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Continuing Claims Surge To 4Mo. Highs, Biggest Spike Since Lehman
While we are sure this will be quietly revised away through the magic of the labor department's statistical shenanigans (even though they note no "unusual" factors, this week saw the biggest WoW rise in continuing jobless claims since Nov 2008. While drawing any linkages to the collapse in the oil-well-permits is premature, the coincidence of the last 2 weeks seing a dramatic trend change in continuing claims is noteworthy.
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Is this the start of the Shale Oil industry collapse contagion spreading to the broad economy?
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But the markets can only go UP regardless.
Yep, it's all that matters.
Probably up 300 points today.
BTW, speaking of claims, what's going on with however many years it was ago today that Senator Bellicose Gore warned us that today (right now, here in River City, kiddies) that the Arctic was going to be ice free and golly gosh, it's at years high and back to a long term mean....
Or that 15 years hiatus in Global Warming?
Come on, Al, say it ain't so.
So much propaganda, so little attention span.
Y'all realize that out here in CA we're supposedly getting one of the worst storms in 10 years? Schools cancelled, etc. No question because it's pretty bloody nasty. 50 mph winds, etc.
But I gotta tell ya..... Lots of people are just ignoring the press/TV/radio about it all.
The sheeple are starting to become numbed to the scare and fear porn. Seriously
AND talking about numbnuts .... got rather strained responses from some of my NEO-CON buds (Establishment Republican Believers) yesterday when I ragged their asses in no uncertain terms about the House A-OKing the federal budget, financing Everything the Dumbocraps wanted... Immigration/Amnesty, defense (Bammy sure likes killing brown kids, both at home and abroad, don't he?) and ObamaDontCare.
Told 'em that they had this day coming for a long time, thought they were safe with all my harassment of the Dumbos.... Now they get their turn.
LOL Fuck 'em
And I told 'em they had their chance with Ron Paul
Poor little tough guy Establiahment-RINOs feelings are hurt.
I believe their current BS excuse is that the extra global warmth is being "stored" deep in the ocean. Ummm, I'm thinking the heat they are measuring deep in the ocean is from a thin core. I'm pretty sure man has known for thousands of years that volcanos can exist underwater.
Global warming "scientists" spend years in college learning how to read a thermometer and faking data. I think even the pathetic public school system teaches thermometer reading and basic weather in 2nd or 3rd grade.
When the sun goes max for a preiod, it liberates co2 stored in the ocean. the co2 lags the heating as in a warm coke loses its fizz faster than an ice cold coke. Chemistry 101 for the love of god. The data is out there.
Chemistry 101 it may be, but warmist "scientists" didn't "predict" this when they were creating their hockey shtick charts.
Yes, that's it. But keep believing that putting 30 billions + tons of CO2 yearly in the atmosphere indefinitely will never have any effects. It's easier on your ideology that way, although the oceans acidify all the same.
How do we get a spike in CCs without first seeing it in the jobless claims number? Strange.
perhaps the spike in continuing clams is due to sudden lack of jobs, where normally x% would actually find work and stop putting in claims ?
I thought the same thing. How can shale's decline affect CCs when it just happened in the last two or three weeks? Dubious assumption if you ask me. Confirmation bias much?
"Is this the start of the Shale Oil industry collapse contagion spreading to the broad economy?" --
If so, get long bars as those roughnecks have been through such bullshit before. They have cash in their pockets, regardless of their new trucks getting repo'd...
The real question is whether or not the bank who underwrote those "shale miracle" loans will get another bailout.
Banks will always get a bailout, otherwise they would have to start selling other assets, or try.
What "assets"...?
I belive that some banks might have a healthy balance sheet, but who knows with all the "mark to fantasy" accounting being used.
if times get tough, the banks can always count on Bank Owned Life Insurance, BOLI. Having a bad quarter ? Throw a few off the roof...
I wonder how many loans the "state bank" of North Dakota has in the bakken. hmmm.
This is exactlty what was going on when I got laid off in 2008 xcept the stawks were not manipulated by the central bank.
Inasmuch as oil boom towns are traditionally filled with houses of ill repute, the Shale Industry collapse was bound to impact the Broad economy.
It is.
An oil analyst made a very interesting observation to me the other day. It takes an average of 1.5/2 barils of oil to extract 1 baril of shale oil. So since June, shale oil companies have seen one of their largest costs go down by 40%, which is a huge positive for the industry.
So much for those idiotic theories about the Saudis trying to undermine the U.S. shale oil business. It was always idiotic to begin with because the royal family maintains its power through U.S. military protection.
"1.5/2 barils of oil to extract 1 baril of shale oil." --- Aren't they in the business of selling oil?
If yes, then please explain this statement --> "
shale oil companies have seen one of their largest costs go down by 40%, which is a huge positive for the industry."
How is that a positive asshat, how in the hell is it a good thing when the price of the product you are selling drops 40%?!?!?
It is a positive because the strategic idea for the U.S. is to weaken a number of countries (Russia, Iran, Venezuela, Brazil, etc.) WHILE giving consumption in the U.S. a jump.
They don't care that ONE industry will not make money... it is a massive net positive for the nation as a whole as EVERY OTHER sector of the economy benefits from lower oil prices.
Short term, maybe, but only so long as;
1) supply can meet demand (it's still very much an oil-based economy)
and
2) All of your trade partners keep accepting your paper.
Good luck with your "logic".
Haven't you noticed that demand for USD is through the roof?
really? I suggest you take a look at the velocity of the dollar fool. Money/fiat sitting idle on bankers ledgers is not a good thing.
Look at those auctions. Are people actually running away from treasuries? Quite the opposite.
Look at how many treasuries are being issued. Less and less...
+1 on point 2 LoF
http://www.bloomberg.com/news/2014-12-11/fed-bubble-bursts-in-550-billio...
And "short term" is looking very short if that report is anything to go by...
You don't agree with #1? Where was this cheap oil when I (and many others) was filling my mothers heating oil tank?
Come again? If it takes more than 1 barrel of oll to extract one barrel of oil, it's game over. Do they make it up on volume?
Yeah, thermodynamics is a real bitch like that. I didn't even want to go there with this fool.
Hey, let us know when all those shale oil defaults ZH has been warning about actually occur.
It's not like they haven't been wrong about everything else.
Where's that article on the fact that Americans would never see gas below $3 again?
Hell... it's headed towards $2.
And look around, people are loving it.
More precisely, those with a wage/job are loving it.
weak
Oh, please feel free to enlighten us...
Yeah you typical liberal dickhead,you dumb fucks think everything happens right away.You're a stupid mother fucker and should do us a favor by killing yourself.
Awww... you actually believe in the liberal vs. conservative theater?
How cute!
"It's not like they haven't been wrong about everything else." - blaireauhedge
Would you care to enlighten Fight Club as to precisely what ZH has been wrong about?
If you think ZH is off the mark, why are you spending your time here?
But it's only 5.8%...........................
a 3% upday perhaps? Un F'ing real........
DOW 18,000 by Christmas in-da-bag! Or today! The better than expected hit parade just keeps rolling along.
It's all good...Buy now or be priced out forever!
MOAR just around the corner.
Good thing they bought all those cars....... to live in.
Oil for Soil. . . . Anyone?
yep think of those clothes&shoe manufacturers, tv tube makers, tech producers for microwave industry, all those generic drug manufactures, all benefit, oh wait shipped off shore, never mind.