The Real Story

Labor Force Participation Rate Drops To 63.9%, Lowest Since January 1984

Friday Funny

Boy, 13, gunned down playing basketball: 'He died doing what he loved to do'

Very sad. These SOB's responsible need to be put down like the dogs they are.

Basketball was a way of life for Darius Brown, 13 and determined that one day he would play in the pros.

"He watched it, he played it. All day," said his mother, Stephanie Brown.

Darius was playing at Metcalfe Park in the Bronzeville neighborhood on the South Side at about 5:30 p.m. Wednesday when a shot from a passing car hit him in the neck. He died hours later as family, friends and coaches held a vigil at Comer Children's Hospital.

A hamburger today for $2.4 trillion tomorrow

Classic bourgeois, good for thee but not for me.

President Obama took his debt team out for burgers at Good Stuff Eatery on Capitol Hill on Wednesday, giving new meaning to the "Popeye" character Wimpy's catchphrase "I'd gladly pay you Tuesday, for a hamburger today."

The White House said the outing, at which the president consumed a meal of about 1,700 calories, was a reward for the debt team's "nonstop" work over the last few months as they worked out a deal with Capitol Hill to extend the government's borrowing limit. Mr. Obama signed the extension into law Tuesday, just ahead of the deadline, allowing up to $2.4 trillion in debt to be accumulated.

Good Stuff marks the latest stop in Mr. Obama's Hamburger Diplomacy in and around Washington.

U.S. Layoffs Soar to 16-Month High in July

Obama "focusing like a laser"

The number of planned layoffs at U.S. firms rose to a 16-month high in July as sectors which had been seeing fairly few layoffs unexpectedly bled jobs, a report Wednesday showed.

Employers announced 66,414 planned job cuts last month, up 60.3 percent from 41,432 in June, according to a report from consultants Challenger, Gray & Christmas, Inc.

July's job cuts also were up from the same time a year ago, rising 59.4 percent from the 41,676 job cuts announced in July 2010, and recording the largest monthly total since March, 2010.

Consumer Spending in U.S. Unexpectedly Falls as Hiring Slumps

"Unexpected" for the 1000th time.

Aug. 2 (Bloomberg) -- U.S. consumer spending unexpectedly dropped in June for the first time in almost two years and savings climbed, adding to evidence that the slump in hiring is hurting household confidence.

Purchases declined 0.2 percent after a 0.1 percent gain the prior month, Commerce Department figures showed today in Washington. The median estimate of 77 economists surveyed by Bloomberg News called for a 0.1 percent increase. Incomes grew at the slowest pace since November.

The lack of jobs combined with wage gains that have failed to keep pace with inflation raise the risk of further cuts in consumer spending, which accounts for 70 percent of the world's largest economy. Companies like Newell Rubbermaid Inc. are among those cutting forecasts for the year.

ISM Craters

More "unexpected" bad news from Obamaville.

Stocks fell into negative territory, erasing an early rally Monday after ISM manufacturing index hit its lowest level since July 2009 and amid renewed worries over some euro zone countries.

Stocks opened sharply higher after top U.S. lawmakers sealed a deal to raise the debt ceiling one day ahead of a deadline for a potential default.

The pace of growth in the U.S. manufacturing sector slowed more than expected in July, according to the Institute for Supply Management. The ISM index slipped to 50.9from 55.3 the month before, shy of expectations of 54.9, according to a Reuters poll of economists.

Syria: Dozens Dead As Assad Troops Launch Major Tank Offensive

Hmmmm, wonder why one brutal murdeous dictator (ie Assad) worthy of administration praise is preferable to another brutal murderous dicator (ie. Quadaffi) worthy of military ouster..

On one of the bloodiest days of retribution since protests against the Syrian leader erupted in March, up to 95 people were killed in Hama alone. Dozens more were feared dead in other restive cities.

For nearly a month the security forces had laid siege to Hama, sealing off access roads into the central Syrian city in an attempt to isolate its fractious inhabitants from the rest of the country.

But with perhaps half of the city's 700,000-strong population regularly taking to the streets to demand the regime's downfall, the security forces chose to resort once more to bloodshed. Just before dawn, tanks and armoured vehicles crossed the Orontes River and advanced into the centre of the city, leaving crushed barricades and corpses in their wake. As day broke, the city's skyline seemed almost entirely shrouded with smoke.

Sen. Barack Obama (D-IL), March 20, 2006

"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies...

Increasing America's debt weakens us domestically and internationally. Leadership means that "the buck stops here." Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better". Thanks to JR at FR.

Economic growth tepid as spending flat

Has this administration EVER revised a figure positively?

The U.S. economy came perilously close to flat-lining in the first quarter and grew at a meager 1.3 percent annual rate in the April-June period as consumer spending barely rose.

The Commerce Department data on Friday also showed the current lull in the economy began earlier than had been thought, with the growth losing steam late last year.

That could raise questions on the long held view by both Federal Reserve officials and independent economists that the slowdown in growth as the year started was largely the result of transitory factors.

Growth in gross domestic product -- a measure of all goods and services produced within U.S. borders - rose at a 1.3 percent annual rate. First-quarter output was sharply revised down to a 0.4 percent pace from a 1.9 percent increase.

New NASA Data Blow Gaping Hold In Global Warming Alarmism

Why do we need science when we have emotion.

NASA satellite data from the years 2000 through 2011 show the Earth's atmosphere is allowing far more heat to be released into space than alarmist computer models have predicted, reports a new study in the peer-reviewed science journal Remote Sensing. The study indicates far less future global warming will occur than United Nations computer models have predicted, and supports prior studies indicating increases in atmospheric carbon dioxide trap far less heat than alarmists have claimed.

Study co-author Dr. Roy Spencer, a principal research scientist at the University of Alabama in Huntsville and U.S. Science Team Leader for the Advanced Microwave Scanning Radiometer flying on NASA's Aqua satellite, reports that real-world data from NASA's Terra satellite contradict multiple assumptions fed into alarmist computer models.

U.S. durable-goods orders fall 2.1% in June

At least it wasn't "unexpected".....Errrr, wait

It was the second large drop in the past three months for durable-goods orders, raising fears that manufacturing is running out of steam after leading a tepid recovery over the past two years. Without a strong manufacturing sector, it is hard to see how forecasts of a strong second-half recovery can be realized.

The decline in orders in June followed a revised 1.9% rise in May and a 2.5% drop in April.

The decline was a surprise to the closest observers. Economists surveyed by MarketWatch had been forecasting a flat reading.

A Tale of Two States

Now who can answer why this is the case, Bueller, Bueller, anyone?

New polls confirm Obama's Democratic base crumbles

Shocker of the week.....NOT.

Strong support among liberal Democrats for Obama's jobs record has plummeted 22 points from 53% down below a third. African Americans who believe the president's measures helped the economy has plunged from 77% to barely half.

Obama's overall job approval on the economy has slid below 40% for the first time, with 57% disapproving. And strong disapprovers outnumber approvers by better than two-to-one.

Budget Deals on the Table

Table provided by Zero Hedge. BTW, be wary of the comments in the "short description" column. The author casts the "Gang of Six" plan as containing "meaningful cuts" and thats just plain BS.

Sunday Funny

Thanks RR.

Rasmussen: By 2 to 1, voters fear deal will raise taxes too much, cut spending too little

And 10-1 they're right.

The latest Rasmussen Reports national telephone survey finds that 62% of Likely U.S. Voters are worried more that Congress and President Obama will raise taxes too much rather than too little in any deal to end the debt ceiling debate. Just 26% fear they’ll raise taxes too little. Twelve percent (12%) aren’t sure. (To see survey question wording, click here.)

Similarly, 56% worry that Congress and the president will cut spending too little in the final debt ceiling deal, while only 25% are concerned that they will cut spending too much. Nineteen percent (19%) are undecided.

Friday Funny

Two-thirds of Americans support House Cut Cap and Balance Plan

I find the extent of support welcome but a bit surprising.

CNN just released a poll of 1,000 Americans showing overwhelming support for the House Republican approach to the debt limit crisis. Specifically, 66 percent of Americans favor a deal where both houses of Congresses pass a balance budget amendment, and substantial cuts and caps on future spending, in exchange for a debt limit hike.

As a stand alone measure 74 percent of Americans favor a constitutional amendment to require a balanced federal budget. And 60 percent of Americans believe a balanced budget amendment is necessary to get federal deficits under control.

The poll is not all bad news for President Obama. Sixty-six percent of Americans do support a plan to cut four trillion dollars in government spending and raise taxes as part of a debt limit hike.

Jobless Claims Rise Again

Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said.

Economists polled by Reuters had forecast claims rising to 410,000. The prior week's figure was revised up to 408,000 from the previously reported 405,000.

Reports: US drone shot down over Iran nuke site

Hmmmmm.

A U.S. drone was shot down while flying over a nuclear facility in Iran, according to reports in the Iranian media. Iran's Fars news agency reported that lawmaker Ali Aqazadeh Dafsari, a member of the parliament's National Security and Foreign Policy Commission, had confirmed the unmanned spy plane was flying near the Fordo nuclear enrichment plant in Qom province when it was brought down by Revolutionary Guard soldiers.

It did not say when the alleged incident happened.

Dafsari told Fars that the drone was trying to gather information about the nuclear facility for the CIA. Fars also said Iranian military officials had claimed to have shot down "several enemy drones" in January.

Quote of the Day

Adolf Hitler in "Mein Kampf": for a lie so “colossal” that no one would believe that someone “could have the impudence to distort the truth so infamously.”Bring anyone to mind?

Jesse White gives raises while other Illinois agencies freeze pay

This after a 64% increase in the Illinois income tax, parasites.

At a time when pay raises are a distant memory and unpaid leave a reality for many area government workers, Illinois Secretary of State Jesse White has handed out pay hikes exceeding 6% to his entire executive staff.

According to payroll data obtained under the Freedom of Information Act by the Better Government Assn., Mr. White in the 12-month period ended May 31 gave 4% and then 2% raises to roughly 250 non-union administrative personnel, almost all of them policymakers, supervisors or their clerical assistants.

The hikes collectively are costing taxpayers an extra $78,000 a month.

Sunday Funny

From RR.

Is Tiger Woods running out of money?

The two most celebrated black men in our culture are going down. Not because of racism but rather their own pi$$ poor behavior.

FORTUNE -- When news broke a few weeks ago that Tiger Woods had signed an endorsement deal to hawk a heat rub in Japan, it was hard not to think of Lost in Translation, or of the Entourage episode when Vincent Chase goes to China to do an energy drink commercial because he's out of money.

Although Woods was likely paid in the single-digit millions for the spot -- in which he takes a swing, rubs his back, and says, "Go Vantelin!" -- it's a far cry from campaigns for PepsiCo (PEP), Gillette, and Accenture (ACN). The last time Woods showed up in Japanese TV ads was in 1997, when he promoted Asahi Wonda coffee, back before he became a phenomenon. So the deal with Kowa (maker of the rub) seems more like a moment of desperation than a return to form.

It's no secret that Woods, once king of the sports world, has suffered financially since his fall from grace. His endorsement list shrank and his marriage ended in a divorce settlement reportedly worth $100 million. But now he may actually be hurting for funds. At the very least, there are signs that he isn't generating enough to comfortably cover his costs.

Entertainment Break

Taking a break from politics, the deficit and unemployment. For oldsters and youngsters, one of the greatest songs written and performed ever.

HERE

Some disagree and say Lena Horne's signature song was superior, you decide.

Comedian on Bachmann: I would **** her angrily

Leftist flagbearer.

The era of civility was on full display during Friday night’s “Real Time with Bill Maher.”

In the midst of a conversation about Michele Bachmann and her husband Marcus Bachmann’s Christian counseling clinic (recently underfire for attempting to turn gays straight through prayer), comedian Marc Maron spoke about how he thinks about “angrily ****ing” the Republican presidential candidate.

“I don’t want to be crass, but I just hope that Marcus Bachmann takes all that, ya know, that rage that comes from repression and denial and brings it into the bedroom with her,” Maron said. “I hope he **** her angrily, because that’s how I would. And I’ve thought about it.”

Disgusting puke.

Looks like the White House went after Fox News in 2009 after all

Was there ever any doubt.

Emails that surfaced last week, however, through a public records request by the conservative watchdog group Judicial Watch, suggest otherwise.

"We'd prefer if you skip Fox please," a White House broadcast media staffer advised a Treasury Department public affairs secretary ahead of the interview. In other emails during the same time frame, deputy White House communications director Jennifer Psaki called Fox News anchor Bret Baier "a lunatic" and boasted that "I am putting some dead fish in the fox cubby--just cause." In yet another email, another White House press officer wrote: "We've demonstrated our willingness and ability to exclude Fox News from significant interviews …"

Jackson Lee: Congress complicating debt ceiling because Obama is black

So Barack Hussein Obama “disrespected” President Bush in 2006 by opposing an increase to the debt ceiling because he was white? These race hustling pimps have cried wolf so many times it's hard to believe anyone believes a word they say.

Rep. Sheila Jackson Lee (D-Texas) on Friday strongly suggested that members of Congress are making it difficult for President Obama to raise the debt ceiling because of his race.

"I do not understand what I think is the maligning and maliciousness [toward] this president,” said Jackson Lee, a member of the Congressional Black Caucus. “Why is he different? And in my community, that is the question that we raise. In the minority community that is question that is being raised. Why is this president being treated so disrespectfully? Why has the debt limit been raised 60 times? Why did the leader of the Senate continually talk about his job is to bring the president down to make sure he is unelected?”

Earlier in her speech, Jackson Lee said Obama has been targeted unlike any other president.

"I am particularly sensitive to the fact that only this president — only this one, only this one — has received the kind of attacks and disagreement and inability to work, only this one," said Jackson Lee from the House floor.

July consumer sentiment at worst since March 2009

NEW YORK — Consumer sentiment deteriorated in early July to the lowest level since March 2009 on increasing pessimism over falling income and rising unemployment, a survey released on Friday showed.

Confidence in government economic policies also curdled, the Thomson Reuters/University of Michigan survey showed. U.S. lawmakers are wrangling over a budget deal that would allow the government to raise the debt ceiling -- needed so the United States can fund its obligations next month.

The preliminary reading for the consumer sentiment index dropped to 63.8 in July from 71.5 the month before, falling far short of expectations of an increase to 72.5, according to a Reuters poll of economists.

The survey's barometer of current economic conditions fell to 76.3, the lowest since November 2009, from 82.0. The gauge of consumer expectations was also at its lowest since March 2009, tumbling to 55.8 from 64.8.

Why under any conceivable analysis would they be "expecting" an increase?

Views of U.S., Obama Drop Sharply Across Arab World

Appears that Obama's worldwide "love initiative" isn't working out so well.

President Obama has failed to live up to the expectations he created in the Arab world, according to a new poll released by Zogby International and the Arab American Institute Foundation. The poll also noted that most Arab countries view the U.S. less favorably today than they did during the last year of the Bush administration.

“President Obama did not create the problems, but he created the expectation that the problems would be solved,” said James Zogby, president of the Arab American Institute. “He sent a number of signals early on that U.S. policy would change: in his inauguration speech, in his al-Arabiya interview, and in his appointment of [former Senate Majority Leader] George Mitchell as special envoy,” said Zogby. “By the time of his speech in Cairo, the favorable ratings of the U.S. were at their highest ever.”

Census: Share of Children in U.S. at Record Low

Sobering.

Children now make up less of America's population than ever before, even with a boost from immigrant families.

And when this generation grows up, it will become a shrinking work force that will have to support the nation's expanding elderly population — even as the government strains to cut spending for health care, pensions and much else.

The latest 2010 census data show that children of immigrants make up one in four people under 18, and are now the fastest-growing segment of the nation's youth, an indication that both legal and illegal immigrants as well as minority births are lifting the nation's population.

Election 2012: Generic Presidential Ballot

Better but by no means conclusive.A generic Republican candidate earns the highest level of support yet against President Obama in a hypothetical 2012 election matchup.

The latest Rasmussen Reports national telephone survey of Likely U.S. Voters finds that the generic Republican picks 48% of the vote, while the president gets 43% support. Three percent (3%) favor some other candidate, and seven percent (7%) are undecided.

Last week, the incumbent and the generic Republcian candidate were tied, each earning 44% support. The GOP candidate has now outpolled the president in seven-of-10surveys conducted weekly since early May. Prior to this survey, the Republican has earned 43% to 46% of the vote, while support for the president has ranged from 42% to 45%.

Ron Paul won't seek congressional term in 2012

As far as I'm concerned it's one less nutburger in Congress.

LAKE JACKSON — After serving almost 24 years in the U.S. House of Representatives, Congressman Ron Paul told The Facts this morning he will not be seeking another term for the District 14 seat.

Paul, 75, will instead focus on his quest for the presidency in 2012.

“I felt it was better that I concentrate on one election,” Paul said. “It’s about that time when I should change tactics.”

New Jersey: Christie Veto of Planned Parenthood Tax-Funds Upheld

This ought to generate some post 4th of July fireworks.

Democrats in the New Jersey legislature were unable to override a veto pro-life Gov. Chris Christie issued to prevent taxpayers in the Garden State from having to fund the Planned Parenthood abortion business.

The bid to override Governor Christie’s line-item veto of the $7.453 million appropriation for women’s health and family planning services, with much of the money going to the pro-abortion giant, failed in the state house this morning. The votes were roughly split down party lines and democrats could only muster 24 of the 27 votes needed to override and three Republican state senators chose not to vote: Allen, Bateman, and Beck.

Quote of the Day

After Obama's speech today one astute poster coined him as "The Fresh Prince of Hot Air."

Well done young man.

Graph of the Day

Sunday Funny

Holder Launches Witch Hunt Against Biased Banks

It's hard to believe that this imbecile doesn't realize that this is what got us into trouble to begin with.

In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.

Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist.

US Needs To Generate 254,000 Jobs/Month For 65 Months To Get To Pre-Depression Levels By 2016

Every time we update the projection chart of how many jobs have to be created by the end of Obama's now improbable second term, the number goes up. First it was 245,500 in April, then 250,000 in June, now it is 254,000: it seems to increase by 5,000 each month. As a reminder this chart looks for the breakeven number that has be attained to restore (not surpass) the jobs that the US economy had back in December 2007 as the Depression started, when accounting for the natural increase of 90,000 people/month in the labor force. Needless to say, there is no way in hell the US economy can create a quarter million jobs per month from now for the next 65 months, as long as the president continues to pander to Wall Street's "wealth creation" via asset returns instead of directing capital into actual economically viable projects that focus on wealth creation through labor.

Scary, really dam% scary.

Unemployment rose to 9.2 percent as hiring stalls

Can't wait to hear the White House try and spin this. WASHINGTON -

Hiring slowed to a near-standstill last month. Employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent.

The Labor Department says the economy generated only 18,000 net jobs in June. And the number of jobs added in May was revised down to 25,000.

High gas prices and supply-chain disruptions stemming from the Japan crisis and the weak housing market have slowed the economy. Average hourly wages declined last month. After-tax incomes, adjusted for inflation, have been flat this year.

Businesses added the fewest jobs in more than a year. Governments cut 39,000 jobs.

ATF Director Says Holder Obstructing 'Fast and Furious' Probe

This thing's got legs...

The Justice Department is obstructing the congressional investigation of a U.S. law enforcement operation intended to crack down on major weapons traffickers on the Southwest border, according to the embattled leader of the Bureau of Alcohol, Tobacco, Firearms and Explosives.

Ken Melson, the acting director of the ATF, lobbed the accusation when he sneaked in for an interview with congressional investigators on July 4, two days ahead of his scheduled interview with the inspector general about the operation known as "Fast and Furious," Fox News has learned.

"If his account is accurate, then ATF leadership appears to have been effectively muzzled while the DOJ sent over false denials and buried its head in the sand," Rep. Darrell Issa, chairman of the Oversight and Government Reform Committee, said in a letter Tuesday to Attorney General Eric Holder. "That approach distorted the truth and obstructed our investigation."

Wednesday Funny

Probe finds widespread cheating in Atlanta schools

Stunning but not unexpected.

ATLANTA — Educators at nearly four dozen Atlanta elementary and middle schools cheated on standardized tests by either helping students or changing the answers once exams were handed in, according to the results of a yearlong state investigation released Tuesday.

The report said that 178 teachers and principals cheated, though only 82 educators actually confessed to misconduct dating as far back as 2001 and affecting thousands of school children, according to a synopsis handed out by Gov. Nathan Deal's office. More than half of the district's 100 schools were examined, and 44 of those had cheating, the synopsis said.

The investigators also found a "culture of fear, intimidation and retaliation" in the school district over the cheating allegations, which lead to educators lying about the cheating or destroying documents to cover it up, according to the synopsis. School officials had "warnings" as early as 2005 that there was cheating on standardized tests, but those signals "were ignored," according to the synopsis.

Oil Prices Climb Back to Pre-Reserve Release Levels

Well, you could knock me over with a feather.

Crude raced higher Tuesday as energy bulls pushed Nymex oil back toward the $100-a-barrel mark, prices last seen before world governments said they would release crude from their reserves last month.

West Texas Intermediate jumped 2.1 percent to $96.89 a barrel on the New York Mercantile Exchange, decidedly above the $94.45 close of June 22, the day before the announcement on the release of 60 million barrels from reserves.

Brent crude on the ICE futures exchange finished $2.25 higher at $113.63 a barrel, and just below the June 22 high of $114.21. Brent touched $114.44 Tuesday.

"I think we could probably test that $100 mark again. I also think for it to be sustained up there, you'd have to have something a little more going on, like geopolitical problems or some demand pickup," said Anthony Grisanti, president of GRZ Energy.

Companies Are Leaving California in Record Numbers, and It Might Get Worse

The exact same thing is happening in Illinois and for exactly the same reason.

The state of California is becoming legendary for creating the most anti-business climate in the country because of its high taxes, excessive regulations, forced unionism, and bloated public sector. For the second year in a row, a large group of America’s CEOs recently rated California as the worst state in the country to do business in an annual survey conducted by Chief Executive Magazine. California currently ranks No. 49 among U.S. states for “business tax climate” according to the Tax Foundation’s 2011 State Business Tax Climate Index, and it ranks No. 48 for “economic freedom” according to a recent study by the Mercatus Center.

It shouldn’t be any surprise then that companies are leaving the “Golden State” in record numbers this year (see chart below) for “golder pastures” and more business-friendly climates in other states. In just the last two years, the number of companies leaving California has accelerated more than five-fold, from one per week in 2009 to 5.4 per week this year, according to California relocation expert Joe Vranich.

Movie 1776

Just watched the 1972 movie production of "1776". Personally I thought the movie was VERY entertaining. I'm not much into musicals and I thought for the most part the songs were forgetable.

That being said, the acting was top shelf and the story, well, is, inspiring. I'm no historian, but I believe it was reasonably historically accurate.

There were points in the movie when I was really moved... and when they signed the document of declaration at the end as the bell tolled, I got a tear in my eye.

Your thoughts?

Happy Independence Day

Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job

This is certainly no surprise to anyone that's been paying attention.

When the Obama administration releases a report on the Friday before a long weekend, it’s clearly not trying to draw attention to the report’s contents. Sure enough, the “Seventh Quarterly Report” on the economic impact of the “stimulus,” released on Friday, July 1, provides further evidence that President Obama’s economic “stimulus” did very little, if anything, to stimulate the economy, and a whole lot to stimulate the debt.

The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.

In other words, the government could simply have cut a $100,000 check to everyone whose employment was allegedly made possible by the “stimulus,” and taxpayers would have come out $427 billion ahead.

Minnesota Shuts Down

This is only the beginning.

Minnesota’s governor and Republican legislators failed to reach an agreement on the state budget, forcing a broad government shutdown Friday, while lawmakers across the nation wrapped up last-minute wrangling in order to meet state budget deadlines.

Minnesota's state government began a broad shutdown on Friday going into the July 4th holiday, after Democratic Governor Mark Dayton and Republican legislative leaders failed to reach a budget deal.

Parts of the government had already begun to shut down on Thursday ahead of the midnight budget deadline, including some websites and dozens of highway rest stops on one of the biggest travel days of the year.

Saturday Funny

Consumer Sentiment Worsens in June as Outlook Sours

At least it wasn't too much worse than expected.

U.S. consumer sentiment worsened in June on jitters about the economic outlook and spending is likely to remain lackluster in the long-term, a survey released Friday showed.

Falling gasoline prices stabilized consumers' view of their current economic conditions, but expectations remained gloomy, the Thomson Reuters/University of Michigan survey showed.

The final reading for the consumer sentiment index came in at 71.5, down from 74.3 the month before. It was a hair below the preliminary June figure of 71.8 and shy of the median forecast for 71.9 among economists polled by Reuters.

Alien Could Be Our Future President

Democratic Senator Dick Durbin (D-IL) led off the first hearing of the 'DREAM Act' by asking all the illegals in his audience to stand up and then provided encouraging words, calling them our future "doctors, our teachers...our senators, and maybe our president."

Video HERE.Considering that this is expressly forbidden in the Constitution, doubtful.

Unemployment Figures Still in the Crapper

And the beat goes on and on and on and on and on...

The number of Americans seeking unemployment benefits was mostly unchanged last week, evidence that the struggling economy isn’t generating many jobs.

The Labor Department says unemployment benefit applications ticked down 1,000 to a seasonally adjusted 428,000.

Applications have topped 400,000 for 12 straight weeks.

This was worse than expected. Economists surveyed by Dow Jones predicted forecast claims would fall by 8,000.

Good grief, still unexpected.

Houston VA accused of censoring religious speech

Freedom OF religion does not mean freedom FROM religion.

Local veterans and volunteer groups accuse Department of Veterans Affairs officials of censoring religious speech — including the word "God" - at Houston National Cemetery.

In one example cited in documents filed this week in federal court, cemetery director Arleen Ocasio reportedly told volunteers with the National Memorial Ladies that they had to stop telling families "God bless you" at funerals and that they had to remove the words "God bless" from condolence cards.

Read the whole story, it's unbelievable.

Bristol Palin says her mom has decided whether to run for president

I think she will but I wish she wouldn't.

The daughter of former Alaska Gov. Sarah Palin (R) said Tuesday that her mother had made up her mind already about whether to run for president in 2012.

Bristol Palin, the eldest daughter of the 2008 Republican vice presidential nominee, said that she would like to see her mother run for president.

As to whether Sarah Palin had already reached a decision: "She definitely knows," Bristol Palin said during an appearance on Fox News. The younger Palin said the decision would remain internal to the family in the meantime, though.

"We've talked about it before, but some things just need to stay in the family,"

Americans spend at weakest pace in 20 months

Obamaville disappoints again.

WASHINGTON (AP) -- Americans spent at the weakest pace in 20 months, a sign that gas prices are taking a toll on the economy.

Consumer spending was unchanged in May, the Commerce Department said Monday. That was the worst result since September 2009. And when adjusted for inflation, spending actually dropped 0.1 percent.

April's consumer spending figures were revised to show a similar decline when adjusting for inflation. That marked the first declines in inflation-adjusted spending since January 2010.

Incomes rose 0.3 percent for the second straight month. But adjusted for inflation, after-tax incomes increased only 0.1 percent in May, after falling by the same amount in the previous month. By that measure, incomes have been essentially flat since the beginning of the year.

Sunday Funny

House Rejects Measure To Continue US Role in Libya

Could this be the beginning of the end?

WASHINGTON – The House has voted down a measure giving President Barack Obama the authority to continue the U.S. military action against Libya.

The vote was 295-123 on Friday. The congressional action has no immediate effect on American involvement but represents a repudiation of the commander in chief.

The vote marks the first time since 1999 that either House has voted against a military operation. The last time was over President Bill Clinton's authority in the Bosnian war.

Thursday Funny

No Newt is good Newt.

Jobs Picture Grows Worse as Weekly Claims Post Jump

Good grief, how long is in going to take before these "unexpectedly rotten employment reports become expected.

New U.S. claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, suggesting little improvement in the labor market this month after employment stumbled in May.

Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said. The prior week's figure was revised up to 420,000.

Economists polled by Reuters had forecast claims to edge up to 415,000 from a previously reported count of 414,000.

Change To Inflation Measurement On Table As Part Of Budget Talks -Aides

Just another smoke and mirrors gimmick.

WASHINGTON -(Dow Jones)- Lawmakers are considering changing how the Consumer Price Index is calculated, a move that could save perhaps $220 billion and represent significant progress in the ongoing federal debt ceiling and deficit reduction talks.

According to congressional aides familiar with the discussions, the proposal would shift how the Consumer Price Index is calculated to reflect how people tend to change spending patterns when prices increase. For example, consumers tend to drive less when gas prices increase dramatically.

Such a move is widely seen by economists as resulting in a slower rise in inflation. That would impact an array of federal programs that are linked to CPI including the Social Security program and income tax brackets set by the federal government.

Existing home sales drop 3.8%

Why does the Lamestream Media persist in expecting better than actual results?

Sales of existing homes fell in May, as severe weather and high gas prices weighed on the shaky housing market.

Home sales fell 3.8% to a seasonally adjusted annual rate of 4.81 million, down from a revised rate of 5 million in April, the National Association of Realtors said Tuesday.

Sales were more than 15% lower than in May 2010.

Economists had expected a May sales rate of 4.79 million existing homes, according to consensus estimates from Briefing.com.

Toddler Gets Doll Made in Her Image

There are not enough eeeeeeee's in creepy to describe THIS.

Monday Funny

Medvedev wants Obama re-elected to a 2nd Term

Russian President Dmitry Medvedev said on Monday he wanted his US counterpart Barack Obama to win re-election next year, fearing that the two men's efforts to improve ties may lose steam under a new administration. "I can tell you directly -- I would like Barack Obama to be re-elected president of the United States maybe more than someone else," Medvedev said in an interview with the Financial Times whose full transcript was released by the Kremlin early Monday.

"If another person becomes US president then he may have another course," he said.

"We understand that there are representatives of a rather conservative wing there who are trying to achieve their political goals at the expense of inflaming passions in relation to Russia, among other things.

"But what use is criticising them? This is simply a way of achieving political goals."

And us conservatives realize the Menendev regime is trying to achieve their political goals at the expense of the United States.

Happy Fathers Day

To all my lucky bretheren in Fatherhood, have a great day!

Fathers Day Funny

Keith Olbermann hints at Anthony Weiner talk show on Al Gore's network

And speaking of deserving each other.

That was fast.

Within hours after Anthony Weiner announced his resignation from Congress, former MSNBC gabber Keith Olbermann suggested he may hire the soon-to-be-former New York lawmaker for a talk show on former Vice President Al Gore's fledgling television network, Current TV.

Olbermann, appearing on comedian Jimmy Fallon's late night television program Thursday night, was asked how long he thinks it would be before rival network CNN created a show for Weiner.

"Well, you know, I've got a nine o'clock show that I am probably going to hire somebody for," Olbermann told Fallon, referring to the space immediately after his upcoming new show, Countdown with Keith Olbermann on Current TV.

Quote of the Day

President Obama signs an Executive Order creating SelectUSA: On Tuesday, President Obama signed an Executive Order creating SelectUSA, a new government-wide initiative that will promote the United States as the premier place to do business globally and help attract business operations to the U.S., in order to spur economic growth and job creation. To this Graneros at FR had this to say...

"Only the communists could come up with another level of bureaucracy to cut through all the levels of bureaucracy."

Well done young man.

Larry Flynt Woos Wiener

They're made for each other.Hustler Magazine publisher Larry Flynt knows Anthony Weiner is out of work, and he wants to do something about it.

In a column on the Huffington Post, Flynt offered the sexting scandal-tarred congressman an unspecified job at Flynt Management Group, LLC at a 20 percent hike over his Washington salary — which would come out to over $200,000 per year.

Flynt says he’d also pay for Weiner’s move to Los Angeles, as the job requires.

“While this employment opportunity is being offered in large part due to your qualifications and clear passion for making a change, I feel that your unfortunate resignation is a prime example of unfounded political pressure and the hypocrisy that has invaded democracy in Washington, D.C .,” Flynt wrote.

Thursday Funny

No Viagra for this Wiener

Smiling Bob no more...

Rep. Anthony Weiner (D-N.Y.) will resign from his seat in Congress, heeding calls from President Barack Obama, House Speaker John Boehner (R-Ohio), House Minority Leader Nancy Pelosi (D-Calif.) and dozens of other congressional Democrats, sources confirm to POLITICO. The resignation ends nearly three weeks of tumultuous political controversy since the New York congressman sent a lewd picture of himself over Twitter which he claimed at first was a result of a hack, and later admitted he had sent himself.

According to two sources, Weiner made up his mind to resign Wednesday night, and shortly after began making calls to inform them of his decision. Weiner called DCCC chair Steve Israel — who had also called for his resignation — on Wednesday night at the White House picnic to inform him and Pelosi that he had decided to resign on Thursday.

WI Judge Beotch Slapped

Judicial arrogance takes a major hit...

The Wisconsin state Supreme Court smacked the liberal activist judge who tried to dictate policy to the other two branches of state government. The state Supreme court ruled that Judge Maryann Sumi never had the right to stick her nose into state legislative business when she invalidated Wisconsin’s law which would restrict the collective bargaining “rights” of public service employees.

The court waxed quite eloquent in its public flogging of the activist judge:

The court ruled that Dane County Circuit Judge Maryann Sumi’s ruling, which had held up implementation of the collective bargaining law, was in the void ab initio, Latin for invalid from the outset.

And, in case you missed it the first time:

The court concluded that Sumi exceeded her jurisdiction, ‘invaded’ the Legislature’s constitutional powers and erred in halting the publication and implementation of the collective bargaining law.

Quote of the Day

Rep. Debbie Wasserman Schultz: She's everyman's ex-wife.

Thanks to Red Badger at FR.

Headline of the Week

For the second time in as many weeks the NYP wins this coveted title.

Retail Sales Slip, Inflation Up

Just more confirmation that this economy really sucks.

U.S. retail sales fell in May for the first time in 11 months, dragged down by a sharp drop in receipts from auto dealerships, according to a government report that could raise fears of a prolonged economic slowdown. At the same time, wholesale prices rose at the slowest pace in 10 months in May as food costs fell and gas prices rose by the smallest amount in eight months. The figures suggest consumers could see some relief from rising prices soon.

The Labor Department says the Producer Price Index, which measures price changes before they reach the consumer, increased 0.2 percent in May. That's down sharply from a 0.8 percent rise in April and a 0.7 percent increase in March. In the past 12 months, the index has risen 7.3 percent, the most since September 2008.

Electric cars may not be so green after all, says British study

Smug Greenies aren't going to like this.

ELECTRIC cars could produce higher emissions over their lifetimes than petrol equivalents because of the energy consumed in making their batteries, a study has found.

An electric car owner would have to drive at least 129,000km before producing a net saving in CO2. Many electric cars will not travel that far in their lifetime because they typically have a range of less than 145km on a single charge and are unsuitable for long trips. Even those driven 160,000km would save only about a tonne of CO2 over their lifetimes.

The British study, which is the first analysis of the full lifetime emissions of electric cars covering manufacturing, driving and disposal, undermines the case for tackling climate change by the rapid introduction of electric cars.

GM CEO: Customers Don't Pay High Enough Gas Tax

They don't call it "Government Motors" for nuthin.

It appears peculiar that a company would demand that government do something that hurts its customers. But that’s what many limited-government policy experts are saying after General Motors CEO Dan Akerson told the Detroit News that he wants to see the federal government raise its gas tax by as much as $1 per gallon. Akerson told the Detroit News that he’d like to see the federal gas tax hiked to get customers to be more receptive to smaller more fuel-efficient vehicles.

According to the Detroit News: “A government-imposed tax hike, Akerson believes, will prompt more people to buy small cars and do more good for the environment than forcing automakers to comply with higher gas-mileage standards.”

Akerson’s comments highlight a conflict of interest between General Motors’ ability to please customers and the federal government, which bailed it out and still owns 26 percent of the company, according to Sam Kazman, general counsel for the Competitive Enterprise Institute.

“It’s crazy to see industry serving government rather than serving the public,” Kazman said. “Carmakers are calling for an increase in the cost of the things that drive their product – gasoline. That suggests there is something really wrong with the world.”

Sunday Funny

Defiant Weiner won't resign, seeks 'treatment'

Hang in there Wiener!

A defiant Rep. Anthony Weiner will not resign and will instead seek treatment even as a the top leaders of the Democratic Party abandoned him en masse Saturday after it was revealed that he had communicated online with a 17-year-old Delaware girl.

House Minority Leader Nancy Pelosi (D-Calif.) and the party’s top campaign chiefs — Democratic National Committee Chairwoman Debbie Wasserman Schultz (D-Fla.) and Democratic Congressional Campaign Committee Chairman Steve Israel (D-N.Y.) — all called on Weiner to resign in statements released within minutes of each other.

But Weiner has ignored those calls and announced Saturday afternoon that he’s seeking “professional treatment.”

We at OP predicted he was toast 3days ago.

Saturday Funny

Headline of the Week

Gotta love The Post.

Democratic Senator: Environmental Protection Agency Out of Control

West Virginia helped put him into office, now they're paying the price.

Democratic Sen. Joe Manchin, the former governor of coal-producing West Virginia, is blasting the Obama administration for using the Environmental Protection Agency to regulate coal-fueled power plants out of business.

On Thursday, American Electric Power company announced that to comply with a series of EPA regulations, it will close five coal-fired plants -- three in West Virginia and one each in Ohio and Virginia -- at a net cost of 600 jobs.

American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states.

"We have worked for months to develop a compliance plan that will mitigate the impact of these rules for our customers and preserve jobs, but because of the unrealistic compliance timelines in the EPA proposals, we will have to prematurely shut down nearly 25 percent of our current coal-fueled generating capacity, cut hundreds of good power plant jobs, and invest billions of dollars in capital to retire, retrofit and replace coal-fueled power plants," said AEP Chairman and CEO Michael G. Morris.

"The sudden increase in electricity rates and impacts on state economies will be significant at a time when people and states are still struggling,” he added.

Weekly U.S. jobless claims rise to 427,000

And the beat "unexpectedly" goes on...

WASHINGTON (MarketWatch) - U.S. applications for unemployment compensation increased by 1,000 to a seasonally adjusted 427,000 in the week ended June 4, according to the Labor Department. Economists surveyed by MarketWatch had expected new requests to decline to 419,000. Initial claims from two weeks ago were revised up to 426,000 from an originally reported 422,000. The average of new claims over the past four weeks, meanwhile, dipped 2,750 to 424,000.

Quote of the Day

Free Republic is hot today

"A wedding where a Jew is marrying a Muslim, officiated by an impeached President...What could go wrong?"

Thanks to SERKIT at FR.

Top Democrat calls on Anthony Weiner to resign

He's GONE.

Rep. Allyson Schwartz, a leading official at the Democratic Congressional Campaign Committee, called for the New York Democrat to resign on Wednesday after a picture of a man’s genitals — purportedly a Weiner self-portrait — began circulating on the Internet. Contacted by POLITICO, a Weiner spokesman neither confirmed nor denied that the picture was of Weiner.

“Having the respect of your constituents is fundamental for a member of Congress. In light of Anthony Weiner’s offensive behavior online, he should resign,” the Pennsylvania congresswoman, who serves as chairwoman of recruiting and candidate services for the DCCC, told POLITICO.

E-mail of the Week

Luke AFB is west of Phoenix and is rapidly being surrounded by civilization that complains about the noise from the base and its planes, forgetting that it was there long before they were. A certain lieutenant colonel at Luke AFB deserves a big pat on the back. Apparently, an individual who lives somewhere near Luke AFB wrote the local paper complaining about a group of F-16s that disturbed his/her day at the mall.

When that individual read the response from a Luke AFB officer, it must have stung quite a bit.

The complaint:

'Question of the day for Luke Air Force Base:

Whom do we thank for the morning air show? Last Wednesday, at precisely 9:11 A.M, a tight formation of four F-16 jets made a low pass over Arrowhead Mall, continuing west over Bell Road at approximately 500 feet. Imagine our good fortune! Do the Tom Cruise-wannabes feel we need this wake-up call, or were they trying to impress the cashiers at Mervyns early bird special?

Any response would be appreciated.

The response:

Regarding 'A wake-up call from Luke's jets' On June 15, at precisely 9:12 a.m. , a perfectly timed four- ship fly by of F-16s from the 63rd Fighter Squadron at Luke Air Force Base flew over the grave of Capt. Jeremy Fresques. Capt Fresques was an Air Force officer who was previously stationed at Luke Air Force Base and was killed in Iraq on May 30, Memorial Day.

At 9 a. m. on June 15, his family and friends gathered at Sunland Memorial Park in Sun City to mourn the loss of a husband, son and friend. Based on the letter writer's recount of the fly by, and because of the jet noise, I'm sure you didn't hear the 21-gun salute, the playing of taps, or my words to the widow and parents of Capt. Fresques as I gave them their son's flag on behalf of the President of the United States and all those veterans and servicemen and women who understand the sacrifices they have endured..

A four-ship fly by is a display of respect the Air Force gives to those who give their lives in defense of freedom. We are professional aviators and take our jobs seriously, and on June 15 what the letter writer witnessed was four officers lining up to pay their ultimate respects.

The letter writer asks, 'Whom do we thank for the morning air show'? The 56th Fighter Wing will make the call for you, and forward your thanks to the widow and parents of Capt Fresques, and thank them for you, for it was in their honor that my pilots flew the most honorable formation of their lives.

Only 2 defining forces have ever offered to die for you....Jesus Christ and the American Soldier. One died for your soul, the other for your freedom.

Lt. Col. Grant L. Rosensteel, Jr.

USAF

PS: The wonderful and ever vigilant folks at Free Republic have some additional info on this letter.

First it is about 6 years old. It's legit but the author was a Lt. Col Scott Pleus not Grant L. Rosensteel, Jr. and the last line was somehow added to the original by who knows who.

The complainant wrote a mea culpa back after discovering his indignation was heartily misplaced.

Nonetheless, this was a brilliantly written and moving letter that illustrates how us conservatives (sometimes) and liberals (most of the time)are so involved in our own little petty life annoyances that we fail to truly realize the monumental sacrifices that those unseen and unamed hero's are making for us each and every day.

Wednesday Funny

Obama's rating on economy hits new low: poll

People are finally getting fed up.

WASHINGTON (Reuters) – Americans' disapproval of how President Barack Obama is handling the economy and its growing budget deficit has reached new highs amid broad frustration over the slow pace of economic recovery, according to a Washington Post-ABC New poll released on Tuesday.

The ratings boost Obama received after the killing of Osama bin Laden has dissipated with his job approval rating back to 47 percent. Forty-nine percent disapprove of his performance.

Fifty-nine percent, a new high, gave Obama negative marks for his handling of the economy, up from 55 percent a month earlier.

Obama's approval rating on the deficit issue hit a new low of 33 percent, down 6 points since April.

Quote of the Day

"Palin has read American history. The media must have only read Henry Wadsworth Longfellow’s famous poem—which is no more the definitive account of Revere’s famous ride than Oliver Stone’s JFK is the true story of the Kennedy assassination."

With that quote you need to read the entire article.

Chronic unemployment worse than Great Depression

When the MSM starts noticing how really bad things are, look out.

There is an unfortunate adage for the unemployed: The longer folks are out of a job, the longer it takes them to find a new one.

CBS News correspondent Ben Tracy reports that the chronically unemployed face the hardest road back to recovery, and that while the jobs picture may be improving statistically on a national level, it is not for them. …

About 6.2 million Americans, 45.1 percent of all unemployed workers in this country, have been jobless for more than six months – a higher percentage than during the Great Depression.

New Woman Comes Forward Claiming Cache of Intimate Photos and Communications

Ruh Roh...

A new woman has come forward with what she claims are photographs, chats, and emails with Rep. Anthony Weiner (D-NY). These appear to undermine severely Rep. Weiner’s explanations that he was the victim of a “prank” or a “hack.”

The detailed new information suggests that the Brooklyn- and Queens-based representative and the young woman in question were involved in an online, consensual relationship involving the mutual exchange of intimate photographs.

BigGovernment.com and BigJournalism.com were approached regarding this information more than a week prior to the separate, independent event of Friday, May 27, 2011, when a link to the now-infamous “gray underwear” photograph appeared publicly on Rep. Weiner’s Twitter feed.

We will be updating BigGovernment.com and BigJournalism.com throughout the day with photographs, timelines, and other clarifying details. However, we will not be releasing all of the material because some of it is of an extreme, graphic nature.

UPDATE:Weiner's Presser...I'm bad, bad, bad, bad, and sorry, sorry, sorry, sorry, but NOT quitting.

He said his wife deserves better, doesn't the country?

Fox Palin interview

Even the often beligerant Chris Wallace termed the interview "BOFFO" Having watched it I would concur.

Transcript HERE.

JPM Lowers Q2 GDP For Second Time In A Week, Warns Of A "Severe Downgrade"

When this does transpire the MSM will still maintain that it was "unexpected".

When we revised down our estimate of Q2 GDP growth last week to 2.5% we noted that the risks to this quarter were still to the downside. Given the hard activity data we've received since then -- particularly the auto sales and construction report -- it looks like those downside risks are being realized, and we are lowering our Q2 projection to 2.0%.

Even with this revision we'd assess the risks as still a little to the downside. Most of our downward revision in Q2 is located in consumer spending, where we think growth this quarter is tracking close to 1.5%. If our new estimate for Q2 is realized, GDP growth relative to a year-ago would be only 2.4%, implying almost no closing of the output gap over the past year -- an abysmal performance given that the output gap is arguably greater than 5% of potential GDP, or less arguably, that there are still almost 14 million unemployed workers.

James Arness Dies at 88

A large man in more ways than one. A very sad day indeed.

James Arness, who burnished the legend of America’s epic West as Marshal Matt Dillon, the laconic peacemaker of Dodge City on “Gunsmoke,” one of the longest-running dramatic series in television history, died on Friday at his home in Los Angeles. He was 88.

A family spokeswoman, Ginny Fazer, confirmed the death. Mr. Arness was terribly shy and had almost no training as an actor. A wartime leg wound made it painful for him to mount a horse. But he became the best-known tin star of his era, portraying the towering, weathered marshal for 20 years, from 1955 to 1975. He also made some 50 films and television movies, mostly westerns, in a career that stretched across five decades.

Job growth slows to 54,000 in May, rate up to 9.1%

The only people who weren't expecting this were the government economist's

WASHINGTON (MarketWatch) -- Job growth decelerated sharply in May, the Labor Department said Friday. Total nonfarm payrolls increased by 54,000, much lower than the 125,000 gain expected by Wall Street economists.

This is the smallest increase in nonfarm payroll since September. The unemployment rate ticked higher 9.1% in May from 9.0% in the previous month. Economists forecast the unemployment rate to fall to 8.9%. Average hourly earnings increased 6 cents, or 0.3% to $22.98. Economists had been expecting a 0.2% gain. Earnings are up a slim 1.8% in the past year. The average workweek was steady at 34.4 hours.

Mom's Wrath

NEW YORK– The mother of Gennette Cordova, the college student who received a lewd photo from Rep. Anthony Weiner via Twitter, is infuriated by how the politician is handling the issue, and says its a huge distraction for her daughter who is taking finals at the time.

“I’m really upset. I feel like he’s a person of power and influence, who can make a statement and make all this go away,” Carol Mizuguchi said.

Only days after Weiner claimed that his Twitter was hacked and that the photo was sent as a prank, he stated yesterday that he “can’t say with certitude” that the photo was not him.

Jobs Outlook Tanks as do Stocks

More Obamanomics on parade.

NEW YORK, June 1 (Reuters) - U.S. stocks skidded on Wednesday as more weak economic data cemented fears the U.S. recovery was running out of steam and prompted Wall Street firms to slash forecasts ahead of the closely watched payrolls report on Friday.

Goldman Sachs and several other big financial institutions cut estimates for non-farm payrolls growth in May after ADP Employer Services reported much lower-than-expected growth in private payrolls last month.

US home prices slump as crisis deepens

Looks like another "Recovery Summer".

WASHINGTON — US home prices have sunk below levels seen during the "Great Recession," according to data revealed Tuesday, sparking renewed pessimism about a key pillar of the spluttering economic recovery.

Unless you are selling a house in Washington or buying one in Minnesota there is little cause to celebrate the state of the US housing sector.

Despite ultra-low borrowing rates, experts say a steady flow of repossessed homes onto the market, tighter bank lending rules and high unemployment have kept prices at rock bottom.