ObamaNomics: An Endless Downward Spiral
The drop in individual income tax revenue in fiscal 2009 was the steepest since 1939. As the chart shows revenue continues to plummet in fiscal 2010.
I was vaguely aware of all of that, but it’s depressing to see it all in one place.

posted by SteveF to Recession, Obama Agenda | 2 comments, no incoming links

Kinda sick fun - watching Valerie Jarrett on Meet The (De)Press(ed) trying to explicate how The Obamanation & Co. “…turned the economy around…” in the last twelve months!
Nice “deer-in-the-headlights” empty-headed look she had on her pan at several junctures, especially when she was vainly striving to explain just what The Won intended to actually do […]

posted by J.S. Bridges to Recession, Dumbasses, Politics, Government, Propaganda, Democrats, Socialism, Americana, Assholes, Bullshit, Horseshit, Obama Agenda, Incompetence, Lies and Liars, Whackjobs and Lunatics | 1 comment, no incoming links

The worst is yet to come: Unemployed Americans should hunker down for more job losses
Based on my best judgment, it is most likely that the unemployment rate will peak close to 11% and will remain at a very high level for two years or more.
The weakness in labor markets and the sharp fall in labor […]

posted by Bill Quick to Economy, Recession | 5 comments, no incoming links

NEW YORK (MarketWatch) — Retail stocks rose Tuesday as Goldman Sachs added Polo Ralph Lauren Corp. to its America’s conviction buy list.

Well, that’s it, then. If GS says that people are going to start throwing wads of money at Ralph Lauren, then the damn recession is over.
On the other hand, they may just be […]

posted by nemo paradise to Recession, Culture, Capitalism | 1 comment, no incoming links

Proposed law would require pay for sick workers
U.S. employers who tell workers to stay home when they are sick will have to give them paid time off for up to five days under new federal legislation proposed on Tuesday.
Senate poised to adopt jobless, housing aid
The additional unemployment benefits would be paid for by extending a […]

posted by SteveF to Recession | 4 comments, no incoming links

CIT Group Files for Chapter 11 Bankruptcy Protection
Nov. 1 (Bloomberg) — CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy with financing from investor Carl Icahn after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.
New York-based CIT listed $71 billion in assets and $64.9 billion in […]

posted by Chef Mojo to Economy, Recession, Markets | 6 comments, no incoming links

Courtesy of Riehl World View*, it seems that the magnificent plan by New London, immortalized by opposition from Susan Kelo, et.al. has reached a significantly-unsatisfactory conclusion - for the city, that is:
Weeds, glass, bricks, pieces of pipe and shingle splinters have replaced the knot of aging homes at the site of the nation’s most notorious […]

posted by J.S. Bridges to Recession, Dumbasses, Supreme Court, Government, Real Estate, Americana, Assholes, Junk Law | 1 comment, no incoming links

Apparently lots of women are becoming the Crazy Coupon Lady.

posted by Bill Quick to Economy, Recession, Statists, Obama, Socialism, Obama Agenda | No comments, no incoming links

American Thinker: Another Failed Presidency
Barack Obama is on track to have the most spectacularly failed presidency since Woodrow Wilson.
In the modern era, we’ve seen several failed presidencies–led by Jimmy Carter and LBJ.
I’d take stuff like this more seriously if it wasn’t larded with horseshit like this:
George Bush Jr didn’t fail so much as he […]

posted by Bill Quick to Economy, Recession, Dumbasses, RINOs, Bush, Bullshit | 3 comments, no incoming links

A month ago I posted about the Jughead Administration’s $18M website to show the taxpayers how the stimulus money is being spent. It’s all part of being the most open administration in history.
Except…
Obama Administration Redacts Contract Details for Recovery.gov
Back in July, a software company named Smartronix [1] landed an $18 million contract to build a […]

posted by SteveF to Recession, Government, Assholes | 1 comment, no incoming links

Keep this graph in mind the next time our Socialist President Obama tries to compare the current recession to the Great Depression. (via Instapundit).

posted by Bill Quick to Recession, Obama, Socialism, Obama Agenda, Lies and Liars | 3 comments, no incoming links

$18M Being Spent to Redesign Recovery.gov Web Site
ABC News’ Rick Klein reports: For those concerned about stimulus spending, the General Services Administration sends word tonight that $18 million in additional funds are being spent to redesign the Recovery.gov Web site.
Speaking as a developer of web sites and web applications, I heartily approve. One may hope […]

posted by SteveF to Recession, Government, Obama Agenda | 5 comments, 1 incoming link

In an announcement that should shock no one, it seems Jughead’s stimulus package didn’t work.
Rather than dig up plenty o’ links and write an entry myself, I’ll just link to the blog entry where I read the news. (Normally I prefer to write my own, but I wouldn’t be able to do as well as […]

posted by SteveF to Economy, Recession, Obama | No comments, no incoming links

Unemployment numbers worse than projected | Les Jones

The blue lines are Obama’s projected unemployment numbers with and without his $775 billion stimulus. The red triangles are actual employment numbers.
The actual numbers aren’t just worse than the rosy picture Obama painted for a world after his magical stimulus took effect. They’re worse even than the doomsday […]

posted by Bill Quick to Economy, Recession, Obama, Obama Agenda | 3 comments, no incoming links

More than one in five homeowners underwater: Zillow - Yahoo! Finance
NEW YORK (Reuters) - Home values in the United States extended their fall in the first quarter, with more than one in five homeowners now owing more on their mortgages than their homes are worth, real estate website Zillow.com said on Wednesday.
Hmmm. I would […]

posted by Bill Quick to Housing, Recession | 3 comments, 1 incoming link

WSJ.com Economic Forecasting Survey Sees Job Rebound in Late 2010 - WSJ.com
Economists in the latest Wall Street Journal forecasting survey expect the recession to end in September, though most say it won’t be until the second half of 2010 that the economy recovers enough to bring down unemployment.
Employment is a lagging indicator, and this mess […]

posted by Bill Quick to Economy, Recession, Markets | 1 comment, 1 incoming link

Features: ‘No, he can’t’ by Bartle Bull | Prospect Magazine April 2009 issue 157
Today’s recession is in severity and duration (only three or four quarters of negative growth) a normal economic contraction by historical standards. With economic growth predicted by all sides to be returning in the second half of this year, the US economy […]

posted by Bill Quick to Economy, Recession, Obama | 1 comment, no incoming links

A lot of articles on tremors in the dollar’s stability, the US economy, etc are at The Melting Pot Project. My ignorance on the topic prevents me from making informed comments, so I’ll just note that it sure sounds disturbing, all piled up like that. In particular, it sure seems that the current administration and […]

posted by SteveF to Economy, Recession | 2 comments, no incoming links

GM CEO says bankruptcy would cause liquidation
DETROIT (AP) - General Motors Chief Executive Rick Wagoner says the automaker would end up being liquidated if it enters Chapter 11 bankruptcy protection.
That’s fine with me. The numbers are appalling: GM has about 100,000 workers, but it’s paying pensions and other expenses for more than […]

posted by Bill Quick to Economy, Recession, Capitalism | 3 comments, no incoming links

Rand and This Moment - Ramesh Ponnuru - The Corner on National Review Online
Rand and This Moment [Ramesh Ponnuru]
Sales of Atlas Shrugged are surging. It has been a good long while since I read the book, but my bet would be that the current economic downturn will reduce rather than increase the circulation […]

posted by Bill Quick to Economy, Recession, Libertarian | 1 comment, no incoming links

My Way News - Drought to cut off federal water to Calif. farms
Farmers in the nation’s No. 1 agriculture state predicted it would cause consumers to pay more for their fruits and vegetables, which would have to be grown using expensive well water.
It’s a perfect storm, isn’t it? California produces a significant percentage of […]

posted by Bill Quick to Economy, Recession | No comments, no incoming links

It is the credit bubble, stupid | Samizdata.net
And when the state decides to fix that by motivating more people to borrow by reducing interest rates to almost zero, that of course makes no damn difference at all because lenders, not borrowers, are the ones suddenly back in touch with reality. And just because the government […]

posted by Bill Quick to Recession, Dumbasses, DemCong, Democrats, Bailouts | 1 comment, no incoming links

In Gingrich Mold, a New Voice for G.O.P. Resistance - NYTimes.com
Democrats have already made clear that they intend to use those votes against Republicans in 2010, and sooner, with advertisements noting the middle-class tax cuts included in the bill.
The utility of that will be in the pudding. Here’s my prediction: Unemployment, after two […]

posted by Bill Quick to Recession | 2 comments, no incoming links

USF Dean Admits Role In Bike Theft
Abdul Rao, who oversees research grants for the College of Medicine, is on leave with pay until the campus investigation is complete, said USF spokesman Michael Hoad.
In a statement, Rao apologized and said he was trying to help a day laborer who needed transportation.
“I deeply regret this failure in […]

posted by Bill Quick to Recession, Corruption, Crime, The Academy, Education | 5 comments, no incoming links

Sacramento County supervisors OK deep budget cuts - Sacramento News - Local and Breaking Sacramento News | Sacramento Bee
Undocumented immigrants no longer will be able to receive medical care in Sacramento County clinics, two health clinics that serve the poor will close, and services with various mental health contractors will be terminated.
You knew this had […]

posted by Bill Quick to Immigration, Economy, Recession | 6 comments, 1 incoming link