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"The People On Wall Street Aren't Seeing What's Really Going On In America"
Today's jobs data was almost 5 standard deviations below Wall Street's best-and-brightest's estimate and has already been dismissed by many as an 'anomaly' or 'unbelievable'. Despite the fact that the National Retail Foundation noted over 17,000 layoffs in August "calling into question how much momentum the economy really has," one member of the public was able to #NailTheNumber on CNBC's great payroll-guessing game. Ronnie Squires explains to a silenced CNBC anchor the real state of America...
Apologies for audio quality...
The uncomfortable truth...
"I do a lot of traveling around the country and there's still a lot of folks who say 'there's no jobs out there'.
I watch [CNBC] every day and I just don't see it.
I don't know if the people on Wall Street are not really getting out and seeing what's really going on [in America].
When you go to small towns, like I do, and talk to people - people don't have much confidence in the numbers you hear."
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You also have a disconnect between what people--who are still working one or two jobs--can afford and prices. Take real estate for instance--asking price is ridiculous when most have been downsized, eliminated and many make only 1/3 of what they made when they had a real job. Can they afford a $200,000 median priced home (generally outside of most east and west coast cities)? Do they want to even take the risk of being foreclosed (if they didn't get fucked before by the banks who can't prove they own shit but have the courts in their pocket) if they lose their shitty jobs?
... and who borrows any money at all when they aren't sure if they will have an income next week?
Ooooooooooohhhh, THOSE kinds of people ...
Wall Street's job is to pimp the Emperor...
Wall street knows it's bad. But if they say how bad it is they'll be accused of crashing the markets.
Unfortunately there's no upside to telling the truth.
Small correction.
Unfortunately there's no immediate upside to telling the truth.
It's hard to get a job if people think you're a whistleblower...
Look what happened to Egan-Jones
they only notice what keeps the gravy train running
Why would they care?
Much of the economic landscape is beginning to look like something out of "Alice And The Looking Glass" A bizarre and unrecognizable land, a land that is distorted and papered over by ream after ream of paper. This paper has been rolling off the printing presses of central banks all across the world in an attempt to mask reality.
Peter Schiff says, printing money is to the economy what taking drugs is to a drug addict. In the short term it makes the economy feel good, but in the long run it is much worse off. What was once the "long run" or "distant future" may be getting much closer. More on what happens when the momentum ends in the article below.
http://brucewilds.blogspot.com/2013/01/what-happens-after-momentum-ends_...
same can be said of the social landscape , as well.
It would really suprise me if the average wall street bloke could change a light bulb, and it would suprise me even more if the same fucker could change a plug, and I seriously doubt he could do that.
The fuckers know nothing about constructive work my friends, they live on your collective backs, with interest.
So, how the fuck would these parasites know about whats going on in the real world then, eh?
They will though, sooner than the bastards know.
;-)
Say what you want but those guys have some really sweet looking signatures.
Much like 8th grade girls, figuring out their signature "style" while tacking the last name of their current crush onto it, the guys with the sweet sigs sit around dialing for dollars and sweet talking muppets while doodling all over their "call sheets."
Today they are fancy predators, someday they may just be effeminately running prey. Hey, I can dream.
What the heck do the bankers on Wall Street care....FED and government give the trillions or they just rehypothecate it via London...they play HFT or minting unlimited treasury bonds with each other collect million dollar bonuses for no useful economic purpose. They don't care what happens outside Wall Street and Washington....Silcon Valley gets them a nice trip to coast. IT IS A GIANT FRAUD!
The SP500 loses 8 points in the first hour and a half of trading on X volume. It then recovers those 8 points and then some with half the volume. It's like robbing a bank endlessly, every day, with the police (the FED) standing right next to you and providing you a key for the safe.
Well done, Rubin and Summers - masters of an endlessly corrupt game of raping the american people and their children of a future, to the benefit of the very few.
I agree, except the cops have their guns drawn and ready to fire on the owners whom's money is being stolen.
They own the money, the assets, the info and the freaking cops. We are but herd animals to be used until our usefulness wears/is drained out.
Everybody on wall street knows the ending. Everybody thinks they can get out first and beat all the funds that have set policy, and of course, the sheeple. This is everyone's plan and CNBC and other media are just part of their communication policy to achieve their objective.
There are misses
and
then there are MISSES
...
august same store sales for The Gap
expected:
Meanwhile, Gap is expected to post the weakest result in the group at 1.7% SSS, below last year’s 2.0% sales comparison from 2013.
http://alphanow.thomsonreuters.com/2014/09/driven-discounts-mall-traffic...
actual:
Gap Inc.’s comparable sales for August 2014 were down 2 percent versus a 2 percent increase last year.
http://www.gapinc.com/content/gapinc/html/media/pressrelease/2014/med_pr...
This correct and I call it "code hosing" whether it's high frequency trading code or health care code "scoring" us to allow or deny access. Wall Street doesn't see us as people only numbers. I'm on Twitter a lot and you even see the context and comments that the rich put out, totally different perspective as they don't have to deal with all the algorithms and monitoring chasing their asses like we do. Money has ranks sadly and we suffer.
The other day, now we have heat maps on the fatties in the US..WTF! You know it's not hard to diagnose or recognize someone who is obese and it's getting worse so what do we do, make a map to find them on what streets they live on. It's more abou the creator of the maps and their ego and wanting praise than actually attacking obesity. it is what it is sadly. Up on Wall Street, they think this intelligence is just great as it's more data that can be sold and marketed, again as the obesity grows, it's a broken model that does nothing except enhance more data to sell for profit. Sure general stats on the obesity problem are a good thing but when you go too far and need heat maps, people are just living too virtual here and have forgotten about the real world.
http://ducknetweb.blogspot.com/2014/09/obesity-just-as-big-as-ever-in-us...
In healthcare too insurers hired those failing quants from hedge funds and we get the same crap over hear except we don't move and function like algorithms and those model are failing and hurting consumers too. We need a few less of those so-called data scientists.
http://ducknetweb.blogspot.com/2014/09/how-long-before-data-scientist-de...
I keep attacking "code hosing" from the healthcare end of things and Eric at Nanex keeps on the "code hosing" with high frequency folks, and in the long run here no matter what vertical you are in, code hosing is making people rich and the poor get poorer as proprietary scoring of just saying "trust my code" is killing the country.
T here's a lot to what you're saying. Computers have become a religion. Very, very few people have any common sense, reality based, knowledge to challenge the latest "Computer Model' or Computer Prediction; aside from the mindless enthusiasm for tabulating and data mining everything, whether it makes any sense or not.
Well scripted Obama recovery until the November elections.
Let’s get this straight, “Main Street” is waiting for something from “Wall Street”??
“Power can be taken, but not given. The process of the taking is empowerment in itself.”
? Gloria Steinem
“Real power can't be given. It must be taken.”
- GF3
Even larger bonuses this year for Wall Street.
Wall Street worries about Wall Street. Wall Street does not care or even acknowledge other people or consequences outside of Wall Street. Best to inventory your skills and find a niche in life you can manage. Common good is rhetoric, hopes, and dreams. I ignore Wall Street and learn to live within my means and just not feed into what Wall Street thinks or does because I live in the real world. In the real world, you work hard and produce something. If you are not producing something, now is a good time to start looking out for your own and forget about what Wall Street does. Wall Street does not produce but instead takes from others and gives to itself. That is not a working model.
The people who make the most, as a general rule, do so by investing or trading around other people's money or credit.
I'm all for capitalism, but when the biggest driver in your economy is the financial sector - people who produce nothing, and whose income is derived from the labor of others, what that means is too much credit, and too much pulled from future earnings to pay the cunts at Goldman and MS now.
Now reasonable people can disagree on the specifics, we have hard core libertarian here, anarchists, pragmatists, even some paleoconservatives etc.
But here's the kicker - when it all comes down, the people who are ready with the "fix" will be those who profited most from the system and the crash of the system.
Ending private central banking and fiat/frac reserve lending won't fix everything, but it would sure fix a lot.
Of course, it will never happen.
Even the "progressive" economists take the monetary system for granted and the Left is so all-consumed with hating the right and libertarians and trying to give the feds more power to spend us into utopia, that they never have taken the time to understand that Ron Paul, for the most part, was right.
I agree with your post.
Squires travels and talks to people in small towns. Sounds fishy to me. He might be a terrorist!
Everyone knows that real America only happens in big cities and nobody talks to each other. They all get their info from CNBC and Bloomberg which has the pulse of the nation.
#NAILTHENUMBER ??? Are you fucking kidding me? Why does everything in this nation have to be contest? Did CNBC leverage the bets as well? I'm sure someone close to the casino did.
GDP Q2 revision in 3,2,1...
Q3 negative again
Squires is giving the ZH echo chamber, litterally.
Yeah... but really?? CNBC??? I rather believe the market is fair than beilieve them
Elite better neutralise or assassinate other elite before hungry masses execute them with automatic guns in front of their homes.
If there is one thing that is holding up western civilization preventing it from collapse,............................... it is 300 million guns that US citizens own.
Wall st isn't America. The two separated in the 90s never to return. Small biz is dead. Big biz and big gov have concentrated the resources and power and are in an unholy union. Essentially self regulation. The market may double from here as both sides work for each other but without the checks and balances of a diverse and competitive marketplace, this only ends one way.
I heard yesterday that 75% of stocks are owned by the top 5% now.
They don't care whats going on in America, they are trading amongst themselves.
Wall Street, Fleet Street, Orchard Street, Federal Government politicians, Mutintional Corporations with lion's share of their markets, are as distant, so far removed from the other 6.3 billion people on earth as Hollywood movie stars, Serial killers, and hilary clinton are along with all the alphabet soup of global organizations: CIA, CFR, BIS, IMF, Ex-Im, FINRA, SEC, and other conspiratorial clubs.
You are on your own unless you are a member in good standing with the above.
Only a larcenous heart and mind, a knack for not getting caught, and a lust for more than what you have now--- that you can hold on to---- will assure you some modicum of progress.
This ain't beanball.
Here is the situation.
America is the land of opportunity.
So, it attracts opportunists.
Fiat money is about opportunity, not productivity.
So, we don’t produce.
We embrace the opportunity to utilize cheap(er) labor.
The cities are the hubs of “intellectuals”. Too many of which are immigrants from non-Western Philosophy sources.
Too many of these cities are “run” by cadres of ethnically oriented closed groups. Group think is sold as individual thought by claiming only morons and bigots could think differently than as we ascribe. So, be different: think as we do. Courtesy of the Frankfurt School Curriculum.
The expansive mass of land between the cities of the coastal waters is referred to as fly-over-country. This is not intended to be funny; but demeaning. It is meant to demean the culture and social norms practiced by those Americans embracing the Western Philosophy upon which the United States was founded.
The “rulers” of this country are at war with the country they rule. They hate who we are. They come here not to join in, but to join together as new Americans and divide themselves from us via the hyphenation.
Thusly, they despise what they see outside of “Wall Street” and refuse to recognize that it exists. Their goal is not to see and appreciate: it is to ignore its existence and starve it to death by too many hyphens and too few bridges.
I don't know the numbers but I have to guess that a lot of that money trading around Wall Street comes right from Main Street's pocket via public pensions of all shapes and sizes.
O top of that you have pathetic 401K's that is virtual theft with lipstick.
Add in the IRS, the Fed and the overall lack of competition and the perfect theft is on a roll.
Do you still have direct deposit?
Mainly the only jobs I see are part-time. Full time jobs are being filled in house.
More importantly, those on Wall Street do not care about what is going on in America or with the people and the future viability of the entire syste, All they seemingly care about is themselves.
... but that is not isolated to Wall Street. It is the same within the government.
And most unions.
Can't forget them.
Actively demanding fewer employees get more of the pie, while skimming off the largest pieces for the administrators.
Heartland Truth. God bless him.
And so, it will always be: bandit and useful-idiot classes will take our possessions, reduce us to a mass of rotting slaves… oh, the list goes on.
They will do it and get away with it.
Why? Because they have a complicit media at their disposal. And they know that the current breed of Americans will do absolutely nothing to oppose them; I mean nothing sensible, nothing effective.
Oh, sure, a few Americans will sit on their haunches and howl; and they might as well bray at the wind for all they accomplish.
You see, Americans have the power to correct any grievance that could be named… and they choose not to use that power. There are three main reasons for this failure… (full article)
Multinational companies only care about making money - not which country they make it in. The US labor force and regulations will eventually meet at a much lower global equilibrum, but for now, the foreigners have the huge wage cost and regulatory advantage. Nothing much our government can do about it except maybe slow the slide down the hill.
Multinational companies only care about making money - not which country they make it in. The US labor force and regulations will eventually meet at a much lower global equilibrum, but for now, the foreigners have the huge wage cost and regulatory advantage. Nothing much our government can do about it except maybe slow the slide down the hill.
"Nothing much our government can do about it?"
THEY FREAKING CREATED IT.
It isn't Microsoft, Pfizer and Exxon that levy another fee, fine, penalty or regulation that has DIRECTLY cost my business employees while increasing my non-profit-making time to the detriment of my profit making time. You know, the whole reason I took the risk to go into business?
Nothing much they can do, like hell. "They" are the ONLY ones that COULD do anything. "They" write the rules and decide which ones we have to follow. "They" hire and arm jackboots in dozens and dozens of differnt agencies that can burst forth into my business, my home, or yours. Really? "They" can't do anything about it? "They" control the freaking message and the "news." And what, you think the multinationals could not be stopped by anything, ever? Really?
Wow. Talk about being completely disconnected. And I'm not saying they will do anything, I'm just really questioning how there are still 'murkins that can't see where all problems in this country originate. And where they could stop, if "we" would demand "they" stop it. And I know we won't. That's ok. I'm just not going to try and fool myself about it.
Thanks for playing our payroll guessing-game Ronnie. As our winner, you'll receive a free 6-month subscription to the world famous Dennis Gartman Letter!
Dang! That's low.
I see the title of this article and a lot of the various comments about how much Wall Street cares, doesn't care or how evil they are.
It's all BS. Wall Street does more or less the same as you and me. They take the rules of the game and do the best they can. I do not think they care any less or any more. If someone is trading derivatives or credit default swaps or government bonds is he supposed to observe a moment of silence if the unemployment numbers are bad? Is he supposed to just stop be a trader if average incomes are down? Is he supposed to buy a new car to help, even a Ferrari? What do you do? You go back to work to do the same thing you did yesterday. Maybe you increase your savings a bit more.
If you want to argue about the failure of centrally planned markets, government favoritism, the Fed, and those sorts of things, I am in. However, whining about Wall Street caring or what they should do is to waste time and outsource your own future to others. Government is happy to step in and do that.
“Wall Street” is a euphemism for the practices of an industry located primarily in that central region.
Many “Wall Street” firms are not even located anywhere near “Wall Street”.
Nit picking in the name of freedom undermines the spirit of the endeavor and reduces it to wordsmithing so it can be scrutinized as atomized particles rather than a whole subject.
This fortifies the cultural critique of the Frankfurt School methodology by particularizing the facts.
Paying fines of over 120 billion dollars and counting, says that the rules are not fair and balanced. But the traders keep the commissions and all financial rewards; expressly stolen by trading dishonestly. You wouldn’t expect such persons to be concerned about anything but themselves anyway.
Your analogy would support HFT and Front running because they have rules.
The Mafia has rules!
Not all. You missed my point. I am neither friend nor enemy to Wall Street. However, they are no more a charitable caring enterprise than your local hamburger shop, appliance store or car dealership. They are a business.
Most of the big problems, which are often elucidated here in ZH come from connections to government and government rules. If someone gave you a bank or you started one are you going to do full reserve lending? Of course not. Your rates would be so high you could not compete. It doesn't mean you would go the other direction and be evil or steal money, but you have to play and compete based on the rules and advantages or disadvantages given to you.
HFT exists because it can and because it must work to some degree. If the exchanges want to change the rules they can, but they don't. There is downside, as well as it is based on emotionless and unthinking algorithyms programmed into a computer.
My point is that Wall Street probably DOES know what is going on and judges it daily. However, they work in a highly regulated competiive world dominated by the Fed and artificialy rules. Whether or not they give a lot to charity or tip well on their Starbucks to show they "care" is silly discussion.
YOU missed the point.
“Wall Street” will take out a “derivative” on the insurance policy on your house ….. then burn your house down to collect.
There are 170 TRILLION dollars of such “bets” alive in the world today.
That is not trading ….. that is engineering!
And they are building NOTHING!!!!
The rules are CIRCUMVENTED to create such an environment: they are not followed.
The rules unfortunately follow the circumventions.
Depending on what derivitives we are talking about they are selling the income stream generated from my mortgage. I actually remember thinking about investing in those before the crash. Then I noticed they seemed to pay a higher interest rate than the underlying mortgages unless there were a lot of high rate junk level mortgages. As you tried to sort out tranches then you began to see how iffy they were.
In any case they are not angels. They are not burning houses down or local fire departments would be much busier. Some are assholes but so are a lot of the people in your line of work and mine. They have power thru not just wealth and trading but connections to government. They do not care any more or any less in general than anyone else.
The idea they build nothing is silly, too. It depends on the investments and it may be where your construction loan originated, in a REIT.
I have many many posts on here about the paper economy versus production economy but this is not the main point here. The government is what makes it easier, less risky and more profitable to play with paper than produce things. Perhaps we can agree on that.
Let's suppose you live in a very active community. Everyone exercises and plays tennis and runs and bikes....
Pretty soon you begin to believe for the most part, everyone is in pretty good physical shape.
Then you take a trip, and decide to eat at a Cracker Barrel...
Suddenly you realize you have not been seeing the whole picture.
I count the empty store fronts in my strip malls, just for kicks.
There's no improvement over the last three years.
Read the report from the Federal Reserve released yesterday on Family Finances:
http://www.federalreserve.gov/pubs/bulletin/2014/pdf/scf14.pdf
It's a bleak picture.
I am with you, ejmoosa. It is depressing to see the number of empty storefronts most everywhere. Those who are left are consolidating like Office Depot and OfficeMax. I understand that trade is moving partly to the internet and the likes but I think it is more than that...more negative.
It's a fake economy and fake recovery. When the demand for workers and wages start actually rising then I will beleive in the recovery.
bullish! who the fuck bought the market back on a friday afternoon? Pathetic! CAN'T EVEN SELL 5 POINTS?
You mean...(GASP!)...the statistics might be lies?
Yes, Virginia, politicians and bureaucrats lie. Not just sometimes. They lie as a matter of course.
They lie as a necessity of the job, whether to reinforce whatever delusions they maintained to mask their personal lust for power from their own conscious perception, or to dupe the proles. THEY LIE! And if they EVER tell the truth it is only by accident.
Things are going to get alot worse very soon.
The book of all books on prepping
http://newamerica-now.blogspot.com/2014/02/beyond-collapse.html
The unemployment rate is in fact a lot higher once you take into account all the useless politicians and bureaucrats who feed off the public. Moreover, the figure bcomes alarming if you were to bring back all the overseas military personel from the 1000 or so bases.
Wall Street has been left to basically do what it was doing before the bubble burst.
I say most of the debts "we" owe were invalid ab initio, null and void.
Someone else said it a few weeks or so ago - Ron Paul may have been the last, best chance to end private bank control of the money supply and wind down ponzi-like entitlements, etc. Now there has to be blood.
The damn shame of it is you could probably go out and arrest just a few hundred of the most harmful traitors to the American people - the neocons, the ratings agencies, politicians like McCain - and avoid what is likely coming within 5 years. But there doesn't seem to be any force within the government capable of putting the breaks on the globalists and warmongers.
After the collapse, there won't be a hole deep enough for those bastards to hide in. We're toaste, but I'm taking a few of them with me.
Until a formal list is made and kept updated, AND, the people on the list KNOW that they and their families are on the list, it's all big non-threatening blather.
Just a guess, but many of the 25 mil put the cheese, toys, and trips on credit. Now its time to pay the bill. Suck it up and work like the rest of us.
I'm surprised that the common taters haven't figured this out. It's about the Fed. The Fed is running a control-the-world-with-money game and US is the loser. Our money is being used as ammunition in this war, and the Fed is creating lots of it. If Fed win, not a peep will be heard. If Fed loses, we're gonners!
Solution? Ron Paul. End the Fed.
It is really a shame that I an only give one vote here.
Another "no shit sherlock" moment for cnbc.
more like psycho paths and thieves of wallstreet
how condescending was that CuntNBC anchor?
Guillotines 'R Us is hiring.
An American, not US subject.
Why the US is f***ed… 314 million people in the US –
·
92 million on welfare
·
1.4 million in the military
·
2.3 retired & 10 000 more each day turn 65
·
74 million under 18
·
76 million hospitalised each year
·
2.4 million public servants and assorted bludgers
·
2.4 million in jail
·
6.3 living abroad
·
Record numbers of Americans are renouncing U.S. citizenship
·
50 million Americans live below the poverty line
That leaves the two of you that are doing ok :)
yes, there are no jobs out there. this isn't a secret.
theres a job out there if you're STEM educated, are proficient in a few programming languages and want to work 100+ hours a week. the easy days are over
Those people never get out of the NYC-DC clusterf*** so they have no idea what goes on in the real world aka "flyover country."
They see and know.
But don't care.
I like the Online Trading Academy ad you have up on ZH.
Those stupid old white people don't know how to flush the toilet bowel?
hahahahaha
If people not on Wall Street are so concerned about the lack of jobs why don't they make effort to buy goo0ds made in the USA?Street is what it is. It only exists as an entity to buy and sell - the market. Call me a cynic but a finger should be pointed to those that cn change their habits to make things better. Where are the tools made people buy? Where are their clothes made? I went to a jumbo sporting goods store the other day that had hundreds of different styles of sporting shoes - a very colorful display. Not was one made in the USA. But there is one or two styles made in the USA - New Balance. But even most of New Balance shoes are made elsewhere. People have to search. Where is so much of that "American" car made?
Rebuilding the manufacturing sector in this way is our only way out.
Jobs? We don't need no stinkin' jobs.