The BLS: A History Of (Downward) Revisions, Or How The Department Of Truth Goosed Markets With Half A Million Fake Jobs In Two Years

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Fri, 02/04/2011 - 19:52 | 936454 digalert
digalert's picture

Maybe Steve Liarman from CNBS can explain this for me.

Fri, 02/04/2011 - 20:30 | 936529 impending doom
impending doom's picture

True story: actual email sent to Steve Truthman and his (or at least his admin's)subsequent reply:

Hi Steve,
I just saw your comedy routine on the NBC nightly news and now that I've stopped laughing, I just wanted to say thanks for being a complete and total douchebag sellout.
America

Right.
Lotsa love and happy holidays,
Steve

Try it, it's fun. steve.liesman@nbcuni.com

Fri, 02/04/2011 - 21:41 | 936622 treasurefish
treasurefish's picture

You're right!  That was fun.  I just modified the script for my own needs with the Subject: "You're a Tool!"

Hi Steve,
I am copying the following text from another "fan!"  I TOTALLY AGREE!!!!  You are such a talking head.  I bet the Bernank has you on his Christmas bonus list:

I just saw your comedy routine on the NBC nightly news and now that I've stopped laughing, I just wanted to say thanks for being a complete and total douchebag sellout.   

America

 

Fri, 02/04/2011 - 22:02 | 936649 Wynn
Wynn's picture

Don't forget Mark Zandi - he has bet his professional integrity on a 250 - 300K print for February (barring any blizzards).

(I think he checked the Accuweather forecast beforehand) 

Sat, 02/05/2011 - 01:28 | 936957 glenlloyd
glenlloyd's picture

I have never liked him...he's a weenie.

Fri, 02/04/2011 - 22:39 | 936706 Michael
Michael's picture

That explains the shellacking the democrats and incumbents got last November.

Sat, 02/05/2011 - 00:56 | 936895 Michael
Michael's picture

This is President Obama's play book on government statistic lies. When will his regime get blowback like this? 

Crisis in Hungary as politician tells the truth: "We lied!"

"Hungarian Prime Minister Ferenc Gyurcsany admitted in a Socialist parliamentary group meeting on May 26 that the government had done nothing during the preceding four years.

According to a tape recorded secretly after the spring elections and leaked out on the website of Hungarian public radio on Sunday, Gyurcsany said, "We lied during the last one-and-a-half or two years. It was obvious that whatever we said was untrue."

The PM said, "We have not taken any important government measures that we can be proud of apart from bringing back power from the deep s..t," Gyurcsany said, referring to the electoral victory of the Socialist-liberal coalition."

"Protests on Kossuth Square started on Sept. 17, 2006 when a recording was leaked revealing Socialist Prime Minister Ferenc Gyurcsany admitting that the government lied about the economy before its re-election in April.

The protesters had vowed to stay until Gyurcsany was dismissed, but police pushed them off the square after they refused to submit to security checks. But authorities did not dismantle the dozens of tents set up by the protesters, and they were expected to allow the demonstrators to return after Monday's commemoration.

State news agency MTI reported that police beat some of the protesters — including women and elderly people — with rubber batons, and some had head injuries.

President Laszlo Solyom pleaded Sunday for national unity, trying to keep the bitter political divisions from spilling over into the celebrations."

"Appearing live on local television channel ATV on Sunday evening, Mr Gyurcsany accepted the recording as legitimate, but said the lies he referred to in May were about politicians convincing Hungarians they could live comfortably without paying the cost of doing so.

"For years ... we made people believe that they have nothing to do, that we will give them happiness as a gift," he said. "We have to stop the deluge of lies which have covered the country for many years."

In the past several weeks, he has also admitted that, to have a better chance to win last April's elections, the Government covered up the real size of the state budget deficit and passed a law introducing tax cuts now described by the Prime Minister as a mistake."

http://www.algeria.com/forums/geopolitics-international-affairs/16706.htm

 

Sat, 02/05/2011 - 12:05 | 937395 vinoverde
vinoverde's picture

watching Hilda Solis on CNBC a few months ago, truly disturbed me. It was clear shewas a true believer. Whatever happened in the labor market, it must reflect the wise and beneficial policies of the Great Leader, BHO. She was a mind lost to the State, unreachable, Stalinist in a way far more gone than the standard slant. I realized then, I could not trust anything from the BLS.

Sat, 02/05/2011 - 13:48 | 937509 Michael
Michael's picture

Don’t be standing around Cowboys Stadium with all that ice and snow on the roof. When all that snow and ice comes sliding off, it will put you in the hospital or kill you.
It’s a laugh riot watching the CNN news anchors, especially the women anchors, trying to laugh off the weather news in Dallas.
They act like it’s a joke or something. The joke is on them and the cognitive dissonance they are experiencing, due to their impenetrable belief system in man-made global warming they have been pushing their entire carriers, is on display in living color. They are giggling so hard, they're almost starting to cry.

Sat, 02/05/2011 - 13:54 | 937521 Quixotic_Not
Quixotic_Not's picture

Maybe Steve Liarman from CNBS can explain this for me.

Truth is treason in an empire of lies...

I was so stupid not to go to Perp school and then Ivy League racketeer training - I had no idea you got a license to steal with those diplomas!

Fri, 02/04/2011 - 19:54 | 936457 Yen Cross
Yen Cross's picture

Ya gotta love the inverted head and shoulders pattern

Fri, 02/04/2011 - 20:06 | 936480 Whizbang
Whizbang's picture

Employment data doesn't fall under the auspices of technical analysis.

Fri, 02/04/2011 - 19:57 | 936468 Yen Cross
Yen Cross's picture

Oh Wait I see a neckline, right around next weeks NFP numbers.

Fri, 02/04/2011 - 19:58 | 936469 djsmps
djsmps's picture

I saw Steve Liarman and his cronies at 7 am, just checking the futures. They were all coming up with excuses in advance for the possibility that the number would be bad. I think they all mentioned weather, and Liarman asked, "If the BLS numbers are bad, do we even believe them?"

Fri, 02/04/2011 - 20:05 | 936476 km4
km4's picture

David Stockman on todays jobs report 

Video - CNBC
starts at 3:00

  • more spin control on jobs from WH ever
  • lost 6.6 Million jobs since 'great recession'
  • great American jobs machine is broken
  • Fed QE policy is a joke
  • we're issuing 3x more bonds than our GDP is growing ( stupid to buy a 100yr bond )
  • we're heading into a wall

 

Fri, 02/04/2011 - 20:10 | 936486 Tyler Durden
Tyler Durden's picture

Stockman is the inspiration behind the above-noted chart which shows that all of the gains (if one may call them such), are part-time in nature:

Also Stockman is wrong on the debt/GDP ratio. He is using Rosie's analysis for a growing (7.4%) economy. Since we are "growing" at half the rate (3.4%), we are at a 6x debt/GDP ratio. The number is getting ever higher.

Rosie Highlights The Biggest Problem With Last Week's GDP Miss

Fri, 02/04/2011 - 20:23 | 936509 DavidPierre
DavidPierre's picture

Next time you see a bullish economic report from the Government, remember that they are usually fabricated from estimates, incomplete data and outright data manipulation. Yes, Bernanke is either completely stoned or a calculated liar. And, yes, the farce continues.

Bernanke Either Is Smoking Some Strong Weed Or Is A Malicious Liar

or

http://truthingold.blogspot.com/2011/02/bernanke-either-is-smoking-some-strong.html

Fri, 02/04/2011 - 21:21 | 936592 lynnybee
lynnybee's picture

.....he's a liar.   remember, Dr. Faber even called him a liar right on t.v.    here's another person calling him a liar ; unfortunately only the educated people realize what's going on; the average American Citizen is ill-informed :

    http://www.youtube.com/watch?v=TnvMSNUymHg&feature=feedu

Fri, 02/04/2011 - 20:21 | 936510 Yen Cross
Yen Cross's picture

Chopp seuiex. Pun intended.

Sat, 02/05/2011 - 00:33 | 936882 unununium
unununium's picture

It's a little hard to get excited about the distance between the pink and blue lines on that chart.  Maybe a cumulative chart would be more convincing. 

Sat, 02/05/2011 - 01:08 | 936909 ebworthen
ebworthen's picture

 

Tyler,

This is the big, BIG picture story, take a look:

http://www.ers.usda.gov/publications/eib3/charts.htm#fig3

Especially figures 3 and 4

A house of cards!  All completely dependent upon petroleum.

 

Sat, 02/05/2011 - 05:58 | 937108 francis_the_won...
francis_the_wonder_hamster's picture

I'm not sure I see your point.....it seems that graph #3 has stabilized since 2000.  Although.....if we believe in the whole "in a long enough timeline" thingie.....eventually we'll have zero farms but they'll be very large producers of nothingness......is that not efficient enough for you?

Graph#4 is even better.....because it makes almost no sense to me for a farmer who is good at producing corn to be wasting time producing wheat......we are borg and we tolerate no waste.

Sat, 02/05/2011 - 16:02 | 937704 sgt_doom
sgt_doom's picture

Thanks for pointing that out, plus that GDP growth derives a great deal from the QEI & II debt increase.

Fri, 02/04/2011 - 20:17 | 936499 traderjoe
traderjoe's picture

How many times does the CNBC anchor have to make fun of how 'gloomy' Stockman is? It's his weak attempt at subliminally discrediting Stockman. Why does anyone that has a contrary opinion have to be considered a gloom-and-doomer? Of course, we know the reason...

Fri, 02/04/2011 - 20:39 | 936542 Rainman
Rainman's picture

The fun will continue until someone at Comcast says : YOUR RATINGS ARE SHIT, YOUR RATINGS ARE SHIT !!

Fri, 02/04/2011 - 22:48 | 936719 mynhair
mynhair's picture

Don't rain on that moron's parade earlier that thinks CNBS is a different network.

Give a retard a break...

Fri, 02/04/2011 - 20:45 | 936550 LibertyIn2010
LibertyIn2010's picture

WAR IS PEACE

FREEDOM IS SLAVERY

IGNORANCE IS STRENGTH

TRUTH IS GLOOMY

 

Fri, 02/04/2011 - 23:22 | 936783 Temporalist
Temporalist's picture

Darn shared this finally below didn't see this...

Fri, 02/04/2011 - 20:05 | 936477 rosiescenario
rosiescenario's picture

I still say this job counting is a red herring...what really counts is the amount of income created....you add 100 minimum wage jobs and lose 50 $80K ones...and gee your job count went up 100% but the actual income being earned went down...this crap about counting jobs has got to stop...it is just another delusional stat from our government and everyone appears to buy into it.

Fri, 02/04/2011 - 20:15 | 936497 Logans_Run
Logans_Run's picture

Exactly!

Fri, 02/04/2011 - 20:17 | 936498 Logans_Run
Logans_Run's picture

My roommate was making close to $200K as a sales rep. He now can't even find a friggin retail job at $9/hour.

Fri, 02/04/2011 - 20:44 | 936547 trav7777
trav7777's picture

is he still payin his share of the rent tho

Sat, 02/05/2011 - 00:22 | 936866 hardmedicine
hardmedicine's picture

bravissima!! +523k

Fri, 02/04/2011 - 20:05 | 936478 umop episdn
umop episdn's picture

BLS = revised lies, widely despised.

Fri, 02/04/2011 - 20:05 | 936479 Rainman
Rainman's picture

This is irrefutable evidence why it is important that all numbers be sanitized prior to distribution so as not to befuddle the markets and the masses with what is deemed to be irrelevant detail. Data management is, of course, included within the emergency powers function. Carry on. 

Fri, 02/04/2011 - 20:06 | 936481 Boilermaker
Boilermaker's picture

Yea, well, it worked didn't it?  You know, there is a neverending supply of shit eating morons out there that will eat the propoganda off of a spoon.  They don't want to hear the truth and, as such, aren't told the truth.

I would guess that 90% or more of the general adult aged citizenry wouldn't even be able to tell you what the UE rate is, what QE is, what the FED is, or what common equity is.  They know what they are told.

It's sad.  It sucks.  It's frustrating.  But, propoganda generally works and the government knows it.

Fri, 02/04/2011 - 20:11 | 936489 Rainman
Rainman's picture

.....last night Mrs. Rainman asked me who Tim Geithner was. Sigh.

Fri, 02/04/2011 - 20:14 | 936493 Boilermaker
Boilermaker's picture

Yea, well Mrs. Boilermaker continues to ask "why do they do that when it's not fair"...Thank god I have been on tap at the Boiler home.

Fri, 02/04/2011 - 20:19 | 936503 Cash_is_Trash
Cash_is_Trash's picture

Women have the faintest sense of survival.

Fri, 02/04/2011 - 21:45 | 936623 MsCreant
MsCreant's picture

What do you mean by that? I'm not being sarcastic, I don't understand.

Fri, 02/04/2011 - 22:04 | 936657 Cheesy Bastard
Cheesy Bastard's picture

Hi Ms.  I hope I'm not stepping on toes replying to a question in a thread I was not a part of.  IMHO Here is the crux:  Women are absolutely the best survivors out there.  Don't believe me?  Get between a woman or virtually any female mammal and her little one.  Nails, claws, teeth, etc.  What these men are referring to, is long term planning given the possibility of economic/political/social collapse. Women look at you like you are crazy.  My wife tells me that all the food I store will be thrown out by the kids after I die.  I tell her I hope she is right.  She says I dont need the firepower.  I tell her I hope I never do.  The only way to explain it is, to me it it like an insurance policy.  Even If never used, the peace of mind provided is worth the time, effort and money; to me anyway. 

Fri, 02/04/2011 - 22:32 | 936696 Fernley Girl
Fernley Girl's picture

My husband wanted a new 4WD pickup.  I wanted food, guns, ammo and PM's.  Wanna guess what's in the garage?

Fri, 02/04/2011 - 22:41 | 936709 Cheesy Bastard
Cheesy Bastard's picture

I am generalizing.  Having said that, I think I love you.  It's real this time.  No really.  (For good measure, if my wife ever sees this I will add /sarc)

Fri, 02/04/2011 - 22:58 | 936737 Fernley Girl
Fernley Girl's picture

:D

Fri, 02/04/2011 - 22:57 | 936738 Rusty Shorts
Rusty Shorts's picture

She's mine damn-it, I loved her first.

Fri, 02/04/2011 - 23:07 | 936759 randocalrissian
randocalrissian's picture

Be careful, if you ask her to get a divorce, she's going to shoot you.

Sat, 02/05/2011 - 23:01 | 938326 RockyRacoon
RockyRacoon's picture

Can a coon get in on this love-fest?  I'll love any woman who likes the "basics" of life -- really, I mean LIFE.  Without the items she listed there might not be much of that remaining.

Fri, 02/04/2011 - 22:44 | 936714 Henry Chinaski
Henry Chinaski's picture

My woman is totally on board with self reliance and survival, but doesn't want to think about the worst case scenario.  It's a bit contradictory.  She sort of tolerates the food, guns, ammo, and PM's.  She thinks it is overkill but appreciates it nonetheless.

Fri, 02/04/2011 - 22:56 | 936733 Rusty Shorts
Rusty Shorts's picture

Hi Fernley Girl, did I mention that I'm in love with you?

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