LOTS OF NEWS THIS WEEKEND ABOUT POLITICS AND THE ECONOMY. I want to bring the stories to your attention, won’t comment a lot about each one, you are all smart enough to add 2 + 2 and get 4.
THURSDAY, THE COMMERCE DEPARTMENT reported the sharpest drop in industrial production in the last year.
TODAY, THE NATIONAL ASSOCIATION OF HOMEBUILDERS reported that it’s monthly reading of builder’s confidence was at 14; below 50 is considered negative. This is the lowest it’s been in fifteen months. This reading is a three part survey of 502 builders across the country that measures expectations for the next six months, current market conditions and current foot traffic at new homes listed for sale. In the AP story reporting this, one economist estimated that with the current supply of available homes, new, used and foreclosed/repo’ed, it could be three years before supply and demand balance.
LAST WEDNESDAY’S WSJ REPORTED THAT FANNIE MAE has launched a new program to get first time home buyers into a home for as little as a down payment of $1,000. It went on to report that 8% of loans for new cars last quarter went to borrowers with the lowest range of credit scores and that nearly 85 million credit cards were offerred to subprime borrowers in the first half of 2010. Haven’t we heard this song before???
MORT ZUCKERMAN, OF U S NEWS FAME, 2008 OBAMA SUPPORTER AND OCCASIONAL SPEECHWRITER, writes on Friday in his magazine that “Obama’s Anti-Business Policies are Our Economic Katrina”. He talks of the President’s “predilection to blame business”, business’s “disillusionment”, and the new generation of regulations, bureaucracy and higher taxes. The piece is worth reading.
THINGS ARE SO BAD THAT THE DEMOCRATS in the House did not even write a budget for next year. Ask your Democrat friends how they get away with that. They are operating under a ‘ budget enforcement resolution’. But, according to National Review, with no formal budget, there can be no reconciliation moves by the House or Senate to avoid filibusters by the Republicans
IN RESPONSE TO THE LAWSUITS CHALLENGING THE INDIVIDUAL health care mandate, the administration announced on Friday that it will defend the mandate in court as a TAX, even though the President and many others denied that it was one during the debate.
THE BOSTON GLOBE TODAY REPORTED THAT small companies in Massachusetts, where Obamacare is already operating as Romneycare, are dumping their health coverage and telling their employees to sign up for the state plan. Gee, who could have predicted that?
VICE PRESIDENT JOE BITEME TOLD JAKE TAPPER OF ABC NEWS yesterday that the stimulus did not work as well as it could have because it was too small. If Republicans had not opposed it, they could have spent more and the economy would be humming along right now. Those darn Republicans…The stimulus bill was $862 billion; originally, the administration asked for $775 billion and claimed that if we spent that, unemployment would not go over 8%. Gosh,, maybe if we had spent $3 trillion, unemployment would be at 3% and……..
LAST, BUT CERTAINLY NOT LEAST, AN ARTICLE AT REAL CLEAR POLITICS this AM, headlined ” Dems Headed for Potential State House Disaster “, written by Sean Trende, points out the Republicans could make ‘massive’ gains in governorships in November. This is a part of national trends and elections not usually covered by political and opinion magazines, but it is important because in many states, the Governor plays an important role in redistricting and redistricting will start in 2011, based on the 2010 census. If the Republicans gain as many as Sean thinks they may, a total of 11 governorships switching parties, the political map for 2012 and beyond could be very favorable for the GOP. And, remember, only two states elected governors in 2009, both going from Blue – D to Red – R. And the economy was better and the public not as ticked off last year. The Ds just can’t get a Barack, I mean a break – but then, they don’t deserve one.