James Quinn's  Instablog

We've had some spirited debate the last few days about the differences between Democrats and Republicans. An interesting what if is what if John McCain had won. Here are my guesses:

More Bullshit from the government today. The unemployment rate of 10.2% is a fraud. People are leaving the labor force according to the US government in droves, so that keeps the rate lower. The facts are that 143,338,000 Americans were employed when Obama took office in January. Today, there are 138,275,000 employed. We have lost 5,063,000 jobs since Obama took office and he has the gall to say his stimulus package is working and creating jobs. We lost 589,000 jobs in October. The MSM will report the government manipulated much lower number.

The old birth-death adjustment also added 86,000 more fake jobs in October. This government lie has added 793,000 fake jobs based on some ridiculous model. They truly believe you are all sheeple. They will continue to lie, mislead and use the MSM to convince you everything is OK. The fact is we have lost 7.8 million jobs since 2007 and many will never come back. Things are not all right. They get worse by the day.

   
  A-3.  Employment status of the civilian noninstitutional population by sex and age, seasonally adjusted

  (Numbers in thousands)
                                                                                                                                          
                                                                                                                                          
                                              2008                                                2009                                    
         Employment status,                                                                                                               
            sex, and age                                                                                                                  
                                      Oct.    Nov.    Dec.    Jan.    Feb.    Mar.    Apr.    May     June    July    Aug.   Sept.    Oct.
                                                                                                                                                                                                                                                                                     
                TOTAL                                                                                                                     
                                                                                                                                          
  Civilian noninstitutional                                                                                                               
   population (1).................. 234,612 234,828 235,035 234,739 234,913 235,086 235,271 235,452 235,655 235,870 236,087 236,322 236,550
   Civilian labor force............ 154,878 154,620 154,447 153,716 154,214 154,048 154,731 155,081 154,926 154,504 154,577 154,006 153,975
     Percent of population.........    66.0    65.8    65.7    65.5    65.6    65.5    65.8    65.9    65.7    65.5    65.5    65.2    65.1
    Employed....................... 144,657 144,144 143,338 142,099 141,748 140,887 141,007 140,570 140,196 140,041 139,649 138,864 138,275
     Employment-population ratio...    61.7    61.4    61.0    60.5    60.3    59.9    59.9    59.7    59.5    59.4    59.2    58.8    58.5
    Unemployed.....................  10,221  10,476  11,108  11,616  12,467  13,161  13,724  14,511  14,729  14,462  14,928  15,142  15,700
     Unemployment rate.............     6.6     6.8     7.2     7.6     8.1     8.5     8.9     9.4     9.5     9.4     9.7     9.8    10.2
   Not in labor force..............  79,734  80,208  80,588  81,023  80,699  81,038  80,541  80,371  80,729  81,366  81,509  82,316  82,575
    Persons who currently want a                                                                                                          
     job...........................   5,065   5,393   5,488   5,643   5,645   5,814   5,935   5,861   5,884   5,990   5,609   5,922   5,995

Below is the balance sheet of GE. Only an accountant like myself could be interested in such a monster. The key numbers are Equity, Debt and Financing Receivables. They have $117 billion of equity. Sounds like a lot. But they also have $358 billion of Long term debt and $160 billion of short-term debt due within 1 year. They only have $61 billion of cash.

The interesting number is the $340 billion of Financing Receivables. I had to dig into their footnotes to get the detail that is below the Balance sheet. They have $147 billion of commercial real estate receivables, $136 billion of consumer debt receivables, and some miscellaneous receivables. The laughable number is the allowance for future losses of $7 billion or 2% of their receivables.

That is an outright fraudulent lie. Commercial real estate is plunging and bankruptcies are accelerating. Everyone knows 2010 will be a disastrous year for commercial real estate. GE can count on 15% losses or $22 billion in losses. Consumers are in even worse shape, so they can also count on 15% losses in their consumer receivables or $20 billion. That would be $42 billion of losses that should be recorded today.

Yesterday's election results is scaring the crap out of the Blue Dogs in Congress. If they vote for this 1,990 page abortion of a healthcare bill, they will lose their seats in 2010. Now the bill isn't going to be done until 2010. The closer we get to the 2010 elections, the less brave these Blue Dogs will get. Keep the pressure on the cowards in Congress. They will buckle under the pressure. Call your Congressmen and tell them what you think about this bill.

Jon Corzine, the multi-billionaire Goldman Sachs governor of NJ, outspent Christie by 10 to 1, using his personal funds accumulated over years of ripping off investors. He got his ass kicked in a Democrat state. Obama has been living in NJ the last few weeks making his normal inspiring lying speeches. The American People's bullshit meter is going off like a siren. Obama is full of shit. He ran like he would be moderate. He is the farthest left wing socialist on this planet since Lenin. This country is a moderate right country. His leftist agenda is failing. The town hall meetings and the tea party protests can be laughed off by the leftist mainstream media, but the voters still get to decide. They decided last night to send a message.

The Republican in Virginia crushed his opponent by 17% in a state that went for Obama in 2008. If Obama continues with his left wing agenda, the Democrats will get slaughtered in the 2010 elections.

One caveat. This is not a victory for the Fox News wing of the Republican Party. The people of this country want less government, they want us out of Iraq and Afghanistan, and they want fiscal sanity to comeback. This is the message of the Ron Paul wing of the Republican Party, not the Romney-Guiliani wing.