Posts Tagged ‘general electric’

Unemployment REMAINS above 400,000 AGAIN….

October 13, 2011

Another week, another dismal unemployment number and another UPWARD revision of the number that came from the Obama Administration.  Last week:

“Initial claims for state unemployment benefits climbed 6,000 to a seasonally adjusted 401,000, the Labor Department said.”

No they did not!!!  Initial claims SOARED to 405,000!!!  From CNBC this week:

“Initial claims for state unemployment benefits dipped 1,000 to a seasonally adjusted 404,000, the Labor Department said, from an upwardly revised 405,000 the prior week.”

And remember that last week I said:

“I will wager that this weeks number is closer to 406,000 than 401,000.”

Damn!!!  I missed it by ANOTHER 1,000 claims to the upside.  This puts MY estimation, over three weeks, off by 1,000 jobs.  In other words I have missed the number by 333 jobs per week.  As opposed to the Government propagandists, from the Bureau of Labor “Statistics”, who are off by 13,000 jobs, or 4,333 jobs per week.  Always to the downside!!!

This week the 4-week moving average is:

“The four-week moving average of claims, considered a better measure of labor market trends, fell 7,000 to 408,000.”

This number also includes an UPWARD revision of 1,000 jobs from last week.

So, this week they said 404,000 new claims.  I’ll wager that the number is 408,000.  Any takers, yet??

Something else that I noticed today from our “friends” at CNBC (which is owned by Government General Electric, and run by a very close friend of The One, Jeffery Immelt) is illustrated in the following quotes.

From CNBC on August 11:

“Economists say both initial claims and the four-week average need to drop close to 350,000 to signal a sustainable improvement in the labor market.”

and from CNBC on September 15:

“Applications need to fall below 375,000 to indicate that hiring is increasing enough to lower the unemployment rate.”

and from CNBC on October 13:

“Initial claims stayed close to the 400,000 mark usually associated with some improvement in the jobs market for a third straight week.”

So, in the course of 60 days, it appears that the numbers “needed to show improvement” keep getting WORSE, which is BETTER for the Obama Administration.  Very curious.

GE and taxes…..

April 11, 2011

Much has been written/said recently about Government General Electric and the taxes that it has paid, or NOT

It “earned” $14.2 BILLION in 2010 and paid a grand total of $0 in taxes to the United States Government.  In the last 5 years, GE has earned more than $26 BILLION and received more than $4 BILLION in tax credits from the IRS.

Now don’t get me wrong, I understand some of the accounting that goes into a “tax loss carry forward”.  I DO believe that “honest” companies should be able to carry a loss forward, into another year to offset profits, in order to reduce taxes.

However, here is the problem that I am having.  When the latest recession began, as a result of indiscriminate lending, of which GE (through its subsidiary GE Capital) was a HUGE beneficiary, GE Capital provided 40% of the profits of GE.  GE Capital was involved in ALL of the kinds of “shady” loans, CDO’s, etc.  They were using the lax loan standards, approved and being used by all of the other major players, to maximize their fees while limiting their exposure.  Still, they did as poor a job, as all the other major players, or worse.  At that point in time, GE Capital “could” have bankrupted GE.

Then GE used the “Bank Bailouts” (TARP, TLGP, Stimulus, etc.) to the tune of at least $140 BILLION to “save” themselves.  That is, they TOOK money from US, and used it to stay in business and make profits.  And, now they are “using” the losses that they incurred to evade/avoid paying taxes to US.

Here is what I would like to see.  IF a company used the United States Government to remain in business, and to profit from free, or cheap, money loaned to it; then ALL previous losses are negated.  No more shenanigans, those companies will be ALLOWED to say THANK YOU, for saving us and our overpaid jobs, to the American public, and they will pay TAXES on ALL income generated.  Hey, GE let’s call it even and you PAY the taxes that you OWE!!

Let your representative know what you think, and if you think that you do NOT pay enough in taxes, NO ONE is stopping you from sending more.