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After One Month Respite, Pink Slips Are Flying Again

Tyler Durden's picture




 

Following 4 weeks of supposed improvements in the labor picture courtesy of declining initial jobless claims, even as we all know too well that Wall Street has been firing thousands and thousands of highly paid bankers and CNBC talking heads left and right (are bankers too good for that $400/week paycheck from Uncle Sam?) today initial claims for the week ended December 24 once again resumed their drift higher, printing at 381k, up 15k from the perpetually upward revised prior week total of 366K (previously 364K). And as usual, the Seasonal Adjustment process smoothed out a whooping jump in actual terminations of 69k, which rose from 421K to 490K. Continuing claims also rose by 34K, from 3567K (upwardly revised, duh) to 3601K. Finally, those on EUCs and Extended Benefits once again saw a net drop off from the 99 week cliff as more and more people fall out out of the workforce in perpetuity following 2 years of being unable to find a job. The total amount of jobless on extended claims is now down by 1 million from a year ago, down from 4.5 million to 3.5 million, and dropping. We for one, can't wait to hear what the media spin will be next month when employers put the pinkslipmobile on turbo boost next month and fire all those temp workers they has been stockpiling to help with the EOY inventory liquidations, and we get another 400K claims print.

 

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Thu, 12/29/2011 - 09:54 | 2018872 Clam McCain
Clam McCain's picture

Monthly MACD on gold is about to turn negative. Time to dump your gold gents before this gets uglier

 

 

Thu, 12/29/2011 - 09:57 | 2018880 DougM
DougM's picture

bu.. bu.. bu... but hyperinflation?!

Thu, 12/29/2011 - 10:00 | 2018896 ZeroPower
ZeroPower's picture

See this is why people shouldnt invest based on comments here. Dump gold and "invest" in what... silver? Even bigger lol than a GRE 1yr CDS.

Thu, 12/29/2011 - 10:04 | 2018910 Max Fischer
Max Fischer's picture

 

 

So......Soros and Roubini were right?

Max Fischer, Civis Mundi

Thu, 12/29/2011 - 10:35 | 2019005 fuu
fuu's picture

Oh stfu mathman.

In other news:

99 weeks ago today was  02/04/2010
Thu, 12/29/2011 - 10:48 | 2019054 Pegasus Muse
Pegasus Muse's picture

All this angst about day-to-day price moves gold.  This market insider believes a pullback in the POG is a gift.  He has made some good calls over the last couple of years. 

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/12/20_London_Trader_-_We_are_Witnessing_a_Historic_Bottom_in_Gold.html 

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/12/21_London_Trader_-_There_are_Tremendous_Silver_Shortages.html

Thu, 12/29/2011 - 10:09 | 2018925 GeneMarchbanks
GeneMarchbanks's picture

Good point. Silver is almost as useless as your commentary.

Also, hyper-hypothecation has nothing to do with this... at all.

Thu, 12/29/2011 - 10:20 | 2018967 pine_marten
pine_marten's picture

There is no safe harbor for wealth.  Cash in the gun safe slowly inflating away.

Thu, 12/29/2011 - 10:09 | 2018899 Spooky Polish
Spooky Polish's picture

hyper what ? 

 

lets do not talk about hyperinf(uck)lation , and then it won't happen. 

 

just like some politicians i know ... 

 

excuse my eng. 

Thu, 12/29/2011 - 10:21 | 2018974 pine_marten
pine_marten's picture

Your english is fine.

Thu, 12/29/2011 - 10:53 | 2019076 Eireann go Brach
Eireann go Brach's picture

If I ever seen an ex banker pan handling on the street, I would let my 6 year old boy kick him right in the fucking teeth and steal his can of coins!

Thu, 12/29/2011 - 11:56 | 2019259 aerojet
aerojet's picture

Maybe for some ex-CEO fuckwad, but many of the people who work in those places are just like you or me.  They're responding to the incentives that were laid out before them, too.  Their families will suffer.  It's just that I have a hard time believing anyone making $450K or more, even in NYC, couldn't set a little aside for a rainy day.  The bonuses were huge.  It was up to them to blow it on a yacht or sports car or other wasteful trappings.  I know, fast women, fast cars, blow, yeah, yeah.  This country needs more Quakers and fewer assholes.

Thu, 12/29/2011 - 16:30 | 2020226 Freddie
Freddie's picture

Look Seamus - if you were a real man you would beat the living hell out of that tax xheat Bono Hewison aka f**ktard.

Thu, 12/29/2011 - 09:58 | 2018884 Dr. Engali
Dr. Engali's picture

Funny thing about technicals. They always work until they don't.

Thu, 12/29/2011 - 10:08 | 2018927 Spooky Polish
Spooky Polish's picture

+1 :) Funny indeed

Thu, 12/29/2011 - 09:59 | 2018885 firstdivision
firstdivision's picture

Your MACD indicator is so perfect that I bet you have like trillions of dollars from always being on the right side of the trade.

Thu, 12/29/2011 - 09:59 | 2018893 Tyler Durden
Tyler Durden's picture

Paper gold is overdue for a major washout (especially coupled with year end liquidations by shuttering hedge funds) as was expected when we observed the gold rehypothecation horror stories courtesy of MF Global. Hopefully what this does is to force people to leave such abstract gold comps as GLD and actually buy the real thing.

Thu, 12/29/2011 - 10:06 | 2018914 GeneMarchbanks
GeneMarchbanks's picture

Fuckin' Celente...

'Twas bound to happen sooner or later.

Thu, 12/29/2011 - 10:13 | 2018941 SheepDog-One
SheepDog-One's picture

Celente doesnt know so much. After all, he did get ass raped in MF GLobal.

Thu, 12/29/2011 - 11:00 | 2019099 Killtruck
Killtruck's picture

By not counting on it happening? Even though it has never ever ever ever happened before in the history of the commodities exchange?

So if I walk out of my house and get creampuffed by an asteroid, you're going to say I was an idiot for leaving my house. Nice to know.

Thu, 12/29/2011 - 11:56 | 2019258 SheepDog-One
SheepDog-One's picture

You miss the point entirely, for all of Celentes 'White shoe gangsters on Wall St' talk, he got robbed by the 'White shoe gangsters on Wall St'!

Thu, 12/29/2011 - 12:08 | 2019306 Killtruck
Killtruck's picture

Yeah, I get it...and he wasn't making moves that I would make myself or recommend to anyone. But when you're still under the impression that you're safe (which everyone thought, but we NOW know you're not), "armchair quarterbacking" him today and saying he doesn't know much is kinda weak. Just because he got robbed doesn't mean he isn't a sharp guy. That's all.  

Thu, 12/29/2011 - 13:19 | 2019565 rosiescenario
rosiescenario's picture

You lie down with dogs, you get fleeced.....

Thu, 12/29/2011 - 10:56 | 2019085 mick_richfield
mick_richfield's picture

In light of MFG, I honestly don't know why the COMEX price of silver and gold are not already at zero, and with zero volume. 

I am not a professional trader, but I would have thought that when people saw in the Fine Print where it says "if it looks like you are going to win, we will rape you, and murder you, and rape you"-- it seems like that would be off-putting.

Thu, 12/29/2011 - 16:38 | 2020259 Freddie
Freddie's picture

Tyler(s) - do you have a list of hedge funds that are closing down?  Paulson?  Whitney Tilson?

Thu, 12/29/2011 - 10:00 | 2018894 scatterbrains
scatterbrains's picture

yes everyone please dump your gold! 

Thu, 12/29/2011 - 10:02 | 2018903 Boston
Boston's picture

And let's not forget platinum. Lowest price since 2009.

But good luck getting your hands on physical. Every big dealer I follow is "out of stock".

Thu, 12/29/2011 - 10:33 | 2019001 uno
uno's picture

check http://www.tulving.com/goldbull.html they have coins & bars available

Thu, 12/29/2011 - 13:06 | 2019513 Boston
Boston's picture

Thanks. I'm looking for 1oz. Eagles and Maples. Everyone is literally sold out, just as the price collapses.

Thu, 12/29/2011 - 10:03 | 2018904 SheepDog-One
SheepDog-One's picture

If youre dumping your gold for fiat dollars due to a 'MACD indicator', then you really are a clueless moron and didnt know why you should buy and hold gold for the very long term in the first place.

Thu, 12/29/2011 - 10:09 | 2018928 Dr. Engali
Dr. Engali's picture

On this day I am thankful for weak hands, as I will be picking up more.

Thu, 12/29/2011 - 15:37 | 2020057 aerojet
aerojet's picture

What if the Euro collapses and the DX flies back to 120?  What then?  This whole Euro trying to become a reserve currency may be ending, so how does that affect your planning?

Thu, 12/29/2011 - 10:17 | 2018954 Clam McCain
Clam McCain's picture

fundamentals also work - till they dont.

Thu, 12/29/2011 - 11:28 | 2019185 Quinvarius
Quinvarius's picture

You can't eat a MACD.

Thu, 12/29/2011 - 09:58 | 2018882 lolmao500
lolmao500's picture

1 million more in tent cities I suspect?

Thu, 12/29/2011 - 09:59 | 2018886 Desert Irish
Desert Irish's picture

And wait for it 3...2...1  and here's the spin....

"Jobless Claims in U.S. Hit Three-Year Low in Past Month" - Bloomberg

Thu, 12/29/2011 - 10:32 | 2018997 chunga
chunga's picture

"Jobless claims rise, but labor market healing" - Reuters. December 29, 2011 9:30 EST

Thu, 12/29/2011 - 11:05 | 2019117 mick_richfield
mick_richfield's picture

Reuters a year from now -- Dec 21, 2012

"Immense solar flares scour life from much of planet.  Jobless claims fall to 5-year low."

I thought we should start writing these news stories now...

 

 

Thu, 12/29/2011 - 12:07 | 2019300 chunga
chunga's picture

lol...green shoots everywhere.

"Contract signings for US homes up in November" AP - December 29, 2011

Thu, 12/29/2011 - 11:57 | 2019261 SheepDog-One
SheepDog-One's picture

'Healing'...LOL. What can you even say? The corpse of the terminal cancer patient is deemed to be HEALING?

Whatever.

Thu, 12/29/2011 - 12:23 | 2019349 chunga
chunga's picture

Is "Abnormalcy Bias" finally setting in?

Fill this thing out and send it in to the Department of Absurdities...

tOO BiG To fAiL LOan MOdIFiCATioN FOrm r.1.A.002.B.XXXX

Thu, 12/29/2011 - 16:30 | 2020229 unnamed enemy
unnamed enemy's picture

i noticed the same headline this morning, i LOLed, but then it made me sad. 

Thu, 12/29/2011 - 11:31 | 2019189 spastic_colon
spastic_colon's picture

and of course the ever popular........

USA TODAY -
By Christopher S. Rugaber, AP WASHINGTON - "The number of people seeking unemployment benefits rose last week after three straight weeks of declines to a level consistent with a modest pick-up in hiring."                                                                                                                                                                                                                                                       huh....wha?....is that latin?
Thu, 12/29/2011 - 13:21 | 2019575 rosiescenario
rosiescenario's picture

....formerly worked as a reporter for Pravda....

Thu, 12/29/2011 - 09:59 | 2018888 Irish66
Irish66's picture

Fortune 500's will start announcing layoff's due to uncertainty in Europo

Mosaic's announcement last night started the spin

Thu, 12/29/2011 - 09:59 | 2018889 Dick Darlington
Dick Darlington's picture

And this is how they spin it in BBG:

Jobless Claims in U.S. Drop to Three-Year Low in Past Month

 Dec. 29 (Bloomberg) -- Fewer Americans filed applications
for unemployment benefits over the past month than at any time
in the past three years, a sign the U.S. labor market is on the
mend heading into the new year.
     The four-week moving average for claims, a less volatile
measure than the weekly figures, dropped to 375,000 last week,
the lowest level since June 2008, Labor Department figures
showed today in Washington. Applications rose for the first time
in a month in the week ended Dec. 24, climbing by a more-than-
forecast 15,000 to 381,000.
     The jump in claims last week may say more about their
volatility during this time of year than about the state of the
job market, according to economists like Eric Green. Their
recent decline has stoked speculation the world’s largest
economy was on the cusp of showing bigger gains in employment.
     “The labor market is improving,” said Green, chief
market economist at TD Securities Inc. in New York. “You
should expect to see stronger payroll numbers going forward.”
     Stock-index futures held earlier gains after the report.
The contract on the Standard & Poor’s 500 Index maturing in
March climbed 0.3 percent to 1,247.9 at 8:40 a.m. in New York.

Thu, 12/29/2011 - 10:03 | 2018909 Irish66
Irish66's picture

we are all going to Sears and Kmart and help them keep the doors open

Thu, 12/29/2011 - 10:14 | 2018942 Dr. Engali
Dr. Engali's picture

I wonder how many more retailers will announce store closings after the end of the year? Better redeem those gift cards fast.

Thu, 12/29/2011 - 09:59 | 2018891 Cdad
Cdad's picture

We for one, can't wait to hear what the media spin will be next month when employers put the pinkslipmobile on turbo boost...

They'll probably say what they said this morning on the BlowHorn [CNBC] regarding this mornings missed claims print:  "Good enough."  M. Cabrarra.

Thu, 12/29/2011 - 10:05 | 2018917 SheepDog-One
SheepDog-One's picture

Right, if jobs print at -600K next week, they'll just say its good. Why not? No one will do jack shit about it anyway, sympathy and admiration for their captors in Stockholm Syndrome 'Merica.

Thu, 12/29/2011 - 10:13 | 2018939 Cdad
Cdad's picture

Loosely translated, M. Cabrarra said, "Fuck you, Average Joe.  Who needs you, anyway?  We have long only gains to book."

The BlowHorn [CNBC], it's network script written by criminal syndicate Wall Street banking hacks, is this morning ignoring the Italian bond auction failure...along with the acceleration of job terminations.  What a great network for investors!

Thu, 12/29/2011 - 10:15 | 2018949 SheepDog-One
SheepDog-One's picture

People still listening to CNBC for 'financial advice' deserve exactly whats going to happen to them one morning soon.

Thu, 12/29/2011 - 10:25 | 2018982 WonderDawg
WonderDawg's picture

No shit. Sad that so many have yet to open their eyes. I was talking to my bro-in-law over the weekend, and I've been hitting him with info for two years now, and he still doesn't fucking get it. He listens to too much Neil Boortz and Rush Limbaugh bullshit. Completely brainwashed in the left-right paradigm, and despite my best efforts, subtle and obvious, he still walks around in a haze of right-wing pablum.

Thu, 12/29/2011 - 10:52 | 2019073 Cdad
Cdad's picture

There is a reason your brother-in-law is this way.  The reason is...it is painful to recognize the truth of our lousy situation.  Once your eyes are open, it literally is PAINFUL to watch BlowHorn [CNBC] programing.  It is literally painful to watch the lie spin machine at work...watching criminal bankers and investment gurus herd the sheeple into absurd momentum stocks and other bullshit storyline stocks.

Painful.

 

 

Thu, 12/29/2011 - 10:57 | 2019090 WonderDawg
WonderDawg's picture

You're right, Cdad. I turned on CNBC a little while ago, first time in months, just to hear the spin being rolled out to the masses. Kind of a "know thy enemy" type thing. It is painful to listen to, makes me want to laugh and puke at the same time. Oh well, all we can do is do our best to open the eyes of those in our inner circle.

On a brighter note, I did take delivery of some PMs from Ammoman yesterday. Great deal on some .357 JHPs. Precious metals, indeed.

Thu, 12/29/2011 - 11:05 | 2019116 Cdad
Cdad's picture

That is why most of us watch...not for real information.

Now the BlowHorn is moving on to pimping the completely BS NAR numbers.  Calling the bottom in housing...for the 100th time.  The lie machine has to work hard here...to cover the bleak reality of bank owned homes.  Just painful.

Thu, 12/29/2011 - 11:59 | 2019268 gina distrusts gov
gina distrusts gov's picture

Now go to the local welding supply company and get  .25 tungsten welding rods (for heliarc) trim to  length and insert in hollow points good anti personnel armor rounds

Thu, 12/29/2011 - 17:00 | 2020338 Freddie
Freddie's picture

People who watch TV are f****g morons and sheep who enpower the elites/oligarchs when they switch on ther HD brainwashing machine.   The public votes to be serfs - every time they switch on the TV.

Thu, 12/29/2011 - 10:51 | 2019070 j0nx
j0nx's picture

Cabrarra is only there because she has great tits. She knows it. We know it. Ignore what she says and keep your eyes on the center of the screen.

Thu, 12/29/2011 - 13:10 | 2019534 Dingleberry
Dingleberry's picture

I miss that hot Hispanic chick on Fox business.....she had tits and ass and everything.......

Thu, 12/29/2011 - 11:30 | 2019193 Taterboy
Taterboy's picture

I saw that too. Amazing! My response was "good enough for whom"? She should go down to the Unemployment office and spout that crap.

Thu, 12/29/2011 - 09:59 | 2018892 nathan1234
nathan1234's picture

Ben's pink panties are now visible i guess

Thu, 12/29/2011 - 10:01 | 2018898 Tsar Pointless
Tsar Pointless's picture

Look at that non-seasonally adjusted initial claims number for last week.

A bunch of people got a pink slip in their stocking, rather than a lump of coal.

I will be receiving a pink slip from the New Year's Baby this weekend, as my contract position finally comes to an end.

The UC claims report that comes out on January 12 for w/e January 7 will include me as a claimant.

Now, I won't have to pay for everybody's fucking children and their own worthless, thoughtless zombie-fied lives any more.

Doing my part to ensure the timely demise of The Evil Empire.

Thu, 12/29/2011 - 10:04 | 2018913 Irish66
Irish66's picture

don't forget to apply for snap

sorry to hear it Tsar

Thu, 12/29/2011 - 10:19 | 2018966 Tsar Pointless
Tsar Pointless's picture

Thanks, Irish66, for your thoughts.

I won't qualify for SNAP. I'll make too much money on UC bens.

I can't even begin to imagine how many people are going to be losing jobs early in 2012. Statistically, it's going to make 2008 look like the good old days.

Oh, and to address an above comment, I think Sears Holding Co.'s store-closing announcement the other day was the black swan the markets needed to get P3 up and running.

Or, should I say, falling?

Thu, 12/29/2011 - 10:27 | 2018989 WonderDawg
WonderDawg's picture

P3 started back in May, we're just now getting past the 3 month correction. Intermediate 3 is going to be nasty.

Thu, 12/29/2011 - 10:33 | 2019004 Tsar Pointless
Tsar Pointless's picture

Forgive me. I fully agree with and understand your comment. I was mistaken in my terminology.

I should have typed "Wave 3 of P3". May-Oct was W1, with Oct-Dec being W2.

So, where do you think she (i.e. S&P) gets down to in W3 of P3? I say we break the 2009 low of 666, landing somewhere in the upper-500s.

Joyous times ahead in 2012.

Thu, 12/29/2011 - 10:45 | 2019047 WonderDawg
WonderDawg's picture

Good question. I don't really know what to expect other than we'll take out 666 on the way down. It's at that point that I'll probably close my short trades, load up on PMs and, depending on what's happening in the real estate market, maybe buy some land. So many variables, though, it's hard to predict the path we'll take. I do expect an epic sell-off in many asset classes.

Thu, 12/29/2011 - 11:02 | 2019104 WonderDawg
WonderDawg's picture

I'll also predict that Elliott Wave Theory will experience a surge in popularity this year.

Thu, 12/29/2011 - 11:34 | 2019202 Elwood P Suggins
Elwood P Suggins's picture

Isn't that something the fans do at football games?

Thu, 12/29/2011 - 13:10 | 2019532 natty light
natty light's picture

Time to buy a Snuggie.

Thu, 12/29/2011 - 10:06 | 2018921 azzhatter
azzhatter's picture

MCC dressed in bright red today. The titties looked good, would love to spray a load all over that dress while she talks shit with Kernal and that commie fucker Hardwood

Thu, 12/29/2011 - 10:12 | 2018938 Irish66
Irish66's picture

this is not a porn site, please refrain

Thu, 12/29/2011 - 10:14 | 2018943 AngryGerman
AngryGerman's picture

sure it's a porn site. what else?

Thu, 12/29/2011 - 10:16 | 2018952 SheepDog-One
SheepDog-One's picture

Yea this is not a porn site, you confused ZH with CNBC, a real porn site.

Thu, 12/29/2011 - 10:20 | 2018968 AngryGerman
AngryGerman's picture

i prefer fox news, they even fuck your brain more up

Thu, 12/29/2011 - 17:03 | 2020347 Freddie
Freddie's picture

TV is for morons who love supporting their overlords.

Thu, 12/29/2011 - 10:20 | 2018969 Buckaroo Banzai
Buckaroo Banzai's picture

Well, doomer porn only. Ever since pladizow changed his avatar, at least.

Thu, 12/29/2011 - 11:29 | 2019190 yabyum
yabyum's picture

Gun porn, metal porn, prep porn, porn porn......

Thu, 12/29/2011 - 10:32 | 2018998 hardcleareye
hardcleareye's picture

Yeah, specializing in the obscure fetish of economic mental masturbation with a touch of conspiracy theory and paranoid delusions that are for the most part, based on independent verifiable facts.  And of course a tad bit of pencil fucking by the various writers of the articles.

AG I am so glad "Santa Baby" got you a great set of "store bought" tits, but it's kinda SKANKY of you to display them like this.  (Be careful with those things they might poke your eye out.) lol

Thu, 12/29/2011 - 10:37 | 2019013 AngryGerman
AngryGerman's picture

thx. dumped gold for tits. only sensible deal available.

Thu, 12/29/2011 - 11:05 | 2019114 Killtruck
Killtruck's picture

HAHA! +1. Well played.

Thu, 12/29/2011 - 10:15 | 2018946 hardcleareye
hardcleareye's picture

Why don't you change your name from azzhatter to asshole.

Thu, 12/29/2011 - 10:16 | 2018950 Kina
Kina's picture

Fire! fire! Quick dump you insurance before its too late.

 

Thu, 12/29/2011 - 10:17 | 2018953 BidnessMan
BidnessMan's picture

Short term Gold and Silver paper values might go down in a scramble for short term liquidity.  But with 100 to 1 paper claims to physical, there are lots of people and only a couple of chairs once the music stops.  And my guess is miners will start holding on to some of their production rather than add to rapidly expanding bank balances -- in rapidly depreciating fiat currency.  Will goose their stock prices far more than a big balance and paper "retained earnings" in a teetering financial system.  

Physical Gold and Silver are mostly in strong hands who know the hyperinflation hockey stick is coming, and could care less what the day to day price gyrations are.  Even countries such as Turkey are adding to gold reserves.  As for me, expecting another Argentina where I will pay off my mortgage in hyper-inflated fiat dollars for the price of a cab fare across town to the bank.  Won't be foolish enought to predict a date, but my guess is less than 5 years from now.  Or else Jubilee once interest rates rise to the point where it is blindingly obvious to all that the debt can never possibly be repaid.  There are a lot of broken promises in our future.  Employment, pensions, debt repayments, retiree health care.... 

Thu, 12/29/2011 - 10:35 | 2019010 Shizzmoney
Shizzmoney's picture

There are a lot of broken promises in our future.  Employment, pensions, debt repayments, retiree health care.... 

Exactly.  OK, people are getting hired.....but what good is it if those jobs don't offer personal growth?  A prmoise of a wage that not only keeps up with a (manipulated and inflated) CPI number but also the money supply? Savings/benefits (lol)? 

Americans are more patient than you give them credit for.....but not patient enough for the red,white, and blue dildo the Fed has been jamming against wages for the last 12 years, to be 100% balls deep.  Never mind the greedy corporate assholes who manipulate this to have more money in their pockets.  They seems to forget the less money consumers have, the less shit made in China they'll buy.

Interest rates can't be at 0.00001 percent forever.  At some point, shit hits fan and then fanned shit hits everyman's wallets. Gas will go to 5 dollars.  Hell, the MBTA fares maybe going up from $1.75 to $3.25 by next JUNE here in Boston.  Methinks the corporations won't be giving me a 30% raise by then to cover the cost (and I'm at a company which, BTW, doesn't offer me a discount on a MBTA pass.  But they send me an email each week "to find ways to be more green" #joke).

$400 a week?  It'll be lucky enough to pay for 2/3rds of the groceries.

 

Thu, 12/29/2011 - 13:04 | 2019504 SystemsGuy
SystemsGuy's picture

$5 dollar gas? With the Iranians playing chicken with carriers in the Hormuz straits. $7.50 or $8 may be more like it. We've become habituated to WTI at $100 a barrel. Next stage is $180-$200.

Thu, 12/29/2011 - 14:19 | 2019774 Shizzmoney
Shizzmoney's picture

I'd be more inclined to agree with you, if political pressure didn't keep the market from doing what it wanted.  But could it go to from $6.50-$8?  Sure, why not, especially in this climate, things can turn on a dime VERY quickly.

BTW, read this article afterwards, and cringe (yet be proud) of the hopium people have:

-  Over the two-day event, the firm’s professional counselors helped more than 1,000 job seekers, 77 percent of whom were unemployed. That is down only slightly from the previous two years, when 81 percent of callers were out of work.

- Callers were more optimistic than a year ago: nearly 30 percent estimated they would find a new job within three months, up from 18 percent in 2010.

The hidden job market is the hardest to uncover, a frustration felt by

many callers, 27 percent of whom said the most difficult part of the job

search is finding openings. In the same vein, another 24 percent said the

biggest challenge is getting interviews.

 

 

 

http://blogs.reuters.com/macroscope/2011/12/29/americas-extended-stay-job-hunt/

Thu, 12/29/2011 - 10:25 | 2018983 vegas
vegas's picture

Welcome to corporate Amerika: you get a 35 hour work week, no benefits or healthcare, and don't forget that massive 2 month payroll tax-cut "The One" worked so hard for you to get just before you got pink-slipped out the door. Some days it pains me to be from this place.

 

http://vegasxau.blogspot.com

Thu, 12/29/2011 - 10:39 | 2019022 Shizzmoney
Shizzmoney's picture

TBH, I think instead of offering less hours, they'll change the laws.  Lower the minimum wage - or completely eliminate it.  45-50 hour work weeks, no benefits/HC, and stagnating wages.  But they'll be MORE JOB GROWTH!!!!!111

Just enough to pay the bills (first, when they automatically take it out of your check), food on table, and maybe a trinket or two - but not enough to save for a home, a newer car, or college (those are only for people that TPTB choose).

Thu, 12/29/2011 - 10:27 | 2018985 monopoly
monopoly's picture

They are really bashing gold on the idiot channel. So, you want me to sell gold and buy?

AMZN, NFLX, American Greetings, Molycorp, ahh, I know, Zinga. We have to put up with the trolls as long as this correction lasts guys. 

Tyler will not give us an igore button. He wants us to endure the idiocy of the "brilliant ones".

Thu, 12/29/2011 - 10:36 | 2019012 SheepDog-One
SheepDog-One's picture

I know, I dont get the absence of an 'ignore' button, but then again you dont ask any questions in Project Mayhem.

Thu, 12/29/2011 - 16:11 | 2020170 Terminus C
Terminus C's picture

No censorship bitchez.

Thu, 12/29/2011 - 10:29 | 2018990 Dick Darlington
Dick Darlington's picture

The greek arm of Goldman, ie the one unelected L-Pap, promised to spend 1 billion zEuros of other people's money to "create" 150 000 new "jobs" in 2012.

My guess is that they'll take the 1 billion and nothing changes.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_29/12/2011_420298

Thu, 12/29/2011 - 11:39 | 2019211 Elwood P Suggins
Elwood P Suggins's picture

Does he have that billion Euros hidden up his ass?

Thu, 12/29/2011 - 10:33 | 2018996 Problem Is
Problem Is's picture

+5... Correct analysis, Tyler

What moronic Obummer-bot gave this post a 1?

Can't take the facts that this is massive seasonal adjustment manipulation of the data? Can't take the truth that Obama Bin Lyin' aka Barry Soetoro lies about everything... especially unemployment?

Obummer-nomics: No Bankster Left Behind
We need one more unemployed before anything turns around... the useful idiot, Wall Street puppet, CIA douche bag creation Barry Soetoro needs to be fired...

Thu, 12/29/2011 - 10:34 | 2019003 PulauHantu29
PulauHantu29's picture

This Could Be The New Get Rich Quick Scheme On Wall Street

by

Julia La Roche at BI

"Former Bank of New York Mellon trader Grant Wilson, the whistleblower in a fraud case against the embattled bank, stands to gain as much as 25% of any damages recovered, according to a report in the Wall Street Journal

In his role as an informant, he could possibly reap in as much as $500 million.

Wilson, 53, worked as a trader at BNY Mellon for more than a decade.  During two of those years as a currency trader he served as a government informant providing insight into the inner-workings at the firm as well as a spate damning internal documents."

Read more: http://www.businessinsider.com/grant-wilson-bank-of-new-york-mellon-informant-2011-12?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_term=Clusterstock%20Select&utm_campaign=Clusterstock%20Select%202011-12-29#ixzz1hvycb5L6

 

Thu, 12/29/2011 - 10:38 | 2019019 AngryGerman
AngryGerman's picture

nice idea. selling cds with names of swiss bank account holders does not work that good anymore.

Thu, 12/29/2011 - 10:39 | 2019023 Jlmadyson
Jlmadyson's picture

Jan should be real fun.

Thu, 12/29/2011 - 10:43 | 2019039 banksterhater
banksterhater's picture

Anyone knows they don't layoff people right before the holidays, the seasonal adj doesn't correct all that. Wait til Jan. Profits peaked, temps will get fired and they still haven't moved up the ave hourly work week beyond 33.4, that tells me they hired temps and they're soon gone.

Thu, 12/29/2011 - 10:44 | 2019046 uno
uno's picture

Time for Cramer "THEY KNOW NOTHING" speech again since Wall Streeters are getting wacked, of course all other layoffs are constructive and shows capitalism works.

Thu, 12/29/2011 - 10:48 | 2019059 banksterhater
banksterhater's picture

getting whacked is what we need.

Thu, 12/29/2011 - 10:48 | 2019057 PulauHantu29
PulauHantu29's picture

House prices plunging, incomes stagnant for 20 years, stock markets tumbling, and zero interst on savings accts....

Sounds like we might need some New Leadership.

Thu, 12/29/2011 - 10:57 | 2019083 Jlmadyson
Jlmadyson's picture

Cramer breaks out the they know nothing speech again and you know full well it is time to head to the hills.

And don't look back.

Thu, 12/29/2011 - 11:01 | 2019102 Snakeeyes
Snakeeyes's picture

But the general trend is good, but just so slow.

Initial Jobless Claims Rise More Than Expected

http://confoundedinterest.wordpress.com

Thu, 12/29/2011 - 11:21 | 2019167 Ted K
Ted K's picture

Gee, and those Enron commodity brokers were so sad when THEY fucked up the entire California economy with false prices and false pre-arranged blackouts,

Hey brokers, let me laugh at you as you walk out the door with your pink slip (if you don't want the pink slip, let me keep it for good times sake), shut the fucking door on your way out so the smell doesn't come downwind, and die motherfucker, die motherfucker.... We'll be raiding your grave to stomp your carcass, so don't feel too happy looking up from hell at the effort your Mommy made for your funeral Mr broker.

Thu, 12/29/2011 - 11:28 | 2019187 Ted K
Ted K's picture

That goes also for CNBC whores selling MOMO as they scoff at their 1 out of 100 on-air guests who give them a dose of reality. "Gee Miss Whitney are the banks and municipal bonds that screwed up??" [looking at coanchor with condescending grin]

IF I was Meredith Whitney I go "uuuuuuuhh yeah dumb cunt, they are"

Thu, 12/29/2011 - 11:28 | 2019183 nah
Thu, 12/29/2011 - 11:30 | 2019188 tim73
tim73's picture

If statistics and reality collide, reality must go. Maybe they should define unemployed worker as "submitted at least 50 CVs last week and made 150 phone calls to companies". Less than that and he/she is on holiday or retired.

Thu, 12/29/2011 - 11:38 | 2019210 spastic_colon
spastic_colon's picture

I posted the other day that in my home state the system was down a full day this week for those trying to file claims, not sure if other states had the same issue, and honestly did not do the research to see if it affects weekly claim numbers.  in case someone smarter than me knows....................?

Thu, 12/29/2011 - 11:49 | 2019241 marcusfenix
marcusfenix's picture

why do they even use the SA claims number? what relevance is it to the true picture of 1st time ui claims? I mean is it, or is it not the case that nearly 500,000 people actually filed because they lost their jobs? so, what happened to those other 100,000+ people that make up the difference between the SA and  NSA number? do they just not count? and the raise in the NSA number is +69,000 so what, did they decide to stick all those ex banksters in the NSA pool?

I wonder what the "official" unemployment rate would be if they went by the raw NSA number instead of this retarded SA formula which, from my understanding, is based on the same matrix that retail uses to even out the difference between holiday and normal sales.

I don't know maybe this formula worked back when decent jobs were reasonably accessible and losing one wouldn't put you on the shelf for a year or more. but that's the not the way things are today, most of the 8 million or so jobs lost when the market blew up have not, and will not be coming back, and those that have been created since are overwhelmingly of the temp, part time non living wage variety.

the fed and the BLS  are quickly loosing any legitimacy regarding tracking and truthfully reporting the state of unemployment in America and as long as the continue to cling to this outdated, irrelevant system, the disconnect between what they report and reality is only going to grow wider.

Thu, 12/29/2011 - 19:08 | 2020587 Westcoastliberal
Westcoastliberal's picture

Say Marcus what about those who can't file because they're not eligible for one of the many reasons, or what about self-employed whose biz has gone belly-up?  From my perspective the unemployment in the U.S. is at twice and maybe 3X what the BLS is reporting.

Thu, 12/29/2011 - 11:53 | 2019254 aerojet
aerojet's picture

The only way out of our mess is to deflate--gut the finance industry, cut executive so that it comes back to reasonable levels, and stop the never-ceasing ripping off of middle America.  The 11oz. pound, the $10 movie ticket, the crap quality of almost all finished goods.  Downsize government at all levels.  End it.  Now.  Before we do it through destructive means.

Thu, 12/29/2011 - 12:00 | 2019263 xcehn
xcehn's picture

How to go from six and seven figures to collecting unemployment?  Top to bottom is a cruel fall.  Will these unfortunate souls ever find 'meaningful' work again??

Thu, 12/29/2011 - 12:46 | 2019430 virgilcaine
virgilcaine's picture

I'm hoping for  a RED yr end close on the schtocks.. the pig paper. oh plz..  MCC tits may have given the momo crowd a yr end jolt.

Thu, 12/29/2011 - 15:25 | 2020014 Civil Shepard
Civil Shepard's picture

Bloomberg TV 2:15pm est: 

 "Zerohedge today noted today with some amount of glee that bankers are among those losing jobs.  Obviously for our audience, thats not good news." 

If this is the article that Bloomberg is referring to, where was/is the glee ?        

Thu, 12/29/2011 - 15:36 | 2020052 apu123
apu123's picture

Many people mock these unemployment numbers, housing numbers etc.  But they are working on most people, out of all the people I spoke with over the Christmas holiday only one knew what was going on, everybody else was of the opinion that things were looking up economically.  I think these numbers fool most people, they have what legitimacy the government has left behind them and they confirm people's desires for spending money, partying and sticking their heads in the sand.  Try bringing up today's numbers with someone and they will by and large say they were good.  It tough just getting people to understand that hundreds of thousands of people dropping off long-term unemployment benefits does not mean unemployment goes down due to their getting jobs.  I have to tell them the 99 weekers just go into limbo and are not counted.  People do not understand much, I feel like I need to be like Ross Perot and get a white board and do some simple charts for them so the get it.  I do not know if they would listen to me even then as I am considered a tin foil hat Ron Paul supporter.

Thu, 12/29/2011 - 17:38 | 2020429 CompassionateFascist
CompassionateFascist's picture

Keep it simple. Actual unemployment = official Regime figure X 3. 25% now, 30% by mid-year, after that...invest in lead.

Thu, 12/29/2011 - 18:54 | 2020563 Westcoastliberal
Westcoastliberal's picture

I'm with you, but fuck 'em.  Everyone can't survive this.  It's like the story of the group of friends out camping and from out of the dark comes a 12 foot high bear.  Think you have to run faster than a bear to survive?  Nope, just have to be faster than the slowest camper.

Although we love our family & friends, if they're not open to reality, their "normalcy bias" will probably end up killing them.

Thu, 12/29/2011 - 17:28 | 2020405 johnjb32
johnjb32's picture

Sadly, this is going to get much worse and much faster in 2012. Buckle your seatbelts.

 

http://www.collapsenet.com/154.html

Thu, 12/29/2011 - 18:49 | 2020558 Westcoastliberal
Westcoastliberal's picture

Meantime, Obama states to his inner circle that the unemployment is due to company's "increased productivity" and that since this is nature, the Fed gov can't do too much about it. (Paraphrased from Ron Susskind's recent book "Confidence Men")

When is the Fed gov going to understand this crisis will only get worse unless they step up with a program to hire millions of Americans to rebuild our infrastructure, fund employee-owned manufacturing in areas hard hit (along with backing our asses out of WTO, G20, Nafta, Cafta, et al), and actually do something meaningful in making homeowners screwed out of their homes whole?

So far, all we've seen are bailouts to banksters so they can maintain their luxury lifestyles. (Okay GM and Chrysler were also bailed out, but that's pennies compared to the banksters).

If you agree with me that collapse is becoming unavoidable, don't despair, prepare! http://www.collapsenet.com/262.html

Do NOT follow this link or you will be banned from the site!