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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.

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