Bloopers

Economic Bloopers

Every day the government makes new mistakes or discovers new economic consequences of their past errors. Arbitrary Vote brings you the country’s biggest economic bloopers.

Daily Bloopers Will Now Become Less Frequent
After over ten months of economic government bloopers on each and every workday, it is obviously clear that there is no shortage of ridiculous errors and activity by our soap opera government. A mess continues to be made, and there is no end in sight.

While January 29, 2010 will be the last daily blooper, we’ll still run an occasional blooper for only the biggest economic blunders.

The Warning update page will continue to be updated and Arbitrary Vote will still be fully operational. You’ll still find future in-depth analysis and articles along with other government and economic goodies from time to time.

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1/29/10 – GDP makes big gains
There’s nothing misleading about the 5.7% GDP increase. Certainly none of the following play a part in the most recent overestimation:

1. Inventories were at an extreme low and the slowdown in the rate of decline is counted as growth
2. Import reduction was likely overestimated because of an overestimate in the drop in oil consumption
3. Personal consumption expenditure (i.e. a significant part of the growth) was basically a loan for the government – transfer payments to the federal budget of $500 billion

We’ll look forward to the revisions.

GDP surges 5.7% on inventory slowdown – MarketWatch

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1/28/10 – Bernanke’s back!
Bravo! Well done. We removed one extra step (i.e. hiring a new failure) in our long, fingernails-on-chalkboard path of economic defilement.

Bernanke wins second term as Fed chairman – MSNBC/Associated Press

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1/27/10 – No one wants to cut the deficit
Darn it – This messes up the ability to “chip away” at a $1.35 trillion projected deficit. Woulda surely solved our $80+ trillion unfunded liabilities problem. Not to worry though – Obama is going to go flat on spending in a year or so after we have increased the budget and spent a whole bunch more.

Senate Action Shows Difficulty of Cutting Deficit – Bloomberg

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1/26/10 – Housing prop-ups need prop-ups
Another government plan with a false premise poorly organized and failing. Astonishing.

Foreclosure relief program riddled with flaws – MSNBC

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1/25/10 – More IPCC corruption confirms global warming
Those IPCC scientists are really on a moral tear lately. Surely they had good intentions…

IPCC’s Himalayan Glacier ‘Mistake’ No Accident – US News

On another note not to be overlooked…More housing green shoots…

Existing-home sales take biggest fall in at least 40 years – The Washington Post

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1/22/10 – Bernanke could get the axe
Let’s fire one illigitimate leader of an illigitimate institution to then hire another illigitimate leader to run it. That’ll work.

Bernanke second term in doubt – Reuters

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1/21/10 – Geithner says important stuff
And we should all take Geithner seriously even if he’s right.

Geithner has reservations on US bank limits-sources – Reuters

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1/20/10 – The political tide has turned
We’re saved! Brown will erase $80+ trillion in unfunded entitlements, trillions in stimulus inflation, he’ll abolish the fed, deregulate markets, and get the country right back on the right track…Or maybe he shoulda stuck with his magazine modeling.

Brown Scores Upset Victory Over Coakley in Massachusetts Senate Race – Fox News

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1/19/10 – Weren’t people excited about Citi’s TARP payback?
Clearly paying back TARP is a sign of a healthy bank. The payback digs them billions deeper into the hole that their core business all ready dug.

Citigroup posts $7.6 billion quarterly loss – MSNBC/Associated Press

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1/18/10 – Banks tell small biz to shove it
If you were looking for additional evidence about poor bank health, you should be able to find it easily within their financial reports or with a couple of simple web searches…But here’s a little more…

Banks pull another $1 billion from small business lending – CNN Money

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1/15/10 – JPMorgan gets a pretty profit
Banks shouldn’t still be feeling loan loss pressure. The media says the economy has turned the corner. At least their silly CEO is honest – “We don’t know when the recovery is,” said Dimon.

JPMorgan loan losses overshadow higher Q4 profit – Reuters

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1/14/10 – Obama gets tough on banks
Obama is such a disciplinarian. Taxing those bad banks cause they lost everybody’s tax dollars. He’ll tax ’em a whole $90 billion to erase his $1.3+ trillion dollar deficit.

Obama Unveils $90 Billion Bank Tax With Sharp Words – The Wall Street Journal

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1/13/10 – Ratings agencies give it another shot
Another chop-down and now we’re at an A-. Just four spots from “junk” status. No need to make them “junk” status now as they will surely get more bailouts and balance the budget another seven times before they finally go bust.

California debt rating cut as cash crunch looms – Reuters

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1/12/10 – China’s hiking rates
No bubbles going on in China. They just like to tighten monetary policy randomly.

China surprises with bank reserve hike, markets hit – Reuters

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1/11/10 – It’s bonus time for the banks
These employees deserve the cash. For some banks, it was their most profitable year ever. Managing bailouts, fallout from other failed competitors, and chrony capitalism is a tough business.

Banks Prepare for Big Bonuses, and Public Wrath – New York Times

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1/8/10 – Need investment advice? Ask the government.
Americans shouldn’t be so upset about the Federal government telling them how they can invest and save. The government is the foremost expert on investing and saving. And no one should be upset about additional stolen freedoms. You will be freer because you will be richer from all the new monies made from your government’s investment and savings strategy.

Americans Oppose Proposals to Limit 401(k)s, ICI Says – Bloomberg

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1/7/10 – Interest rates to put banks in the tanks
Now why would banks be warning everyone about potential rate hikes? Interest rates aren’t likely to rise with so much debt, such large deficits, so much money printing, and Benjamin Bernanke at the helm.

U.S. Warns Banks to Guard Against Rate-Rise Risks – Bloomberg

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1/6/10 – The California circus continues
Oh, he needs more money. The all-nighter budget balancing didn’t work again? The autographed car auctions must not have worked well.

Schwarzenegger wants more federal money for California – Reuters

On an additional humorous note…Please pay your disrespects to a horrible career…

Sen. Chris Dodd Will Not Seek Re-election – Fox News

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1/5/10 – Housing data looking grim again
They shouldn’t release this kind of data. It might make delusional economists and ignoramuses (often the same people) angry.

Housing rebound totters as pending sales slide – MSNBC/Associated Press

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1/4/10 – Bernanke won’t rat out the children
It isn’t Bernanke’s fault. It isn’t the Fed’s fault. It was children with bottles of soap, a little plastic loop, and a lot of hot air to breathe. Those damn children.

Ben Bernanke Won’t Take the Blame for Bubbles – Reuters

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12/31/09 – SEC inspired to create more loopholes
Translation:
Wall Street waits for the incompetent organization that created previous regulation filled with loopholes to finish some really hard thinkin’ and create new regulation filled with loopholes so that they can take further advantage of the regulation.

Wall Street Waits as SEC Fails to Bring Madoff-Inspired Reforms – Bloomberg

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12/30/09 – GMAC goes back to the well
Another failed business needs more than one handout joining the ranks of the AIGs, GMs, Fannie/Freddies, etc. Seems like bailouts don’t fix the fact that these people suck at running their organizations. This seems to indicate that the government sucks at allocating resources. Unheard of.