When The Strong Man Comes

Posted Thursday, June 17, 2010, at 4:21 PM
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  • Guillermo;

    The items you mentioned are paid for by taxpayer monies. Sam did not advise people to not pay their lawful taxes, render to Caesar that which is Caesar's, and all that. His point can be boiled down to this simple phrase, as I've said before, "Who you owe, owns you."

    And that's good for everyone to remember, whatever their political stripe.

    -- Posted by newdawn on Thu, Jun 17, 2010, at 6:57 PM
  • Right on Sam! I can't believe how many people still haven't awakened. Many of the people around here are starting to get it. We decided a long time ago that if we didn't have the money for somthing we would save until we did. It really feels good to be free people.

    Keep up the good work, we love to read your blogs!

    Love, Altamae

    -- Posted by Altamae 7 on Thu, Jun 17, 2010, at 9:14 PM
  • From the AP;

    WASHINGTON (AP) -- The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.

    Initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. It was the highest level in a month and overshadowed a report that showed consumer prices remain essentially flat.

    The rise in jobless claims highlighted concerns about the economic rebound -- especially after a report earlier this week said home construction plunged in May after government tax credits expired.

    If layoffs persist, there's a concern that the June employment numbers may show a decline in private-sector jobs after five straight months of gains, said Jennifer Lee, an economist with BMO Capital Markets.

    "We've definitely seen the economic recovery hit a wall," Lee said.

    First-time jobless claims have hovered near 450,000 since the beginning of the year after falling steadily in the second half of 2009. That has raised concerns that hiring is lackluster and could slow the recovery.

    The four-week average for unemployment claims, which smooths volatility, dipped slightly to 463,500. That's down by 3,750 from the start of January.

    Kevin Logan, an economist with HSBC Securities, said many economists have been expecting claims to fall below 450,000 for several weeks now.

    "The wait is getting longer and longer," said Logan. "As each week goes by, doubts about the underlying strength of the economic expansion grow."

    A separate Labor report said consumer prices fell for the second straight month. The 0.2 decline in the Consumer Price Index was pulled down by falling energy prices -- most notably a 5.2 percent drop in gasoline prices.

    But core consumer prices, which strip out volatile energy and food, edged up 0.1 percent in May, after being flat in April. Core prices are up only 0.9 percent over the past year -- below the Fed's inflation target.

    Additionally, the Commerce Department said Thursday that the broadest measure of U.S. trade rose during the first quarter to the highest point in more than a year. Much of the widening deficit was due to higher prices on imported oil during the first three months of the year. Those prices have since come down.

    And a private research group said its gauge of future economic activity rose 0.4 percent in May, signaling slow growth in the U.S. economy through the fall. Turmoil in stock markets and a troubled housing market weighed on the Conference Board's leading economic index, while measures related to interest rates and an increasing amount of money in the economy tugged it higher. The index is designed to forecast activity in the next three to six months.

    Still, layoffs remain one of the biggest concerns for the recovery. Just this week, casino owner Wynn Resorts laid off more than 260 workers in its two Las Vegas casino hotels.

    Julia Coronado, senior U.S. economist with BNP Paribas in New York, said current economic conditions suggest initial claims will stay at around 450,000 for some time. That's because weaker segments of the economy are shedding jobs while stronger sectors are hiring.

    Economists have said they don't expect to see sustained job creation until first-time jobless claims drop below 425,000 per week.

    The number of people continuing to claim benefits rose by 88,000 to 4.57 million. That doesn't include about 5.2 million people who receive extended benefits paid for by the federal government.

    Congress has added 73 weeks of extra benefits on top of the 26 weeks typically provided by states. All told, about 9.7 million people received unemployment insurance in the week ending May 29, the most recent data available.

    The extended benefit program expired this month. The House has approved an extension of the benefits through November. The Senate has yet to act.

    On Wednesday, Senate Republicans and a dozen Democratic defectors rejected a catchall measure combining jobless aid for the long-term unemployed, aid to cash-strapped state governments and the renewal of dozens of popular tax breaks. Despite the loss, Democratic leaders predicted that a scaled-back version of the measure could pass, possibly later this week.

    Adding to worries about the job market, the Labor Department said earlier this month that the economy generated only 41,000 private-sector jobs in May. That was down from 218,000 in April.

    Temporary hiring by the Census Bureau added another 411,000 jobs. The unemployment rate fell to 9.7 percent from 9.9 percent.

    AP Business Writers Jeannine Aversa and Martin Crutsinger in Washington and Tali Arbel in New York contributed to this report.

    -- Posted by Hugh Jassle on Thu, Jun 17, 2010, at 10:21 PM
  • ya know what cracks me up? when unemployment went up under Regan or the first Bush I tuned in rush and he said something about companys not down sizing but "right sizing". I guess it all depends on who is running the show.

    -- Posted by president obama on Thu, Jun 17, 2010, at 11:38 PM
  • Sam's right. No government is the best government. I'm right there with you. Now if we could get enough people behind us to tear down the whole corrupt government. And we can start anew with the way it should be. Pure freedom to do whatever we want, whenever we want. Oh, and no taxes.

    -- Posted by Platinumtoaster on Fri, Jun 18, 2010, at 2:21 AM
  • *

    Sammy, I work with a lot of kids in my neighborhood to learn to defend their families or stand up for their own selves. You are right,, the time to prepare for the strong man is before he attacks you. Good advice. I liked your point of trying to live without handouts from the government. So many people around here take food stamps, they think that it is a right. I try and tell them that I have to pay for that free food, and they laugh. I am planning on going back to school, but I will wait until I can go without getting help from the strong man. After listening to the hate coming from Sammy's haters, I can understand why people are reluctant to speak out. Loud, I recognized the hate you spread. I hear it all the time from the neighborhood troublemakers. Guys like you start hate, throw gas on hate, and when it builds to a fire, guys like you run and blame others. You and billy do not speak for all Mexicans, or even some of them. You speak as the haters you are. I wonder if you would be so macho face to face? I doubt it.

    -- Posted by Is.Gomez on Sun, Jun 20, 2010, at 6:52 PM
  • The great stimulus package has run out of gas;


    And nobody knew it was coming;


    And this most definitly was not to happen;


    Where is hope and change? Where is yes we can?

    -- Posted by Hugh Jassle on Thu, Jul 1, 2010, at 11:09 PM
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