And Now, a Word About America's Real Crisis: It's Still the Economy, Stupid

Obviously, the issue with NY Congressman Anthony Weiner is a political and ethical issue, but once again, it serves as a distraction from the crucial issues facing this country:

CBS News - Chronic unemployment worse than the Great Depression; link here

John Crudele in the NY Post:
"President Obama won't fully understand the mess he's in until he realizes how squishy these job figures are. And Labor is doing nothing to correct these false assumptions. Despite the fact that the economy is clearly slowing, the department this year added 206,000 phony jobs to May; last year's guess was "just" 192,000. And those 192,000 jobs had to eventually be taken out of the annual calculation. So, bottom line: The economy is in bad shape even before talk of possible budget cuts and debt ceilings disrupt it even more.

"Congress and the president long ago abdicated their role in helping the economy." Crudele also offers an interesting solution to the real estate market woes that sounds like it could have potential. More here 

I guess if you can say anything good, don't say anything at all: The Hill reports that daily economic briefings have disappeared from the White House schedule here

James Carville on the political economy in the Daily Caller: "Who ever thought the saying, “It’s the economy stupid,” from James Carville in 1992 would become a staple in presidential elections 20 years later?

"That expression made its way into the campaign in 2008, and according to Carville, it could be the theme of the 2012 campaign as well as President Barack Obama seeks reelection. In an appearance on Monday’s “Imus in the Morning” on the Fox Business Network, the former Clinton adviser said that, based on the May jobs number, if the unemployment picture doesn’t improve, 2012 could be rough for the president."

Referencing "This Time Is Different: Eight Centuries of Financial Folly", a 2009 book by Carmen M. Reinhart and Kenneth Rogoff, Carville notes that the current economic situation, as with similar crises of this magnitude, will take time to work itself out and there may be little Obama can do.

“It is going to be very difficult,” Carville said. “But the country, if that is what we are doing, this is gruesome on people. This unemployment rate for this long is a humanitarian crisis of the first magnitude. This financial crisis, people have studied this by the way, they know that the things take this long to work their way through. The aftermath of these things — kind of an academic book that is dry entitled ‘This Time is Different.’ What it concluded is that it is not different this time. They studied it, the aftermath of the financial crisis. What we are going through is imminently predictable. But this is a terrible thing that has happened to people’s lives. I think the president at one level understands that, you know. But he is limited in what he can do. So we’ll just have to see. But it’s going to be hard. If 54,000 jobs is the new norm — this is going to be very, very tough.

You know, look — this is a humanitarian — you know, you’re smart enough to see this,” Carville said. “People, you know, if it continues, we’re going to start to see civil unrest in this country. I hate to say that, but I think it’s imminently possible.”   More here