Now They Tell Us


#1

Now They Tell Us
by Tom Blumer


12/8/12

Now that Barack Obama is safely ensconced in the White House for another four years, several items which should have been noticed or revealed before Election Day have come to the fore. Collectively, they tell us two things: that the pre-election economy was worse than voters were led to believe, and that the prospects for meaningful improvement under the current regime are bleak at best. …

Despite already-bloated inventories at its dealers, GM’s production lines ran full throttle during September and October. … retail inventories grew by an astonishing 99,000 in October and November. Dealers received five vehicles for every four they sold …, bringing their on-hand stocks from an already unsustainable 689,000 in September to … 788,000. GM estimates that its dealers have a 4-1/2 month supply of full-size pickups — if the economy doesn’t tank.

News in the housing market, particularly concerning sales of new single-family homes, suddenly went from pre-election exuberance to post-election bleakness. The Census Bureau’s final pre-election report told us that new-home sales had reached a seasonally adjusted annual level of 389,000. The administration’s press apparatchiks dutifully reported that figure as the highest in 2-1/2 years. …

Oops. The bureau’s post-Thanksgiving release revised September’s number down by over 5 percent to 369,000 and also reported a slight October decline. Overall, it showed that the housing market has gone nowhere during the past eight reported months. Actual monthly sales during the past five months have badly trailed 2009, when most observers thought that things were already as bad as they could get. …

Readers are going to be seeing a lot of Sandy-related excuse-making during the next several months, and … . Already, Sandy is being peddled as the reason why the ADP-Moody’s November private-sector employment report came in with only 118,000 jobs added. Mark Zandi, chief economist at Moody’s Analytics, claimed that the number would have been 86,000 higher if it weren’t for Sandy. Logically then, the December catch-up added to a supposedly typical month with 200,000 jobs added should cause the next ADP-Moody’s report to show a gain of almost 300,000. Wanna bet, Mark? …

Now even the press is turning dour on the economy, as if lousy conditions totally invisible before November 6 have suddenly (and of course, “unexpectedly“) appeared to ruin things.

I’m shocked! Shocked! The MSM lied in 1992 about the state of the economy in support of Clinton’s, “It’s the economy, stupid!” slogan, so why not lie 20 years later about the state of the economy in support of Pres. Obama’s reelection?


#2

I think of it like this. The bomb is Obama and Slim Pickens is the MSM.


#3

I didn’t need the media to tell me that…


#4

No, qix, you’re right. Those willing to see it and acknowledge what they’re seeing see it every day in the reduced traffic during their commutes, the closed businesses and vacant business building they see every day and the lay-offs and job transfers (overseas or to lower cost states) at their and friends’/relatives’ companies. Facilely dismissed as “anecdotal” by people who don’t want to see/acknowledge, but real nonetheless. But what people usually cannot see in person is what the MSM are withholding from readers, listeners and viewers: these things are almost ubiquitous across the US (and exceptions like Texas are, of course, denigrated by the MSM).


#5

You know, my mom watches the evening news on CBS, and on those occasions when I happen to catch five minutes of Scott Pelly (sp?) I am just sickened by way he presents the ‘news’. Always upbeat when he mentions the democrats or the economy, a hint of disgust when he talks about the republicans.