Good Morning,

Last night we heard from Obama how he intends to ‘save America’: “It will require common effort, shared responsibility, and the kind of bold, persistent experimentation that Franklin Roosevelt pursued during the only crisis worse than this one,” a reference to the Great Depression. With plenty of ‘hope and change’ to go round, Obama failed to give specifics. We will have to rely on the ‘shared responsibility (ya know – it takes a village. His exact statement was:  we also believe in something called citizenship – a word at the very heart of our founding, at the very essence of our democracy; the idea that this country only works when we accept certain obligations to one another, and to future generations); common effort (re-distribution of wealth); and bold, persistent experimentation (dabbling with socialism/communism or perhaps we should look to his ‘more flexibility’ line when speaking about negotiating missile defense issues with Vladimir Putin aka ‘wait until after my re-election) to figure out his plan.

If you missed his speech you can read it, in full, here:

http://nationaljournal.com/2012-election/president-obama-s-speech-full-text-from-the-democratic-national-convention-20120906?page=1

You had to listen intently to what he was saying to understand the gravity of deception being used here – I’ll use only 2 examples:

For instance, he told the country he wants to use ‘money saved’ by ending wars to build highways, schools, and bridges. Quote: “I’ll use the money we’re no longer spending on war to pay down our debt and put more people back to work — rebuilding roads and bridges, schools and runways. After two wars that have cost us thousands of lives and over a trillion dollars, it’s time to do some nation-building right here at home.” Unfortunately for those in the know – we know that the wars were largely financed through BORROWING so frankly, factually, there is nothing to be used to build anything!

To our Seniors he said “We will reform and strengthen Medicare for the long haul, but we’ll do it by reducing the cost of health care, not by asking seniors to pay thousands of dollars more.”  Not so fast Mr. President. Turns out your administration has floated in budget negotiations with Congress to ask Medicare beneficiaries to pay more. Specifically: revamping co-payments and deductibles in ways that could raise costs for retirees and increasing premiums for certain beneficiaries.

Brit Hume said (regarding O’s speech): “It probably didn’t have in it more than the usual quotient of dishonesty for a political speech of this kind — but it had its share.” Hume said Obama’s argument that Republicans say bigger tax cuts and fewer regulations is the “only way” and government should do nothing. “I’ve never heard anybody say that in either party about anything,” Hume said.

Charles Krauthammer called it “one of the emptiest speeches” ever given by a presidential nominee. “I was stunned,” he said. “This is a man who gave one of the great speeches of our time in 2004. And he gave one of the emptiest speeches I have ever heard on a national stage.” Krauthammer admitted that Obama delivered the speech well, as he always does, but said there was no substance in the address given to thousands at Time Warner Cable Arena in Charlotte, N.C. at the Democratic convention. “Yes, it had cadence. And yes there were deceptions in it. That‘s not what’s striking about it,” he said. “There was nothing in it.”

Newt Gingrich tweeted yesterday that all the speeches in the world matter not – what matters is 3 numbers: 8.3%; $3.79; $16 trillion. (note that 8.3% is reported today as 8.1%).

And so, this morning we get the jobs report. Yup – it’s bad News for the Economy!! Unemployment 96K jobs created in August……………Expectations was 125K. That’s 40,000 less than what was expected. The number of unemployed persons stands at 12.5 million, meaning little was changed in August.

On a side note and to compound the weak August report, July and June payroll numbers were revised down.

http://professional.wsj.com/article/SB10000872396390443686004577637191324704890.html?mg=reno-wsj 

Reuters reports that the Jobs growth slowed more than expected in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Obama as he seeks reelection in November. Fed Chairman Ben Bernanke last week said the labor market’s stagnation was a “grave concern,” a comment that raised expectations for a further easing of monetary policy as soon as the central bank’s meeting on Wednesday and Thursday. The weak report makes it more likely that the Fed will launch a third round of bond purchases next week. Since the beginning of the year, job growth has averaged 139,000 per month, compared with an average monthly gain of 153,000 in 2011.

Economists blame fears of the so-called U.S. fiscal cliff — the $500 billion or so in expiring tax cuts and government spending reductions set to take hold at the start of next year unless Congress acts — and Europe’s long-running debt problems, for the slowdown in hiring.

Job creation last month was weak across the board, with manufacturing payrolls down 15,000, the first decline since September last year. Factory jobs were inflated in July because automobile manufacturers kept plants running when they would normally shut them for retooling, economists said.

There was little improvement in construction employment, which added 1,000 jobs. Temporary hiring fell 4,900, declining for the first time since March.

Utilities payrolls saw a snap back, adding 8,800 after being depressed by the strike of about 9,000 workers in July.

Government payrolls declined 7,000, falling for a sixth straight month.

Average hourly earnings fell one cent last month, highlighting the underlying weakness in the labor market.

The average work week was steady at 34.4 hours.

David Limbaugh wrote this morning’s 8.1% number is like slightly reducing the temp in Hell, but the reduction of the Labor Force component is like expanding Hell.

As Rasmussen wrote this morning  ‘What happens in the economy matters more than what happens in the campaigns’.

Obama’s 2^nd Term:

Romney’s latest ad:

LOCAL:

As if we needed one more reason to leave the North accuweather is predicting the mid-Atlantic and southern New England will get a snow dump this winter. Above-normal snowfall is forecast for the major I-95 cities, including New York City, Philadelphia, Baltimore and Washington, D.C., during winter 2012-2013.

See ya Monday – Enjoy your weekend,

Lisa