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Bernanke's Job Creation "Success" In Its Full Glory
We have presented this chart before, we are presenting it again. It speaks for itself. We are a little confused where exactly the "3 million "simulated" jobs created" are on this very simple graphic....
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Food stamps and stock market wealth...who needs to work all the time?
inmates should be counted as working full time since they get paid in free food and housing, unemployment problem solved, put out a press release and the media would love the positive news, good for consumer confidence etc....
Ben Bernanke: It would have been worse.
FGB: I reject that premise.
People are CLEARLY only working part time because they're making so much money from this amazing market!!!!!!!!!!!
That's exactly what I was thinking! Well, that and making money by flipping houses.
Ouch.
Talk about your Death Cross.
i think bernanke was talking about the 3 million jobs that were SAVED, not 'created'. maintaining the status quo (for 2 years now) is getting really expensive.
All those unemployed people are just waiting for a 200K managment position.
WHY GO FOR LESS!!
If we get enough inflation, they can all get their wish
Well if you let HFTs loose on that chart both series will go through the roof.
When The Bernak lied, the USA economy died.
He's not intelligent ehough to lie. Face it. Ben Bernake is a dim-witted dolt.
There you go, thinking everyone is like you again.
BB is a smart guy, he is just working off of a false premise. It doesn't matter how smart you are, if you base your actions off of false premises, you will not get good results. In these cases, smarter people tend to have a disadvantage, because they are arrogant, and refuse to even consider the first principles behind their lines of thought.
There is one other possibility, TM, and it's the scariest one.
Maybe he's neither stupid nor misled. Maybe he knows exactly what he's doing -- but his goals are not what we all assume they are.
Fed delenda est.
If you wanted to end the fed, wouldn't this be the way to do it?
UF
I have to agree with Mick. BB may be the anti-christ, but he is certainly not stupid. He does have that shit eating smugness that will be his undoing. Everyone knows that the monetization can not go on for forever. I would even venture to say that I am certain it will not go on past Obama's second term (if there is one). Knowing that there will be an end allows one to plan ahead.
I bet if BLS presented it as "total compensation", including salary and benefits, it would show tremendous wage deflation.
Imagine the massive wage deflation in real terms over the past twenty years if compensation were priced that way.
Much too real to be even considered: It would look like--what did Uncle Warren call it--"Class War."
We couldn't have that, could we? It would be "socialism."
Don't know - to my untrained eye this looks like a total wash.
So what the heck - +3 MILLION NEW JOBS!!! RALLY ON!!
The keg is obviously not yet empty.
Not really, the scales are different ... on the whole -10.5m full time jobs and +3m part time jobs.
The balance is still -7.5m
YES, it makes perfect sense... Part time employee's don't get health insurance or other benefits, saving big corporations gobs of money. However federal law dictates you must have health insurance, so the government subsidizes it for poor people, so that the insurance companies don't lose out on their gobs of money we just saved the big corporations....
Geeze, why is everyone so thick headed about this stuff? We can't be playing Robin Hood here folks, then where would I get money for my relection campaign? Christ, stupid Proles never get it...
Nut cracker's suite...the way Benbernanke plays it! our Nuts!
Ron Paul's pee-weed tea party...coming next!
If I'm reading this chart properly...since Dec 07, there are over 10 million less full-time jobs, and about three million more part-time jobs. (Forget population growth over this period, as Gen Ben will soon take care of that.) Maybe the simulated jobs are in China and India? Or on 'Farmville?'
He's been telling the same old lie so often, I'm beginning to belief him!!
How do you know if Osama Bin Bernanke is lying....easy, his lips are moving.
if confused simply ask harry wanger. he'll gladly show you how a drop in the labor participation rate coupled with no job growth leads to a drop in u3 to 9% thus proving strong u3.
in other words the fewer people that work the stronger u3. 100% correlation.
Part-time dishwashers, waiters and other menial labour required.
It's the but for argument. But for the Fed's monerary stimulus, there would be 3M less employed than currently...
Ben is getting absolutly DISMANTLED right now WOW. Not a good day for Bensky
www.silvergoldsilver.blogspot.com
S.N.A.P. Bitchez!!
All the beans and dried milk you want!
I don't get it... why every1 is blaming Big Ben ?
ANy1 in his position would be helping friends , not general population.
Family comes first.
'The FED has a 'vision', but we cant really elaborate any further on any specifics, although right here 2 years ago under oath I swore to never monetize the debt, I can assure you my debt monetization will neither end too early nor too late...*cntrl* *print* *infinity*'....basically Bernank testimony this morning in 1 line.
Don't forget to come on by the Hopium Den after the Q & A session, folks. There will be plenty of QE to go round...
http://farm3.static.flickr.com/2511/4104185300_babee715af.jpg
Why even go thru the motions anymore? we could just wake up every day and the government could tell us what our favorite stocks are priced at. it'll be like christmas. no fundamentals will mean anything, we can have netflix with a 200 billion market cap or apple at 2500 per share. wouldn't that be fun? enuff of the charades Ben, give us what we want!!!!!! free money for everyone!!!!!
If body language speaks or means anything, the Bernank's eyes look terrible, signs of a stressed and worried man.
He was one haggard looking SOB wasn't he? Dark circles under the eyes, quivering lip, unkempt hair. He ain't long for this job. Do they do mental stability checks on these critical folks as a matter of course? If not, they should. Imagine what damage he could do if he actually TRIED to sink the ship. He's doing damage enough with good intentions. Sabotage from an insider like him could be undetectable.
RR,
He's fulfilling his role, nothing more and nothing less. He was hand-picked for this specific moment. Academics, like bureaucrats, are predictable automotons. It is what they are Brain-trained to do. Either that, or he's fully aware. Ignorant or in-on-it, there is no third way.
UF
Believe me I'm no fan of the Fed or Bernanke! And believe he's doing everything WRONG as far as helping with the employment problem...
But I believe it's also true that there's truth in Vernor Vinge's predicition:
"The work that is truly productive is the domain of a steadily smaller and more elite fraction of humanity. In the coming of the Singularity, we are seeing the predictions of true technological unemployment finally come true."
*The Coming Technological Singularity: How to Survive in the Post-Human Era
This suggests that new models are necessary. Vinge is only partially correct. There's plenty to do... however the current economic model can't address it without dealing with its fundamental flaw in relying on an ever expanding rate of resource utilization and de-valuation of other human modes of interaction...
P.S. I think some attention needs to be paid to just what capital really IS!
Money is an aspect of capital (as are land, labor, cultural values, etc.) but money itself is NOT capital itself (though it MAY be used for purposes ascribed to capital)...
AND FIAT money ESPECIALLY isn't capital when used for gambling and other such zero-sum speculations developed by very well-educated and paid fucktard whores (I believe that's the technical term for such experts) playing the current Wall Street/K Street financialization game...
Money doesn't create wealth... though it does incentivize action. The question is what kinds of action is it incentivizing?
Decision Technologies: Currencies and the Social Contract http://culturalengineer.blogspot.com/2010/07/decision-technologies-currencies-and.html
Good stuff. As usual, arguments fall apart when there is disparity in definition of terms. Unless all are on the same definitional page there can be no progress in debating issues. This is not any more clear than in the inflation/deflation issue. When folks agree on exactly what each term means there will be some solutions forthcoming. Hell, even the term "job" is pretty flaky right now.
How do you define "productive"? Just askin'
Bernank creates digital counterfeit money, it stands to reason his 3m jobs are digital counterfeits too....
....give the Bearded One a break, he's working his arse off sitting on it behind a desk all day. Rome wasn't built in a day, nor is Bens digitised Americana fantasy land of 2% inflation and 2% unemployment...
...I believe in you Benny Baby, and that your President isn't a Marxist and Timmay knows what he's doing over at Treasury (quick pass me more happy pills before I lose this trip I'm on!)
As long as foreign central banks buy our junk bonds and The Bernank keeps stoking the markets furnace most of us are good to go. Perpetual Unemployment bene's, WalMart SNAP cards for all.
Gawd Bless the USA. You tell em Christina Aguilera.
whatta singa aguilera as she fingad da national anthema...gawd bless!
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