Friday, May 29, 2015

If it weren't for the fracking frackers we'd be in recession.

First quarter final print shows GDP shrinking at a 0.7% annual rate. Current independent forecasters estimate that 2q growth is an annualized 0.8%. Economists estimate that the decline in oil prices driven by massive increases in US supply due to fracking add over 1% to US GDP. How typical: the thing saving the Obami from the first government provoked recession since 1937 is the reviled fracking community.

Recen unilateral rewrites of the clean air and water acts are making all sorts of industrial and real estate projects too risky. Add to that the cartelization of finance and health care and the continuing oh so progressive rape of college students and this economy has immense headwinds to overcome. And hurricane Obama is scheduled to last for 20 more months.

And the one thing he's doing right: the Pacific trade pact - necessary to cement a geopolitical alliance to block the expansion of Chinese hegemony - is being opposed by almost the entire Democratic caucus which is making Republicans - fearful of another Obama double cross - wonder if this isn't just a "set up" for electoral gain. But who can blame them for not trusting a president who's demonstrated time and again that he will ignore and rewrite laws when it suits him?

We're like an eighteen wheeler with a drunk zombie at the wheel.

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