President Obama blames Congress for weak jobs report

President Barack Obama on Friday put the blame for a weaker-than-expected May jobs report on Congress, saying lawmakers' inaction has stymied economic recovery.

"Right now, Congress should pass a bill to prevent more layoffs," Obama told an audience gathered at Honeywell's Golden Valley, Minn., facility, which the president had earlier toured.



Obama said Congress has not passed enough provisions of his jobs plan ("There's no excuse for it," he said) and must work immediately to offer more tax breaks for small-business owners and for homeowners who refinance. He also wants to extend tax credits for clean energy manufacturers. "Do it right now," the president said.

"Now's not the time to play politics," he said. "Now's not the time to sit on your hands."

The message the president issued Friday follows the rhetoric surrounding a "to-do list" he released for Congress last month, which urged lawmakers to take steps to address the employment situation.

In Minnesota, Obama once again lamented the struggles members of the military face when returning to the workforce. "No one that fights for this country abroad should ever have to fight for a job when they come home," he said.

To help change that situation, the president announced a partnership with the military and manufacturing companies to help veterans find work. He called on U.S. employers to hire post-9/11 veterans and their spouses.

The economy added just 69,000 jobs in May, according to the Bureau of Labor Statistics' monthly report. The national unemployment rate increased a tenth of a percentage point, from 8.1 to 8.2 percent.
Mitt Romney called the report "devastating news for American workers and American families" as other Republicans jumped to criticize the White House for the lackluster numbers.

The president is scheduled to attend six campaign events later Friday across Minnesota and the Chicago area.

They say people look up and to the left when they areally lying.

Nothing more than campaign lies and the tired blame game. Obama has nothing else to offer.

There's always Martial Law.....ain't played that hand yet!

Oh goody, now we get crazier...

The fingers have been pointed since Obama declared his candiditacy for the oval office. His finger has been pointing and he has had fingers pointed at him.

The banks and wall street are about to crash! Their house of cards is collapsing. That collapse will cause hyper inflation like the world has never known! All fiat currencies will be useless paper! Food and water will be worth their wieght in gold as sources dry up instantly and stores and utilities close under gov't control.

It is coming, and soon. People thought 2008 was bad? Wait till the $700+ TRILLION bank bubble hits! The rest of it will follow!

http://seekingalpha.com/article/131597-derivatives-a-700-trillion-bubble-waiting-to-burst

Well congress does nothing.

In an idea world those losers wouldn't, they pass laws that screw things up for us regular folks.

Really? How soon? Where is your evidence for this statement?

Or are you just trying to spread panic?

Taxageddon is upon us when all those tax cuts expire at the end of this year...and congress hasn't done a thing yet.

Congress can't and won't be able to stop this! Europe is collapsing, the dominoes are all in place thanks to the World Bank and the monetary reserve system.

When one falls (and we've seen the warnings the last few months), it ALL goes!

Banks are so over leveraged that if one fails, and people start even a small run..... best find a place to hide!

Nobody can put a date on it Jeannie, but it will happen, and soon!

I updated my previous post with a link.

The article is from 2009....but that will give you an idea that it is closer still....and has grown as the deception has.

Again please tell me why you say that Europe is collapsing. Facts please.
Links? References?

It's in the news daily now! Spain, Greece, Germany....just check current events.

Once it starts, there's no stopping it.

Think of it as going to war with no ammunition....because ALL fiat currency will be worthless as it is all interconnected to our world fiat monetary system.!

I would like to have an estimate on what you mean by "and soon!!"

A month?
Thee months?
A week?
A year?

I'm not an economist....just a reader and sign watcher.

Even the economist can't predict when, but governments are failing to listen to those who have correctly predicted the past

One said the other day we won't make the elections..... but, I hope he was wrong. Most say within the next 3 years or less, some say sooner.

It's all a guess on when, but not if.

Many are calling it the "financial collapse of 2012"

http://theeconomiccollapseblog.com/archives/tag/2012

22 Red Flags That Indicate That Very Serious Doom Is Coming For Global Financial Markets

If you enjoy watching financial doom, then you are quite likely to really enjoy the rest of 2012. Right now, red flags are popping up all over the place. Corporate insiders are selling off stock like there is no tomorrow, major economies all over Europe continue to implode, the IMF is warning that the eurozone could actually break up and there are signs of trouble at major banks all over the planet. Unfortunately, it looks like the period of relative stability that global financial markets have been enjoying is about to come to an end. A whole host of problems that have been festering just below the surface are starting to manifest, and we are beginning to see the ingredients for a "perfect storm" start to come together. The greatest global debt bubble in human history is showing signs that it is getting ready to burst, and when that happens the consequences are going to be absolutely horrific. Hopefully we still have at least a little bit more time before the global financial system implodes, but at this point it doesn't look like anything is going to be able to stop the chaos that is on the horizon.

The following are 22 red flags that indicate that very serious doom is coming for global financial markets....

#1 According to CNN, the level of selling by insiders at corporations listed on the S&P 500 is the highest that it has been in almost a decade. Do those insiders know something that the rest of us do not?

#2 Home prices in the United States have fallen for six months in a row and are now down 35 percent from the peak of the housing market. The last time that home prices in the U.S. were this low was back in 2002.

#3 It is now being projected that the Greek economy will shrink by another 5 percent this year.

#4 Despite wave after wave of austerity measures, Greece is still going to have a budget deficit equivalent to about 7 percent of GDP in 2012.

#5 Interest rates on Italian and Spanish sovereign debt are rapidly rising. The following is from a recent RTE article....

Spain's borrowing rate nearly doubled in a short-term debt auction as investors fretted over the euro zone's determination to deal with its debts.

And Italy raised nearly €3.5 billion in a short-term bond sale today but at sharply higher interest rates amid fresh concerns over the euro zone outlook, the Bank of Italy said.

#6 The government of Spain recently announced that its 2011 budget deficit was much larger than originally projected and that it probably will not meet its budget targets for 2012 either.

#7 Amazingly, bad loans now make up 8.15 percent of all loans on the books of Spanish banks. That is the highest level in 18 years. The total value of all toxic loans in Spain is equivalent to approximately 13 percent of Spanish GDP.

#8 One key Spanish stock index has already fallen by more than 19 percent so far this year.

#9 The Spanish government has announced a ban on all cash transactions larger than 2,500 euros. Many are interpreting this as a panic move.

#10 It is looking increasingly likely that a major bailout for Spain will be needed. The following is from a recent Reuters article....

Economic experts watching Spain don't know how much money will be needed or precisely when, but some are near certain that Madrid will eventually seek a multi-billion euro bailout for its banks, and perhaps even for the state itself.

#11 Analysts at Moody's Analytics are warning that Italy has now reached financially unsustainable territory....

"Italy is already out of fiscal space, in our estimate." said Moody's. "Its debt levels relative to GDP already exceed a manageable level. The manageable limit for Italian 10-year bond yields is estimated at 4.2pc. As of Wednesday, Italian 10-year yields were 5.46pc."

#12 It is being projected that the Portuguese economy will shrink by 5.7 percent during 2012.

#13 There is even trouble in European nations that have been considered relatively stable up to this point. For example, the Dutch government collapsed on Monday after austerity talks broke down.

#14 The head of the IMF, Christine Lagarde, says that there are "dark clouds on the horizon" for the global economy.

#15 The top economist for the IMF, Olivier Blanchard, recently made this statement: "One has the feeling that at any moment, things could get very bad again."

#16 A recent IMF report admitted that the current financial crisis could lead to the break up of the eurozone....

Under these circumstances, a break-up of the euro area could not be ruled out. The financial and real spillovers to other regions, especially emerging Europe, would likely be very large.

This could cause major political shocks that could aggravate economic stress to levels well above those after the Lehman collapse.

#17 George Soros is publicly declaring that the European Union could soon experience a collapse similar to what happened to the Soviet Union.

#18 A member of the European Parliament, Nigel Farage, stated during one recent interview that it is inevitable that some major banks in Europe will collapse....

There are going to be some serious banking collapses and the impact of that on some sovereign states, will be serious. I’m afraid we’ve gotten to a point where we really can’t stop this now. We’re beginning to reach a stage where however much false money you create, the problem becomes bigger than the people trying to solve it. We are very close to that point.

When I talk about the threats and the risk that this thing could wind up in some kind of rebellion, some sort of awful social cataclysm, they (other European politicians) are now very worried indeed. They will talk to you in private, but in public, nobody dares utter a word.

I think the deterioration, in the last two or three weeks, in the eurozone is very serious indeed. It’s the bond spreads in Italy and Spain. It’s the fact that youth unemployment is now over 50% in some of these Mediterranean countries.

It’s riot and disorder on the streets. And yet a month ago I was here and there was Herman Van Rumpuy telling us, ‘We’ve turned the corner. Everything is solved. There are no more problems with the eurozone.’ What a pack of jokers they look like.”

#19 The IMF is projecting that Japan will have a debt to GDP ratio of 256 percent by next year.

#20 Goldman Sachs is projecting that the S&P 500 will fall by about 11 percent by the end of 2012.

#21 Over the past six months, hundreds of prominent bankers have resigned all over the globe. Is there a reason why so many are suddenly leaving their posts?

#22 The 9 largest U.S. banks have a total of 228.72 trillion dollars of exposure to derivatives. That is approximately 3 times the size of the entire global economy. It is a financial bubble so immense in size that it is nearly impossible to fully comprehend how large it is.

The financial crisis of 2008 was just a warm up act for what is coming. The too big to fail banks are larger than ever, the governments of the western world are in far more debt than they were back then, and the entire global financial system is more unstable and more vulnerable than ever before.

But this time the epicenter of the financial crisis will be in Europe.

Outside of Europe, most people simply do not understand how truly nightmarish the European economic crisis really is.

Spain, Italy and Portugal are all heading for an economic depression and Greece is already in one.

The European Central Bank was able to kick the can down the road a little bit by expanding its balance sheet by about a trillion dollars over the last nine months, but the truth is that the underlying problems in Europe just continue to get worse and worse.

It truly is like watching a horrible car wreck happen in slow motion.

The good news is that there is still a little time to get yourself into a better position for the next financial crisis. Don't leave yourself financially exposed to the next crash.

Sadly, just like back in 2008, most people will never even see this next crisis coming.

I just hope he doesn't go Zombie on us.

Found a look-a-like for you.