As a Reminder: The Private Sector is Doing Fine

CrownThomas's picture

As we were told by our President, the private sector economy is doing fine. Sometimes, however, facts get in the way of propaganda.

If by fine he means a record number of Americans not in the labor force

 

If by fine he means the people actually producing are seeing real wage gains decline significantly

And if by fine he means that as real wages decline, and YOY (year-over-year, Keynesians need to say that slowly, and then look up the definition of compounding) inflation is constantly > 0, declining purchasing power of our currency is making it harder & harder for the middle class (and poor) to survive

 

Then overall, we're doing fine.

 

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ebworthen's picture

The TBTF banks are doing fine getting $$$ for 0.5% from the FED and lending it out at 4%-29%.  The private sector sucks, and they are laying people off of career employment and hiring young gullible flesh and part-timers.  The middle class is being crucified.

The Kleptoligarchy has cannibalized production and careers, and substitued bling, peanuts, and promises (lies).

TahoeBilly2012's picture

Socialism, croney capitalism and war has bankrupted the Country, while enriching certain classes.

SafelyGraze's picture

so much negativity!

over on the other blogs, everyone's economy is doing great

shovelhead's picture

Good news.

Nice to know the waters are receding and the Earth is beginning to heal.

Was a bit worried there for a while.

See? I told you a nobody named Hussein would make a great President.

Henry Hub's picture

Sometimes when I read some of the threads on ZH I get the feeling I've stepped through the looking glass. I'm in a make believe world where reality is upside down.
The idea that the United States is a Socialist country is beyond absurd. Handing out food stamps to some of the peasants does not make it a Socialist country. Obamacare is not Socialism; its a handout to the private insurances companies written by them. ...I could go on.
Some people just need to get a grip on reality.

nmewn's picture

The proper name for what you describe is National Socialist.

AKA...Nazi.

To say, a socialist can only be "leftwing" is to miss the point of socialism at the governmental level.

Was Solyndra a communist endeavor, a socialist endeavor or a nazi endeavor?...that is, privatize profits to the politically connected and socialize all losses to the taxpayer/government?

How about investment bank bailouts?...its much the same isn't it?

Don't think for a second that Wall Street is populated by "capitalists"...it is not.

A capitalist does not screech for Uncle Sam to tell the Bernank to print more to make up for his loss when he gets his butt in a crack, Uncle Sam is not an investor...he rightly should take an ass whipping for being stupid...and other capitalists see opportunity in his misfortune and act on it or not.

Creative destruction.

However you choose to breakout the elements of "socialism" what we are seeing today and have for years is not capitalism.

We didn't build this...they did.

Vendetta's picture

Some folks have listened for so long to political pundits they have come to believed some of the lies, all I see is corporatism.  There is a little socialism going on just to keep people looking at the food stamp recipients and what-not as the root of the problem of massive deficits ... it helps the powerz-that-be keep some constituents from looking at the corrupt bankers and politicians as the root source

Vuke's picture

What is all the bitching about?  We`re fine.  Equities down 60%, income down 90% but we see great opportunities ahead.  Naturally, they`re beyond the reach of the tax folks.  Starve the beast and thrive doing it.  No more playing their game and, no guilt.

XtraBullish's picture

"I am not a crook." Yes you ARE a fucking crook, Dick, and you also a dick, crook, as well as owning a crooked dick.

- Pat Nixon October 1974 (while high on fine Scotch and amphetamines)

Just throw all these thieves in jail. PERIOD.

zorba THE GREEK's picture

Looks like old people are going to have to share their dog food with

the younger generation. 

Walt D.'s picture

From Obama's perspective the private sector is doing fine. From Obama's perspective, the private sector are a bunch of parasites that should be taken over by the public sector. If the public sector owned all housing, thetre would never have been a housing crisis - everyone would live in a state owned house. If nobody had a right to private property, Wall Street would not even need to exist.

Obamaland will be the new promised land.

surf0766's picture

it is all propaganda now. I just do not understand how some of these people can stand up there and make stuff up.. From all countries. Where is the real George Washington. We need a leader

brettd's picture

The real George Washington had to be asked to be president.  Perhaps begged.

Far cry from where we are now, eh?

Vendetta's picture

real leaders with true integrity and courage are kept from the levers of power at all costs by the parties.

dvfco's picture

Real, intelligent, humans of integrity steer clear of politics knowing that an individual trying to make a change will be spit out of this system so quickly they won't have time to blink.

I truly believe that an honest young person entering congress, but refusing to go on the take, would be found with $200,000 hiding in his or her freezer within about 6 months.  The threat that honest people present to the whores on the hill is so powerful they would necessarily need to be removd from power. 

Can you imagine a person on the hill without any skeletons in the closet?  Look at Herman Cain.  I don't know what he did in his past, but I am 100% sure that the odds of this guy having acted in a predatory manner towards 5 women, all living in Chicago (and one in David Axelrod's building) when he had never worked in Chicago, are so infintesimmaly (sic) small that it is impossible.  Further, a guy who ran companies who had (I believe) 1 complaint against him in his career being 'outed' by 5 poor women from 'Bama/Rham-town is a joke.  But, the threat a self-made, black male who was proud of his country, a retired vet, etc. posed to the 'Bama administration (and the Republican power base) was too big not to knock down.  Notice, the second he rose in the polls he was hit by a sledge hammer.

No, no decent human can run and survive these days.  We only have guys like Weiner and the sleazeball from the Bronx.  They have so much over their heads that they'd never, ever give up the secrets of others. 

 

SICK - SICK SHIT.

GMadScientist's picture

"As part of its regular revisions to the national income accounts, the Commerce Department told us Friday that corporate profits in 2008, 2009 and 2010 were actually $343 billion higher than earlier estimated.

And personal incomes of American families were $265 billion lower over those three years than previously estimated.

According to the latest data, profits of U.S. corporations are at record levels even as the U.S. economy gasps for air. Profits have been totally divorced from the economic fortunes of the American people.

That tells you all you need to know about why the stock market has recovered from the Great Recession, and why employment hasn’t.

Corporate profits now account for the largest share of gross domestic product since 1950 — 12.6%. Wages and salaries account for the smallest share of GDP since 1955 — 54.9%."

"Corporate profit margins just hit an all-time high. Companies are making more per dollar of sales than they ever have before. (And some people are still saying that companies are suffering from "too much regulation" and "too many taxes." Maybe little companies are, but big ones certainly aren't).

Read more: http://www.businessinsider.com/corporate-profits-just-hit-an-all-time-high-wages-just-hit-an-all-time-low-2012-6#ixzz22hqU4wht"
tony bonn's picture

any time soetoro's lips are moving he is either lying or passing gas....

ghostcommander's picture

The Criminal Enterprise of bush jr./cheney in cahoots with the WaLL St., Big Bank, and Housing secto,r Fraudsters with their narrow minded ideology of totally unregulated capitalism gave the green light to unbelievable criminal greed that eventually crashed our economy.

The Results:

The loss of over $34,000,000,000,000 of America's wealth that took over 220 years to create and will take decades to recover.

The loss of millions of homes to foreclosure, millions more foreclosures to follow, and millions of homeowners "underwater" in their homes.
$100,000=the average loss of homeowners equity.

Approximately 8,000,000 jobs lost.

Over 400,000 families pushed into poverty.

The middle class lost 40% of it's wealth and 10% of it's income.

Since the radical extremist republicans have taken majority control in the House of Representatives they have become Sadistic Obstructionists, unwilling to help fix the mess they helped create by stopping all jobs bills, any further stimulus, and extension of unemployment benefits for the long termed unemployed.
They are following the same script they used against President Clinton-accusing him of anything and everything, conducting witch hunts, and obstructing.

Get back in touch with Reality!

ebworthen's picture

Oh Lord, please deliver us from the koolaid drinkers of the Demicrips and Rebloodlicans.

Pejorative Requiem's picture

Obama promissed that his election would be the moment the sea levels started to lower. President Oathbreaker if you ask me. Oh, by the way, did he find that 52nd State yet? A word about the "rich": The Kennedy's Warren Buffet, Bill Gatres, John Kerry and Mrs. Mustard, Union Bosses, Tenured University Professors, Hollywood A-Listers, GE's Imelt, Obama himself and all his Czars........ Democrats are the elite rich in this country. Republicans are tax paying, job holding, farming mothers fathers sisters and brothers of men and women in uniform. And NASCAR fans. Republicans are the working class.......... Democrats are the rich elite.

brettd's picture

With four years and all the money and momentum...he managed to make things worse, not better.  Ugly.

 

bunnyswanson's picture

http://www.youtube.com/watch?v=QZ8p-K7X99I&feature=player_embedded

Bernie Sanders addressing the president.

 There are no party lines today in Wash, DC.  You assessment is inaccurate.

Pejorative Requiem's picture

A single you tube clip can't enshadow an entire truism. My assessment is right on. When you think of union bosses, university elites, Hollywood A-listers, the most elite industrial billionaires, the real "shakers and movers", in todays cultures and economies, what political ideology do you see most prevalent........ the reason why lefitst ideology is approaching it's zenith is because leftists have gained most the cards.

nmewn's picture

There won't be any lines at Sherwood Island State Park either...

Obama Fundraisers to Deny Thousands a Day at the Beach

by Keith Koffler on August 4, 2012, 11:20 am

A popular Connecticut park and its 234 acres of wetlands, woodlands and beach on Long Island Sound will be shut down all day Monday so that President Obama can use the location as a base for fundraising nearby.

The Sherwood Island State Park in Westport, Connecticut will have to turn away thousands of bathers so that Obama can get to and from his events, including a $35,800 per head bash at the 9,000-square-foot, $8.3-million waterfront estate of movie mogul Harvey Wienstein, according to The Connecticut Post.

Here’s a look at what people will be missing:

http://www.whitehousedossier.com/2012/08/04/obama-fundraisers-deny-thousands-day-beach/

Why does Obama hate people going to the beach?

GMadScientist's picture

He just wants them to feel like they could be Harvey Weinstein and exclude people from property someday?

nmewn's picture

lol...no doubt GMS...he probably see's nothing wrong with it all, saying to himself the sheeple should really be happy I didn't give up my golf day today on the weekend...so Monday is a much better day for me, errr uhhh them...to, ya know, confiscate public property for personal use.

I mean what the hell...he uses Air Force One as his own personal jet, so why not, right?

Damned thieves everywhere we turn, from the top to the bottom.

 

nmewn's picture

Chick-Filet kiss fella!!!...ROTFL!!!

krispkritter's picture

You're probably gonna need a shot or antibiotics now...

Tippoo Sultan's picture

That, and an ascorbic acid scrubdown.

Lednbrass's picture

Yeah, Clinton- the guy who exported jobs through NAFTA and the China deal, signed Glass-Steagall and the Financial Services Modernization act, and did more structural damage to the economy than any other President in living memory.

Get in touch with relaity indeed- and for your own sake stop watching so much TV and frequenting propaganda websites.

 

brettd's picture

Not to forget Franklin Reins, Jamie Gorelik and Andrew Cuomo planting the seeds of the housing crisis via Freddie and Fanny....While Clinton was "reforming welfare" this team was shaking down banks/taxpayers. 

GMadScientist's picture

Please...Gramm-Leach-Bliley...any of these names ring a bell, podner? How about Sandy Weill (close friend of the first three)?

"signed Glass-Steagall" "Get in touch with reality"

Lulz.

Is Rubin filthier than a shithouse rat? Yep, but that doesn't absolve the decades of work Phil "Turtlefucker" Gramm put into getting this ramrodded. That day, they held a vote for or against the republic.

combatsnoopy's picture

They all need to be waterboarded at Gitmo.  Clinton, the  neocons, just anybody who passed NAFTA with China, stopped domestic drilling, passed deregulation put the SSI monies into the US Treasuries then passed TARP and quantitative easing.  

The passive resistant Boomer voting majority are too stupid to do it.  They won't bother to do anything that will compromise what little conspicuous consumption they can fester off of the equity line backed by their counterfeit UNCOLLATERALIZED subprime "collateralized" debt obligations.  

Vendetta's picture

I guess PHil Gramm heading over to UBS from the senate after getting that 'Act' passed by treasonous clinton is something R's don't like to acknowledge.  Warnings of risk of systemic collapse also went from the Office of Federal Housing Enterprise Oversight to Richard Shelby (D), Chairman of the Senate Committee on Banking Housing and Urban affairs in 2004 but the warnings that came for 2 years were ignored.  Bush then canned the Director of the OFHEO and put in a see-no-evil, hear-no-evil lackey.  The parties play the good cop/bad cop game for their constituents to make them believe there is difference but are really just sock puppets for the money powerz.

nmewn's picture

"I guess PHil Gramm heading over to UBS from the senate after getting that 'Act' passed by treasonous clinton is something R's don't like to acknowledge."

This one does...your good cop-bad cop analogy is spot on.

You guys do what you know you have to do on "your side"...we're already doing what must be done on ours...against all odds I might add.

Stuck on Zero's picture

How does Chart 2 go along with the famous U.S. Government quote that 2/3 of the economy is consumer spending?  And if that looks bad look at that same chart after you subtract taxes.  Me thinks the consumer is ony about 1/3 of this huge Socialist State.

 

ghostcommander's picture

The last ime I checked the consumer economy was 41%, down from the historical norm of 70%.

q99x2's picture

Hey I can't complain. I don't have to work anymore. I have more money than before and healthcare and they pay me to go to college. I've rarely had as much fun as I do now. I'm thinking of buying a motorcycle in addition to my car or I might buy a boat, live in the Marina while I go to college at UCLA.

Of course this type of economy can't continue because it is based on fraud. Take advantage of it while you can.

Don't complain about it. Get your Series 7 license.

GCT's picture

Q take some advice from an ole fart.  Buy the boat used in good condition and live in the marina.  No property taxes!!!  Of course I am not sure about California these days.  But living on a boat say 35 to 45 feet long is the way to go.  Graduate college and then boat up to the NW get a decent job and operating a boat including moorage feees are alot less.

Oh Q by the way a decent boat is a chic magnet!!!!  Make sure it is twin diesel and a fiberglass hull.  Wooden hulls suck these days. 

 

goldnguns's picture

Been there done that.   A lot of work keeping the boat in shape.  Had a 42 ft yawl, diesel, a water maker, solar for the batts, power ventilation.  And the gals quickly figured out sailing is a LOT of work, so it was a quality cut.  Of course, the requisite interview-in-bikini culled the herd as well leaving "hard working, good looking, learns quickly, and drinks like a fish - yer hired".

 

And I often hit off the deck house into the water so that right there qualifies me to be President.

GCT's picture

Really scary goldnguns.  We had a 42 foot sloop rigged in the 60's.  I love sailing but alas the wife hated it so had to settle for a 47 foot neptunous.  I learned power boats tend to attact them alot quicker gold.  My son hated sailing as well so I got over ruled and at my age I do not like to work to get some where. 

Ahh the day of the sleek and sexy Sea Ray.  Could not really live in her but hell I had the chics!!!!

Titan Uranus's picture

When he hits a 5 iron into the water, he just says, "I didn't put that water there!" - and it's the truth!

Intelligence_Insulter's picture

The private sector with those fat ass government contracts is doing fine.

Son of Loki's picture

"Never been a better time to buy a house"...when you have no job and are uninsured and still have not even received your 'free' $3,000 Thingamajig money.

virgilcaine's picture

Well he is running un-opposed for a 2nd crowning.

Salt's picture

So the private sector is doing fine is it? Well, so is Obama. Enjoying the best of public housing on the public's dime.

 

 

Meesohaawnee's picture

and a rigged ramped up stock market as a thank you gift for no handcuffs

smlbizman's picture

well the man has 99 problems but apparently the private sector ain't one....

GMadScientist's picture

Mmmm mac'n'gubmint cheese.