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Buffett’s Bank of America | Washington Free Beacon.

Warren Buffett’s investment in the Obama administration seems to be paying dividends.

Major S.A. dealership suddenly shuts down|WOAI: San Antonio News.

This is evidently one of the Dodge dealers that the Obama administration allowed to stay open, while it forced others to close. This is the direct result of politicians making political decisions to reward friends and favored constituencies, and to punish perceived enemies.

Analyst: Even Dollar Stores Struggling In ‘Obama Depression’ « CBS Los Angeles.

How bad must the economy be if even the dollar stores are struggling? As the CEO of Wal-Mart stated in April, “our shoppers are running out of money.”

Immelt to jobs summit: Businesses need to do more – Jul. 11, 2011.

This is easy for Jeff Immelt to say. General Electric is the most politically favored corporation in America, having paid no income tax in 2010 despite earning $14.1 billion in profits. GE also stands to beneift from legislation (going into effect in 2012 in the U.S.), that will effectively ban the inexpensive and ubiquitous incandescent lightbulb in American homes and businesses. At $3.77 per bulb for GE CFL’s versus $0.27 for the old school incandescents, it is fairly obvious that GE (as well as Phillips and other companies) should earn considerably more revenue from CFL’s.

Speaking of Jeff Immelt, is President Obama being ironic, or merely cynical, in naming Immelt the chairman of a committee intended to spur American job creation?

“Since Immelt took over in 2001, GE has shed 34,000 jobs in the U.S., according to its
most recent annual filing with the Securities and Exchange Commission. But it’s
added 25,000 jobs overseas.”

This Just In: Obamanomics Sucks : The Other McCain.

There is not much more to be said. The economy is in tatters. Of the 54,000 new private-sector jobs reported in May, over half were created by McDonald’s. If memory serves, wasn’t the term “McJobs” used to deride the service-sector job growth of the ’80′s? How we long for those days, when anyone who wanted a job could find one?

FT.com / Companies / Oil & Gas – Opec set for $1,000bn in export revenues.

It’s all part of the plan.

Payrolls Drop in 28 U.S. States, Joblessness Rises in 21 in Labor Setback – Bloomberg.

There is still no real reason to be optimistic about the economy, especially the job market. Add this to the other “unexpected” economic news: Consumer confidence dropped in December, and home prices dropped 1.3% from September to October.

The Associated Press: 13M get unexpected tax bill from Obama tax credit.

Wow. They can’t even get a tax cut right.

Data shows 61% drop in Wyo energy leasing | Wyoming Business Report.

Oil well near Shell, Wyoming

Please follow the link and read the report. Do not believe this administration when they tell you their goal is energy independence. Not only are they wasting incredible sums of tax money on “green energy” boondoggles, but at the same time they are discouraging domestic energy development. This is something to keep in mind as gasoline prices once again approach $3 per gallon. In 1981, Ronald Reagan removed obstacles to domestic oil and gas production such as windfall profits taxes. The result was lower prices for gasoilne for the next several years, which helped to fuel (pun intended) the longest, strongest economic recovery in American history. The Obama administration seems determined to do just the opposite, by pursuing policies that ensure higher energy prices for Americans. Their advocacy for uneconomical green schemes coupled with their aversion to domestic energy exploration seem destined to lead to higher prices, and perhaps even shortages of gasoline and diesel fuel. Barack Obama has recently been compared to Jimmy Carter in many unflattering ways. He should begin now to prevent the reappearance of the gas lines and closed stations that helped to doom Carter’s reelection effort of 1980.

gas line in Maryland, 1979

$100 Bill: The Fed Has a $110 Billion Problem with New Benjamins – CNBC. Please follow the link and read the article. I don’t think most Americans should worry about this, after all, when was the last time anyone saw a $100 bill?

New $100