1. And the jobs front news wasn’t too good today, either. The Keynesians will want more stimulus.

  2. BO’s attempt at picking up a turd by the clean end: Non-farm payrolls fell 131,000, private employment, rose 71,000. Isn’t that a net loss of 60,000 jobs??? Great news!!!!!! NOT.

  3. They are all fools and none have ever owned a business. Hense the crazy thinking. Keynes, a fool and an academic. Says it all.

  4. John Crudele writing in the NY Post published the following (excerpt) in his article on August 7, 2010.

    “O looks silly pushing ‘creation’ myth”

    “…The president, I’m sorry to say, is starting to look very foolish.

    It’s presumptuous of me, I know, to think that this president, or any politician, for that matter, really cares about telling the truth. But just in case, here’s the hole that Mr. Obama is digging himself into.

    Soon after another awful employment report was made public yesterday, the president managed a little grin and said, “All told, our economy has created nearly 600,000 private sector jobs this year.” He added that July was the seventh straight month in which private companies added workers.

    That, of course, would mitigate some of the other bad news in the report — if only it were true.

    What is correct is the fact that the Labor Department has indeed reported private-sector job growth for the past seven months. Those numbers are anemic and still being adjusted downward, but the official position of the department is that private industry is creating jobs.

    That was the same position the Labor Department took in 2009 — right before it had to eat crow this past February and admit that it had overcounted the number of jobs in this country by 1.4 million. That’s an error of 20 percent.

    The reason for this mistake was simple. The department uses a computer program that tries to anticipate how many new companies are being created during each month of the year and then it guesses at the number of jobs these firms should be creating.

    It feels justified doing this because new companies might not be reachable during the monthly survey done by the department. So, it just assumes these new firms are out there somewhere.

    Since April, the Labor Department has added 550,000 jobs that it thinks — but can’t prove — were created by these new companies.

    Do these companies and jobs exist? Probably not. There’s clear evidence that financial institutions aren’t lending to risky ventures.

    But what’s even stranger is that the Labor Department is adding more of these imaginary jobs to its count this year than it did in 2009.

    Wall Street has made a game out of Guess the Number, with the market reacting accordingly.

    But this isn’t a game — millions of unemployed will attest to that. And the jobless deserve nothing less than an honest count so they can assess their situation honestly and make plans intelligently.

    Hopefully, President Obama will soon stop his self-deception so he, too, can make correct decisions.”

  5. Hoagie: “Keynes, a fool and an academic. Says it all.”

    The Keynesian stimulus approach worked very well during the depths of the Great Depression, from 1933 to 1937, until FDR himself chickened out of it.

    We must not likewise chicken out now. Time now for more and greater government stimulus, including loans to small businesses!

  6. Keynesian approach is exactly what KEPT US IN the Great Depression for many years longer than necessary. Hayekian approach pulled us out of the Depression of 1920. Keynes is a failed system, worldwide.

  7. Sure Perry. FDR kept the depression going with his Keynes approach that’s why it was the Great Depression not th little depression like the one of 1920 as Hitchcock noted. Thank Keynes for what Obama is now doing, it all looks great now dosen’t it? Commies in government just won’t cut it.

  8. The purest definition of abject stupidity is to think you can spend your way out of a downward spiral into bankruptcy. Every adult in the entire world knows it’s as wrongheaded as it’s possible to be. Yet, idiots continue to support exactly the worst possible policies imaginable. It’s beyond stupid, it’s arrogantly self-destructive.

    Democrats might as well set the US Treasury on fire, it would save time and produce the same economic results.

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