
Guess he's saying we could have kept Bush and Cheney for these three long years and nothing would be different today.

Change We Can Believe In - coming to a theater near you.  Someday.