American Elephants


Obama: Black America is “Better Off Now Than When I Came Into Office” by The Elephant's Child

How about government racketeering? The 2010 Dodd-Frank Act created the Consumer Financial Protection Bureau. The Act specifically prohibited the agency from regulating auto dealers which the agency desperately wants to do because — racism. So the agency has gone after the wholesale finance  providers instead. These bulk lenders quote dealers an interest rate that dealers, “mark up” within fixed parameters when negotiating with car buyers.

The CFPB does not allege real bias against anyone, it alleges “disparate impact.” But the government doesn’t know the race or gender of car buyers. Dealers are forbidden to collect this information. Instead the CFPB relies on the “Bayesian Improved Surname Geocoding method” to classify individuals by ethnicity based on their last name, census tract and zip code. The CFPB admits that the method overstates  the African-Americans in the group by 20%. A private study suggests it’s more like 40%. But when pursuing racism to allege, the CFPB will leave no possibility unincluded.

The Bayesian method doesn’t identify skill in bargaining any more than it accurately identifies race and gender, but they charge ahead relentlessly. Many white males got less advantageous terms than the white-male average, unless they were mistakenly identified as Black, Hispanic and/or Female. This is a disgrace.

At his year-end press conference, President Obama was asked about the state of black America at the end of 2014. (emphasis added)

Like the rest of America, black America in the aggregate is better off now than it was when I came into office. The jobs that have been created, the people who’ve gotten health insurance, the housing equity that’s been recovered, the 401 pensions that have been recovered: a lot of those folks are African-Americans. They’re better off than they were.

The gap between income and wealth of white and black America persists, and we’ve got more work to do on that front.

I’ve been consistent in saying that, you know, this is a legacy of a troubled racial past, Jim Crow and slavery. That’s not an excuse for black folks, and I think the overall majority of good black people understand it’s not an excuse.

Growing numbers of black Americans aren’t so sure. Unemployment remains high. Ferguson, and Staten Island, empowered by agitators from international A.N.S.W.E.R., Al Sharpton, Eric Holder and the President himself put on a spectacle of riots completely unrelated to the facts in either case.

Well, Obama will fix that. He has signed an executive order creating the “Task Force on 21st Century Policing” as “part of the administration’s efforts to strengthen community policing and strengthen trust among law enforcement officers and the communities they serve.” The list of appointees for the Task Force is not encouraging, nor is the deliberate misunderstanding of facts of the riots and their cause.

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About That Big Jump In GDP Numbers: Another Lie. by The Elephant's Child

Headline, Politico: “Everything Is Awesome!” December 24th

Good news! The U.S. economy grew at a rollicking 5 percent rate in the third quarter. Oh, and it added 320,000 jobs in November, the best of its unprecedented 57 straight months of private-sector employment growth. Just in time for Christmas, the Dow just hit an all-time high and the uninsured rate is approaching an all-time low. Consumer confidence is soaring, inflation is low, gas prices are plunging, and the budget deficit is shrinking. You no longer hear much about the Ebola crisis that dominated the headlines in the fall, much less the border crisis that dominated the headlines over the summer.

Headline, Center for Immigration Studies: “Despite Recent Job Growth, Native Employment Still Below 2007:  BLS Data show all net employment growth has gone to immigrants.

President Obama recently announced plans to give legal status and work permits to millions of illegal immigrants. Many members of Congress and the president continue to support efforts to increase the level of immigration, such as Senate bill S.744 that passed that chamber last year. Yet data published by the Bureau of Labor Statistics (BLS) on its website (see Table A-7) show that all of the net gain in employment since 2007 has gone to immigrants (legal and illegal), also referred to as the foreign-born.1 Native employment has still not returned to pre-recession levels, while immigrant employment already exceeds pre-recession levels. Furthermore, even with recent job growth, the number of natives not in the labor force (neither working nor looking for work) continues to increase.

Headline: Daily Caller: “Fewer US-Born Americans Have Jobs Now Than in 2007″ Dec. 19, 2014

The amazing drop in employment highlights President Barack Obama’s slow recovery from the deep 2008 shock, but also spotlights many companies’ growing reliance on foreign migrant labor.
Almost one in every two jobs added since 2009 have gone to foreign-born workers.

Headline: Powerline:“About That 5% GDP Growth” Dec 26.2014

Tyler Durden at Zero Hedge takes a closer look at the data, and recalls a prediction he made at the end of the first quarter:

Back in June, when we were looking at the final Q1 GDP print, we discovered something very surprising: after the BEA had first reported that absent for Obamacare, Q1 GDP would have been negative in its first Q1 GDP report, subsequent GDP prints imploded as a result of what is now believed to be the polar vortex. But the real surprise was that the Obamacare boost was, in the final print, revised massively lower to actually reduce GDP!

Fast forward to today when as every pundit is happy to report, the final estimate of Q3 GDP indeed rose by 5% (no really, just as we predicted), with a surge in personal consumption being the main driver of US growth in the June-September quarter.

But no: the “personal consumption” that drove the supposed economic boom in the third quarter was the increased cost of Obamacare, spending that had been moved from the first quarter to make the third quarter look better: (emphasis added)

Smoke and mirrors. We have learned that we cannot believe anything Obama says. We cannot believe the IRS, the VA, HHS, EPA, or most other federal agencies, and now we cannot believe the BEA, the Bureau of Economic Analysis.

Told that personal consumption was way up in 3rd Quarter, and expected to be over 5% in the 4th Quarter, we discover that it was not a more confident public, encouraged by the drop in the price of gasoline, stepping up their buying because employment was rising. It was the BEA manipulating the statistics to make Obama look good. And can you really call the ObamaCare costs you are forced to pay with penalties, and/ or subsidies, for not paying “personal consumption?”

Calling jobs that go to legal and illegal new immigrants while ordinary Americans drop out of the Labor market, too discouraged to keep looking for work is not really a positive development, no matter in what carefully chosen dialogue you portray it.

Do read the linked articles. There are graphs to emphasize reality. And you might enjoy one more linked post from David Harsanyi: “Let’s Talk About Obama’s Imaginary ‘Winning Streak.’

 



Why Socialism Does Not Work! by The Elephant's Child

Here’s Daniel Hannan, Member of the European Parliament (MEP), in a debate at the Oxford Union on April 29, 2014. He is an outspoken advocate of freedom, a conservative in the European Parliament who is opposed to the United Kingdom’s membership in the European Union, and a partisan advocate for America.  Wonderful speaker.

Don’t miss this.




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