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“Tracking The Truth, Because the Mainstream Media Won’t”

Posts Tagged ‘US Economy

Obama Kool-Aide Drinker’s

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Written by truthtracker

March 10, 2009 at 1:45 AM

Remember Those Promises Barack Made While Campaigning, Well Forget Some of Them!

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Obama Says Recession Requires Scaling Back Promises

By Edwin Chen

Jan. 11 (Bloomberg) — President-elect Barack Obama said reviving the U.S. economy will require scaling back on his campaign promises and personal sacrifice from all Americans.

“I want to be realistic here, not everything that we talked about during the campaign are we going to be able to do on the pace we had hoped,” Obama said in an interview on ABC’s “This Week” program broadcast this morning. “Everybody’s going to have to give.”

Obama also said in the interview recorded yesterday that he wants stricter guidelines and greater transparency in spending the remaining $350 billion in the Troubled Asset Relief Program.

Obama takes office Jan. 20 and is pressing Congress to act quickly on a two-year economic stimulus plan of about $775 billion that includes new government spending and tax cuts. As part of his campaign to build support from lawmakers and the public, Obama has been speaking about the economy every day over the past week, warning of a deeper and more prolonged recession without government action.

Though some Democrats have resisted elements of Obama’s plan, recent economic data have helped him make his point. The Labor Department reported Jan. 9 that the U.S. lost almost 2.6 million jobs in 2008 and that the unemployment rate jumped to 7.2 percent in December, the highest level in almost 16 years. The losses were widespread, with manufacturers, builders, retailers and temporary-help agencies axing positions.

Indicators

“Whether it’s retail sales, manufacturing, all of the indicators show that we are in the worst recession since the Great Depression,” Obama said on ABC. The result is that all Americans will feel the effects of efforts to put the economy back on track, he said.

“Everybody’s going to have to have some skin in the game,” he said.

Companies including Boeing Co., the world’s second-largest commercial-plane maker, CSX Corp., the third- largest U.S. railroad, and General Dynamics Corp., the second-largest shipbuilder for the U.S. Navy, announced job cuts last week.

God Bless,
The Truth Tracker
Jason R. Bootie

IRS helps Illegal Aliens Enter U.S. Credit Market!

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VIA(CNSNEWS)

IRS Opened Back Door for Illegal Aliens to Enter U.S. Credit Market

(CNSNews.com) – Internal Revenue Service rules have opened up a back-door through which illegal immigrants can obtain an Individual Taxpayer Information Number (ITIN), which in turn helps them enter the U.S. credit market.

The IRS uses ITINs to process tax payments owed by people who are not eligible for a Social Security Number. It is issued regardless of immigration status to people living both inside and outside the country.

Read the rest of the article here:

God Bless,
The Truth Tracker
Jason R. Bootie

Written by truthtracker

November 15, 2008 at 12:55 AM

Why Doesn’t Obama “Distribute His Own Money Donated by Millions”?

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Since “The Messiah” is so into “Spreading the wealth”.  Then why does he not use the leftover campaign donations to give out?  Oh maybe because he is giving it all to his staffers who I’m sure make plenty of money without these extra perks.  Wonder what the American people who are suffering during these times and losing their jobs would think?

Barack Obama gives campaign staffers extra cash, BlackBerrys, laptops

God Bless,
The Truth Tracker
Jason R. Bootie

Written by truthtracker

November 15, 2008 at 12:20 AM

How we arrived at our current Economic situation!

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Folks if you are interested in how we truly got into our current economic situation, and if you would like to find out who helped get us in this position, then I suggest you take a look at this video.  It is a quick moving video but you will see the facts and get a better understanding.

Team DeMint: What Caused Our Economic Crisis?
By Rizzuto

Sat Sep 27, 2008 – This video was brought to my attention by a reader. If you don’t know who senator Jim DeMint, he’s probably one of the last great hopes for true economic conservatism in the US Senate, the standard bearer of government restraint. He’s got leadership written all over him, and should will definitely be a player in the future of the Republican party.

He put out this video recently which accurately traces and explains the financial crisis, and how we got into the situation we’re in right now. A perfect video to leave up for the weekend. Enjoy!

Hat Tip Rizzuto @ (Conservative Punk)

God Bless,
The Truth Tracker
Jason R. Bootie

Written by truthtracker

September 28, 2008 at 12:19 PM

After historic jump in Oil price, what comes next!

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Oil’s jump makes history, but true test is yet to come

By Myra P. Saefong, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures made history Monday with the biggest daily dollar gain ever seen on the New York Mercantile Exchange, but the true test for oil is yet to come.

The future of global oil demand is more uncertain than ever given the U.S. rescue plan for the financial market, and no one’s sure about the impact and recovery pace of production and refinery activity in the Gulf of Mexico following the recent hurricanes, analysts said.

On Monday, a steep drop in the U.S. dollar, assumptions that the government rescue plan will help improve the economy and boost oil demand as well as short-covering related to the expiration of the October crude contract on Nymex all combined to pull oil prices to their highest intraday level in two months. See Futures Movers.

Oil’s rally was “a mixture of short covering and the growing realization that the Fed [especially in an election year] is willing to be the ultimate backstop to the economy,” said Neal Ryan, a managing partner at Ryan Oil & Gas Partners.

“Throw in a worsening supply/demand dynamic on top of it and we’re off to the races,” he said.

It all just “underscores that energy is the only place to expect outsized profits these days and the money is flocking into that market,” he said.

U.S. stocks dropped Monday as traders digested the details of a $700 billion plan to rescue ailing financial firms. See Market Snapshot.

“Clearly the money out there needs a place to go, and oil is now a major safe haven,” said Michael Lynch, president of Strategic Energy & Economic Research (SEER).

Illogic

But some of what’s going on really doesn’t make any sense. A worrisome economy and financial market should translate into lower demand for oil, some analysts said.

“The oil market is caught up in the same hysteria of the rest of the financial markets,” said Anthony Sabino, a professor of law at St. John’s University, whose legal practice includes oil and gas law.

“We can and will get through this” as the markets did back during the Great Depression in the 1930s, he said. “So oil traders getting caught up in the general panic is just plain dumb.”

“If the economy is so bad and uncertain and panicky, [the] price per barrel should be deflating like crazy because demand is cratering,” Sabino said.

The same insane speculation that drove investors into “toxic investments” such as subprime lending and collateralized debt obligation has infected the oil market, “so for no good reason at all they are driving oil up to unsustainable prices,” he said.

It’s a “wholly illogical disconnect,” Sabino said. With the U.S. stock market down by so much and money tight, logic says oil demand will “continue to drop like a stone, so prices should be back at $90 and heading south to $80.”

Complications

Complicating matters on Monday was trader short covering related to the expiration of the October crude contracts on Nymex, analysts said.

“Some folks got caught short,” said James Williams, an economist at WTRG Economics. “The stocks at Cushing [Okla.], which is the delivery point for Nymex, will be low because they have been drawn down because of the hurricane.”

So “if you are short on the last day of trading you have to either buy back the contract or make physical delivery and it is probably difficult to get spot oil at Cushing to make physical delivery,” he explained.

Confidence in the commodities also climbed on the heels of the drop in U.S. stocks and as the dollar buckled against other major currencies. See Currencies Report.

“A weaker dollar on concern about the financial crisis and how Congress will handle it, as well as a flight to safety — or at least the perception of safety in a commodity that has increased for five years,” helped pull prices for oil higher Monday, said Williams.

Longer term, however, oil should see pressure from the weaker economy worldwide, he said. “Even China is trying to stimulate its economy.”

And don’t forget: The Gulf of Mexico’s still slowly recovering from Hurricane Gustav in August and Hurricane Ike in September.

About 76.6% of oil production and 65.5% of the natural-gas output in the Gulf are still shut in as of Monday, according to the U.S. Minerals Management Service.

The hurricanes and the energy facility shutdowns related to them didn’t appear to contribute much support to oil prices. Historical prices for crude on Nymex actually fell about 10% between Aug. 19 and Sept. 19.

Sure, oil seems to be a major safe haven now, but how the oil market reacts “when inventories go up as the effects of Gustav and Ike diminish will be the real test,” said SEER’s Lynch.

Myra P. Saefong is MarketWatch’s assistant markets editor, based in San Francisco.

 

 

 

Written by truthtracker

September 24, 2008 at 12:53 PM

Posted in News Stories

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