Apr 27, 2007

Klein's Take on the Economy (Pt II)

As noted in the posting earlier this week, Klein is completely confused by all of those big numbers when it comes to an intelligent discussion of the nation's economy. Klein thinks the economy is booming, but as I pointed out yesterday, the economy is still quite sluggish.

A new report released this morning from the U.S. Commerce department corroborates my point. Some of the low points:

  • The U.S. economy grew last quarter at the slowest pace in four years because of the housing slump and a bigger trade deficit
  • The dollar fell to a record low against the euro
  • Signs have emerged that problems in manufacturing and housing are suppressing demand in other industries
And there's more. Read the Bloomberg story here.

It is the economy - never trust Klein or anyone else who can't count over 21 with their pants off.

Apr 26, 2007

We're All Gonna Be Rich!

According to Klein's latest article, the economy is booming. Klein writes:
  • "It is the economy stupid. And it is doing pretty damn good."

Compare Klein's statement to the first sentence in yesterday's snapshot of the U.S. economy released by the Federal Reserve:

  • "Most Federal Reserve Districts noted only modest or moderate expansions in economic activity since the previous report..."

According to the fed, the best guess is that first-quarter growth amounted to a mediocre pace of only about 1.8 percent - not exactly booming. Manufacturing activity is still very slow in many areas and residential real estate, which kept the economy afloat in recent years, continued to weaken.

The stock market has been ping-ponging from lows to highs over the past few months. Yesterday's historical high above 13,000 is attributable to announcements on stronger-than-expected profits from several large companies. Unfortunately, those companies made most of their money overseas, where economies are growing faster than the United States. So, outsourcing is the real driver behind those profits, not those tax cuts over which Klein is clearly confused.

As yesterday's fed report shows, most of those problems that have plagued the market still remain: rising energy costs, a slumping housing market and a possible credit crunch.

In this case, I guess I have to agree with Philip - it is the economy and he is stupid.

Apr 23, 2007

Klein Celebrates Earth Day

In Klein's article today, he's ragging on Sheryl Crow for her part in an Earth Day show yesterday. He's printed a portion of the rider for the show, which includes a provision for parking places for four buses, three tractor trailers, and six cars.

What Philip didn't mention was that the parking provisions in the rider covered all of acts on the show, which also included Carol King, Tim McGraw, and Faith Hill (each of whom have their own bus). Philip also didn't mention that Sheryl's touring bus is a special bio-diesel bus, outfitted for maximum fuel efficiency. This is another example of how Philip distorts facts to fit his own agenda.

Perhaps Klein should have addressed some of Sheryl's real ideas - I'm sure he could have found humor in her suggested limits on toilet paper use. I'd be willing to go along with her suggestions if I could find a print edition of the Southeast Texas Political Review to supplement Sheryl's one square per visit proposition.

Maybe Philip was just too busy stuffing his face with steaks during his own Earth Day 2007 celebration to pay attention to all of the facts. After checking this picture of Philip on the Channel 6 website, I suspect he could be eating for two - he's either pregnant or he's got a basketball stuffed under his shirt.

Apr 20, 2007

Klein Ignores Orwig

Klein has been strangely silent on the departure of Matt Orwig, U.S. Attorney for the Eastern District of Texas. This is particularly interesting, since those top officials loyal to the Bush Administration in the U.S. Justice department are under fire for terminating a number of U.S. Attorneys under purely political reasons. During questioning yesterday, Attorney General Alberto Gonzales contradicted his own statements and previous testimony from other Justice Department officials.

Since it's becoming clear that these U.S. Attorneys were terminated for not engaging in political investigations as directed by the White House, Orwig's departure presents an interesting side note. We've already seen that the Bush administration rewards blind obedience with select appointments, including Gonzales, Harriet Miers, and Michael Brown.

In my opinion, Orwig is probably the the worst U.S. Attorney ever in Southeast Texas. He's ambitious and pompous, but doesn't possess the skill set needed for success beyond those tasks dictated by our current administration.

Here's the question for Klein - was Orwig appointed to this position because of his loyalty to the Bush Admnistration?

Apr 15, 2007

Is anybody out there?

Welcome to the Decline of Kline, where we run fact checks on the lies, gossip, and misinformation of the Southeast Texas Political Review. Does Philip have an agenda? You decide!