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March 2, 2010 / Hal (GT)

The weather is to blame.


Have you noticed how focused the government is on things they can’t control? It’s those things, whether it’s Tea Parties or weather, that the powers that be blame for their woes, whichever woes those are at the moment. And the moment right now is jobs, or the lack there of.

So the President’s administration, instead of blaming the past administration this time (probably because that excuse is beginning to wear thin) is blaming snow for job loss. It’s more or a warning on the upcoming jobs numbers for February. Or perhaps a floater designed to test the toxicity of the political air, but Summers is suggesting that everyone view the upcoming numbers with a jaundiced eye because the winter storms are to blame.

In my opinion, that’s a load of bunk.

Winter storms to distort US jobless figures-Summers

White House economic adviser Larry Summers said on Monday winter blizzards were likely to distort U.S. February jobless figures, which are due to be released on Friday.

“The blizzards that affected much of the country during the last month are likely to distort the statistics. So it’s going to be very important … to look past whatever the next figures are to gauge the underlying trends,” Summers said in an interview with CNBC, according to a transcript.

Is the American business owner and worker such a pansy that they can’t deal with a few snow storms? Good grief! Come one people, bite some reality off and chew it for once.

Job loss is the result of the huge problems we face because of debt as a nation and a government bent upon entitlements over the past decades.

Right now the citizens of our country are faced with housing debt that is sinking them.

Here’s some news items worth considering in all this:

Fannie Taps Treasury for $15.3 Billion More After a 10th Loss

Ten losses people. The government has failed to manage the Fannie and Freddie companies as more and more citizens lose their homes because of it. Gives me the warm and fuzzies thinking of how well the gov will do with healthcare.

Senate leader predicts ‘massive layoffs’

ATLANTA – Senate Majority Leader Chip Rogers announced Monday morning that “massive layoffs” will be one result in how the legislature copes with a roughly $1 billion shortfall in expected revenue for next year’s budget.

“I’m not going to sugarcoat the situation we’re in. Yeah, there will be massive layoffs,” said Rogers, a Woodstock Republican.

He wouldn’t say how many state workers could lose their jobs. One idea being investigated is offering an incentive for the 8,000 workers already eligible for retirement to give up their jobs.

Really? Do you believe for a second that he government will lay off employees? Well maybe the state government, but I have my doubts that the federal government will allow that to happen because such “crazy” ideas will filter up to them. No, my prediction is that since they print the cash they will funnel some new paper money in the last second before the proverbial clock ticks down to the implosion.

Oh, and how about this example of big money greed:

RBS paid £1.3bn bonuses on profit of just £1bn

Royal Bank of Scotland paid its investment bankers £1.3bn in bonuses for making just £1bn in profit last year, not the record £5.7bn declared last week.

It would seem all this news has the precious metals tracking higher this morning.

Gold right now up to $1,125.10. This may be the day we see a close above $1,125.

Silver is looking nice at $16.70.

And Platinum $1,572.10.

Time will tell, but I don’t think the global economy is looking all that great in spite of what the “everything’s coming up roses” crowd has to say.

2010-02-03 update:

The first of the Feb numbers came out in the positive side of thing. Oh wait that’s not totally true. Jobs were still lost so that really is a negative. But it’s positive because, you know, two negatives make a positive. The other negative being greater job loss was expected.

Wall St edges up after ADP jobs data

US stocks have edged higher at the open after a report showed private employers cut fewer jobs in February, adding to optimism ahead of a critical employment report later in the week.

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