Jay began writing politically themed commentary and founded his blog, Swimming Freestyle, in October 2007. Here he'll write about politics from a progressive perspective.

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Wholesale inflation is zooming

1 comment

August 19, 3:32 PM

by Jay McDonough, Progressive Politics Examiner

You probably knew that already. Inflation data from July shows pricing rising at its fastest rate in nearly 30 years.

The Labor Department reported Tuesday that wholesale prices shot up 1.2 percent in July, pushed higher by rising costs for energy and a variety of other products from motor vehicles to plastic goods.

The increase was more than twice the 0.5 percent gain that economists expected and left prices rising over the past 12 months by 9.8 percent. That marked the biggest annual increase since the 12 months ending in June 1981, a period when the Federal Reserve was driving interest rates to the highest levels since the Civil War in an effort to combat a decade-long bout of inflation.

Elsewhere, the Commerce Department reported that construction of new homes and apartments slid to an annual rate of 965,000 units in July, a 17-year low. Builders continued to slash production as they battled slumping sales and soaring mortgage defaults dumping more homes on an already glutted market.

Wall Street tumbled on the gloomy economic news as investors worried the worst housing slump in decades was showing no signs of a rebound and that the Federal Reserve’s tool to combat the weakness — lowering interest rates — was unlikely to be used given the sharp jump in inflation seen last month in both wholesale and consumer prices. (Link)

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Obama's birth certificate; you can't keep a good conspiracy theorist down

8 comments

December 4, 3:24 PM

Did you know the Apollo 11 moon landing was faked by NASA?Did you know 9/11 attacks were orchestrated by the U.S. government?Did you know the government manages Area 51, where alien spacecraft and its occupants are being studied?Well, maybe you don't... Read More

The president's most solemn oath

1 comment

December 4, 2:12 PM

On January 20, 2009 Barack Obama will take the following oath and become the 44th president of the United States:"I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States, and will to the best of... Read More
Topics: Torture , Bush , Mukasey

Auto industry predictions

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December 4, 11:35 AM

Phil LeBeau from CNBC made some predictions the other day about the U.S. auto industry. A couple:1. Chrysler will be sold.This isn't hard to imagine. The company is a shell of what it once was, it has just enough cash to stay out of bankruptcy,... Read More

The case for health care investment

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December 4, 9:26 AM

Given the precarious state of the economy and the huge investment being made to keep Wall Street afloat, some have argued any move to implement universal health care is ill-timed. Jonathan Gruber, in an op-ed piece in today's New York Times, argues... Read More

A picture for the day

1 comment

December 3, 5:16 PM

Beijing, China: A newborn baby holds onto his mother's finger at a hospital (Photograph: Frederic J. Brown/AFP/Getty Images) ... Read More

UAW offers concessions to automakers

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December 3, 3:49 PM

The United Auto Workers announced today their willingness to make contract concessions to assist the troubled Big Three automakers in winning loan guarantees from the federal government. The UAW will agree to delay the autoworkers contribution... Read More

Subpoenas issued in Justice probe

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December 3, 3:09 PM

Attorney General Michael Mukasey appointed an independent prosecutor, Nora Dannehy, two months ago to investigate the dismissals of nine U.S. attorneys. Mr. Mukasey's move was initiated following an internal Department of Justice review that concluded... Read More

Retired officers want torture revoked

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December 3, 11:59 AM

The other day I noted a Washington Post op-ed, written by a former interrogator, arguing for an end to the use of torture by American forces. I included this comment:After reading much on the topic, it seems that the great majority of career military... Read More