The Obama administration deception in economic reports.

Discussion in 'Economy' started by Neubarth, Jun 1, 2009.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Market still going up and economy Down
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    All the economic data has been markedly down, and the stock market has soared into the greatest price to Earnings Bubble in recorded history.

    Today, the Obama administration reported that Construction Spending was up 0.8% in April. Now, those of us who have been following the economic data know that that is a blatant lie. Yes, the numbers say that CS is up 0.8%, but there was no explanation to go with the numbers, only a loud proclamation that the Economy is continuing its rebound. Bolshoi!

    Construction spending on tools, equipment, materials is all down. The only thing that was up was the cost of fuel, and that went up over 2% to the construction industry, because the price of gasoline and diesel went up by 25% in April. Take that cost of doing business out of the equation, and spending on materials and so on actually went down as expected.

    Then the Obama administration ballyhooed the increase in income reported by Washington. The reality is that without the federal handouts in tax season, the actual personal income numbers went down. Should government handouts and one time checks to veterans and people on Social Security be counted as personal income as if it was a continuing monthly thing? I think not. At least a disclaimer should have been issued with the report. People all across the country think the economy is rebounding when the reality is that is is still collapsing.

    Obama is the most dishonest politician we have ever had in the Oval Office. He is even worse than Nixon. All this false bravado that he has been using to get the stock market to rally so the at risk banks can sell shares is horribly morally wrong.
     
  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    An example of the top stories on the financial sites with headlines driven by the Government News Releases.

    Top Stories
    GM Drives Into Bankruptcy- AP
    General Motors filed for bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.

    AP - Wall Street Surges on more signs of recovery- There is no recovery.

    AP - The 31-year-old in charge of dismantling GM-

    NYT - Manufacturing index beats expectations in May- actually the index is negative.

    AP - US construction spending posts surprising gain- Actually is is down 41% if you don't count the increase in costs of fuel. If you do count the fuel costs, it is still down 40%

    AP - Judge OKs sale of most Chrysler assets to Fiat- This would normally be seen as a bad thing as jobs will be confirmed as lost.

    AP - Morgan, Citi launch Smith Barney joint venture early-

    AP - Dow Jones swaps Travelers, Cisco for Citigroup, GM- Some company needs to take the place of each failed one.
     
  3. wimpy77
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    wimpy77 Member

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    you continue to know absolutely nothing. please educate yourself before you post anything. all you do when you post things like this is show your ignorance.
     
    Last edited: Jun 1, 2009
  4. Neubarth
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    Neubarth At the Ballpark July 30th

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    Wimpy, you are so fucking stupid it is unbelievable. Try to find an item in the posts above that is in error. Gawd, what a total dork you make of yourself.
     
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  5. Neubarth
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    Neubarth At the Ballpark July 30th

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    Wimpy, Come on. I am still waiting to see your reply. Name the economic indicators that shows a strong economic rally.
     
    Last edited: Jun 1, 2009
  6. Toro
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    Toro Diamond Member

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    Today, China PMI was 53. That is why the market was up 220 points. Last week, consumer confidence had its biggest jump in over 10 years.

    But that doesn't really matter. The market always rises before the economy turns better.

    And its the President's job to instill confidence in the economy. I never faulted Bush for saying the economy was sound and I don't fault Obama for being positive either.

    Of course, this could be a bear market rally. We'll only know in retrospect. But we may have seen the bottom as well.
     
  7. MaggieMae
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    MaggieMae Reality bits

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    Obama isn't claiming a strong rally. He has consistently said that a turnaround won't really be seen until at least the end of the year. The fact that it seems to be inching forward, and not continually getting worse is, as he said a "glimmer of hope." He's not lying to you. He's just not able to produce the magical results you people immediately want.

    {Get an updated pic of yourself. I was hot in 1986, too.}
     
  8. Neubarth
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    Neubarth At the Ballpark July 30th

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    Maggie, every news release out of Washington has been phrased to mislead people for months now. It is one thing to be positive and another to outright lie about the release. We have never seen lies like the news releases on the past year. It is outrageous in the degree of distortion. Week after week after week after week, every news release has had positive spin even though the actual economic numbers have been atrocious.

    So many people have been caught up in the hysteria, people who lost forty percent of their portfolios have bought back in in the past week. They are just going to lose 40% more when the stocks revert to a normal P/E.

    When I was a young man a normal P/E was 6 - 8. Even if we were to settle for an average P/E of 12, the S&P500 would have to fall from its present P/E of 63 to 12. That would be about one fifth of present valuation, or about 200. How many of those people who already lost 40% would commit suicide if they lost another 80% on top of it?
     
  9. Neubarth
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    Neubarth At the Ballpark July 30th

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    Toro, China is still communist with a little capitalism added to spice things up. Their economy is controlled, and they have ordered factory production, so their PMI is artificially up. Sadly, their shipments of goods is not up above 50 (break even). Their wearhouses are starting to overflow with goods so the government is buying whole wearhouses and thus listing all the goods therein as sold. That makes the PMI go up, but the reality is otherwise. Geitner is telling the Chinese to get their own people to consume those excess goods. Unfortunately their culture does not need it, so they just stay in the wearhouses with no buyers. Oh My Gosh! Just think, they might have to shut down more factories. As it is the number of workers in those factories decreased by 1% between April and May. Not a good sign when you consider that 8% or more had disappeared in previous months. The Chinese numbers and all those empty cargo ships that are laid up in varous harbors around the world do not speak of good times a coming.

    Consumer confidence is a prodect of the Obama deception. People all over the country think that we are in recovery because of the thousands of misleading news stories, just like those I listed today. Total brainwashing of the populace. Obama has done it and I am in Awe of what he has done so that the banks can sell all those stocks to dupes in order to keep their heads above water..
     
    Last edited: Jun 1, 2009
  10. Neubarth
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    Neubarth At the Ballpark July 30th

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    Pending Home Sales Rise 6.7 Percent in April- AP


    Pending U.S. home sales in April posted the biggest monthly jump in nearly eight years, a sign that home sales are finally coming to life after a long and painful slump.

    Stocks rise following home sales data- Reuters


    Another news release to confuse investors into believing that we are almost back to normal. No disclaimer for the ignorant investors that mortgage rates were steeered to low 4% in april to try to clear out the glut of homes on the market and that now these homes are not moving at all because interest rates had gone back above 5%. Unbelievable dishonesty, but the idea is to move the market up and up so the banks can sell shares and shares of what could be worthless stock. Since the economy is not improving, this will surely destroy the Obama presidency. I am surprized that the Republicans are not trying to call attention to all the misleading news releases that come out with the data.

    I refinanced my $200,000 mortgage at 4.375% and took advantgage of the artificial low.

    Geitner and Bernanke were doing everything that they could to get money into the banks. The banks were instructed that they were supposed to sell the low rate mortgages, and in turn sell the new mortgages to the FED. The FED was buying any and all paper (bad or good) and then repackaging these loans into bundles and selling to the few stronger banks out there, like Chase.

    My original 6% mortgage was with Chase and now I am back with Chase at 4.375% Thousands of people with money bought the houses on the market as investments and managed to get them with low rate mortgages to boot. Now, they are renting the houses at approximately the mortgage rate and seeing their portfolio grow.

    The fact remains that this was a gift to the rich and the increase in home mortgages in April was a one time thing thanks to Obama and the "Friends of Obama" who were trying to get capital into the banks so they will not fail in the ongoing Depression.

    Again, I ask people to show me the economic indicators that would indicate that we are not in a Depression that is getting worse, regardless of the insane run up in the stock market.
     

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