Friday, August 6, 2010
Barker's Newsbites: Friday, August 6, 2010
Do you remember when America was... America?
I do.
I miss it. I miss my country.
Remember when competence, the "can do" spirit was the norm... simply expected?
I do.
As you watch and listen to today's Newsbites theme video, ask yourself... have we lost something... is something missing?
I remember watching Man first walk on the moon back in '69.
(Thank you Uncle Art and Aunt Fran making sure 7 year old "Billy" was out of bed and seated on the floor in front of the console color TV in the living room of your Mt. Marion home so as to witness the historic event broadcast live!)
Think about it, folks... July 20th, 1969... forty-one years ago!
Folks... we were supposed to be spreading throughout the solar system by now - bases on the Moon, manned missions to Mars, perhaps mining the moons of Jupiter...
Instead... we have the iPhone.
(*SIGH*)
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http://www.cnbc.com/id/38590746
U.S. employment fell for a second straight month in July...
(*SIGH*)
[G]overnment revised payrolls for May and June to show 97,000 fewer jobs than previously reported.
(*SIGH*)
The unemployment rate was unchanged at 9.5% in July...
(*SIGH*)
The steady jobless rate largely reflected a drop in the labor force as discouraged workers gave up the search for jobs.
* BEAR IN MIND FOLKS, IN THE WONDERFUL WORLD OF GOVERNMENT STATISTICS, HAD THE UNEMPLOYMENT "RATE" - THAT 9.5% FIGURE - DECLINED TO SAY... 9.4%... THAT TOO COULD HAVE BEEN A REFLECTION OF A DROP IN THE LABOR FORCE AS MORE FORMERLY EMPLOYED FOLKS SIMPLY "DROPPED OUT" OF THE ECONOMY.
* MY POINT BEING, ALWAYS SEEK TO UNDERSTAND THE UNDERLYING MEASUREMENT CRITERIA OF GOVERNMENT STATS!
http://www.washingtontimes.com/news/2010/aug/5/social-security-red-first-time-ever/
* NEWSBITE READERS KNOW THIS ALREADY... (*SIGH*)... BUT IT DOESN'T HURT TO REMIND YOU...
Social Security will pay out more this year than it gets in payroll taxes...
* THAT'S RIGHT, FOLKS... SOCIAL SECURITY IS "UPSIDE DOWN," RUNNING IN THE RED, NOW, IN 2010...
(*SIGH*)
Meanwhile President Obama's health care overhaul has given Medicare's basic Hospital Insurance an extra 12 years of financial stability...
* NOT A CHANCE IN HELL THAT'S CORRECT. NONE. ZIP. THEY'RE WORKING ON FALSE ASSUMPTION AND ANYONE EVEN VAGUELY FAMILIAR WITH "THE MATH" KNOWS SUCH ROSY SCENARIOS ARE NONSENSE.
* OK... FOR INSTANCE, READ THE FOLLOWING:
"The financial status of the HI trust fund is substantially improved by the lower expenditures and additional tax revenues instituted by the Affordable Care Act," the program's actuary said in its annual report. "These changes are estimated to postpone the exhaustion of HI trust fund assets from 2017 under the prior law to 2029 under current law and to 2028 under the alternative scenario."
* OK. FOLLOW ME HERE. "LOWER EXPENDITURES" ARE ASSUMED, NOT GUARANTEED; "ADDITIONAL TAX REVENUES" ARE ASSUMED, NOT GUARANTEED.
* POINT TWO: NOTE... "POSTPONE EXHAUSTION..." (ARE THESE PEOPLE NUTS...?!?! IN PLAIN ENGLISH THEY'RE TELLING US THAT EVEN UNDER THEIR MOST ROSY SCENARIO THE TRAIN WREAK IS AROUND THE NEXT BEND AS OPPOSED TO WITHIN DIRECT LINE OF SIGHT!)
But the actuary said the programs' finances are still troubled in the near and long terms, and warned that Congress is making things worse by putting off scheduled doctor fee cuts.
* "CONGRESS IS MAKING THINGS WORSE." WHAT A FRIGG'N SURPRISE, HUH...?!?!
The Obama administration said the report shows the success of the health care overhaul...
(*JUST COVERING MY FACE AND WEEPING*)
* FOLKS... OBAMA IS INSANE! I MEAN THE GUY IS LIVING IN SOME ALTERNATE REALITY WHERE BAD IS GOOD!
* OK. BACK TO SOCIAL SECURITY...
The [Social Security operating] deficit will last through 2011, then an improving economy will put it back into balance for three years, then it will dip back into the red in 2015, the actuary said. The program has enough money in its trust fund to cover the annual deficit for two decades beyond that.
* AGAIN... (*HEADACHE*)... FOLKS... (*MIGRAINE*)... THIS IS THE "ROSY" SCENARIO!
* OH... AND BTW... THAT "TRUST FUND" THEY'RE BABBLING ABOUT... THAT'S YOU AND ME! WE'RE THE FRIGG'N "TRUST FUND!" WE'RE THE ONES WHO EITHER "FINANCE" THE "TRUST FUND" VIA INCREASED TAXES OR INCREASED DEBT.
(*SIGH*)
http://www.reuters.com/article/idUSN0517225620100805
The U.S. Postal Service reported a quarterly net loss of $3.5 billion on Thursday....
* "QUARTERLY LOSS." IN OTHER WORDS, FOLKS, THEY'RE LOSING WELL OVER A BILLION DOLLARS A MONTH...
(*SIGH*)
...and said it will likely have a cash shortfall going into 2011.
* MEANING CONTINUING RED INK.
(*SIGH*)
* BTW... WHAT'S SUPPOSED TO CHANGE IN 2011...???
The agency, which delivers nearly half the world's mail, has reported net losses in 14 of the last 16 fiscal quarters.
* HMM... LET'S REVIEW: THE DEMOCRATS TOOK CONTROL OF BOTH HOUSES OF CONGRESS IN 2007... (*SMIRK*)
To remain solvent, the Postal Service is also seeking Congressional approval to cut Saturday service, and has proposed price hikes for 2011 that require approval from the Postal Regulatory Commission.
* PAY MORE; GET LESS. GOT IT.
http://online.wsj.com/article/SB10001424052748703309704575412751648036546.html?mod=WSJ_hps_sections_markets
The dollar tumbled broadly after a disappointing U.S. jobs report led to fresh concern over the pace of an economic recovery.
The euro pierced $1.33 to a three-month high, while the dollar flirted with a break below 85 yen, hitting its weakest point of the year against the Japanese currency and threatening to hit a 15-year low. The U.K. pound advanced to a six-month high against the buck.
* UNDERSTAND, FOLKS, AS GOES THE DOLLAR... SO GOES THOSE OF US (MEANING ALL OF US!) WHO RELY UPON IT.
* AS TO THE DOLLAR'S RISE AFTER THE LAST FALL AND PRECEDING THIS FALL... THAT WAS DUE NOT TO ANYTHING WE WERE DOING RIGHT, BUT RATHER IT WAS DUE TO ECONOMIC PROBLEMS IN EUROPE.
(UNDERSTAND... PERCEPTION PLAYS A HUGE ROLE IN THE CURRENCY "GAME". THE SHORT TERM PERCEPTION AWHILE BACK WAS THAT THE U.S. DOLLAR WAS A SAFE HAVEN. I DON'T SEE THIS AS BEING THE REALITY AND AT THIS POINT THE MARKET CLEARLY AGREES WITH ME.)
"The market is bracing itself" for a downbeat Fed statement next week, something that is weighing on the dollar, said Chris Turner, head of foreign exchange strategy at ING Financial Markets in London. "One of the big factors [in the dollar's loss] is markets coming around to the view that actually instead of tightening policy, the Fed actually might have to ease policy."
* IN OTHER WORDS, FOLKS... (*SIGH*)... THE DOLLAR'S VALUE IS BEING BURNED IN THE FIRE AND EVERYONE EXPECTS BERNANKE AND THE FED TO POUR GASOLINE ON THE FIRE!
http://online.wsj.com/article/SB10001424052748703748904575411461160924750.html?mod=WSJ_Opinion_AboveLEFTTop
Word came down yesterday that Nancy Pelosi is recalling the House from its August recess for an "emergency" session.
This is never a good omen, because every moment the Members are on vacation is a moment they aren't doing tangible harm, but the Speaker seems to be aiming for some kind of all-time record.
So next week the House will approve $26.1 billion for another round of "stimulus" and another gratuity for public-employees unions, which the Senate approved yesterday after Maine Republicans Olympia Snowe and Susan Collins broke ranks with their party.
* I HATE OLYMPIA SNOWE AND SUSAN COLLINS SO, SO, SO MUCH...!!!
* I WONDER IF THERE'S ANY CHANCE THAT HOUSE REPUBLICANS CAN ATTRACT ENOUGH HOUSE DEMOCRATS TO PREVENT PASSAGE...???
Some $16.1 billion will go to the states in extra Medicaid dollars.
* THAT'S $16.1 BILLION IN ADDITIONAL BORROWING... ADDITIONAL DEBT...
National taxpayers already pay for 57% of this joint state-federal health-care program on average and as high as 82% in some states, plus the across-the-board 6.25% increase in this "matching rate" that was part of the $862 billion stimulus in 2009. This fillip evaporates later this year, and Democrats will now extend it for another six months. (We argued during last year's debate that the stimulus was a pretext for a huge permanent entitlement expansion, and what do you know. Thirty states had actually built the presumption of Congress extending this "matching rate" into their fiscal 2011 budgets, even though it was due to expire on paper.)
Democrats are rewarding states for making unaffordable health-care promises and handing Governors even more incentive to do so: The more they spend, the more political pressure Congress will feel to come to the rescue.
* YES, FOLKS... THIS IS ALL A DELIBERATE PLAN TO TURN OUR UNITED STATES INTO A SOCIALIST WELFARE STATE. (*SHRUG*) THERE'S SIMPLY NO WAY TO AVOID THIS CONCLUSION.
Another $10 billion will disappear into an "education jobs fund," which is meant to prevent states from laying off teachers and other public-sector employees this fall.
* IN OTHER WORDS, PAYING OFF THE TEACHERS UNIONS FOR THEIR POLITICAL SUPPORT WITH TAXPAYER DOLLARS. (BORROWED DOLLARS; DEBT FUTURE TAXPAYERS WILL HAVE TO ONE DAY MAKE GOOD.)
* OH... BTW...
[A]ccording to the Cato Institute, public school employment has risen 10 times faster since 1970 than student enrollment. There may not be another sector of the economy more in need of belt-tightening than public education.
http://www.thisislondon.co.uk/standard/article-23864323-white-house-calling-please-will-you-make-a-coat-for-michelle-obama.do
A young London fashion designer has been commissioned by US First Lady Michelle Obama.
Bunmi Olaye, 27, who runs Bunmi Koko with her partner Francis Udom, was given the honour after sending a prospectus of her designs to the White House.
Soon after a call came to the couple from Washington asking if a coat could be made for Mrs Obama.
Mr Udom said: “Someone said they were from the First Lady's office and she was interested in a cream coat we had featured and could we make it for her.
“We were stunned but kept calm and said we would make her a coat in September. I hope she likes it.”
Ms Olaye, whose company is based in Plaistow, first gained national exposure when former Spice Girl Melanie Brown asked her to make her a dress for this year's Brit Awards. Pictures of the singer wearing the dress alongside former bandmate Geri Halliwell featured in newspapers the following day.
* VACATIONING IN SPAIN... BUYING COATS DESIGNED AND MANUFACTURED IN ENGLAND... SEEMS LIKE MICHELLE HAS HER OWN IDEAS ON STIMULATING THE ECONOMY. (NOT OUR ECONOMY OF COURSE...)
* PERHAPS IT'S JUST ME, BUT IF I WERE RICH... IF I WERE RICH AND PRESIDENT OF THE UNITED STATES (OR FIRST LADY REPRESENTING HIM) I'D BUY AMERICAN DESIGNED GOODS MANUFACTURED IN AMERICA.
* HEY... CALL ME CRAZY... (*SMIRK*)
http://news.yahoo.com/s/ap/20100805/ap_on_sc/climate_change
Carbon taxes, add-ons to international air fares and a levy on cross-border money movements are among ways being considered by a panel of the world's leading economists to raise a staggering $100 billion a year to fight climate change.
* REMIND ME... WHO IS THAT COMIC WITH THE LINE "YOU CAN'T FIX STUPID"?
British economist Nicholas Stern told international climate negotiators Thursday that government regulation and public money also will be needed to create incentives for private investment in industries that emit fewer greenhouse gases.
(*ROLLING MY EYES*)
http://online.wsj.com/article/BT-CO-20100803-721411.html
U.S. automobile giant General Motors Co. said Tuesday it plans to invest close to $500 million in its Ramos Arizpe plant...
* WOW! AIN'T THAT GREAT...?!?! I GUESS I WAS ALL WRONG ABOUT OBAMA AND HIS STIMULUS PLAN; LOOK AT ALL THE MONEY THAT IS FLOWING TO RAMOX ARIZPE! (HEY... WHERE'S RAMOX ARIZPE? DOESN'T SOUND LIKE MICHIGAN. CALIFORNIA, MAYBE? ARIZONA? NEW MEXICO...???)
...in northern Mexico to produce a new line of engines as well as a new vehicle.
* NORTHERN MEXICO...?!?! SINCE WHEN IS MEXICO PART OF THE UNITED STATES...??? AHH... I SEE... PRESIDENT OBAMA PLANS TO STIMULATE THE MEXICAN ECONOMY WITH TAXPAYER BAILOUT DOLLARS... (*SMIRK*)
Of that amount, the company is investing $284 million to manufacture eight-cylinder engines with spark-ignition direct-injection technology, known as SIDI, Grace Lieblein, chief executive of GM de Mexico, said at an event.
"We estimate that these technologies allow for a 9% improvement in fuel efficiency from current engines," Lieblein said, adding that the investment will directly create 390 jobs in Coahuila state, where Ramos Arizpe is located.
* CALL ME CRAZY, BUT WOULDN'T IT BE BETTER TO CREATE 390 JOBS IN THE U.S.A.? (NOT TO MENTION KEEPING THE TECHNOLOGY HERE...???)
Another $215 million will go toward upgrading the factory's production lines to build a new vehicle for the domestic and international markets, she said, noting that the investment will be key to maintaining 400 jobs.
* MEXICAN JOBS... 400 MEXICAN JOBS... (*SCRATCHING MY HEAD*)
Lieblein said General Motors has invested $4.1 billion in Mexico over the last four years.
* BUT... BUT... BUT... THE AMERICAN TAXPAYER - INCLUDING DESPERATE, UNEMPLOYED AMERICAN TAXPAYERS - OWN GM...!!! IT'S OUR FRIGG'N MONEY...!!!
http://campaign.constantcontact.com/render?v=001UhnojcJllMpasJcvdIZteE-5_7aDgM68Xm4SdOPOI3LhGhG5BlEuGZdakl0vMOfxZvYHtz7DH2gJA2KmbFPv8nWdyOxtrn2WzuztvP2POvPs84-K2PZS7CiEnPsUMchp9c4I3k_GK6SIOgALpPv5hA%3D%3D
* BY SENATOR JIM DEMINT
In January 2007, when Nancy Pelosi and Harry Reid took control of Congress, the unemployment rate was 4.6% and the national debt was $8.6 trillion.
Today, unemployment is 9.5% and the nation is $13 trillion in debt.
The day Pelosi became speaker and Reid became leader, the government's debt was 62% of gross domestic product.
In 2012 government debt will be 100% of GDP.
When the Obama stimulus bill passed in February 2009, 12.5 million Americans were unemployed.
Today, 14.6 million Americans, 2 million more, are looking for work.
In a little over three years of the Pelosi-Reid Congress, the number of unemployed has increased by over 2 million, federal spending has increased 25%, our national debt has increased by 50%, and yearly deficits have risen over 550%.
Today, 41 cents of every dollar spent by Washington is borrowed from nations like China.
http://blog.heritage.org/2010/08/06/morning-bell-the-obama-tax-hikes-another-step-toward-a-european-welfare-state/?utm_source=Newsletter&utm_medium=Email&utm_campaign=Morning%2BBell
Last night, the Senate voted 61-39 in favor of a $26 billion bailout for states and government unions financed in part by an $11 billion tax hike that will kill American jobs at U.S. companies that compete overseas.
* MAKES SENSE... IF YOUR GOAL IS TO HURT AMERICA, THAT IS!
Worse, before that final vote was taken, the Senate also defeated two amendments by Sen. Jim DeMint (R-SC), both by 58-42 votes, that would have prevented the largest tax hike in American history.
* AGAIN... (*SHRUG*)
And earlier this month, Vice President Joe Biden told ABC News that the only thing wrong with President Barack Obama’s first $862 billion economic stimulus was that it didn’t borrow and spend enough.
* YEP. THAT SOUNDS LIKE OL' JOE.
The message to the U.S. economy’s job creators from this Administration and Congress is clear: You can expect higher spending, higher taxes and higher deficits for years to come.
The verdict on this approach is in: Today the Labor Department’s Bureau of Labor and Statistics released its monthly jobs report showing the economy shed 131,000 jobs in July...
* WOW. I CAN HARDLY WAIT FOR THE AUGUST FIGURES! (*SMIRK*)
Despite the job losses, the nation’s unemployment rate didn’t budge from 9.5% because another 181,000 discouraged workers left the workforce.
* AGAIN, FOLKS... THAT'S GOVERNMENT ACCOUNTING FOR YOU! (*SNIDE CHUCKLE*)
All told the U.S. economy has now lost 2.4 million jobs since President Barack Obama signed his stimulus bill, and his administration is 7.6 million jobs short of what he promised the American economy would support by 2010.
* OOPS...
Faced with this failure, the Obama administration wants to double down on its tax and spend policies by hiking taxes on America’s job creators.
http://www.foreignpolicy.com/articles/2010/08/03/what_s_the_difference_between_combat_and_noncombat_troops
On Monday, U.S. President Barack Obama announced that the United States is on schedule to end combat operations in Iraq by Aug. 31. However, a residual force of at least 50,000 "noncombat" troops will remain in Iraq for the next year. So what exactly are noncombat troops?
Whatever you want them to be.
(*DRY CHUCKLE*)
The distinction is more political than military. The White House says the remaining troops will "train and advise Iraqi Security Forces; conduct partnered and targeted counter-terrorism operations; and protect ongoing U.S. civilian and military efforts."
All of this has the potential to involve quite a bit of combat.
(*SMIRK*)
It's true that the majority of U.S. troops left in Iraq will rarely leave base, but that's already the case. ... [T]he first division deployed in support of the new noncombat mission -- which the Obama administration decided in February to rechristen Operation New Dawn -- is the 4th Brigade Combat Team, 1st Division, and armored cavalry unit.
* HMM.... WHEN I THINK OF "NON-COMBAT" IT ISN'T OFTEN THAT I THINK FIRST OF... er... ARMORED CAVALRY UNITS. (BUT, HEY... PERHAPS THAT'S JUST ME...)
The remaining U.S. troops will participate in combat patrols with Iraqi forces.
* HMM... PERHAPS THE PENTAGON COULD SIMPLY RENAME THESE AS... er... NATURE WALKS?
U.S. special operations troops will continue, in partnership with Iraqi forces, to conduct counterterrorism raids against insurgent groups.
Additionally, Iraqi forces are still largely dependent on the United States for air support, artillery and medical assistance.
And of course, as Gen. Ray Odierno, the outgoing U.S. commander in Iraq, recently pointed out, "as we moved away from combat operations, the enemy has not."
(Even if the U.S. combat role has been reduced, U.S. facilities and patrols will still come under attack and need to be defended. The threat of insurgent attack certainly distinguishes the "noncombat" garrisons in Iraq from those in South Korea and Germany.)
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