Santelli Predicted Right: No New Jobs in August
Ahead of the Sept. 2 release of the August jobs report, surveys had indicated the economy had added anywhere from 75,000 to 100,000 jobs that month. But those estimates turned out to be very wrong. Just minutes ahead of the release, CNBC’s Rick Santelli went out on a limb predicting that no jobs had been added in August.
Santelli was right about that number. As CNBC reported just minutes later, not a single job was added overall to the payroll numbers and the unemployment rate stayed at 9.1 percent. The previous two months were revised downward to show an additional 58,000 jobs lost.
It was the first time since February 1945 that the report showed exactly zero net jobs.
The predictions of the economists interviewed by CNBC that morning ranged from 25,000 to 60,000 and CNBC’s own Steve Liesman predicted 70,000. All of those guesses turned out to be overly optimistic.
The timing of the bad news on the jobs front comes less than a week ahead of President Obama’s big jobs speech, and as Republicans campaign against him and each other around the country. That’s something neither Obama, nor some Republicans were expecting.
As Ben Smith wrote for Politico on Sept. 2, “With today’s dismal jobs report confirming that the political landscape will likely be shaped by a sense of economic crisis, it’s easy to forget how recently the leaders of both parties were expecting a recovery.”
Even Mitt Romney, as of Sept. 2010, expected the economy to “be coming back,” Smith reported. “This isn’t the campaign either Obama or most Republicans expect to run, and if they seem caught off guard, it’s because they were,” Smith concluded.
Perhaps it is because politicians have been accepting too much of what the media tell them about the economy. Even after the dismal Sept. 2 report, CNBC guest Mark Zandi, Moody’s Analytics chief economist, said: “It’s obviously very dark, and we’re very close to recession, but that doesn’t mean we’re going to go into recession. And the reason is, for a recession to occur businesses have to lay off workers and I don’t think that’s what’s going on here. Businesses aren’t laying off workers, they’ve stopped hiring.”
So Zandi suggested it was still possible to avoid recession. But it would appear the public does not agree, since consumer confidence took a nosedive in August to a two-year low according to the Aug. 31 Investor’s Business Daily. IBD reported that confidence dropped 14.7 points to 44.5.
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Comments
you forgot -
Submitted by Agnostic on Fri, 09/02/2011 - 11:12am.
Unexpectedly :)
Exactly!
Submitted by Blonde on Fri, 09/02/2011 - 11:20am.
Even your favorite economic prognosticator (me) called this one correctly.
As Little Debs (of the Wasserman Crime Family) says...."the democrats OWN this economy now".
OWN THAT!
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
We have a new name for
Submitted by jdhawk on Fri, 09/02/2011 - 12:52pm.
We have a new name for O'bummer. President Zero!
I think he is a "dick," too!
He has lots of names now, JD
Submitted by Blonde on Fri, 09/02/2011 - 12:55pm.
One of the MOLs (mean old ladies) on MOTUS calls him Richard Potato. Dic-tater.
I'm rather fond of "President Downgrade".
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Well, JD, ya know what they say about
Submitted by texasborngranny on Fri, 09/02/2011 - 1:14pm.
great minds..... ;-)
I've been referring to him as 'The Big 0' - that's a zero (0) as opposed to an upper case O.
after revisions next month
Submitted by ohio granny on Fri, 09/02/2011 - 11:18am.
After revisions next month it will show there was actually a loss of jobs for August. They almost always revise the numbers down when the nexts months jobs numbers come out. Will that officially make it a recession?
No new jobs but unemployment rate remains the same...
Submitted by Red Jeep on Fri, 09/02/2011 - 11:21am.
...I suppose that could happen...
Talk about timing
Submitted by jon_torlin on Fri, 09/02/2011 - 11:35am.
That's an interesting statement to make at the time you made it, RJ, because I look to the right of your comment and there's that cartoon of Soetoro "drawing the line."
Perfect illustration to your statement.
-Jon
Unemployment to rise in Corning, NY 11-29-11
Submitted by Red Jeep on Fri, 09/02/2011 - 11:56am.
Steuben Glass to close.
http://www.wetmtv.com/news/local/story/Former-Steuben-Glass-Employee-Ref...
Net Zero Man!
Submitted by Trochilus on Fri, 09/02/2011 - 11:39am.
Ø
Oh My
Submitted by Blonde on Fri, 09/02/2011 - 11:50am.
Perfect.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Today's quiz.
Submitted by Newsbubba on Fri, 09/02/2011 - 11:45am.
What one person in the USA could get fired, and the unemployment rate would IMPROVE by 4%?
And "experts" would STILL be surprised!
Oh, my!
Submitted by retrocon on Fri, 09/02/2011 - 1:13pm.
Obama?
ta-da!
Submitted by kata on Fri, 09/02/2011 - 11:45am.
let's be perfectly clear - who's surprised as this unexpectedness?
Bingo anyone?
Submitted by Trochilus on Fri, 09/02/2011 - 12:17pm.
Whoever correctly guesses how many of these will work their way into the speech wins.
Ø
Forgot a few of the critical items for a "jobs" speech
Submitted by retrocon on Fri, 09/02/2011 - 1:24pm.
"invest in education"
"invest in green energy"
"invest in... " whatever can be used to funnel money to unions... like "state government," "infrastructure," etc.
And don't forget,
"...pay their fair share..."
"...corporate jets..."
and
"the American dream of _________" fill in the blank with any item that could garner a vote if provided "free" by the government: "a home, free healthcare, the internet, citizen status, etc."
And, of course, how many times will he say "Win the Future!"
WTF?
Just heard on Rush.
Submitted by Newsbubba on Fri, 09/02/2011 - 2:30pm.
Bambi is leaking word now that he won't reveal his complete plan next Thursday, but instead roll it out over the Fall.
This will allow him to say, "ahhh ...ughhh .... yeah ..... I'm going to do that too!" whenever any lib complains that he is leaving their pet project out.
I cannot believe these fools buy this crap!
newsbubba,
Submitted by Agnostic on Fri, 09/02/2011 - 2:34pm.
Actually this will allow him to do the same thing he has done with TARP and ObamaCare - extend programs (read $$$$) or exemptions to companies that pay for his re-election compaign. Of course I am biased and my opinion is most definitely tainted.
And don't forget...
Submitted by retrocon on Fri, 09/02/2011 - 6:15pm.
it will also allow him to push measure after measure to congress for his pet spending projects and then have sequential "blame-a-thon" speeches on how the "partisan republican congress is blocking all the great programs that will save the US economy!"
See, if he submits one big bill and it's shot down, he won't have "new" opportunities to complain and blame every month... and after all, that's really all he has to offer.
The message from conservatives needs to be...
Submitted by Kingfish17 on Fri, 09/02/2011 - 6:38pm.
"If this stimulus, (or tax increase), proposed by Obama and the liberals is so important, why didn't they just pass it when they total control of everything!"
"You can’t go take a trip to Las Vegas...on the taxpayer’s dime." Barack Obama
General Strike
Submitted by Kingfish17 on Fri, 09/02/2011 - 12:34pm.
Producers and holders of capital have gone on strike. This only ends when Obama and his socialist pals are booted out of office, or when they convince the takers that they will be better off if they attempt to confiscate property and capital from the producers, ultimately by force.
"You can’t go take a trip to Las Vegas...on the taxpayer’s dime." Barack Obama
By now, everyone with
Submitted by celator on Fri, 09/02/2011 - 3:04pm.
By now, everyone with functional synaptic connections and healthy brain cells understands that there will be no good economic news as long as Barry Blister (shows up after all the work is done) and his saloon full of third rate political hacks is in charge. Just not gonna happen. Anyone who is surprised at the zero job creation number is watching too much Dancing With The Stars.
CNBC’s Rick Santelli Does The Work Of A Nobel Laureate
Submitted by Avitar on Fri, 09/02/2011 - 3:16pm.
Rick Santelli is pulling more than his share of the load. That this zero is a surprise is a testamant to how bad the economic reporting is by the bulk of the MSM.
Only a moron would expect economic recovery of any kind...
Submitted by Dave. on Fri, 09/02/2011 - 6:54pm.
...while Barack Hussein Obama is still in power, and his hideous taxes and regulations roll on, totally unimpeded by an utterly gutless congress.
-Dave
Vote for the American in November
Taxes?
Submitted by Bill The Bold on Fri, 09/02/2011 - 7:10pm.
Only a moron...? He has cut taxes more than 25 times in addition to extending the Bush cuts! He wants to extend the payroll tax break but the Repubs want to hike that tax up. What hideous taxes are you talking about?
Bill the Troll
Submitted by jon_torlin on Fri, 09/02/2011 - 7:19pm.
Oh my word, what liberal rag did you pull that from??
Is that number the number of times you heard him say he cut taxes/not raised them one dime on 95% of the people(nevermind that 50% are really paying taxes while the others are not)?
That was a good one, wow!
-Jon
Here you go
Submitted by Bill The Bold on Fri, 09/02/2011 - 7:29pm.
http://www.politifact.com/truth-o-meter/statements/2010/jan/28/barack-ob...
http://www.politifact.com/truth-o-meter/statements/2010/feb/02/david-axe...
I think you read that incorrectly
Submitted by kata on Fri, 09/02/2011 - 8:00pm.
The list you have provided shows a quantity of 25 separate and very specific tax credits - a few incentives and some unemployment aid. It would be quite rare to utilize all these credits. While it sports quantity in abundance - a list of what seems like an impressive 25 "cuts" - the quality has to be argued.
The Washington Post actually did a very good job of breaking down the stimulus. That little 82.1B on the end? That's your tax credits. Several of these have already expired or will expire in 2012. And if you read the note on the end there - it says that 100B of the 182B in credits and cuts would go to people who do not even pay taxes in the first place. Sound more like it should be classified as welfare, yes?
You would also have to agree that the burden of ObamaCare on the individual and the heavy regulations by the EPA/USDA and other regulatory agencies being imposed on businesses will actually negate a considerable amount of this work by raising the cost of doing business. And I don't believe those expire in 2012.
jon, This idiot has apparently not read one paragraph...
Submitted by Dave. on Fri, 09/02/2011 - 8:11pm.
...of Obamacare.
There are enough hidden taxes, fees, regulations and penalties in that law alone to last us three lifetimes.
My guess is this plant is being paid to post this BS here at NB.
I'm further guessing this twerp is blissfully ignorant of the over 600 new federal regulations that went into effect just this past July.
-Dave
Vote for the American in November
who is the moron?*
Submitted by cajun2 on Fri, 09/02/2011 - 7:40pm.
Bill the Bold, take all your lib talking point cards out of the desk and see if you can answer this one for me. I am sure there is an adequate lie in there somewhere.
On 12-1-10, the Fed Tax deductions on my pension was 339.10 for that month. For the year, my taxes totaled 3,730.10.
On 1-1-11 the Fed Tax deduction on my pension was 371.30 per month. At the end of this year, my taxes will have cost me 4,455.60. Though I am not an accountant, and I make less than 30K a year, it does seem that my dam* taxes have increased this year by $725.50!!!!!
Since my financial situation is not an isolated one, we can only assume that anyone who claims that Obama has cut taxes is THE MORON!!
You're too stoopid to be posting here
Submitted by Dave. on Fri, 09/02/2011 - 7:52pm.
Seriously, run back to your fellow KOS turds, comrade.
Before it's too late.
-Dave
Vote for the American in November
If Obama instructed the Treasury to mail a penny
Submitted by Kingfish17 on Fri, 09/02/2011 - 8:05pm.
If Obama instructed the Treasury to mail a penny to every single American, and called his edict the "Presidential Tax Cut Edict of Obama his Most Holiness and Grand Poobah", liberals would join in the chorus that Obama "Cut taxes for every single American!".
"You can’t go take a trip to Las Vegas...on the taxpayer’s dime." Barack Obama
Just by slamming us with the
Submitted by amyshulk on Sat, 09/03/2011 - 6:29am.
Just by slamming us with the ciggie tax he negated the pissant $13 {$400 year} "break" and hit who? Oh yeah The freakin' middle class!!!
The R's better get a clue and stop trying to destroy the middle class too, or there WILL be a 3d party to replace you guys!!!
Ronald Reagan
santelli for president !
Submitted by gr29az on Sat, 09/03/2011 - 9:55am.
santelli for president !