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- Obama’s DOOM #EERS
- Remember the Keystone XL Segment Pres. Obama “Fast-Tracked”?
- Daily Links – June 1, 2012
- You Still Ain’t Goin’ Nowhere
- Does Anemic May Jobs Report Guarantee More Quantitative Easing?
- On Jobs, Obama is Running from Reality
- The Big Labor Republicans
- Morning Briefing for June 1, 2012
| Posted: 01 Jun 2012 03:00 PM PDT The economy is headed in the tank and now the lefties are in a panic. Their stimulus did not work. The President faces defeat. Uh-oh. I am stuffed. Been feeding on the tears of the left all day over this. It’s terrible economic news. The funny part is they really do think all we needed was more stimulus. Sigh. We’ll get into it tonight on the radio. You can listen live tonight on the WSB live stream and call in at 1-800-WSB-TALK. The show is live from 6pm to 8pm ET. Consider this an open thread. |
| Remember the Keystone XL Segment Pres. Obama “Fast-Tracked”? Posted: 01 Jun 2012 02:04 PM PDT EPA has concerns for pipeline near coast
* That would be Region 6 in Dallas. Yes, Al Armendariz's old Region, he of "crucify them" fame. ** President Obama "greenlighted" the Cushing OK to the Gulf Coast segment of the pipeline on March 22, 2012. Although what there was to greenlight is not exactly clear.
Cross-posted at Maley’s Energy Blog. |
| Posted: 01 Jun 2012 12:35 PM PDT
Allen West: AG Eric Holder a “Partisan Political Hack” | The Shark Tank All (Green) Thumbs | NRO Big Gulp? Meet Big Brother | Ed Morrissey McLovin'! McDonald's to Nanny Bloomberg: 'We trust our customers' | Twitchy
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| Posted: 01 Jun 2012 08:30 AM PDT
Last month came and last month went. The BLS has issued another jobs report and it looks painfully familiar to what took place the month before. I referenced the old Bob Dylan song "You Ain't Goin' Nowhere" as a metaphor for the US economy based upon data from the ADP National Employment Report for April. We now have the data for May. The Bureau of Labor Statistics release follows below.
I find it curious that they don't mention the 42,000 downward revision of the original April release. Nor do they see fit to mention that April had an original expectation of 170,000 new jobs. This represents a miss of -30% (119K/170K) followed by an adjustment of -35% (77K/119K). All told, the April number is now down to 45% (77K/170K) of what the market originally expected back in late April. As Lord Vader once advised "Pray we don't alter it any further." We now have numbers for May to compare against initial projections. Joe Weisenthal of Business Insider offers a comparison. Wall Street called for 150K in May. We got only 69K. The first part of my chain would be (69K/150K) = -54%. If BLS goes back in June and again quietly readjusts this report down by (7/6) as large a percentage, we would be left with 37% of 69K or an adjusted May figure of 26K jobs added. So in honor of Mr. Dylan's recent Medal of Freedom, we again use his musical genius to describe the US economy. . |
| Does Anemic May Jobs Report Guarantee More Quantitative Easing? Posted: 01 Jun 2012 07:00 AM PDT Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the bad May jobs numbers, how this emboldens calls for more quantitative easing, and the reaction in the bond market. We’re brought to you as always by Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show. Related Links: BLS: May Unemployment Report Follow Brad on Twitter The hosts and guests of Coffee and Markets speak only for ourselves, not any clients or employers. This posting includes an audio/video/photo media file: Download Now |
| On Jobs, Obama is Running from Reality Posted: 01 Jun 2012 06:08 AM PDT Today's extremely troubling jobs report is yet another sad reminder that President Obama's policies simply are not working—and that we need a president who understands the economy. Last night on CNN former President Bill Clinton praised Mitt Romney's "sterling" career in the private sector. This morning Steny Hoyer echoed that sentiment, underscoring the importance of the private sector in growing our economy. While Mitt Romney's sterling record demonstrates that he knows what it takes to fix our economy, today's jobs report shows that President Obama's record is irreparably tarnished. In short, President Obama has failed to live up to the promise of his candidacy. In 2009, he and his team promised an unemployment rate below 6 percent by 2012. We're far from it. And now, President Obama talks about the economy as though he has not been president for the last three years. "It is absolutely critical," he said Wednesday, to make sure the economy is "moving full speed ahead." Yes, it is. But Obama has spent the last three years holding us back. The president yells, "Forward!" even as he moves backward. For the weak economy, we can thank Obama's weak leadership. Instead of pursuing policies that would help job creators put Americans back to work, he's burdened them with ObamaCare, regulations, and continued threats of higher taxes. But don't take my word for it. Not only has President Obama presided over a devastating economy, but he also refuses to hold himself accountable for it. In 2009, however, he was singing a different tune. If he didn't have the economy fixed "in three years," he promised, his presidency would be a "one-term proposition." It's been three years, but instead of accepting responsibility, the president casts blame elsewhere—ATMs, earthquakes, airport kiosks, and "bad luck," among other scapegoats. In May, he issued Congress a "to-do list," his latest attempt to distract from his own incomplete task: job creation. And today, the president is in Minnesota to talk about the post-it size list. While he will go to the trouble of traveling to Minnesota to speak about this political prop, he apparently has not gone to the trouble of looping in members of his own party on Capitol Hill. Democrat Senators Mary Landrieu, Bob Casey, and Carl Levin admitted to Roll Call they don't even know what's on it. If he has not taken the time to inform his friends at the other end of Pennsylvania Avenue, President Obama must not be too serious about his little list. No, he's more concerned about another to-do list: his list of campaign fundraisers. Today, he will attend six of them. He has already attended far more fundraisers for his re-election than his predecessors, 147 in total. Even as he passes the buck, Obama is happy to rake in the bucks. The promises for his first term ignored, he's thinking exclusively about a second term. But unemployed Americans are still worried about the present. As today's jobs report makes clear, far too many Americans are out of work, without enough work, or giving up on looking for work altogether. President Obama is working hard to keep his job. It's just a shame he's not working as hard to ensure unemployed Americans can find jobs for themselves. |
| Posted: 01 Jun 2012 04:55 AM PDT **Updated below** One would think that all Republicans would realize that not only do labor unions want to destroy the economy; they want to destroy the Republican Party. Last night, while Scott Walker was launching his counteroffensive against the onslaught of Big Labor during the debate against Barrett, dozens of Republicans voted to reinstate special handouts to the labor bosses. Late last night, the House passed the largely non-controversial Military Construction/Veterans Affairs Appropriations (MilCon) bill for FY 2013. But there were two amendments germane to labor policy that received roll call votes. We lost on both of them. The first amendment, which was sponsored by Pro-Big Labor Michael Grimm (R-NY), stripped language from the MilCon bill prohibiting federal government construction contracts in excess of $25 million funded by the bill from requiring that only firms that enter into project labor agreements be considered for bidding on a contract. In 2009, Obama used his signature power grab tool; an Executive Order, forcing all private companies to sign a project labor agreement (PLA) in order to bid on federal construction projects. PLA’s compel the private contractor to use only unionized workers for the perspective project. This executive power grab is nothing more than an election payback to big labor, which would ostensibly purloin the taxpayer with forced collective bargaining for all public construction projects. This malevolent executive order would also discriminate against non-union workers. Keep in mind that only a small percentage of private sector construction workers are unionized. When the MilCon bill was crafted in the Appropriations Committee, language was inserted to nullify this executive order and defund PLAs. Michael Grimm's amendment stripped this provision, thereby upholding Obama's union grab. Grimm prevailed as 34 Republicans joined with almost every Democrat to strike the pro-jobs provision. Score one for Big Labor. While only 34 Republicans supported the amendment, one must question why leadership approved the consideration of the amendment in the first place. After all, the bill was considered under a structured rule, and as such, they should have blocked any attempt to vitiate a provision passed out of committee. They do it all the time when there are conservative amendments to strip liberal provisions approved by the committee. Why is this different?
The other amendment was a free market initiative sponsored by Trent Franks (R-AZ). It would have barred the use of funds in the bill to enforce Davis Bacon Act prevailing wage requirements. Davis-Bacon mandates that federal government contractors pay prevailing union-level wages for work on federally funded projects. This law discriminates against non-union firms and costs taxpayers 22% for each project. The amendment was defeated as 52 Republicans joined with every Democrat to side with Big Labor against the taxpayers. It's incomprehensible why Republicans would want to offer handouts to those who bankroll the Democrat Party. Here is a list of those who voted for Grimm's PLA handouts to unions:
Here are the 52 Republicans who opposed defunding Davis-Bacon:
Update: I see that Congressman Huelskamp (R-KS) has retracted his vote for the PLA amendment in a statement in the Congressional record. Normally, we should be leery of such retractions, but it is clear that this was a mistake. Huelskamp voted the right way on a similiar amendment last year and has a near-perfect voting record. Here is his statement for the record:
Cross-posted from The Madison Project |
| Morning Briefing for June 1, 2012 Posted: 01 Jun 2012 01:45 AM PDT
the Morning Briefing every morning at no charge. 1. Help Defeat International Regulatory Schemes for the Internet2. Obama continues negative campaign – tries to trash Governor Romney3. 54% of WI AFSCME employees voted with their feet in 2011.4. Study Reveals the Gulf of Mexico Permitting Mess5. Colorado Democratic Spokesman Accuses State Parties of Money Laundering
1. Help Defeat International Regulatory Schemes for the InternetToday the House Subcommittee on Communications and Technology is examining a dangerous international attempt to regulate and tax the Internet. Several hostile countries are pursuing the expansion of a 1988 International Telecommunication Regulation (ITR) Treaty under the auspices of the International Telecommunication Union (ITU), an agency within the United Nations. Their preferred venue for this back-door power play is the December 2012 World Conference on International Telecommunications (WCIT) in Dubai. This morning's hearing will be watched with great interest around the world as everyone looks to see what the United States says about surrendering exclusive inter-governmental policy controls over things like network governance, technical standards, domain names, content controls, access taxes, cybersecurity and more. Please click here for the rest of the post. 2. Obama continues negative campaign – tries to trash Governor RomneyHaving seen Mitt Romney, build a lead among the critical Independent voters and veterans, close the gender gap and improve his favorable ratings while the recently restarted Obama reelection campaign stumbles badly out of the gate. And as hid campaign suffers from the Democrats' Bain mutiny and a campaign spokesman who bears false witness, Obama decides to continue his negative feedback loop by attempting to trash Romney's gubernatorial record. That now seems to be the Obamacrats standard operating procedure. The first thing they do is go negative and try to demonize their opponents rather than stand on their record. Please click here for the rest of the post. 3. 54% of WI AFSCME employees voted with their feet in 2011.I am going to try to avoid too much hyperbole and sarcasm for this one; this is one time where the situation requires neither. When Scott Walker and other Republicans instituted labor union reforms in 2009, one of the basic planks of such reforms – the one that was quietly and viciously fought, tooth and nail, by the unions – was removal of mandatory dues collection for public sector union employees. In fact, from the union leaderships' point of view this was THE reform that needed to be killed; if the Republicans had compromised on it then there probably wouldn't have been a Wisconsin recall movement at all. But Walker and the Republicans didn't compromise… and what was the result? DOOM. Please click here for the rest of the post. 4. Study Reveals the Gulf of Mexico Permitting MessIn a rational world, the Federal government would act as a motivated lease owner who was interested in promoting the safe and environmentally responsible development of his mineral resource, consistent with sound conservation practice. That's why there's a permit process in the first place. Since Macondo, that's backwards. Operating practices must conform to the permitting process that has, um, evolved in a purely political environment: practical considerations, economics and common sense be damned. And while the politicians proclaim a concern for production levels, product prices and jobs, their actions and policies tell another story. Please click here for the rest of the post. 5. Colorado Democratic Spokesman Accuses State Parties of Money LaunderingThe top spokesman for Colorado Democrats told a local paper that both parties in the state engaged in financing activities that resembled money laundering. In an interview with the Colorado Independent, Matt Inzeo, the communications director for the Colorado Democratic Party, said, "In most other lines of work, moving money from committee to committee and finally using a brand new committee no one has heard of to buy the ads would be called money laundering." Please click here for the rest of the post. |
region that oversees Texas [*] wrote a letter to the U.S. Army Corps of Engineers saying 61 water crossings near Galveston are too large for the broad permits being pursued. The official wants an environmental review that includes a public comment period.
Today is June 1st. On this date in 1792, Kentucky became the 57th U.S. state. I’m sorry, 15th. Also on this date, in 1869, Thomas Edison received a patent for his first electronic voting machine. It was a lever-based system, and he spent the rest of his life fighting allegations that he was the reason George W. Bush won Florida. On this date in 1980, CNN made its debut. It was the first channel to provide 24/7 news coverage. In his announcement, Ted Turner said “Ooga. Ooga booga. Booga booga poo. Horse hat chicken butt.” Then he sneezed, threw up, yee-hawed, and took a nap. Brigham Young was born on this date in 1801. He was known later in life as “Brigham Old.” And finally, today is National Doughnut Day, or as Michael Moore refers to it, “GET THE **** OUT OF THE WAY THOSE DOUGHNUTS ARE MINE!!!” Consider this an Open Thread.
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