Tuesday May 14

Cover up in Benghazi?
IRS targeting conservative groups?
Justice Department monitoring calls from the Associated Press?

Thus far, only the Benghazi tragedy has produced hard facts leading to charges of, at a minimum, total incompetence. A continuing cover up of the facts is likely what happened here.

The IRS has apologized, which is an admission of guilt but we don’t know where the directives came from. “Low level staffers” doesn’t cut it. The Justice department acted within the law in obtaining subpoenas to monitor calls but it begs the questions: Who ordered the monitoring and why?

Exactly what is going on in our country?

This sounds like a re-run of the Nixon years. Power is a very heady aphrodisiac, I understand that. I also understand that those in power won’t to give it up-ever. The result of this continued pursuit of power, wherever it occurs, brings corruption, lies and cheating.

But in this country, in our republic, truth and honesty from our elected officials is of paramount importance to the success of our free market system. It is important in safeguarding the livelihood, the “pursuit of happiness” of a free people, WE the people. Any lack of these qualities or any breach of these parameters by those in power is totally unacceptable and should not be tolerated. The United States is NOT a third world country, this should NOT happen here.

I believe the events listed above are all politically motivated to keep the current administration in power (history repeats). But our politicians are NOT above the law and the American people are NOT as ignorant as they like to believe we are. Hopefully the media will aggressively pursue the truth on these current issues. A result of good journalistic investigation is that the truth will be reported, revealing those who are dishonest. We cannot let anyone get away with this, from either party.

As of Friday two of the Internal Revenue Service’s head honcho’s have been asked to resign. I believe one was leaving in 6 to 8 weeks anyway and the other was recently promoted to his current position. Hmmmmm….what does it all mean? Protect the quarterback at all costs, that’s what. Both men were interviewed by Congress this morning and neither man answered any pertinent question directly.

Watch out now, take care, beware of greedy leaders. They take you where you should not go….”

~George Harrison

  • US manufacturing stalled in April, exposing a soft spot in the slow economic recovery.
  • Manufacturing output dropped 0.4% in April, the biggest fall in six months, the Federal Reserve said 5/15/13. The May Empire State manufacturing survey also showed a decline in that state during the month as factories cut production of most goods including cars, appliances, business equipment and defense and space equipment.
  • Capacity utilization for all industry dropped, indicating plenty of room to grow to the upside before any bottlenecks are reached. I think we are all aware of that…..
  • Construction of new homes fell in April but building permits hit their highest level in nearly five years. A GOOD sign as permits predict future building projects and a healthy market.

The Dow is up another 100+ points today (3:30PM) and likely will settle around one third of the way to 16,000….and the beat goes on…..

That’s about it for economics this week. As they say “no news is good news.”

Have a great weekend,
God Bless America