Sunday, October 7, 2012

Jack Welch is Correct.....These Jobs Numbers are Bogus....And Allen West Agrees....

Thank God that at least Jack Welch has the guts to take on this corrupt Obama Administration even if the press doesn't....And since no one watches MSNBC I thought it would be worth showing this interview.....It's great to see someone as stupid as Chris Matthews get called out

Jack Welch Refuses to Back Down on Unemployment Numbers in Fiery Exchange With Chris Matthews

Posted on October 6, 2012 at 12:51am by Jason Howerton

In a heated debate with MSNBC’s Chris Matthews, former General Electric CEO Jack Welch doubled-down on his claim that the Bureau of Labor Statistics survey released Friday, which showed a spike in employment and a drop in the unemployment metric from 8.1 percent to 7.8 percent, is bogus.

Welch explained his rationale to the MSNBC host:

“We had 600,000 government jobs added in the last two months. We had 873,00 jobs by a household survey — which is a total estimate — from 50,000 phone calls. Of those, 600,000 were temporary workers. Chris, these numbers are all a series of assumptions. Tons of assumptions. And it just seems somewhat coincidental that the month before the election, the numbers go one-tenth of a point below where the president started. Although, I don’t see anything in the economy that says these surges are true.”

When Matthews asked him if he had any evidence to prove his assertion correct, Welch admitted that he did not.

“I have no evidence to prove that, I just raise the question,” he said.

“But you didn’t raise the question,” Matthews shot back.

“Did you talk to any economist or any people in the national income accounting world that understood how these numbers are put together before you accuse these ‘Chicago guys’ of changing the numbers?” the host asked.

Welch then repeated his position that the unemployment numbers were generated based on a “series of wild assumptions.”

Matthews then asked if he wanted to take back his accusation that the numbers were intentionally fudged.

“No,” Welch said defiantly. As Matthews grew frustrated with his guests defiance, he accused Welch of irresponsibly alleging wrongdoing by the president of the United States without probable cause. At this, Welch laughed — literally.

“It’s not funny, Jack…You’re talking about the President of the United States playing with the Bureau of Labor Statistics’ numbers. This is Nixon stuff. This is what Nixon said back in the old days,” Matthews said.

“Chris, don’t lose it now,” Welch said.

“I’m not losing it. Look at my face. I’m not losing it,” Matthews said.

“Jack, do you want to take back the charge that there was corruption here,” Matthews asked again, getting the same answer.

“You don’t think it’s coincidental that we’ve got the biggest surge since 1983 in the jobs surge? Come on, Chris,” Welch said, refusing to back down. “It’s a six percent improvement in employment in two months…The numbers don’t jibe.”

He continued: “These numbers defy logic. They defy logic. We do not have a 4 to 5 percent booming economy with 873,000 people added. I mean, stop it, Chris. On the face of it, we don’t have this GDP. I love you, but you can’t get there.”

Matthews tried one more time to get Welch to walk his statement back, but it was useless. However, the guest did admit again that he has no “evidence whatsoever” of “corruption.”

Welch said he was just “raising the question for some good analysts to go look at"

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Allen West Agrees...... Allen West alleges Obama administration cooking the books on jobs numbers, spars with CNBC host 4:16 PM 10/05/2012 Jeff Poor

On Friday, the Labor Department announced that the unemployment rate had fallen three-tenths of a percent, from 8.1 percent to 7.8 percent, a pivotal but increasingly criticized statistic suggesting the economy is improving with just a month to go until the presidential election.

General Electric CEO Jack Welch promptly accused the White House of playing fast and loose with the data to strengthen President Barack Obama’s political position, and Florida Republican Rep. Allen West echoed that criticism on Friday’s broadcast of CNBC’s “Power Lunch” with host Tyler Mathisen.

“It’s not about believing what Mr. Welch says,” West said. “It is about studying the numbers and understanding that I continue to see these inconsistencies, we continue to see revisions of the numbers upwards and downwards. When I look at these numbers compared to the workforce participation rate, which still remains at a 30-year low, when I look at these numbers of the 7.8 percent that you compare this to the U6 computation, which takes into account unemployed, underemployed and discouraged workers, that U6 computation number did not move. It stayed at 14.7 percent.”

Mathisen took issue with West’s claim and argued that the integrity of the administration’s data was not in question.

“If you would stop yelling in my ear and allow me to answer your questions, maybe we could get to the bottom of this,” West said. “When I look at the GDP numbers, which have gone from 4.1 percent and went to 1.9 percent, then it was a 1.7 percent. It got revised down just about a month ago to 1.3 percent. We’ve got numbers that are all over the place. We don’t understand really the direction this economy is going.”

West then offered Mathisen data from his South Florida congressional district that show that the economy is still struggling. But Mathisen likened West’s accusation to Senate Majority Leader Harry Reid’s baseless insinuation that Republican presidential nominee Mitt Romney had not paid taxes in several years.

“Did the workforce participation rate change?” West asked. “No. It’s still a 30-year low. Did the U6 computation 14.7 percent change? No. so how is it that we had a drop of three-tenths of a percentage point on the unemployment rate if these other statistics which related to that do not change? And don’t challenge my intelligence, because I tell you, it wasn’t too long ago that we were being told that a video was the imminence for this spontaneous attack that ended up killing an ambassador [in Libya]. So there are a lot of questions that come out of this administration. I’m not talking about impeachment. I just want someone to come clean with the process and methodology because there is a lot of inconsistencies.”

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