Just yesterday we wrote financialspuds.blogspot.com/2016/09/bloomberg-no-decency, essentially about the shameful lack of truth telling in MSM. Accidental is one thing. Intentional another.
Today there is a Congressional inquiry going on about the lack of truth telling at Wells Fargo, one of the too-big to fail banks, that is expanding to include not just the CEO but the board of directors. One of the heavy hitters on the inquiry is noted leftist Senator Elisabeth Warren of Massachusetts.
The implications of that tough Congressional talk from the likes of the seemingly outraged Warren is that the higher ups should be held responsible, as well they should, but not just in corporate America but also the government. We are waiting to hear from you Senator Warren. The Bloomberg news outlet is, as we and others have written about, notorious for coloring the facts. Who is the headman there?
Now today comes this news about all those so-called new jobs from the Bureau of Labor. It turns out there were new jobs okay, but half of them were figments of some bureaucrats that run this mess who are long on imagination and short on truth. As you read this keep in mind that the head of BLS is a close associate of Fed Chair Janet Yellen and they both coauthored a while back materials about jobs. Keep in mind too jobs and their importance to the Fed and its so-called policies. Keep in mind also there is an election coming up and now MSM's more than just apparent struggle with presenting the public the truth. And finally keep in mind that not all Whoppers are served through drive-in windows at local beaneries.
You can’t find lazier people than in the mainstream financial press, but their exuberant cheerleading about the purported 5.2% gain in the real median household income in 2015 surely was a new high in mendacity. And we are not talking about the junior varsity here: The Washington Post was typical with a headline of superlatives followed by even more exuberance in the text:
In the context of what was by all accounts a sputtering economy during 2015, in fact, the Census Bureau unleashed the largest year-over-year gain in recorded history. But not a single reporter smelled a fish.
So let’s first put in perspective these ballyhooed claims about the purported 2015 gains. The latter still represents nearly a 17% real shrinkage
of the median income since the year 2000, if you use an honest measure
of inflation like our Flyover CPI; and a 2.2% decline even when incomes
are deflated by the BLS’ sawed-off inflation measuring stick called the
CPI-U-RS.
Either way, there is absolutely nothing to celebrate about a trend that has headed south longer than anytime in modern US history.
zerohedge.com/news/2016-09-21/biggest-washington-whopper-yet
Today there is a Congressional inquiry going on about the lack of truth telling at Wells Fargo, one of the too-big to fail banks, that is expanding to include not just the CEO but the board of directors. One of the heavy hitters on the inquiry is noted leftist Senator Elisabeth Warren of Massachusetts.
The implications of that tough Congressional talk from the likes of the seemingly outraged Warren is that the higher ups should be held responsible, as well they should, but not just in corporate America but also the government. We are waiting to hear from you Senator Warren. The Bloomberg news outlet is, as we and others have written about, notorious for coloring the facts. Who is the headman there?
Now today comes this news about all those so-called new jobs from the Bureau of Labor. It turns out there were new jobs okay, but half of them were figments of some bureaucrats that run this mess who are long on imagination and short on truth. As you read this keep in mind that the head of BLS is a close associate of Fed Chair Janet Yellen and they both coauthored a while back materials about jobs. Keep in mind too jobs and their importance to the Fed and its so-called policies. Keep in mind also there is an election coming up and now MSM's more than just apparent struggle with presenting the public the truth. And finally keep in mind that not all Whoppers are served through drive-in windows at local beaneries.
You can’t find lazier people than in the mainstream financial press, but their exuberant cheerleading about the purported 5.2% gain in the real median household income in 2015 surely was a new high in mendacity. And we are not talking about the junior varsity here: The Washington Post was typical with a headline of superlatives followed by even more exuberance in the text:
U.S. household incomes soared in 2015, recording biggest gain in decades………The data represents the clearest evidence to date that the nation’s long, slow and topsy-turvy economic recovery has finally begun to deliver prosperity for wide swaths of workers.The self-evident fact is that the median household couldn’t have had an after-inflation income gain of 5.2% in 2015. There is not a single data point in the mountains of “incoming” economic data that is consistent with that proposition. Yet nothing in the Post story, or any other mainstream coverage, even hints that the Census Bureau’s whopper isn’t on the level.
In the context of what was by all accounts a sputtering economy during 2015, in fact, the Census Bureau unleashed the largest year-over-year gain in recorded history. But not a single reporter smelled a fish.
Either way, there is absolutely nothing to celebrate about a trend that has headed south longer than anytime in modern US history.
zerohedge.com/news/2016-09-21/biggest-washington-whopper-yet
We call it the “birther” theory of the labor market. It turns out that 52% of all the new jobs—-5.25 million—-reported by the BLS since the end o the recession were imagined, not counted. This amounts to still another whopper from the government statistical mills, and more evidence that the so-called recovery is based on a tissue of lies
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