“They said that I would change my mind, that I’d settle down and do just fine…I’ve got a lot of crazy friends and they forgive me of my sins…Can’t take it with you when you’re gone, but I want enough to get there on…So I keep on rollin’ with the flow” From “Rollin’ with the Flow” by Charlie Rich.
To me, the above lyrics could have been written for and about almost everybody in Washington. They honestly see nothing wrong or aberrant in this Administration. I have maintained my stance against the overwhelming tsumani of “positive” news Washington generates daily in an effort to convince Americans of the truth of the assertions.
The lack of protest over the Administration’s tactics has been more easily accomplished because the Washington bureaucrats believe in an all-powerful government or they wouldn’t have taken the jobs they hold. Take that former perceived bastion of conservatism, the Commerce Department, as an example. Commerce, which is becoming predictable for the wildly inaccurate reports it has fostered over the past few years, late last week revised its May consumer spending report to “marginally negative” from “marginally positive”. This brings two questions to mind: How could they have thought it would be positive analyzing the facts and how much of the Kool-Aid have they consumed?
To think the report would have been positive, Commerce analysts necessarily overlooked three factors across America’s economy: rising unemployment, stalled wages and falling home prices. Do any of these three items bring a feeling of confidence to you? Yet they must have been counter-balanced by something otherwise Commerce would not have “analyzed” a positive reading.
To come up with the answer it did, Commerce must have listened to the acclaimed cast of “educated idiots” this Administration has compiled to handle the recession and direct the recovery. By “idiots” I mean people like alleged monetary guru and Treasury Secretary Tim “I’m Too Good To Pay My Taxes” Geithner and former economics professor and Fed Chairman Ben “I Am Fresh Out of Ideas” Bernanke. For this pair, ideas to spend money they don’t have apparently supercede logic even when the populace spends less when it has less.
Geithner’s latest gaffe is propping up France’s Finance Minister Christine LeGarde’s campaign as head of the IMF. In case you missed it LeGarde’s recent claim to fame is massive public support to remove the dollar as the world’s reserve currency. She has gone on the record several times in the past six months to push for the Chinese yuan or the maligned euro as the world’s benchmark currency. As IMF Chair she has even more incentive and a bigger platform to pursue her claim meaning the USD is in big trouble and every American will feel the pinch of a 20% rise in immediate inflation if she is successful.
Bernanke just can’t grasp the idea that printing money is no way to stimulate the economy but is a sure-fire way to cause inflation. It doesn’t matter that every dollar he prints hurts the economy, he is adhering to the old ideals that government is the sole answer to every problem facing society. How much Ben’s irresponsible actions have hindered any U.S. economic recovery is debatable but it certainly has masked the slowness of the recovery and loss actual sales across Wall Street’s companies. Unfortunately asking that question is taboo in Washington.
So our government “creates” good news through the spin doctors who ignore the real data and latch onto one component or another to trumper the “good.”. Wall Street predictably moves on the first news coming from those bastions of government integrity. The insiders know what the total data import will be before it is given and they then divest or buy before Wall Street’s move. Then when the opposite move takes place when the “true” news is leaked, only the commoner will be hurt if the inside friends of Tim and Ben are halfway smart..
Thus it is with Commerce’s two opposite reports. Those in the media who want to believe there is still some reason to support our government jumped on the original “marginally positive” forecast. Now that fresh news like the Casey Anthony trial is front and center, Commerce slyly dumps its “marginally negative” report into the hopper, knowing it will get short-shrifted at best from the media.
Before June’s “official” unemployment report comes out, unemployment gurus expected another hit to the plexus. Some of those “seasonally-adjusted” Labor figures were about to have the “seasonally” beaten out of them and are prepped to take another first-time claims jump. That is unless the government tosses another bit of chicanery into the mix and drops from the rolls yet another group of people who no longer qualify as unemployed, even though they are not working. After all, friends of Obama’s socialist aims will “forgive them of their sins”.