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Issa Wants Congressional Hearing On BLS 'Data'

Tyler Durden's picture




 

Perhaps we are finally getting somewhere, though we suspect only traversing the toilet bowl, as the Chairman of the Government Oversight Committee, Darrell Issa, just blasted the BLS over the jobs data in a conversation with Greta Van Susteren on FOX Business. Issa demands a 'Hearing' because:

the way it's being done with the constant revisions, significant revision, tells us that it's not as an exact a science as it needs to be and there's got to be a better way to get those numbers or don't put them out if they're going to be wrong by as much as half a point.

We are more than happy to provide the factual data to support this Hearing - though we suspect Hilda Solis will be deeply offended that her PhDs' work could be questioned.

 

Via FOX Business:

Greta: As Chairman of the Government Oversight Committee, do you have interest in holding any hearings on how we gather data to arrive at these numbers?

 

Issa: We do Greta, because the way it's being done with the constant revisions, significant revision, tells us that it's not as an exact a science as it needs to be and there's got to be a better way to get those numbers or don't put them out if they're going to be wrong by as much as half a point.

 

Greta: Would you like a hearing in the next couple of months on this?

 

Issa: We very much intend to work every day through the November and December time to get these kinds of things done. We're hoping that that's a good non-partisan time. And this is an issue where I think our committee has important jurisdiction to make sure we get it right.

 

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Fri, 10/12/2012 - 09:08 | 2880938 GetZeeGold
GetZeeGold's picture

 

 

Take the 5th Amigos.

 

Fri, 10/12/2012 - 09:12 | 2880969 Ruffcut
Ruffcut's picture

They don't need no stinkin 1,2,3, 4, FIFTH! THey want some circle jerk screen time. Somebody is mad about the numbers not being fudged in their favor.

Fri, 10/12/2012 - 09:26 | 2881032 ratso
ratso's picture

Issa is just another political opportunist. 

Fri, 10/12/2012 - 09:31 | 2881068 GetZeeGold
GetZeeGold's picture

 

 

Show me someone who isn't.

 

 

Fri, 10/12/2012 - 10:17 | 2881233 greyghost
greyghost's picture

of course should the baininite twins win in november, will we ever hear another word on this topic? after all, the bls is an equal opportunity employer...whomever sits in power gets the numbers the way they want them. sucks to be out of power for any cry babies! how many decades has this been going on? but now we need congressional investigations? LOL

Fri, 10/12/2012 - 11:59 | 2881906 TruthInSunshine
TruthInSunshine's picture

As the homies like to say, "Issa talks a lot."

As the preppies like to say, all Issa does is  TALK TALK.

Fri, 10/12/2012 - 17:43 | 2883148 Boris Alatovkrap
Boris Alatovkrap's picture

For quotation of Mark Twain, "There is lie, damnable lie, and is Bureau of Labour Statisticals"

Fri, 10/12/2012 - 12:02 | 2881238 notbot
notbot's picture

Just use the IRS tax data.  Such a simple solution.  

Fri, 10/12/2012 - 17:45 | 2883154 Boris Alatovkrap
Boris Alatovkrap's picture

In former Soviet Union is unworkable in using Tax Data because is so cheating, so is watch apartment block and is guess unemployment. Always is 0%. Problem is solvent.

Fri, 10/12/2012 - 10:26 | 2881535 JPM Hater001
JPM Hater001's picture

What's missing from this statement?  Anybody?

Issa: We very much intend to work every day through the November and December time to get these kinds of things done.

Yes.

Fri, 10/12/2012 - 17:46 | 2883157 Boris Alatovkrap
Boris Alatovkrap's picture

November is Ramadan and is Christmas/Hanakah for December.

Fri, 10/12/2012 - 17:48 | 2883170 Uncle Remus
Uncle Remus's picture

Ramadan was last August. It's a lunar calendar.

Fri, 10/12/2012 - 09:26 | 2881041 SeverinSlade
SeverinSlade's picture

Do we really need a Congressional hearing to prove that the BLS is nothing more than an extension of the Ministry of Truth?

Let's see.  If someone exhausts their UC benefits, according to the BLS, they just got a job.
If someone stops looking for work, according to the BLS, they just got a job.

Any questions?

Fri, 10/12/2012 - 09:38 | 2881090 midtowng
midtowng's picture

Too bad Issa is doing this for purely partisan reasons. What we need is a politician to say, "Hey, how about giving us real numbers for the sake of people knowing the truth?"

Fri, 10/12/2012 - 09:55 | 2881134 Oldwood
Oldwood's picture

In a situation where the complaint is that there is no difference between the parties this type of partisanship is the only thing putting a light to corruption. It is lacking for sure but at this point it is all we have. Its not lkme the media is going to do it unless forced.

Fri, 10/12/2012 - 17:49 | 2883169 Boris Alatovkrap
Boris Alatovkrap's picture

In Russia is always have saying, "Do as I say..."

 

now Boris is forget...

Fri, 10/19/2012 - 15:17 | 2905177 Boris Alatovkrap
Boris Alatovkrap's picture

Boris is now remembrance... "or AK-47 back of head"

Fri, 10/12/2012 - 12:56 | 2882138 JimBowie1958
JimBowie1958's picture

I am GLAD that Issa is doing this for partisan reasons. That is how these bastards are supposed to keep each other in line. I DONT like them working together too cozy as their competition and rivalry are supposed to keep them honest.

If the duopoly stops competing with each other on the big ticket items, we are all fucked worse than we thought.

Fri, 10/12/2012 - 09:45 | 2881109 RSloane
RSloane's picture

Wait for the 'it lends legitimacy' phrase to work its way into the conversation.

They should just review all of the ZH threads on the BLS data and save the taxpayers another few million on the charade.

Fri, 10/12/2012 - 09:50 | 2881120 sdmjake
sdmjake's picture

Because you said  FIF and it is Friday...

http://www.pp2g.tv/vYH1-Y3U_.aspx

 

Fri, 10/12/2012 - 09:05 | 2880942 stinkhammer
stinkhammer's picture

congress = clown car

Fri, 10/12/2012 - 09:07 | 2880943 GetZeeGold
GetZeeGold's picture

 

 

We make fun of those guys in the Choomwagon.

 

Fri, 10/12/2012 - 09:10 | 2880952 Lohn Jocke
Lohn Jocke's picture

St. Issa? AKA Jesus? Baffle with Mularky..."Stuff"

Fri, 10/12/2012 - 09:13 | 2880970 GetZeeGold
GetZeeGold's picture

 

 

St. Issa? AKA Jesus?

 

He's no Obama.....and he certainly isn't a messiah.

 

Fri, 10/12/2012 - 09:24 | 2881026 GMadScientist
Fri, 10/12/2012 - 09:07 | 2880944 GMadScientist
GMadScientist's picture

Half a point?!

Try ten to fifteen, hypocritical stoogeboy.

Nice "Homeland" profits in your pocket, wannabe Nazi dipshit.

Fri, 10/12/2012 - 09:09 | 2880949 Chief_Illiniwek
Chief_Illiniwek's picture

Hearings?  To what ends?

What serious person still use regime-numbers to make decisions about their busuiness/investments/life?

Fri, 10/12/2012 - 10:28 | 2881590 JPM Hater001
JPM Hater001's picture

Well, for one it would make for great theater.  I bet HBO could sell the broadcast and pay off half the debt with the advertising revenue.

 

Roll with it Chief

Fri, 10/12/2012 - 09:10 | 2880953 Dr. Engali
Dr. Engali's picture

Okay we have the circuses ....who is going to supply the hedonically adjusted bread?

Fri, 10/12/2012 - 09:09 | 2880954 thedrickster
thedrickster's picture

Have you ever heard Hilda Solis speak? 

Fri, 10/12/2012 - 09:11 | 2880956 Cognitive Dissonance
Cognitive Dissonance's picture

"Perhaps we are finally getting somewhere, though we suspect only traversing the toilet bowl...."

Much pomp and circumstance will be presented (not to mention plenty of junior high school drama) but little substance will come from any CONgressional "Hearing".

Remember the Golden Rule. It is what's not said or discussed that is important. You can always talk about the effects of the system, but never about the system itself.

Fri, 10/12/2012 - 09:20 | 2881006 CPL
CPL's picture

Kangroos = check

Stooges - check

Court - check

 

Now put that strawman on the stand your honour.  We are prepared and ready for cross examination of the witless.

Fri, 10/12/2012 - 09:23 | 2881031 Sofa King Confused
Sofa King Confused's picture

The CONgressional Hearing is probably more about " OH SHIT they figured out we were lying about the numbers and we need to talk.  We lost one of our best manipulation tools; we need to make up something else the people will believe in if we are going to be able to control the markets."

Fri, 10/12/2012 - 09:38 | 2881088 Cognitive Dissonance
Cognitive Dissonance's picture

Thus Issa's declaration that they need to "fix" the manipulation tool.

Fri, 10/12/2012 - 09:13 | 2880963 malikai
malikai's picture

Gold crushing currently underway.

https://www.quantsig.net/live.html#?&charts=m24h,m4h

Fri, 10/12/2012 - 09:13 | 2880976 bigdumbnugly
bigdumbnugly's picture

or stated another way it's nine o'clock eastern.

Fri, 10/12/2012 - 09:17 | 2880992 GetZeeGold
GetZeeGold's picture

 

 

Gold crushing currently underway.

 

Where?

Fri, 10/12/2012 - 09:19 | 2881005 malikai
malikai's picture

I shouldn't have just said gold, because its pretty much across the board..

Definitely 9am on a Friday.

Fri, 10/12/2012 - 09:25 | 2881038 CPL
CPL's picture

The board is red in tiny fractions.  But with no margon allowed on most of it, the price is entrenched until the Chinese metal market says margin is allowed.   Only think keeping it down is people still believe in empty promises on paper that can never be paid back.

 

 

Fri, 10/12/2012 - 09:20 | 2881011 CPL
CPL's picture

Difficult to crush something that dense.

Fri, 10/12/2012 - 09:26 | 2881029 fuu
fuu's picture

Gold is just wandering around aimlessly, silver just got hit by a bus. Little stop run before the open?

Fri, 10/12/2012 - 09:12 | 2880964 francis_sawyer
francis_sawyer's picture

 [Broom] Hilda's job is to 'sweep' all the negative looking stats under the rug...

Fri, 10/12/2012 - 09:37 | 2881083 GeezerGeek
GeezerGeek's picture

That's why she has so many PhDs. Piling Higher and Deeper, as the saying foes.

Fri, 10/12/2012 - 09:12 | 2880966 yrbmegr
yrbmegr's picture

Love those questions from Greta.  You can just hear her nodding her head furiously as she asks them.

Fri, 10/12/2012 - 09:14 | 2880980 Cult_of_Reason
Cult_of_Reason's picture

There’s Something Very Fishy With the September BLS Unemployment Rate

http://trimtabs.com/blog/2012/10/09/theres-something-very-fishy-with-sep...

Fri, 10/12/2012 - 09:45 | 2881108 Theosebes Goodfellow
Theosebes Goodfellow's picture

Oooh, ohhh, a new game! It's called "Name that State!"

http://www.breitbart.com/Big-Government/2012/10/11/bls-fail-jobless-clai...

Fri, 10/12/2012 - 09:21 | 2881018 Cult_of_Reason
Cult_of_Reason's picture

A long overdue congressional investigation indeed...

Fri, 10/12/2012 - 09:14 | 2880983 SmoothCoolSmoke
SmoothCoolSmoke's picture

Issa don't like the BLS data manipulated cause it ain't help'n RR get elected.  If they do win..... he'll be all for the manipulation.  Just another f'n hypocrit in power.

Fri, 10/12/2012 - 09:14 | 2880985 Standard Deviant
Standard Deviant's picture

The solution is simple.   Congress just needs to pass a law requiring economics to be an exact science.  It has to work, legislation is an exact science and congress always gets things right the first time.

Fri, 10/12/2012 - 09:28 | 2881052 insanelysane
insanelysane's picture

I don't see where anyone is suggesting that it should be an exact science but statistically speaking a legitimate model would over estimate as much as it under estimates.  The current model has under estimated forever.  Also, yesterday's number is completely bogus.  They are constantly making "adjustments" to the data as part of their process but when one large state doesn't send data, they make no adjustment for it.

Fri, 10/12/2012 - 09:16 | 2880990 Yen Cross
Yen Cross's picture

 I'm sure Issa will have to threaten TPTB with contempt, ALA Fast and Furious, to get anything done.

Fri, 10/12/2012 - 09:18 | 2880998 Confundido
Confundido's picture

Some one is really adamant that gold has to be stopped from rising before Obama gets re-elected. Will $1,737/oz be enough?

Fri, 10/12/2012 - 09:18 | 2881001 MrBoompi
MrBoompi's picture

When the convicted criminal and professioanl douchebag Darrel Issa wants an "investigation" into anything you can bet its only another partisan witch hunt.  Does he expect any of us to bel;ieve if Romney is elected he would want the methodology changed?  Give me a fucking break.

And for those of you who really give a shit about a more accurate number, go read shadowstats.  Don't put your trust in a hack like Darrel Issa.

Fri, 10/12/2012 - 11:35 | 2881821 waterhorse
waterhorse's picture

I was hopeful when he started the Friends of Angelo (Mozilo - Countrywide) investigation, but then the investigation turned into a big nothing-burger when Issa discovered some of his best republican buddies were also friends of Angelo.  It was funny to watch him squirm and backpeddle on that one.

Fri, 10/12/2012 - 09:20 | 2881007 Catullus
Catullus's picture

Hearing to explain to a bunch of math-challenged retards that it can't be an exact science. Maybe they can even be indignant about it while they're at it.

Fri, 10/12/2012 - 09:20 | 2881010 warchopper
warchopper's picture

Have all the BLS employees show their trading history in their TSP retirement accounts. (www.tsp.gov)

The bias comes from within. Just like employees who receive stock options, the BLS employees benefit when their reports benefit THEIR retirement accounts. Ponzi. I want to see investigations and people thrown in jail. 

Fri, 10/12/2012 - 09:25 | 2881040 ShrNfr
ShrNfr's picture

Seasonal adjustment always fucks the puppy. That happened yesterday with the "unemployment claims" data. One "large" state did not submit their quarter end data in time. The X12 did its thing and bingo low claims. Claims always peak at quarter end. Leave a large state peaking out of the data, and whammo, data excrement. One wonders if the "large state" withheld the data on pupose knowing this, or they were just being their usual incompetant selves. WSJ from yesterday had the story on it.

Fri, 10/12/2012 - 09:26 | 2881046 DavosSherman
DavosSherman's picture

They could hire John Williams for $350 a year to replace the entire BLS.

Fri, 10/12/2012 - 09:35 | 2881079 JP McManus
JP McManus's picture

This.

Fri, 10/12/2012 - 09:29 | 2881060 Gimp
Gimp's picture

For the benefit of Mr. Kite there will be a show tonight on trampoline....

Fri, 10/12/2012 - 09:33 | 2881073 Montezuma
Montezuma's picture

prophet Issa in his crusade against "cooking the books" .. yeah right. Its almost as funny as science mentioned in FOX News. I know simple way to get the data, ask tv pastor pray for asnwers?

Truth is that he stats are mainly bullshit but bullshit needed to follow. Real unemployment rate in use is around 20% if you count people who are not working including students (and others). Why should we count students? because only way to get real picture is to have, you cant have stats for people who are unemployed and "looking" for work, stay a home moms arent really working etc..

Jobs data is a stupid data but there is no way to get away from it...

Fri, 10/12/2012 - 09:39 | 2881092 PaperBear
PaperBear's picture

I am laughing my head off right now.

Fri, 10/12/2012 - 09:43 | 2881100 PaperBear
PaperBear's picture

So the state with the largest economy among the 50 states ‘forgot’ to report 30,000 jobless claims. Will the person really responsible be losing their job ?

Fri, 10/12/2012 - 09:52 | 2881126 GMadScientist
GMadScientist's picture

Or will you pick up your head and read the article?

Stay tuned!

Fri, 10/12/2012 - 09:43 | 2881102 madcows
madcows's picture

Would you believe the numbers even after they've changed the formula or process?

Given inflation's massive underrepresentation, I question the integrity of every government number.

Fri, 10/12/2012 - 09:54 | 2881130 GMadScientist
GMadScientist's picture

Very a much a "we want to decide how the lies are told" ploy.

Anyone who thinks they won't be just as biased, only in a different direction (unless and until a Repugnicant enters the WH, of course) is in the market for a bridge.

 

Fri, 10/12/2012 - 09:54 | 2881129 ebworthen
ebworthen's picture

Why do we need "the numbers"?

It is what it is.

Everyone know employment is in the toilet.

Why pay people to create statistics?

Pointless.

Fri, 10/12/2012 - 09:55 | 2881135 GMadScientist
GMadScientist's picture

Why do people pay attention to a meaningless metric?

Agg income or bust (literally).

Fri, 10/12/2012 - 10:08 | 2881191 SuccorMoney
SuccorMoney's picture

BLS NFP is always flaky, nothing special this month.  Just watch ADP and shut up.

Fri, 10/12/2012 - 10:09 | 2881202 Abiotic Oil
Abiotic Oil's picture

With his work on exposing Fast and Furious and now this, he should probably stop flying, driving, eating at restaurants, taking walk in parks etc. and definitely make sure the DEA or ATF don't "accidentally" raid the wrong house.

Fri, 10/12/2012 - 10:11 | 2881207 curmudgery
curmudgery's picture

there isn't enough salt in the world to take politician's statements with.

best reasons to become a politician:

- your own graft channel

- harass your competitors and enemies

- protect yourself from prosecution

- entourage of lickspittles and groupies

 

worst reasons to become a politician:

- work for your constituents

- follow your conscience

- uphold the Constitution

 

Sat, 10/13/2012 - 10:13 | 2884640 toomanyfakecons...
toomanyfakeconservatives's picture

Those who fail to uphold the Constitution will have a price to pay when the people come for them... http://tinyurl.com/cd5cyjo/

Fri, 10/12/2012 - 10:41 | 2881650 haskelslocal
haskelslocal's picture

Get rid of seasonal. Winter is winter, summer is summer, people get it. Seasonal BS is all we get.

Fri, 10/12/2012 - 11:04 | 2881719 lostcause
lostcause's picture

 BlS has as much relevancy as Baghdad Bob.

Fri, 10/12/2012 - 11:39 | 2881828 Dkizzle49855
Dkizzle49855's picture

Speaking of toilet bowls, Shouldn't Hilda Solis be cleaning one somewhere as she seems qualified to do it.

Sat, 10/13/2012 - 10:11 | 2884639 toomanyfakecons...
toomanyfakeconservatives's picture

Lying on camera pays better.

Fri, 10/12/2012 - 11:42 | 2881846 icanhasbailout
icanhasbailout's picture

This will go down the same hole of total lack of accountability that Fast & Furious did. Notice Eric Holder & Co. paid no penalty whatsoever for what amounts to treason by the strictest definition.

Sat, 10/13/2012 - 10:08 | 2884636 toomanyfakecons...
toomanyfakeconservatives's picture

Even by a loose definition of treason, what do you call Benghazigate?

 

Excuse the Larouche link, but it's the best Benghazi gate video on the internet at the moment. http://larouchepac.com/benghazigate-vid

Fri, 10/12/2012 - 11:53 | 2881891 neutrinoman
neutrinoman's picture

I hope this sort of thing (like the UMichigan confidence numbers joke and the Fed's open-ended bailout of Wall Street, the federal government, and the banks) will start the ripping down of the mask of "technocratic neutrality" off the economics profession and civil service. All federal agencies, outside the military and a few other places, are heavily staffed by liberal Democrats, with a full set of "progressive," Keynesian beliefs. There's no doubt whom they want to be re-elected and what they want to continue.

Given those facts, we need to face the reality that we're in the last days of the Western world's infatuation with free money and the welfare state. Like the Soviet Union in its last days, we're seeing increasingly desperate attempts to create a phony "reality" of cooked statistics, an echo chamber for Chairman Ben and the rest. It's not new: the current wave of cooked books started in the 90s, with the revamping of the unemployment and inflation definitions, partly under pressure of the Fed and Greenspan. The BLS quietly slips out the real unemployment numbers as U4, U5, and U6, but the media rarely pays any attention to reality. Instead, we get this stupid patter of "improving labor market," "improving housing market," etc.

Fri, 10/12/2012 - 13:26 | 2882230 Youri Carma
Youri Carma's picture

For some reason I read: "Issa Wants Congressional Hearing On BS 'Data' "

Fri, 10/12/2012 - 15:50 | 2882704 TruthBeforeAll
TruthBeforeAll's picture

Hey Issa you political chickenshit coward. How about that little thing called fast and furious you did absolutely nothing about after saying time and time again how you were going to get to the bottom of it. Why don't you and the rest of the self serving pieces of shit who call themselves representitives (of the people) take your bullshit posturing and stick it up your ass. YOU are the problem. Not the BLS and their propeganda. Fuck you.

Sat, 10/13/2012 - 10:20 | 2884647 toomanyfakecons...
toomanyfakeconservatives's picture

The richest member of Congress is a fraud? You don't say.

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