A Comrade is Born

Macroman wrote: No one detests President Obama more than I, but I must point out two overstatements in this column. 1. “…employment in 2012 is roughly the same as it was back in 2001…Obama has compressed a lost decade into just three years.” Labor force participation has been declining since 2000, not just 2008. That seems a partial reversal of the increase that occurred since about 1965. Obama had little to do with any of it. Polls, Pump, No Friend to Obama

Dear Comrade Macroman,

Yes, labor force participation rates have been going down since 2000. But to pretend that Obama has no blame for the precipitous drop in those rates since he became president is willful malpractice by economists.

By official count we’ve been out of the recession for a while. But still we’ve seen not just a decline in labor participation rates, but a plunge in those rates since Obama became president.

Compare the rates between Bush after 2000 where rates eventually leveled off and started increasing and Obama where they have continued to plunge. The real difference between the two presidents was that one instilled confidence and the other does not.

fredgraph-1 A Comrade is Born

There is no economic reason for the economy to be as sluggish as it’s been- there is plenty of money and liquidity out there to make the thing go. But there are also plenty of political decisions that are holding the economy back.

Oden wrote: A Goldman Sachs guy quits the firm and blasts its greedy practices and disregard for its clients, millions of people have seen his parting letter and its reportedly the talk of Wall Street. And here’s a Towncrier “finance editor” and the other “finance editors” just shoveling more anti-Obama garbage. Where’s the story on Towncrier? Where’s the idiot analysis y’awl are known for? Wotta bunch of hacks.- Obama’s Phony Numbers Adding Up

Dear Comrade Oden,

A Goldman Sachs guys quits Wall Street in bitter disgust every day. Half the brokers I know are thinking about quitting at any given moment.

It’s not really news unless you subscribe to the New York Times.

But if you have read me for the last year, you’ll know that I’m not exactly a cheerleader for Wall Street types like Bernanke or Paulson or Geithner or Goldman Sachs.

Just for you, however, I’ll include some analysis of the Goldman news:

Who was the second largest contributor to Barack Obama’s campaign in 2008? Goldman Sachs, via your Democrat friend John Corzine, who used to be the CEO at Goldman. Of course Corzine himself is responsible for one of the largest bankruptcies in US history at MF Global. MF Global clients are still out $1.7 billion in supposedly segregated customer accounts. And where are Eric Holder and the Justice Department on that one? I’ll tell you where: They’re still covering up Fast and Furious. Way too busy to enforce the law of the land and arrest someone for stealing $1.7 billion, especially big Obama campaign contributors. 

I want reform on Wall Street. The sooner Washington and Wall Street separate, the better it will be for Main Street.

But don’t come at me with your faux OWS outrage about greedy bankers.

Your guys- the Soroses, the Buffetts, the Franks, the Corzines, the UAW’s Kings- are the problem with Wall Street not the solution.  

StephanusCA wrote: John Ransom: “What it means, rather, is that no one, but mostly including Muslims, can’t afford to tolerate Islamists.