Friday, June 26, 2009

Jobless Numbers rise yet Cap and Trade vote still going

The Labor Department reported that the number of U.S. workers filing new claims for jobless benefits unexpectedly rose for the week ended June 20 by 15,000, to 627,000.

Continuing claims -- those drawn by workers for more than one week -- climbed by 29,000 to 6,738,000. Both numbers had fallen the previous week.

While they try to cram through "Cap and Trade" today... if successful, you'll see those jobless numbers climbing at an accelerated pace once the energy prices begin an inflation spiral, IMHO.

Catch up to date on this vote on the floor today:
- A tooth-and-nail fight in House over climate bill

If passed, the bill would represent the most profound government intervention in America’s energy use since Washington began regulating the fuel economy of vehicles in 1975.

- Cap and Trade Facts Every Minnesotan Should Know

Today the U.S. House of Representatives will likely approve one of the most crushing tax increases to American consumers in history – a hidden energy tax called "Cap and Trade."

- Environmental Capital

“Without a resounding House endorsement, I think the Senate is going to view this as too risky to take up in any significant way,” says Bill Durbin, head of carbon research for the consulting firm Wood Mackenzie.

Hmmm... the vote to advance the legislation to the House floor was close -- 217 to 205 -- does that make it "too risky" to take on right now?

Personally, I think it will be another nail in the "economic green shoots" coffin and help propel those jobless figures upward -- not good.

But I'm guessing the Fed has a different take on the rising jobless numbers. They probably still see higher jobless figures as a good thing for the country right now.

Why in the world would I say this?


According to minutes of a Fed meeting back in 2003, Bernanke cited studies that essentially said the declining dollar doesn't matter, commodities prices don't matter, and "weak labor markets would keep inflation tame."

Speaking of this...

Have you noticed how "cozy" things are getting between the White House and the Federal Reserve? Check this out...

Beyond the grim jobless numbers, I've also heard that there is a serious backlog in mortgage foreclosures. Quote:

During the first quarter of this year, the share of all homeowners seriously delinquent on their mortgage but not yet facing foreclosure more than doubled to 3.04 percent, or about $227 billion in loans. [link to full story]

Back to cap and trade -- House Majority Whip, Rep. James Clyburn (D-S.C.), says "We're getting there."

The question is: Getting where?!??

I'm thinking this will drive a stake into the heart of the Democratic party deeper than any they've already driven in.

There won't be any "dancin' in the streets" over this one in the Midwest. If the Dems keep it up, the only dancin' will be in the dark, in my humble opinion.

Who is running for an Independent or Libertarian seat in Indiana come 2010?

Introduce yourself in the comments here, please.

I have some people that might want to meet you -- if your ethics, values and morals match those we're looking for in a leader to send to Washington.

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