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Jobless Claims Jump, Miss Expectations, Prior Revised Higher For Umpteenth Time
Just like in mutual fund outflows, the initial claims prior upward revision is spot on as expected: prior week's 434K was revised to 437K, continuing the statistically improbable streak by the Ministry of Truth. Otherwise, the current number, which will also be revised higher next week, came at 457K, 15K worse than expectations of 442K. And continuing claims, which came at 4,378K, was, presto, a decline from the now revised number of 4,382K, which initially came at 4,356K. Net, net: this is the 15th in a row upward revision for initial claims, 14th for continuing: propaganda uberalles.
And the cumulative revisions by the liars:
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This is quite amazing. Other than the dollar, I can't find a single market that isn't going insane in a buying frenzy at the moment.
Yeah, I'm pretty sure this can go on forever. And if it doesn't, I'm sure the unwind will be orderly.
POMO: RESISTANCE IS FUTILE
27.5 billion dollars' worth a week. The presses are starting to smoke...but Bernanke says it's all good. He can just use his infinite line of credit to buy more.
any chance we could see extreme liquid asset inflation and domestic deflation (besides real estate, which is non liquid)?
everyone put there savings and invested in housing. lo and behold, in the inflationary run up, housing doesnt apply. now unemployment is going up and things are getting tougher for J6P.
in fact, its not J6P running up gold.. J6P sold out when it hit 1,000.... and took a $500 / oz from Cash for Gold.
No, this is government-they need to somehow get oilprices down-- this means an invasion of iran is now INEVITABLE. food and rent can be suppressed via corporate fast food compettition and cloud on title/ non liquidity in housing.
overall, the trade for QE funny money and credit for physical gold and industrial metals must be catching on...
Not that logic matters, but an invasion of Iraq didn't help oil prices. Why would invading Iran help?
throwing logic out the window, i suppose that the way governments think. so my conclusion is based on that. "high oil prices? lets invade iran!" and that will be the 'coup de grace' for us.
You just need to refine your thesis on oil... the primary goal is availability, price is a second consideration. In the context of our oil wars, it's more about keeping prices remotely stable than getting anything cheaper...
retrench, refine, good until the next refutation.
Invading Iran would not help. Invading Mexico or Venezuela (or both) would, OTOH, deliver large quantities of other people's oil while solving a few other issues we have cooking south of the border. Or we could simply walk over Canada, eh?, and take their oil sands and harness their expertise in national healthcare. Or we could rejoin the United Kingdom ... we do, after all, seem to have evolved into an aristocracy where Senate and House fiefdoms (and even the White House itself) are passed down from generation to generation in the same families as if by divine right itself.
So many possibilities that would be less value destructive than mucking around in Iran.
Whoa, cowboy. How would QE2 lower the price of oil? Isn't QE2 a government sponsored or at least sanctioned activity? So they're going to do QE2 and jack up the price of oil, and then invade Iran so they can lower the price of oil. Me thinks you need to read up on Occam's Razor.
Occam's Razor is no longer part of the equation in the minds of these sociopaths. What we have here is insanity. Logic has no place in this brave new world. These psychotic elites will continue to make money whichever way the wind blows. You can count on that.
oh, and to the pussy that keeps flagging me...
let your wife know ill be a bit late tonight, i have some business to take care of.
thanks.
irrational exuberance in real time
yeah one would think unemployment heading over 10% would SUPPRESS markets...
Markets *LOVE* unemployment...the "barbarians at the gates" profit from it mightily. Actually making and selling things is so 20th century.
Doesn't that make sense; $$ down everything denominated in $$ up?
Seems with the market now being pretty much 100% a function of the Fed, the dollar inverse trade should be close to 100%. I don't know how other currencies will impact this situation.
Doesn't that make sense; $$ down everything denominated in $$ up?
Seems with the market now being pretty much 100% a function of the Fed, the dollar inverse trade should be close to 100%. I don't know how other currencies will impact this situation.
Nope, Live and feeder cattle are in the red!!
Nope, Live and feeder cattle are in the red!!
Gold and ES are loving this. See, you CAN put those 2 in the same sentence.
Like GoldESlikes and the Three Bears.
Only one of those two is meaningful in terms of a trashed currency.
Your logic is flawed - if gold costs a crazy $2000/oz or even $10,000..who cares. Its a trashed currency right? So gold, as well as indices, might as well be as high as they want - it won't matter anymore...
the people holding gold care?
And the people who will accept it in exchange when they won't take greenbacks anymore.
Thank God they already have QE 2 rolled out or the world might have ended this morning.
I love my central bankers.
/sarcasm
BTW several people on CNBC immediately after this announcement were speaking strongly against the Fed insanity. Thank God Liesman was there to offer a more sane rebuttal in favor of the Fed.
I love Steve Liesman.
/sarcasm
My goodness gracious, CD, you had the sound on? Pushing the envelope, aren't we?
Living dangerously is just how I roll.
Did you notice that it only took 3 minutes before my jaw went slack and my eyes glazed over? Wait a minute, I'm experiencing a relapse.
I love Steve Liesman. <sigh>
/sarcasm
CD, doesn't the mute button on your TV remote work?
As for myself, I'm way passed being saved by "mute". I run to the washroom and vomit every time Liesman comes on.
Like a mouse on crack, I keep hitting the un-mute button because I love the rush as my brain releases a flood of endorphins into my brain every time that CNBC tool is televised.
Wait....wait a minute, here comes another rush. Aaaaaaaaahhhhhhhhhhh
Who says understanding your own insanity can't feel good?
CD has a mancrush, CD has a mancrush....
Hey Rick S. we know you're on here.... Maybe you can hook CD up for the bromance......
Cui "man I had a lot of coffee this morning" Bono
Tyler, that's because the FED only started printing money from yesterday. Let's give them time untill QE3 before we start judgeing them they failed.
TODAY = MINDLESS RALLYTIME!!!!
It really comes down to the question " How many unemployed does it take to start a riot?" Moving stocks/equities higher to create jobs is not working out.
if you try to do the math, you should also take in the following factors:
- 500.000 armed forces to shoot the rioters down
-179.000 police foreces to shoot the rioters down
- 95.000 national guard forces to shoot the rioters down
and let's assume they all get to shoot down +-10 people with machine guns, that means you need at least >10.000.000 protesters just to survice the riot in question.
imagine the gov. giving the riot supressors extra magazine clips...
I can't answer for the Gestap....police, but many grunts are in the ME and the rest will probably be with the rioters/citizens/parents of grunts/siblings of grunts...etc. You may wish to revise your figures downward.
I can't see national guardsmen/armed forces throwing american babies up in the air and doing target practice or buoyant practice. 15 million people unemployed if we use 9.5 % They will need allot of clips.
unless they are useing silver bullets, they have plenty to go arround :)
http://www.poppies.org/news/103606990633541.shtml
Buying "bullet futures" ...
... those are probably made in China now too.
How are we ever going to put people to work if we are buying our bullets from China? I know! Hire more bankers. More bankers need more slaves.
SD, your logic is flawed. Modern warfare has proven that numbers provide little more than cannon fodder. You're talking about guns and bullets, but leaving off technological advances in the last 100+ years... e.g. designer diseases, control of the water supply, chemical warfare (they actually have masks), drone planes (we can't hit with rocks), crowd control measures (loud noises, heat, you name it)...
10,000,000 rioters to them is no different than 10,000....
That's just the cover story. However, those presently employed and still possessing stocks and bonds in various 401(k)'s and IRA will be pleased, at least temporarily, with the Fed's magic.
Many already heavily indoctrinated can't help but fall deeper into the trance when they see the seemingly impossible happen, that their stocks are going up in the face of a worsening economy. It's truly mesmerizing to those already under the spell.
Pretty lights.
Yea, (Beavis and Butthead-esk laugh)Colors Dude.
Tragically surreal.
+1
I want some of what they're smoking....
plain old basilicum herbes. the stuff you put on your pizza ;)
Nowadays, the Fed is running the greenback through the meat grinder before sprinkling it on your pizza.
I prefer onions and pepperoni myself. The shredded greenback clogs my colon. :>)
and with what do you whipe off you ass?
Belgium toilet paper.
Many are smoking a weed called "realized capital gains" and the effects are pretty much the same as "earned income."
You should give it a try. Perfectly legal and you can get all you want from the Federal Reserve at the mere cost of a commission.
The best part is that there is no hangover. I will warn you about one thing. You will have to suffer the barbs of those who choose not to smoke from the pipe of "realized capital gains." They are not happy that they are feeling pain while you feel the gain!
"I am shocked"
Hillary Clinton
Well i for one have all the confidence in the way the administration is moving the economy. I LOVE bubbles and apparently you can devalue you way to prosperity (for the top 1%, but i digress).
WASHINGTON, Oct 28 (Reuters) - White House spokesman Robert Gibbs said on Thursday that a decline in the latest weekly U.S. jobless claims for unemployment benefits to a three-month low showed the country's labor market was slowly healing.
"The week to week claims are a heartening bit of good news," he told a news briefing.
Initial claims for state unemployment aid dropped 21,000 to a seasonally adjusted 434,000, the Labor Department said.
"The president and the team have the economy moving in the right direction," Gibbs said.
Gibbs is one of the best straight men in the comedy business.
How long before he jumps ship along with the rest of the team...Summers, Orzsag, Romer, Rhambo, Axelrod, etc.
Low prob. UE lines still too long and I hear he lost his EBC.
There was speculation on the news yesterday that he would be leaving to go back to Chicago to help with the election.
When is that trip to India again?
The 6th.
Not much to be found in the USA MSM press on this trip. Interesting.
http://www.washingtonpost.com/wp-dyn/content/article/2010/11/04/AR2010110400843.html
Drudge headline "Obama to take 34 warships on India trip". The Obama posse will include over 3000 people (not counting warship crews) and cost over $200 million for the three day trip.
http://www.ndtv.com/article/india/34-warships-sent-from-us-for-obama-vis...
Invasion disguised as a "friendly" visit.
Or the establishment of a safe zone.
Same difference. The Iraq "Green Zone" was a safe zone after all.
It's amazing what you can do in the Iraq 'Green Zone"...
http://en.wikipedia.org/wiki/U.S._Embassy,_Baghdad
Amen, short the dollar, long gold and es and prosperity follows. All will be well. Ben is our fearless leader...
Amen, short the dollar, long gold and es and prosperity follows. All will be well. Ben is our fearless leader...
Apparently you guys missed the memo- This is a jobless recovery. Inflation is under control. All is well. Now, for those of you that still have a job......get back to work!
Where's Johnny Bravo now days?
With productivity increasing and labor cost decreasing (pay and number of employees needed) this isn't going to improve any time soon....if ever. The US may be stuck in the U-6 17% range for quite a while.
Funemployment is up!
Rally Time
This should lead to a 99 week bull market.
Gold is out pacing the market manipulators: good or bad?
Good if you own Gold. Bad if you don't. A win-win from where I stand.
not so funny if you bought the gold in Euro's like me...
Sure, but the EUR is unsustainable imo. Theres the dilemma - when the EUR drops, do you still hold gold?
When fiats collapse, if they do, you will definitely want PM. It's value at that point will be survival. Otherwise it will continue it's gradual upward and downward path
It signals how far we are on the timeline to collapse... the decoupling of PMs was basically the doctor coming in and telling the cancer patient, you've got X amount to live... medicine will no longer help/have the same effect. In practical terms, it presents a chinese finger trap for the monetary apologists. The more they print (struggle), the tighter the grip of the trap. Their choice.
Euphoria Folks! Clients and myself long com and pm's short spy via puts, pretty cheap right now! Rest is CASH and AMMO! :>)
Tyler Durden-- as always, great post and as always, these "revisions" have become so common, they have desensitized us to the point that we are numb of the fraud and lies and deception. The economy is getting worse everyday. More unemployed. More homeless. More people on foodstamps. I know that. You know that. It's great that you post all this great info, and we sit around talking about it, and then talk some more, while the general public watches Dancing With the Stars.
But my question is- WHAT THE HELL ARE WE GOING TO DO ABOUT IT?! When does the public wake up? When you do get yourself on national television and tell the people the truth? Tell them, our children are paying for big fat record bonuses at the banks! It's absolute insanity.
"I'm mad as hell and I'm NOT going to take it anymore!"
Still waitin for someone to do somethin. But when I look at other examples of where we are in history, the riots dont start until the people get cut off, have no money, and have no food.
Riot's take some organization. In Europe the unions are the organizers, here the unions are being taken care of. Some of the 99+ people have gone out with signs. Most tea partiers are watching Glenn Beck waiting for a political, peaceful solution to the bankster ass raping.
Correct- People are comfortable. "Yeah things are bad, but hey, I'm collecting my unemployment checks. I've got the TV on, tuned in to Dancing with the Stars. I've got a cold beer in my hand, a hot dinner in my lap. I don't care about the bankers bonues or honestly, even my child's future tax rates. Let them figure that out..."
That sums it up. Unfortunately, this amounts to passive aggressive behaviour. The situation festers.
A short explanation of unemployment insurance numbers: You get a job. Your employer makes quarterly payments to the government as unemployment insurance. You lose your job. You may, if qualified, apply for unemployment. Quarterly employer payments are tracked. 3rd quarter last year 133 million people were covered/employed. Now, 127 million are covered/employed. That is a net loss of 7 million jobs in just the past year. Draw your own conclusions.
But wait, if you run out of payments but have joined the SEIU 99'ers will you riot or continue to get paid? This is amazing a union of the unemployed, for the unemployed, paying dues from unemployment payments.
What a country!!!!
You guys bash QE2, but money is the only thing the US produces that the world still wants, for now. Our industrial base is for shit and the only jobs being created on any sort of large scale are service industry jobs.
All this new product is going to our multi-national organizations or being funneled into the purchase of foreign company stocks with that net result being that this cash is shipped all over the world to create real industrial jobs in other countries. These industrial workers then create products that are shipped back to the US where the customer support, financial workers, restaurant staff, sales people, legal workers of the U.S. gobble them up with the only product we produce plenty of...dollars.
Just like OPEC produces oil that world uses...the US is producing the fuel of the industrial growth outside of the US. You guys should be applauding Big Ben for what he did. He's producing more of the only thing we are good at. He's GM in the 1970's cranking out giant land yachts that surely the rest of the world will always want.
How much longer into this leap out of the window before we hit the pavement?
When we hit they will say it wasn't the fall that killed us it was concrete poisoning.
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