Bernanke Fed GDP projections, US Labor Dept. BLS employment data, Obama speeches, 1984 Orwellian rhetoric, We control life Winston at all its levels, Men are infinitely malleable
“We need an educated citizenry that values hard evidence.”…Barack Obama
“Over the last six months, of the net job creation, 97 percent of that is part-time work,”…Keith Hall, former BLS chief
“It appeared that there had even been demonstrations to thank Big Brother for raising the chocolate ration to twenty grams a week. And only yesterday, he reflected, it had been announced that the ration was to be reduced to twenty grams a week. Was it possible that they could swallow that, after only twenty-four hours? Yes, they swallowed it. Parsons swallowed it easily, with the stupidity of an animal.”
“We control life, Winston, at all its levels. You are imagining that there is something called human nature which will be outraged by what we do and will turn against us. But we create human nature. Men are infinitely malleable. Or perhaps you have returned to your old idea that the proletarians or the slaves will arise and overthrow us. Put it out of your mind. They are helpless, like the animals. Humanity is the Party. The others are outside – irrelevant.”…George Orwell, “1984”
Obama, in speech after speech, continues to tell us of improvements in the economy and jobs market.
Promises of improved and less expensive health care.
“1984” manifested in the US.
From Zero Hedge September 19, 2013.
“Guess What The Fed’s Original 2013 GDP Forecast Was”
For some reason, today pundits are appalled by the loss of Fed credibility only because Bernanke “surprisingly” U-turned on the taper announcement, catching virtually everyone offguard. Perhaps instead of that, the sophisticated financial community should focus on the core of the problem: the Fed’s chronic inability to look even more than a couple of years into the future without being dead wrong about what transpires, even in the absence of a great financial crisis (which the Fed never could predict in the first place of course). Case in point, yesterday’s most recently downward 2013 GDP projection. The chart below tracks how the latest and greatest prediction of the 2.15% 2013 GDP (2.0%-2.3%) moved over the past two years.
“In other words, the Fed started at 4.2%… and ended with half that number. Oh, and that includes the recent GDP-boosting revision, without which GDP growth for the year would have been even lower.”
The US Labor Dept. continues to present unrealistic employment data as it did yesterday.
From Zero Hedge September 19, 2013.
“Initial Claims Data Worthless For Second Week Due To Ongoing “Computer Upgrade” Glitches”
“Economic data may be completely meaningless now that the Fed is openly blowing a bubble without any qualms, but even the Fed at least pretends its policy is guided by said economic data. Which is a problem because for the second week in a row, Initial Claims data is absolute garbage, following an admission by the BLS that “two states” are still working through the claims backlog caused by the “computer-system changeover.” Recall that last week’s “computer upgrade” was the reason why claims plunged from 323K to 292K (on expectations of 330K). And yes, they actually put that “excuse” on paper:”
Former BLS chief Keith Hall recently stated:
“This has been a very slow, very bad recovery,”
“And I think the numbers have really struggled as a result. In fact, I’ve been very disappointed in the coverage of the numbers.”
Hall was replaced by Erica L. Groshen.
From the BLS site.
“I have a very non-political, non-partisan background,” Groshen said. “That’s the kind of work I’ve always done at the Fed and when I was briefly an academic. The BLS is just a continuation of that sort of career because that’s who I am. That’s what I do.”
“The BLS prides itself on being non-political and that makes it a good fit for me.”
Groshen sent her children to a leftist leaning camp, Camp Kinderland.
“The lady doth protest too much, methinks.”…William Shakespeare, “Hamlet”