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Monday, October 8, 2012

Our Government-Media Complex Jumps the Shark...Large

The phrase jump the shark comes from a scene in the fifth season premiere episode of the American TV series Happy Days titled "Hollywood: Part 3", written by Fred Fox, Jr. and aired on September 20, 1977. In the episode, the central characters visit Los Angeles, where a water-skiing Fonzie (Henry Winkler), answers a challenge to his bravery by wearing swim trunks and his trademark leather jacket, and jumping over a confined shark.
"Jumping the shark" since then, has broadly come to mean that moment when everyone knows it's over. Hollywood is particularly susceptible to experiencing these moments, perhaps because entire lives and careers are devoted entirely to fantasy. It's my opinion that because they devote so much wealth, time, and energy into portraying a gigantic fairytale, at some point perhaps they just lose sight of reality. The shark jumping moment is always tellingly significant. It's characterized by its beyond the pale ludicrous shabbiness. When a larger than life Fonz uses his mystical powers to turn on jukeboxes or convince stubborn coke machines to release the soda we grin and go along, but when a superhuman Fonzie is suddenly able to fly over sharks well...

The show, enterprise, or career may lurch along for another short span of time after this happens but now it's just going through the motions.

The Government-Media complex has had its jumping the shark moment. When it seems too good to be true, it usually is. When it's flat out not even remotely possible, I think you just have to stop and decide that it's no longer even worth listening to them anymore. They've now become ludicrous and pathetic.

When the September jobs report was released, conservatives were highly suspicious. Immediately an all-out media assault began on anyone questioning the numbers. The phrase "highly insulted" set the tone when these incredibly convenient numbers were questioned. You'll be hard pressed to find very many articles which do question those numbers. Forbes published a highly critical and well reasoned article, and then promptly flushed it down the memory hole. I found a cached copy. I don't know how long this cached copy will be available so you'd better check it out pretty quick.
At promptly 8:30 am EST the Household survey announced unemployment had miraculously dropped to 7.8% which implied that nonfarm employment had increased a mind boggling 873,000 from August to September. Divergences are quite common between the Establishment and Household numbers….but a discrepancy of this magnitude aroused my suspicions. Navigating the BLS website is a frustration in and of itself. For my labors I discovered that since March 2002 or 115 data points, not once was there a month when the Household Survey had increased by such a gigantic amount or was there once when there was a divergence of that magnitude between the two indicators.

The Household survey, being made from such a pin sized sample size has always had a more volatile streak than the more reliable Establishment measure. But out of the blue to arrive at such a crazy number two days after a lackluster debate performance by the President has a malodor about it. Coincidence….I think not. Taken in conjunction with the goulash of other economic indicators over the past sixty days, an 873,000 jump in payrolls seems impossible to me. Second quarter GDP was recently revised downward to a paltry 1.3% growth rate and weekly unemployment claims are a desultory 370,000, far higher than if our economy was experiencing a sudden growth spurt. All important durable goods orders plunged 13% from July to August indicating business don’t have the confidence to make capital investment with so much looming uncertainty, be it the fiscal cliff, uncertain regulatory environment, uneasiness over tax policy, or employee health care expense under Obama care.
My mood is quite somber today. I'm saddened that the nation has sunk this low. I was not one of those who quickly published an unreasoned denial of the BLS numbers. I thought about this all weekend. I hunted for the truth. Is it possible that unemployment dropped so incredibly at the very moment when Obama so desperately needed it? There isn't a snowballs chance in Hell! I'm saddened today by this dishonesty. These lies are so over-the-top so impossible to believe that it's mind boggling, and yet the Government-Media complex is going to look us in the eye and call us crazy for not believing them!

We are now more than 16 trillion in debt, which means our debt is now higher than America's yearly income. (GNP) This puts us in the same boat as all the other failing countries of the Euro. For the past several years under President Obama we've begun just printing money.
In late November 2008, the Fed started buying $600 billion in Mortgage-backed securities (MBS).[44] By March 2009, it held $1.75 trillion of bank debt, MBS, and Treasury notes, and reached a peak of $2.1 trillion in June 2010. Further purchases were halted as the economy had started to improve, but resumed in August 2010 when the Fed decided the economy was not growing robustly. After the halt in June holdings started falling naturally as debt matured and were projected to fall to $1.7 trillion by 2012. The Fed's revised goal became to keep holdings at the $2.054 trillion level. To maintain that level, the Fed bought $30 billion in 2–10-year Treasury notes a month. In November 2010, the Fed announced a second round of quantitative easing, or "QE2", buying $600 billion of Treasury securities by the end of the second quarter of 2011.[45][46] A third round of quantitative easing, or "QE3," was announced by the Federal Reserve in September 2012. The third round includes a plan to purchase US$40 billion of mortgage-backed securities (MBS) per month.
This "Quantitative Easing" unless stopped very soon, will end up putting us in the same grave as all the other failed regimes in history that were destroyed by hyperinflation, the latest being Yugoslavia and now Zimbabwe.

The almost certain fact that these numbers are terribly flawed is not the whole story. The very real possibility that they're deliberately flawed does not complete this story. The final jumping the shark moment came with the virtual avalanche of media support of these numbers and hysterical all-out attack on any critics, who they condescendingly labeled conspiracy theorists. Thousands of identical stories from the smallest paper to the biggest network immediately jumped on anyone who dared question these figures. Birthers and Truthers and Deniers, oh my! The Media doth protest too much, methinks!

Are we supposed to just grin and go along with this? If there's one overarching reason above all others which proves Obama must not win in November it is this one. This shabby ludicrous pathetic last-ditch attempt to pull the wool over our eyes one more time is the final straw. They took over control of our schools. They took over control of our media. They took over control of our bureaus and government offices. Now they're attempting to take over control of that last source of unregulated information, the internet. Here's the thing, they just jumped the shark. People all over this country are talking to each other, and in disbelief! They're suddenly awake and talking and unless they've been living in 47% fantasy land their entire lives, they're saying this show is over.

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