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Bruce Enberg's Commentary

Do you like being chewed on?

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Initial unemployment claims dropped by 26,000 this week to a relatively low number of 350,000. If you weren't aware of that, it is to be forgiven as the main stream media wasn't really interested in telling you about it. They thought you would be more interested in being teased with the idea that Condoleezza Rice was actually being considered as Romney's VP, it's more likely Willard would dig up the corpse of Sarah Palin and run it.

JP Morgan Chase's stock price jumped driving up the stock market, supposedly on "news" that the losses on its derivative trading were "only" 5.8 billion instead of the 9 billion that has been reported. Nine billion is probably not even close to the actual loss, but what the hell, it's only paper. The trading operations of the Wall Street banks are more than big enough to drive the stock market, so what exactly does it matter? Unless you thought you would ever see that money in your 401(k). Sorry, but you probably won't.

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You know it's bad when a rigged casino fails

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It seems we've only seen the tip of the iceberg with the Barclays Bank prosecution for rigging the LIBOR (London Interbank Offer Rate). It seems that they are cooperating to avoid jail time. Bob Diamond who headed the bank until recently said "he was sickened when he saw the emails." What he means is that he was sickened that his underlings were stupid enough to leave a paper trail. His nausea will be somewhat soothed by the $3.5 million he gets as a golden parachute. This, however, is about a tenth of what he expected to get. How will he make the payments on his Rolls?

 

From what's coming out it appears that all the big banks were doing this. Not a huge surprise there. That was the whole idea of deregulation, or rather decriminalization. But they weren't satisfied with skimming hundreds of billions a year (trillions over time) from the world economy. These "smartest guys in the room" managed to bankrupt their own rigged casino.

 

Last Updated on Thursday, 12 July 2012 15:24 Read more...

Advanced Alien Liars Recovered Near Roswell NM

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It's the 65th anniversary of the first battle between the US Military and aliens over Roswell NM in 1947. That's as good of a story as any. It might explain the many trillions spent on "defense" since. Surely the critics who say we have just been supporting the lifestyles of a few hundred millionaires with all that money are wrong.

 

After all, President Eisenhower gave several speeches warning us against dangers the Alien Industrial Complex, and how we needed massive diversions of money away from schools and hospitals to combat it.

 

Last Updated on Sunday, 08 July 2012 13:10 Read more...

Would we need to shoot Cracker-backs at the border?

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In June, the private sector added 84,000 and government cut 4,000 jobs. The good news is that with government revenues stabilizing, there are signs that the massive losses in public employment may be coming to an end. Still, since May 2010, the government sector has cut 1.04 million jobs. At the same time, since February 2010, the private sector has added 4.35 million jobs. The thing is that most of these government job cuts occurred in the Red states, and they are same states that aren’t producing private sector jobs either. Blue states are even adding government jobs as their economies start to recover.

Another part of the problem with slow job creation is the lack of skilled workers, but businesses refuse to provide job training, or pay high enough wages to allow workers to go to school. Raise taxes to support education? Of course not.

Last Updated on Friday, 06 July 2012 20:51 Read more...

White House, or Big House?

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Initial Jobless Claims are down again this week putting in doubt the prognostication that we’re going into the double dip recession. That would be the recession that the Republicans have been working so hard to engineer before the election. Jobless Claims are in fact down 15% from this time last year. This is of no comfort for those who have become permanently unemployed under the universal corporate policy of never hiring people who are unemployed. A permanent oblivion that workers can be cast into focuses the minds of the Neo-feudal serfs.

Gasoline prices continue fall putting cash in the hand of consumers, and retailers are hoping this will trigger a huge surge in back to school sales. There is a certain amount of pent up consumer demand, and the urge to buy stuff for the kids is usually a leading indicator of renewed consumer confidence.

Last Updated on Thursday, 05 July 2012 21:45 Read more...

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