Home > Uncategorized > No Brains, No Jobs, No Courage.

No Brains, No Jobs, No Courage.

Only time for a short post today.

It's pretty sad with all the warning signals being flashed over in Europe (Greece, Ireland, UK, Portugal, Spain, Belgium, etc.) that government debt levels are unsustainable we have gutless Congress-Scum over here.

A few of the Deficit Panel door knobs didn't have the courage to even forward to Congress their limp deficit cutting proposals:

Eleven members supported the plan, according to Becky Bernhardt, spokeswoman for Sen. Tom Coburn (R., Okla.), a member of the panel. That number fell short of the 14-vote supermajority called for by President Barack Obama and lawmakers for the plan to be sent to Congress for a possible vote.

Instead of Profiles in Courage we have a Congress with no Brains and no Courage. Unfortunately, unlike the Wizard of Oz, our current man behind the curtain – Helicopter Ben Bernanke – can't pass out what he doesn't have.

So, we're left doing the same old nothing – which is probably what we'll continue to do until the bond market forces our hand.

Then there's the "shocker" of "unexpectedly" bad jobs numbers. I guess the economists who don't expect these bad numbers haven't had to look for a job in so long – or don't know anyone who is – that they are easily surprised. Makes me think they jump every time they see their own shadows since they didn't expect them to be there.

The unemployment rate unexpectedly rose to 9.8% in November from 9.6% in October according to a separate survey of 60,000 households. Economists had been expecting the unemployment rate to remain steady. This is the highest unemployment rate since April.

So, unemployment is ratcheting back up and job growth still sucks. That doesn't surprise anyone who lives in the real world, knows someone who is unemployed, or anyone who takes the time to go to the mall or a big box retailer and see how much stuff people really have in their carts and shopping bags.

The government is sucking the life out of the economy with bad policy. The Federal Reserve is finishing the job with its awful Quantitative Easing. Rather than allowing business and personal debt to clear the system so the economy can once again achieve sustainable growth, our fearful "leaders" have decided to try and sweep the insolvent banks, financial manipulation, and outright theft by the banksters under the rug.

So far, I'd say their "plan" isn't working out too well.
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