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Bruce Enberg's Commentary

Hobbling the Four Horses of the Apocalypse

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New unemployment claims jumped by 66,000 last week to 374,000 after months settling down toward 300,000. This doesn't begin to show the real effects of the government shutdown as contractors are only now beginning to kick people to the curb. The effect this will have on the rest of economy will begin to show soon as the lack of spending by those affected by the shutdown starts to mushroom into a reduction in US GDP. This is one of those self reinforcing feedback loops that are commonly referred to as a 'death spiral'.

 

You see, the problem isn't confined to the simple math of less spending, but is actually multiplied by the fact that the natural mitigators of an economic downturn that we commonly refer to as 'government safety nets' are also being removed. State run programs are running out of 'pass through' money, and the charities will be affected soon. Right wingers are always saying churches could care for the poor better and somehow do it at no cost, but the christian charities get 2/3 of their money from the Feds. With Uncle Sam out the picture, their private donations will dry up too.

 

Last Updated on Friday, 11 October 2013 11:11 Read more...

And I saw a Pale Horse

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Obama is talking to Wall Street about the Government Default as in (the end of the F'n world) being a very real possibility. We'll see what that does to the markets starting in Asia in just a couple of hours. Is he really talking about a Pale Horse who's rider said unto him, "Come and see"....

 

Maybe we're just talking about the Federal Reserve going all QE666 and buying up all the outstanding dollar denominated debt on the planet. They could actually do that. It would put an awful lot of cash into circulation.... I'm not sure what that would really do.... Since all that cash would be in only a relatively few hands, maybe nothing would happen. Maybe we could just have a Biblical Jubilee, forgive all the debt and start over. That's probably not what the right-wing billionaires behind the current crisis have in mind. I'm thinking they have in mind bringing in the other three Horsemen and having a good old-fashioned Apocalypse.

 

Last Updated on Wednesday, 02 October 2013 21:52 Read more...

Everything you need to know about economics is in a Pyramid

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On Tuesday we will all turn into pumpkins if the Republican controlled House doesn't pass the Senate budget bill. With this fiscal 'crisis' in mind, let's debunk the favorite talking point from the Conservatives: 'We can't afford that,' or 'we're broke.'  The reality check: the US prints its own money, unlike Greece that's dependent on the German Euro we can print our own, and as much as we need to make the economy work.


All money by definition is printed on something, even gold coins have their value stamped on them. The right-wing gold bugs are just nuts, gold has very little 'real' value. Ask the right-wingers who bought it at $825/oz under Reagan and are still waiting to see a profit. Adjusted for inflation, gold would need to be $2400/oz today for them to just break even, and that's with zero return on their investment.

Last Updated on Friday, 27 September 2013 22:28 Read more...

The HeisEnberg Principle isn't just for physics

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Only one week until the government shutdown because the tea baggers need to be in the spotlight for as long as possible. The thing is, we've been here before. An actual government shut down in the 90s was a disaster for the Republicans which makes seeing Newt Gingrich on the Sunday morning shows acting like an expert statesman all the more hilarious. People forget that he was run out of the Congress by Republicans. And the tea baggers have already tried this fiscal brinksmanship themselves, and failed miserably.

 

This time around Obama isn't even pretending that he give them anything, not even the courtesy of pretending that they are his equals. That has got to so burn under their white sheets and hoods.

 

Last Updated on Monday, 23 September 2013 22:07 Read more...

Ronald Reagan, the bust

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New unemployment claims fell last week to 326,000, a 5 1/2 year low. July's survey of employers showed 162,000 new jobs created, this is about three times the rate of population growth. The odd thing was that 92,000 of these jobs went people 55 and over, with only 15,000 going to prime age workers 25-54. This could be taken as a good sign since workers over 55 have been systematically passed over for jobs since the Bush Crash.

 

Recent college grads got the other 55,000 new jobs. Not that a college education is necessarily worth much in a post-industrial, post-middle class country like the US. Forty percent of the people who make less than $10/hour have some college education. Plenty of young lawyers and engineers work at Best Buy.

 

Last Updated on Tuesday, 06 August 2013 16:04 Read more...

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