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Fed’s Labor Market Conditions Index Plunges Most In 7 Years

While mainstream media clung to The White House spin of record monthly streak of jobs gains after Friday’s payrolls, The Fed’s own Labor Market Conditions Index (LMCI) paints a very different picture of the health of the American job market. With a 0.3% drop in December, the LMCI is now down 5.8% year-over-year, the biggest plunge since Jan 2010.

We are sure The Fed wishes it never created this index…

 

As we noted previously, that’s only the eighth time in nearly 40 years the index was down on a year-over-year basis, Deutsche Bank Chief U.S. Economist Joseph LaVorgna wrote in a note to clients today. Of the seven previous occasions, LaVorgna wrote, “four were soon followed by recession.”

(In the three other cases, two were false alarms, in 1986-87 and 1995-96, and in 1981 the recession began shortly before the annual change in the LMCI turned negative.)

LaVorgna said the weakness in the LMCI indicates a rising possibility of recession.

“The upshot is that the economic outlook remains fragile despite the ostensible robustness of the labor market,” he wrote.

One look at the historical revisions (notably the last few months) and it’s clear, however, every effort is being made to improve this data…

 

Perhaps the economy being handed to Donald Trump is not as ‘awesome’ as some would suggest?

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Senate Democrats Prepare For Their 2017 Theatrical Debut As Confirmation Hearings Loom

Starting Tuesday Americans will be subjected to what will feel like endless hours of torture as Senate Democrats get their opportunity to question Trump cabinet appointees.  The hearings will undoubtedly focus on the wealth accumulation of many of his nominees as key Democrats have already started to apply pressure for them to turnover historical tax filings. 

That said, given that Republicans control a 52-48 majority in the Senate and that Democrats eliminated the 60-vote threshold in 2013, the Democrat theatrical displays this week will ultimately amount to nothing more than an attempt to discredit and shame Trump’s appointees.  As John Cornyn of Texas pointed out, “[Democrats] can delay the process, they can’t stop it.”

Of course, their lack of leverage (due to their own rule changes which have now come back to haunt them in just 3 short years) has Senate Democrats “triggered” over Republican efforts to fast track the nomination approval process.  As The Hill notes, Chuck Schumer seems particularly upset about the amount of work he’ll have to do this week saying “It shouldn’t be the case that 6 hearings occur all on the same day.”

The fast-tracking of nominees is frustrating Democrats, who want to use the hearings to press Trump’s team on a host of issues.

 

Blocking any of these nominees is unlikely since the GOP needs just 50 votes to win a confirmation battle. Democrats changed the filibuster rules for nominations when they controlled the Senate, easing the process.

 

It has also drawn criticism from the federal Government Ethics Office, which in a letter to Democrats on Saturday argued that the confirmation process has become so rushed, it is difficult to do ethics probes.

 

Democrats argue the picks deserve extra scrutiny because of the massive wealth of several nominees. Trump’s cabinet in total is worth more than a third of American households.

 

“It shouldn’t be the case that 6 hearings…  occur all on the same day, and on the same day as a potential vote-a-rama – that is mostly unprecedented in the modern era of Cabinet considerations, happening only once in history,” Schumer said. “It is not the standard.”

While all of Trump’s picks will be put through the wringer, a handful, including Rex Tillerson (Secretary of State), Steve Mnuchin (Secretary of Treasury), Jeff Session (Attorney General) and Betsy DeVos (Secretary of Education), are expected to draw the most criticism from the left.

Tillerson will undoubtedly be grilled over is ties to the head “Russian Hacker,” Vladimir Putin, his audacity to spend 40 years building shareholder value and personal wealth at Exxon and his past comments on climate change.  Per Bloomberg:

Democrats will focus on his ties to Russian President Vladimir Putin and whether Tillerson can put U.S. interests first after a 40-year career focused on boosting Exxon’s shareholder value. Lawmakers on both sides of the aisle want to impose new sanctions on Russia for its election-related computer hacking that U.S. intelligence agencies said was ordered by Putin. Tillerson has spoken out against sanctions.

 

Democrats also plan to question him for hints that he would seek to overturn the Paris climate agreement to limit carbon emissions. Tillerson has spoken favorably of the accord and has acknowledged that emissions will have a “warming impact,” though he has said poverty is a bigger immediate problem. They will also look for possible conflicts in his financial disclosures: Tillerson reported assets of up to $400 million and said he’ll receive a cash payout of $180 million from Exxon.

Tillerson

 

Sessions will likely face the most criticism on some comments he made several decades ago and his views on immigration.

In addition to having to address his race-related comments from decades ago, the four-term senator will face questions on his opposition to legal status for undocumented immigrants, especially those brought here as children and granted work permits by President Barack Obama.  He can expect to be grilled on the Voting Rights Act, a key piece of which was struck down by the Supreme Court as outdated; Congress hasn’t updated that section. He also has been targeted by some marijuana advocates who worry he will enforce the federal prohibition in states that have legalized the drug.

Sessions

 

Meanwhile, Mnuchin will take heat for being a former Goldman Sachs Partner and for the purchase of a failed mortgage lender in 2007/2008 which allegedly participated in “unfair lending practices” under his leadership.

The former Goldman Sachs Group Inc. partner profited from the 2007-2008 housing market crash when he and a group of investors bought a failed mortgage lender later renamed OneWest Bank. It was accused of unfair practices when Mnuchin was chief executive, such as backdating mortgage documents to speed foreclosures, manipulating the results of home auctions and avoiding business in minority neighborhoods. Democrats labeled him the “foreclosure king” in a website they created to seek examples of OneWest’s aggressive practices.

 

A political advocacy group called Allied Progress is running television ads targeting Republican senators in Arizona and Nevada, whose constituents had high foreclosure rates after the subprime mortgage crisis. The ad calls on Senators Jeff Flake of Arizona and Dean Heller of Nevada, who sits on the Finance Committee in charge of vetting Mnuchin, to vote against his confirmation. Both face re-election in 2018.

Mnuchin

 

And last, but certainly not least, Trump’s pick for Education Secretary will be grilled endlessly over her support for charter schools and taxpayer-funded school vouchers….how dare someone try to impose changes at public schools that might actually work.

A billionaire and Republican donor, DeVos has spent more than two decades promoting expanded charter schools and taxpayer-funded school vouchers. In her home state of Michigan, she helped shepherd a charter-school sector that has been criticized as lacking quality and appropriate oversight.

 

She is expected to face questions about $5.3 million in unpaid fines and penalties imposed by Ohio officials over campaign-finance violations by her All Children Matter Political Action Committee in 2008. Democratic senators including Sherrod Brown of Ohio and Tom Udall of New Mexico have demanded she pay the fine. Her confirmation is opposed by the American Federation of Teachers and the National Education Association.

Dvos

 

Don’t you wish you could just hibernate until this week is over?

The post Senate Democrats Prepare For Their 2017 Theatrical Debut As Confirmation Hearings Loom appeared first on crude-oil.top.






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GM Lied To The Public And To Trump About Where Chevrolet Cruze Sedans Sold In The USA Are Assembled

Submitted via Duane of Free Market Shooter

On Tuesday, president-elect Trump tweeted about General Motors, stating the GM was building its Chevrolet Cruze in Mexico, importing them to the US tax-free, and selling them at US car dealers:

General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A.or pay big border tax!

— Donald J. Trump (@realDonaldTrump) January 3, 2017

 

GM quickly denied Trump’s tweet, and in a press release that same day, the company claimed that all Cruze sedans sold in the US are “built in GM’s assembly plant in Lordstown, Ohio”, and that GM builds the Cruze hatchback for global markets in Mexico, with only a small percentage being sold in the US…

GM

 

and the MSM and other liberal outlets were quick to pounce on GM’s statement, using it to slander the president-elect.  US News, ABC News, and many others, including the Wall Street Journal, all published articles containing the information in GM’s press release.  US News went out of its way to post a clickbait headline which alluded to “the truth” about Trump’s tweet, with the following quotation:

General Motors Company (ticker: GM) is pushing back after President-elect Donald Trump early-morning Twitter attack, in which the incoming president took aim at GM for making its Chevrolet Cruze in Mexico and shipping them tax-free to the U.S. for sale.

 

That’s not the full story, says GM.

 

“General Motors manufacturers the Chevrolet Cruze sedan in Lordstown, Ohio,” a General Motos spokesman told U.S. News & World Report in a statement Tuesday. “All Chevrolet Cruze sedans sold in the U.S. are built in GM’s assembly plant in Lordstown, Ohio.”

 

GM says it also builds the Cruze hatchback in Mexico to sell in global markets, and only a “small number” of those are sold in the U.S. It did not clarify the number. The hatchback model went on sale in the U.S. for the first time this fall.

Of course, the liberal think-tanks like Politifact, ThinkProgress, GOOD, Addicting Info, Salon (whom I refuse to link to), and countless others got in on the act.  Addicting Info in particular went out of its way to imply that Trump was wrong, and dangerously so:

But as a result of Trump’s accusations and threats General Motors’ stock price tumbled briefly and then recovered. Keep in mind that General Motors was nearly wiped out of existence at the beginning of the Great Recession, which would have cost thousands of Americans their jobs. Trump’s attack on General Motors could have harmed the company in a way that would have harmed American workers he the stock price fallen more than it did.

 

Trump just flat-out lied to the American people and got busted for it by General Motors. Next time Trump decides to attack an American company he should do his homework first and then look in the mirror because his company has most of their products manufactured in China and Mexico, which make Trump the biggest hypocrite in America.

It appears that in the MSM’s rush to fact-check Trump and call him hypocritical, no media outlet bothered to fact-check GM as well.  So, who did the fact-checking work that the MSM didn’t bother doing?

Auto enthusiast and Twitter user E.W. Niedermeyer, that’s who.  Niedermeyer brought the GM and Trump saga up on Thursday, January 5th in a series of tweets that began innocently enough…

Remember when Donald Trump tweeted this about General Motors? https://t.co/Ouobkda1Rz

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

If I’ve learned anything in my nearly 10 years of covering the car business it’s that you always fact check anything GM says.

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

 

…Niedermeyer quickly got to the nitty-gritty of his argument, noting the the VIN sequence (3G1) used at the beginning of GM cars made in Mexico…

Here is GM’s 2017 Model Year VIN decoder. As you can see, Hecho En Mexico VINs start with 3G1 https://t.co/hX22l531wK pic.twitter.com/hRrLThLZOU

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

So all you have to do to prove that GM lied to the President Elect is to find Chevrolet Cruze Sedans for sale in the US with 3G1 VINs…

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

 

…and finally, Niedermeyer provided evidence on where the autos sold in the US were built:

Those are just @ Lone Star Chevy. There are 3 more at that locationhttps://t.co/pnmyf76VKmhttps://t.co/ltsUfcBwjOhttps://t.co/11oDCERJt0

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

But wait, the real gut punch is still coming.

No, really, this actually gets worse…

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

At Spitzer Chevrolet Lordstown:https://t.co/jx2qjvPPZThttps://t.co/jVxSI62LXfhttps://t.co/MdljF8DhzThttps://t.co/7DzQA1Xg2j

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

 

Think about that for a second – GM  is selling Cruze sedans manufactured in Mexico, in the same Ohio town that builds Cruze sedans.  And at the same time, GM is brazen enough to say it doesn’t sell Cruze sedans built in Mexico in the US, saying all Cruze sedans in US dealerships are built in its Lordstown, Ohio plant.  And GM did so in the face of the president-elect of the United States accusing the company of building Cruze sedans in Mexico, shipping them to America tax-free, and selling them in your local dealerships. 

Niedermeyer’s entire tweet thread can be viewed here.  Neidermeyer provides ample evidence demonstrating the truth about where GM Cruze sedans sold in the US are built.  Feel free to check the VIN numbers on your local Chevy dealer’s Cruze inventory, and see where they were built for yourself.

GM was caught red-handed lying to the public and to Trump, and we might never have known if it weren’t for everyday people like Niedermeyer.  It is crazy enough to wrap your head around; a regular guy did the fact checking the MSM never bothered to do.  The MSM took GM’s word as gospel in their rush to criticize Trump, without bothering to check if GM was just lying to save its own skin.

If you think GM is somehow more credible than Trump, recall that this isn’t exactly the first time the auto maker has been caught lying.  In fact, they have been caught lying again, and again, and again.  Sometimes their lies result in people losing their lives.  They have been caught lying so many times, it would be impossible to list them all here.  But the MSM gleefully took GM at their word, using any chance it could get to refer to the president-elect as a dangerous, reckless liar, when a simple fact-check has shown GM was falsifying the truth, not Trump.

Allow this revelation to resonate in your head for a second, and keep it in the back of your mind next time the mainstream media tells you Trump is a dangerous liar and/or hypocrite in his latest tweet.  Because you just might be the fact-checker that gets the last laugh, right alongside Trump himself. 

Trump

 

* * *

As a quick follow-up, The Daily Caller is reporting that GM effectively confirmed the analysis above.  But don’t worry because all of the imports in 2016 were just a 1x thing to “supplement the launch of the Cruze” at it’s Ohio plant.

A spokesman for General Motors told The Daily Caller, “Any Cruze sedans still on dealers’ lots built in Mexico were sold to dealers in 2016. We built a small number of Cruze sedans in Mexico in 2016 for the US market to supplement the launch of the Cruze at Lordstown.”

 

“The only Cruze model being shipped to the US market now is the Cruze hatch,” the GM spokesman added.

 

The Trump transition team and the United Auto Workers union did not respond to requests for comment.

The post GM Lied To The Public And To Trump About Where Chevrolet Cruze Sedans Sold In The USA Are Assembled appeared first on crude-oil.top.


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GM Lied To The Public And To Trump About Where Chevrolet Cruze Sedans Sold In The USA Are Assembled

Submitted via Duane of Free Market Shooter

On Tuesday, president-elect Trump tweeted about General Motors, stating the GM was building its Chevrolet Cruze in Mexico, importing them to the US tax-free, and selling them at US car dealers:

General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A.or pay big border tax!

— Donald J. Trump (@realDonaldTrump) January 3, 2017

 

GM quickly denied Trump’s tweet, and in a press release that same day, the company claimed that all Cruze sedans sold in the US are “built in GM’s assembly plant in Lordstown, Ohio”, and that GM builds the Cruze hatchback for global markets in Mexico, with only a small percentage being sold in the US…

GM

 

and the MSM and other liberal outlets were quick to pounce on GM’s statement, using it to slander the president-elect.  US News, ABC News, and many others, including the Wall Street Journal, all published articles containing the information in GM’s press release.  US News went out of its way to post a clickbait headline which alluded to “the truth” about Trump’s tweet, with the following quotation:

General Motors Company (ticker: GM) is pushing back after President-elect Donald Trump early-morning Twitter attack, in which the incoming president took aim at GM for making its Chevrolet Cruze in Mexico and shipping them tax-free to the U.S. for sale.

 

That’s not the full story, says GM.

 

“General Motors manufacturers the Chevrolet Cruze sedan in Lordstown, Ohio,” a General Motos spokesman told U.S. News & World Report in a statement Tuesday. “All Chevrolet Cruze sedans sold in the U.S. are built in GM’s assembly plant in Lordstown, Ohio.”

 

GM says it also builds the Cruze hatchback in Mexico to sell in global markets, and only a “small number” of those are sold in the U.S. It did not clarify the number. The hatchback model went on sale in the U.S. for the first time this fall.

Of course, the liberal think-tanks like Politifact, ThinkProgress, GOOD, Addicting Info, Salon (whom I refuse to link to), and countless others got in on the act.  Addicting Info in particular went out of its way to imply that Trump was wrong, and dangerously so:

But as a result of Trump’s accusations and threats General Motors’ stock price tumbled briefly and then recovered. Keep in mind that General Motors was nearly wiped out of existence at the beginning of the Great Recession, which would have cost thousands of Americans their jobs. Trump’s attack on General Motors could have harmed the company in a way that would have harmed American workers he the stock price fallen more than it did.

 

Trump just flat-out lied to the American people and got busted for it by General Motors. Next time Trump decides to attack an American company he should do his homework first and then look in the mirror because his company has most of their products manufactured in China and Mexico, which make Trump the biggest hypocrite in America.

It appears that in the MSM’s rush to fact-check Trump and call him hypocritical, no media outlet bothered to fact-check GM as well.  So, who did the fact-checking work that the MSM didn’t bother doing?

Auto enthusiast and Twitter user E.W. Niedermeyer, that’s who.  Niedermeyer brought the GM and Trump saga up on Thursday, January 5th in a series of tweets that began innocently enough…

Remember when Donald Trump tweeted this about General Motors? https://t.co/Ouobkda1Rz

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

If I’ve learned anything in my nearly 10 years of covering the car business it’s that you always fact check anything GM says.

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

 

…Niedermeyer quickly got to the nitty-gritty of his argument, noting the the VIN sequence (3G1) used at the beginning of GM cars made in Mexico…

Here is GM’s 2017 Model Year VIN decoder. As you can see, Hecho En Mexico VINs start with 3G1 https://t.co/hX22l531wK pic.twitter.com/hRrLThLZOU

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

So all you have to do to prove that GM lied to the President Elect is to find Chevrolet Cruze Sedans for sale in the US with 3G1 VINs…

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

 

…and finally, Niedermeyer provided evidence on where the autos sold in the US were built:

Those are just @ Lone Star Chevy. There are 3 more at that locationhttps://t.co/pnmyf76VKmhttps://t.co/ltsUfcBwjOhttps://t.co/11oDCERJt0

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

But wait, the real gut punch is still coming.

No, really, this actually gets worse…

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

At Spitzer Chevrolet Lordstown:https://t.co/jx2qjvPPZThttps://t.co/jVxSI62LXfhttps://t.co/MdljF8DhzThttps://t.co/7DzQA1Xg2j

— E.W. Niedermeyer (@Tweetermeyer) January 5, 2017

 

Think about that for a second – GM  is selling Cruze sedans manufactured in Mexico, in the same Ohio town that builds Cruze sedans.  And at the same time, GM is brazen enough to say it doesn’t sell Cruze sedans built in Mexico in the US, saying all Cruze sedans in US dealerships are built in its Lordstown, Ohio plant.  And GM did so in the face of the president-elect of the United States accusing the company of building Cruze sedans in Mexico, shipping them to America tax-free, and selling them in your local dealerships. 

Niedermeyer’s entire tweet thread can be viewed here.  Neidermeyer provides ample evidence demonstrating the truth about where GM Cruze sedans sold in the US are built.  Feel free to check the VIN numbers on your local Chevy dealer’s Cruze inventory, and see where they were built for yourself.

GM was caught red-handed lying to the public and to Trump, and we might never have known if it weren’t for everyday people like Niedermeyer.  It is crazy enough to wrap your head around; a regular guy did the fact checking the MSM never bothered to do.  The MSM took GM’s word as gospel in their rush to criticize Trump, without bothering to check if GM was just lying to save its own skin.

If you think GM is somehow more credible than Trump, recall that this isn’t exactly the first time the auto maker has been caught lying.  In fact, they have been caught lying again, and again, and again.  Sometimes their lies result in people losing their lives.  They have been caught lying so many times, it would be impossible to list them all here.  But the MSM gleefully took GM at their word, using any chance it could get to refer to the president-elect as a dangerous, reckless liar, when a simple fact-check has shown GM was falsifying the truth, not Trump.

Allow this revelation to resonate in your head for a second, and keep it in the back of your mind next time the mainstream media tells you Trump is a dangerous liar and/or hypocrite in his latest tweet.  Because you just might be the fact-checker that gets the last laugh, right alongside Trump himself. 

Trump

 

* * *

As a quick follow-up, The Daily Caller is reporting that GM effectively confirmed the analysis above.  But don’t worry because all of the imports in 2016 were just a 1x thing to “supplement the launch of the Cruze” at it’s Ohio plant.

A spokesman for General Motors told The Daily Caller, “Any Cruze sedans still on dealers’ lots built in Mexico were sold to dealers in 2016. We built a small number of Cruze sedans in Mexico in 2016 for the US market to supplement the launch of the Cruze at Lordstown.”

 

“The only Cruze model being shipped to the US market now is the Cruze hatch,” the GM spokesman added.

 

The Trump transition team and the United Auto Workers union did not respond to requests for comment.

The post GM Lied To The Public And To Trump About Where Chevrolet Cruze Sedans Sold In The USA Are Assembled appeared first on crude-oil.top.