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Bruce Enberg's Commentary

Bring your own Unicorn

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House Democrats lead by Nancy Pelosi have nixed a key provision of Obama's free trade Bill effectively killing it for the time being. In reality it was the failure of Republicans to pass it as they control the House, so it's probably just their way of embarrassing Obama before doing their Corporate Masters' bidding next week. Republicans seem to keep forgetting that Obama isn't running for a third term, and this will give Democrats a stick to beat job exporting Republicans with before next year's election.

 

Job creation was a robust 280,000 for May and the March number was revised upward by 32,000 to 116,000. Hourly wages rose by 8 cents to $24.96, and over the past year wages rose 2.3 percent. Considering that the minimum wage should be $22/hour,these positive numbers are rather lackluster and simply reflect the 'success' of Reagan's war on the Middle Class.

 

Last Updated on Friday, 12 June 2015 21:41 Read more...

I'll bet you a Yuan to a Baklava

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First Quarter US GDP came in at 0.2%, which is down from 2.2% in the Fourth Quarter. This isn't really a huge drop in US economic growth as you might think at first blush. When GDP is calculated, exports are added and imports are subtracted. The strong USD is making imports 'cheaper' and throttling exports to euro using countries that must pay much higher prices for US goods.

 

China of course is right there to sell the exact same things as the US at a more favorable exchange rate, as more countries are simply trading in the yuan instead of converting them to USD first. Not that the US is a big exporter anyway, but Europe does use the US as a 'cheap labor' factory floor. Overall the top US exports are gasoline, fuel oil and petrochemicals. Our chief 'manufactured' export to China remains recycled cardboard.

 

Last Updated on Friday, 01 May 2015 20:40 Read more...

We still have Liberal content streaming directly to you on the ObamaNet

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If you are streaming this online you are receiving it without paying extra nor are you trying to get around an outright block of it's liberal content. That's because you are using the ObamaNet. A bit of history: the Right Wing crazies made fun of Al Gore for 'inventing the Internet', a claim he never made by the way. Gore did push through the language that made the government funded construction of the  internet entirely available to anyone without prejudice, or as it's commonly known, Net Neutrality, and the right wing corporations hated him for it.

 

Bush appointees to the FCC found a loophole in the law and simply declared that that Net Neutrality ended when it reached your ISP or Internet Service Provider. That could be a phone company or increasingly a monopoly cable company that provides the last mile of wire between you and the World Wide Web (www). So if you want to stream a movie you don't just pay for high-speed internet, you pay extra to the original source because they will be artificially restricted from providing you with content at a usable speed without paying extra, even though you are already paying for high speed access.

 

Last Updated on Thursday, 26 February 2015 22:21 Read more...

It's Only Common Sense

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It's been widely reported that Wall Street bankers won a guarantee of bailouts from Obama's budget. It's true that they did get the 'Push Out Rule' eliminated from the Dodd - Frank Act so that they can continue to use depositors' money to back risky financial instruments. It was junk like derivatives based on collateralized home loans that crashed the banks in 2008. But, this doesn't guarantee the banks themselves will be bailed out, only that the FDIC will pay out the insurance on deposit accounts up to the legal limit.

 

There were six other provisions attached to the House Bill that would have gutted Dodd - Frank, but thanks to Senator Elizabeth Warren those were all killed. So if the Wall Street banks crash again the FDIC will be able to take a meat ax to them the way they do to smaller banks. That won't keep crooked bankers from sucking billions from them between now and then, but there is such a thing as 'Claw Back' to recover ill gotten gains when this happens. It just depends on who is in charge at the time, President Warren for example could be such a person.

 

Last Updated on Tuesday, 23 December 2014 21:41 Read more...

What's the daily bag limit on McDucks?

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Dallas Federal Reserve President Richard Fisher said Friday in a Fox News interview that the US economy is threatened by higher wages. His solution is to head this calamity off by raising interest rates so that hiring is cut back. He fears that higher wages are inflationary.

The Fed as a whole has been trying to create inflation in order to stop the rich from hoarding cash. The Fed has set a modest goal of 2% inflation instead of the 4 to 6% we really need to make such a policy work to jump start real investing (real as in creating jobs). Creating jobs is part of the Fed's legal mandate and the results have not been stellar to say the least.

And guess what? A census of billionaires by Wealth-X and UBS (a census not a poll because a representative sample is all of them, so they just asked them) found that they're indeed hoarding cash. The billionaire's money bins have 1000% more cash in them than a year ago. Weaker billionaires have had to quit swimming in their money bins out of a fear of drowning.

Last Updated on Thursday, 25 September 2014 21:13 Read more...

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