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Where’s the Beef?
That was the thorny question wracking the brains of investors Friday morning on the heels of the hugely disappointing nonfarm payroll report showing that 430,000 jobs were gained in May.
Never mind that this was the best report in several years. The problem arises when you dig deeper and find that 411,000 were temporary census workers who are going to be let go in a few months, leaving the “real” job gain at a measly 19,000.
So this is all $887 billion in stimulus and 19 months of zero interest rates get you?
Traders wasted no time tanking the market, taking the Dow down a nausea inducing 350 points. Private sector hiring actually plunged from 218,000 in April to only 41,000, and the overall labor force shrank by 322,000, as if it had just taken a dip in a frigid lake. Construction took a big hit as usual, losing 35,000 jobs, while manufacturing gained a miniscule 29,000 jobs.
There are now more than 15 million unemployed, including 6.8 million who have been jobless for more than six months. Until today’s number, our nine month long recovery produced a net loss of 133,000 jobs! At this stage of the 2003 recovery, we were regularly clocking 200,000-300,000 a month in job gains.
Administration officials wasted no time trumpeting the decline in the headline unemployment figure from 9.8% to 9.7%, while privately wringing their hands over the true meaning of the report. Is Michele Obama already secretly scoping out new private elementary schools in Chicago?
To see the data, charts, and graphs that support this research piece, as well as more iconoclastic and out-of-consensus analysis, please visit me at www.madhedgefundtrader.com . There, you will find the conventional wisdom mercilessly flailed and tortured daily, and my last two years of research reports available for free. You can also listen to me on Hedge Fund Radio by clicking on the “Today’s Radio Show” menu tab on the left on my home page.
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No surprise there. If you look into many of our presidents' family histories--corruption, criminality, and/or down-right evil is there.
Umm, FDR just ramped up Hoover's policies which was a massive mistake. The Fed was the main problem and politicians exacerbated it all. FDR extended the depression far longer than it should have lasted. Hoover got a bad name for the wrong reason.
Agreed, the New Deal was a failure which extended the Depression. Don't believe the hype you learn in state-funded schools.
+100. FDR second only to wilson in damage done to this country from the oval office. Obama's not far behind
That so-called stimulus was no such thing. It never was meant to be. It was just a payback to gov't unions for a job well done during election '08. It bought them a year or so of employment at full pay. One year closer to the goal -- retirement with full bennies.
Look for the feds to use this bad employment report as justification for another non-stimulus stimulus bill... I hear some gov't workers have taken pay freezes! We can't have that now can we...
outside of a first grader, why would anyone think this would work
"green shoots"
Quick Heli Ben and CONgress.... DOUBLE DOWN!!!
BWAAAAaaaaahahahahahahah
The beef is as genuine as the 100% claim McDonald's makes. It may be there but it's all a matter of how they process it.
To complete this shit sandwich....
http://www.youtube.com/watch?v=NTnZhXgbVbk&feature=related
Who wants a pickle surprise in the mouth?
Ah...but how them Bankster bonuses doin ?
Ah...ya fergot ta add in tha free PixelDust at tha FedWinda !
Duuuuude.... Banker bonuses in the billions.... Everything is awesome.