• Gold Money
    05/03/2016 - 11:35
    Crude oil time-spreads have completely dislocated from inventories. Historically, such dislocations have proved to be short lived. We expect that either spot prices will sell-off again or the back...

Major Miss In Initial Claims As Double Dip, Deflation Takes Even Firmer Hold

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Thu, 06/17/2010 - 08:51 | 419088 Borat
Borat's picture

Well.. that is it... just gonna grab my popcorn, sit on my confortable couch and watch the double dip in 3D..

Thu, 06/17/2010 - 08:56 | 419110 Sudden Debt
Sudden Debt's picture

here are some good 3D movies to buy: http://www.pussy.org/3d-videos/

Thu, 06/17/2010 - 08:48 | 419089 papaswamp
papaswamp's picture

Since EUC2008 hasn't been renewed by congress that number is plummeting as people fall off the back-end of the support cart. SNAP participation numbers will probably accelerate. Just plain ugly. I expect the workforce numbers to shrink and NILF to increase substantially for June.

Thu, 06/17/2010 - 11:20 | 419423 BobWatNorCal
BobWatNorCal's picture

Good point.
Also, I wonder what this number will be revised upwards to, next report?

Between the use of "unexpectedly" and the constant, one-way, upward revision of numbers I am beginning to suspect something is going on...

Thu, 06/17/2010 - 08:47 | 419090 Cursive
Cursive's picture

Can we stop all discussion that we have avoided a double dip already? 

I don't know.  Maybe Leo will say that he needs sometime to analyze the numbers and before he comes back to "man up" and then he'll just starting posting bulltard crap again.  Seriously, Leo is apparently more bullish than Cramer.

Thu, 06/17/2010 - 08:53 | 419100 ZeroPower
ZeroPower's picture


Also, im just waiting for new highs on the ES. Whatever, give it till noon when all we see is green in the EU markets, add on top a Spanish bond auction which priced fine, and more green sharts are on their way:)

Thu, 06/17/2010 - 08:56 | 419109 Whizbang
Whizbang's picture

I hadn't seen the results of the spanish offering. It's interesting(?) to see that it went off well.

Thu, 06/17/2010 - 08:59 | 419117 papaswamp
papaswamp's picture

3 Bil EUR raised at 4.91%...I think.

Thu, 06/17/2010 - 09:14 | 419142 ZeroPower
ZeroPower's picture

4.88% ive read. Spread between 10yr bunds and Spanish dropped to 2.16%

Thu, 06/17/2010 - 08:59 | 419115 Cursive
Cursive's picture

Greek Shoots!  (hat tip to john_connor)

Thu, 06/17/2010 - 09:33 | 419181 Neo-zero
Neo-zero's picture

Hey it's Thursday what time is the riot in Greece.

Thu, 06/17/2010 - 09:10 | 419135 Ras Bongo
Ras Bongo's picture

I'd say the news so bad that we should climb at least 2% today.

Thu, 06/17/2010 - 09:06 | 419125 Cognitive Dissonance
Cognitive Dissonance's picture

For those who have been hoping, praying, who've been expending psychic energy to will the economy better, these numbers are deep psychological blows. Deep deep blows. For many, the only way to deal with a world that in their own minds has turned against them, despite their undying love and belief, is to continue to wave the pom poms. What comes later is either a breakdown into depression or an almost manic expression of optimism. Or as you said "bulltard" crap. This has little to do with reality, or at least the reality shared by the consensus, and more to do with their internally created reality.

Remember when the employment numbers were terrible if you backed out the Census and Leo declared he was going to study them and get back to us? We can't seriously think that Leo looked at that report with unbiased eyes. He was searching for information that confirmed his bias, his belief. And sure enough, when he posted an article the next day, it was focused mainly on the scraps that could be seen from a "positive" light.

And he even "agreed" that some of the numbers were bad, but they would change; his way of bargaining with the truth before rejecting it. See, I can admit everything isn't coming up roses. Now leave me alone to tend to my rose garden. The acceptance of alternative realities (meaning those that don't confirm our bias) has nothing to do with the "truth" or "evidence" or "proof" and everything to do with the internal barriers we erect to shield us from things we don't wish to face.

Thu, 06/17/2010 - 09:16 | 419156 ZeroPower
ZeroPower's picture

Your posts make a lot more sense after 1- researching the topic of C D and 2- reading your Insane Asylum article. Cheers.

Thu, 06/17/2010 - 10:26 | 419302 bugs_
bugs_'s picture

Uber bludgeoning blow capitulation and towel throwing.

Thu, 06/17/2010 - 09:14 | 419143 slovester
slovester's picture

Leo has discovered that very few people are interested in the blue pills he is dispensing when they are told that the pills aren't Viagra.

Thu, 06/17/2010 - 13:06 | 419639 BlackBeard
BlackBeard's picture

Cialis > Viagra > blue pills

Thu, 06/17/2010 - 08:51 | 419095 Joe Shmoe
Joe Shmoe's picture

The data keep reflecting the reality that normal people see in the world around them.  Will the market in turn do the same?  

Also, seems like there are two economies emerging: one based on people who have mortgages, consumer debt, unemployed spouses, falling wages, aging capital goods, crappy and expensive healthcare, dwindling savings, and on and on.

And another economy of corporate entities that, because of restructuring of debt and heavy layoffs, etc., appears healthy to shallow analysts and commentators who think healthy corporate balance sheets (for now) mean a healthy overall economy and a nascent bull market brewing.

Too bad these healthy corporations will have no one to sell to. 


Thu, 06/17/2010 - 09:29 | 419171 Cognitive Dissonance
Cognitive Dissonance's picture

What you're really asking is how long can they keep a corpse alive. The answer is remarkably long, especially when most people desperately wish for a Weekend at Bernie's.


Thu, 06/17/2010 - 09:43 | 419199 Joe Shmoe
Joe Shmoe's picture


Thu, 06/17/2010 - 08:52 | 419096 LoneStarHog
LoneStarHog's picture

DAMN IT! Read my lips -- There is NO Double Dip since we never honestly exited the Single Dip.  In fact, we went from a recession into a refusal-to-admit DEPRESSION!

Leave this Double Dip crap on the bullshit financial channels/media.

Thu, 06/17/2010 - 08:54 | 419102 Cursive
Cursive's picture


Thu, 06/17/2010 - 08:58 | 419112 Sudden Debt
Sudden Debt's picture

The stages Kubler-Ross identified are:

  • Denial (this isn't happening to me!)
  • Anger (why is this happening to me?)
  • Bargaining (I promise I'll be a better person if...)
  • Depression (I don't care anymore)
  • Acceptance (I'm ready for whatever comes)
Thu, 06/17/2010 - 08:59 | 419114 cossack55
cossack55's picture

Love the way Texans cut thru the BS.

Thu, 06/17/2010 - 09:27 | 419166 RedwoodTree
RedwoodTree's picture


Thu, 06/17/2010 - 08:53 | 419099 Wynn
Wynn's picture

Looks like Barney just spotted a bent over taxpayer.



Thu, 06/17/2010 - 09:01 | 419119 Fazzie
Fazzie's picture

That Bwaney Fwank is one sick SOB. Looks like Dobbs just walked up on him while he was exposing himself to a male page.

Thu, 06/17/2010 - 09:01 | 419120 papaswamp
papaswamp's picture

...thanks for the laugh!..

Thu, 06/17/2010 - 09:45 | 419205 Running on Empty
Running on Empty's picture

Na Dodd just finished blowing em.

Thu, 06/17/2010 - 10:34 | 419319 Clayton Bigsby
Clayton Bigsby's picture

wow, this is just rife with possibilities - think we need a ZH-sponsored caption contest

Thu, 06/17/2010 - 08:55 | 419107 King_of_simpletons
King_of_simpletons's picture


" U.S. first-time jobless claims unexpectedly rise, up 12,000 to 472,000 in latest week "
"Unexpectedly", like some dumb fuck was expecting blue skies and clear sailing.
Thu, 06/17/2010 - 10:36 | 419329 sumo
sumo's picture

Notice how the MSM reports bad housing numbers as "unexpected". LOL.

Thu, 06/17/2010 - 09:02 | 419121 Flakmeister
Flakmeister's picture

  My dyslexia causes me to refer to this as the

"The Double Rip Depression"


Thu, 06/17/2010 - 09:05 | 419124 Joe Shmoe
Joe Shmoe's picture

So, what is the bullish argument again?  Really, I mean it.  Why exactly are stocks rallying?  Can anyone answer this without some technical BS (oversold, 220dma breakthrough, etc.).  What's the actual fundamental logic for the equity bulls right now?

Thu, 06/17/2010 - 09:07 | 419128 KTV Escort
KTV Escort's picture

Ask yourself, "what would the devil do in this situation?" ~ answer: Raise it up high before slamming it to the ground in delight

Thu, 06/17/2010 - 09:11 | 419136 Bankster T Cubed
Bankster T Cubed's picture

like a hell gull

carrying the clam of humanity

higher and higher

above the parking lot

Thu, 06/17/2010 - 10:09 | 419266 aheady
aheady's picture


Thu, 06/17/2010 - 09:26 | 419165 HelluvaEngineer
HelluvaEngineer's picture

To me, it looks like everyone on Tim Geithner's speed dial list got another $100 billion dollars on Monday to buy up the market as they see fit...

Thu, 06/17/2010 - 10:41 | 419338 sumo
sumo's picture

"What's the actual fundamental logic for the equity bulls right now?"

Manufacturing - the inventory bounce from last year is still present. Oops, wait a sec ... ignore that recent data. And that. And that one.

Thu, 06/17/2010 - 09:05 | 419126 Edna R. Rider
Edna R. Rider's picture

Oh no.  Less people working = longer lines at the Apple stores.  This is one of my current bits of sage investment advice.  Along with more oil in storage = higher oil prices; more Treasury issuance = cheaper long-term rates (down to 3% says Shilling!); housing prices continuing their descent = higher XHB; Europe slowing down = stronger EUR.  I think you get the idea.  Or the lack of idea.  You see there is so much money out there it just GOES and GOES and GOES into anything and everything.

Thu, 06/17/2010 - 09:36 | 419185 Takingbets
Takingbets's picture

Edna, you forgot to use the word Printed in your description of the money being out there. :-)

Thu, 06/17/2010 - 09:56 | 419230 Cursive
Cursive's picture

@ Edna R. Rider


Thu, 06/17/2010 - 09:10 | 419127 papaswamp
papaswamp's picture

The Euro will shoot up against the USD as people realize the US is in far worse shape than Europe. (aka we're fucked).



Bonus...BDI crossed under the 3000 mark and weekly rail indicators are strating to turn red (food and forestry products)....here comes the big slowdown.

Thu, 06/17/2010 - 09:15 | 419146 jkruffin
jkruffin's picture

The collapse in the BDI signaled the last market crash, and yet many are not even paying attention to it at all.  If there no ships on the water, there are no products being delivered.  Doesn't take a rocket scientist to figure that out.

Thu, 06/17/2010 - 09:07 | 419129 Bankster T Cubed
Bankster T Cubed's picture

the numbers were perfect for the....[cough]..."markets"!!


hip hip hooray the "markets" will rally more!   what sucks is actually great!


all aboard the HMS MADOFF stock market rally provided to us courtesy of central bank commissars from hell

Thu, 06/17/2010 - 09:08 | 419131 jkruffin
jkruffin's picture

Remember this rule for hyperinflation:  She will be knocking on the door soon.


Governments will often try to disguise the true rate of inflation through a variety of techniques. These can include the following:

  • Outright lying in official statistics such as money supply, inflation or reserves.
  • Suppression of publication of money supply statistics, or inflation indices.
  • Price and wage controls.
  • Forced savings schemes, designed to suck up excess liquidity. These savings schemes may be described as pensions schemes, emergency funds, war funds, or something similar.
  • Adjusting the components of the Consumer price index, to remove those items whose prices are rising the fastest.
Thu, 06/17/2010 - 09:12 | 419139 Joe Shmoe
Joe Shmoe's picture

Interesting, jkr, and chilling.  Happening already, right?

Thu, 06/17/2010 - 09:22 | 419161 glenlloyd
glenlloyd's picture

Let's see...lost M3 reporting in '06 - check. Price / wage controls - not yet unless you count those on the govt dole. Does substitution of dog food as steak count as "adjusting" in the CPI?

If a statistic comes from the government I just don't have a lot of confidence in it. You have to ask yourself all those "W" questions about who, what, where, when and why, and generally by that time you've figured out that the statistics aren't true.

I have a small book from college that I'll refer to here, "How to lie with Statistics." I'm sure the BLS passes these out to all new hires.

Thu, 06/17/2010 - 09:14 | 419141 trillion_dollar...
trillion_dollar_deficit's picture

This is just the beginning. The state worker implosion is set to begin in July when many states begin FY11 budgets. 

Thu, 06/17/2010 - 09:44 | 419203 Assetman
Assetman's picture

Good point.

We are staring at the next round of crisis, folks.  It's only a matter of time.

All is on schedule, though... the Fed rides to the rescue with even more wasteful QE, sometime around September. 

You know, so those incumbents can be re-elected.

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