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Thursday, February 2, 2012

February 2, 2012 - Groundhog Day - Morning Headlines

Morning Headlines:

- U.S. Attorney general is set to testify in front of the House Oversight and Government Reform Committee today regarding the controversial Fast and Furious program (CNN):

- The CBO projects a "dim" economic outlook for 2012 and 2013 (Fox News):

- American Airlines plans to shed 13,000 jobs as it goes through a structured bankruptcy (CNN):


  1. In reference to the AA article

    What?! You mean a highly unionized company's costs are too high causing them to pay way more than they should for labor, which ultimately pushes them towards bankruptcy?! No way?!

    Seriously, look at the comments by the union boss:

    "Given all the uncertainty out there, I think it will serve our company and our people best to get the changes made as quickly as possible," Horton said on a call with reporters at the end of the day.

    But union officials showed no eagerness to agree to the company's plans.

    "The negotiating team expected this to look ugly, yet it has exceeded all of our expectations," said Laura Glading, president of the Association of Professional Flight Attendants in a statement to its members, who called the proposal "despicable."

    So, in their small little clueless pea-brains their logic is "fight for more, undeserved money and keep running the company out of business." Yes, that works well. Without the company, there are no workers. I hope the judge shreds the union contracts. If they hold out for more pay, cut them all. There are millions or unemployed Americans looking for work.

  2. I'm a democrat and I support Newt. I completely agree with Joe. Forcing your employer to pay higher-than-market wages via union cohesion kills companies. I'm out of work because my union (which I did not want to join) destroyed my steel company. They sucked everything out of them and put them into a financially unstable position.

    And by the way, congratulations Indiana for allowing people to CHOOSE their representation. Right-to-work is the only way to go. If I wasn't so socially liberal I would be a republican but I care about social things way more. I am embarrassed that my party is so "open" to "freedom" and "choice" they in non right-to-work states they do not allow you to have the choice of who represents you. They do not allow you to have the choice to not be in a union or pay the dues. I'm really happy to see Indiana break through the shackles of union cronyism.

  3. Conspicuously missing is the good jobless claims report showing a drop in initial claims to 367k. I guess lme's opinion a month ago that the 1 week increase showed just how weak the economy was has been proven wrong.

    People who continue to cheer against the US recovery for political reasons are shameful .

    Twitter: @bourgeoiz

    1. @bourgeoiz – Thank you for stopping by and commenting.

      First, there is nothing “conspicuously” missing. Do you know what time jobless claims are released on Thursday (yes, there is a very standard way this is done)? They are released at 8:30 AM EST. If you look at the time this post was published, you will notice it was 4:37 AM PST, or 7:37 AM EST. The purpose of this post is to create a small collection of simple headlines floating around on MSM news sites.

      Secondly, our original report, dated January 6th, 2012 (found here: discusses MONTHY unemployment information. We then followed it up with a report based on WEEKLY employment information, kind of like the news released today (see this post here:

      In the second post we state, “On January 6th, we merely questioned whether people (and, of course, the media) should be jumping up and down because of the unemployment figures and today, we still pose the same question of restraint. This information is just one report. It is just one set of figures. It shows a decline in the employment situation in this country, but please do not get excited and trumpet this as a loss for Obama. Let's not get too excited. We certainly are not.”

      Comparing weekly and monthly reports is not an apples to apples comparison. Weekly trends do not show the overall trend in the economy. They do not prove anything. As you can see, and have seen from today’s report and our last post, weekly trends tend to change… weekly.

      So, with that, no, we are not cheering against an economic recovery. We are saying that we should cautiously take more of a wait-and-see approach. We even say how we are not getting excited when the numbers look bad. Again, quoting this blog (in the second post about a seemingly worse weekly unemployment situation), “but please do not get excited and trumpet this as a loss for Obama. Let's not get too excited. We certainly are not.”

      And, no, this is not for political reasons. We want people to see truth and fact, not myths and media twists.

      Thank you again for commenting. Hope you come back to share more opinions.