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Initial Claims Miss Consensus, Prior Bad Data Amplified, 103,000 Unemployed Fall Off Extended Benefits
Another day, another chance for the BLS to fudge jobs data by revising last week's claims miss to an even worse number: sure enough last week's -428K drop was just revised to -432K. Which means that this week's consensus miss, which was at 420K, is irrelevant, with the weekly number coming at 423K because all headlines will blare that claims actually declined by 9K. The game has become so old (and we mean old: the BLS has been doing this very same fudge for 2 years in a row now) we are stunned anyone falls for it. And one thing that will also most certainly be ignored is that the 423K number is really 427K because as the BLS reported, a -3,776 drop in claims in Texas was due to "Fewer layoffs due to holiday" - well the holiday is over. Lastly, and most troubling for the economy is that another massive 103,000 people dropped off extended benefit claims in one week. Just as troubling is that 1.7 million people have dropped off the government's dole in the past year as can be seen in the chart below: these are people that haven't gotten a job, they have just stopped being counted by the govt.
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the check cashing places here are even closing. that's like cockroaches dying.
Quickly now--more Fed Twinkies!
Places are closing up faster than chip.
http://www.dailyjobcuts.com
/
99 weeks ago today was 10/29/2009
151 weeks ago today was 10/30/2008151 weeks provided in case we "Pass this bill now".
It's a fed Christmas for precious metals........thx Benny.
BTFD amigos!!!
Well, on the bright side, it still looks like we're fucked.
Futures are down 300.
The crash is coming next month.
But what the fuck do I know.
http://geraldcelente.proboards.com
clearly, not much...
how will i pay my larger than expected water bill?
What will Steve Liesman say? spin? spew?
He'll say 9k better than last week. Trend is showing improvement. How hard is that to figure out. After all, his name is Lies...man.
Excellllent - everything is going according to plan...mmmuuuuwwwwaaawahahahhaaaaahhaha
But, but, but QE saved jobs....
If only they let it all crash and the bad debt would have been cleared out by now. We would have a sustainable recovery. One would think that with The Bernake being the expert on the Great Depression, he would know that the only thing that prevented the US from going back into a depression (after all the capital injections failed, i.e. Keynesism) was WWII. I'm sure a war with China will kick start an economic boom, along with a reduced population that the planet can sustain.
Meanwhile, the US Treasury bubble grows a bit further.
There is no place safer then a bankrupt goverments Treasuries.
The sad thing is that this is actually correct, considering the ECB's new rules for collateral quality.
But only if you're a bank, of course. All us peasants still have to give a pound of flesh.
An economy that is based on government defecit spending, war and stock and bond market manipulation is not sustainable?
Nonsense .... /sarc off
Bullish.
Should be good for a 300 point pop in the DJIA by the end of the day.
Dow futures off 249... Wanna see a RED board... check this out
http://finviz.com/futures.ashx
Beautiful and scary at the same time.
Look at all that "deflation"!
Looks like someone is going to have an excuse to print in the next special session.
"Looks like someone is going to have an excuse to print in the next special session."
Didn't you get the word, TM? CONgress has decided not to raise the debt ceiling...again...I hope this means the bastards won't get paid...and therefore, don't go to work.
Hey, they can't fuck things up if they are not there making more idiotic decisions.
Let's have a permanent recess of congress... let them stay on the campaign trail and out of DC... Offer to double their pay/bennies if they stay home!
...and make the same offer to all in the administrative branch!
WATCH euro if it breaks 1.3230
JOBS?!?!?!? JOBS?!?!?! WHAT GOOD ARE JOBS WHEN THE WORLD IS COLLAPSING AROUND US!?!?!? MAYHEM, PANDEMONIUM!!!!!!! SYSTEMIC BREAKDOWN!!! DOGS AND CATS!!!! IM HEADING BELOW. FOOD STOCKED AND REVOLVER COCKED!!! DONT EVEN TRY TO COME NEAR ME FOR MY SPAM!!!!
Don't worry. I never liked spam. It's certainly not worth getting killed over...yet.
Where is your patriotism lad? Americans like to work just for the sake of working, an excuse to get out of bed in the morning. Don't you want to be able to tell your grandchildren that your were scrubbing toilets at Mickey Dee's when the crap hit the fan??
Reality and prosperity are for chumps. Poverty is the new chic. iPoverty, powered by deficit spending.
Yikes I hate these whipsaw moves.
Silver Bid: 36.87 Ask: 36.97 Change: -3.52In PMs, I'm in physical only. Those pigfuckers can manipulate PMs as much as they wish, I'm not going down by an ill-timed margin call.
The best thing with being physical is that I feel less concerned about numbers on the screen. It's completely detached from the rest of my portfolio, and I (almost) don't care about drops in PM.
Exactly.
I should add that I have a 30 years horizon ahead of me. That help a lot also.
Same here but damn that stings a little. Fortunately a 25 year horizon makes for a good cushion. :)
Me too... phys only in PMs... Lots of paper traders are getting taken to the woodshed today... along with a lot of PM selling cause it's the only asset that is worth a damn...
Ben sure stirred a shit storm with his two day meeting... Somehow, I don't think he is seeing the results that he hoped for... lol
Well, Ben can always make the claim that "we believe in a accidental strong dollar policy"... if only for a few days.
They are 'prepping the silver market' for some event that is soon to occur, of course it was 'unforseen'.
I am grateful to have a good job.
I'm listening to Geithner. What an arrogant douchebag. He just said that outside of housing, the US economic recovery is resilient, and the global economy strong.
He and Bernanke are perpetual liars, yet the MSM never calls either on those lies.
Well, either liars, or complete incompetents, anyway.
So, he's either a liar or extraordinarily delusional.
There's never a guillotine around when you need it.
That some folks are not counted by .gov underscores the cruelty of the government itself. Sure, the non-counted will be used for political gain (when Obama gives "jobs" speeches).....but the reality is these people are no longer deemed worthy of even a government number.
When you play with imaginary numbers and your main weapon of choice is imaginary animal spirits ... Reality really is shocking.
Quick ... somebody pull the plug from the Government game console. All this imaginary shat is beginning to effect the power grid.
NSA +21000. 4wk moving average +500
They are taking the miners out back this morning. Makes no sense but day to day markets can make 0 sense. You sell the one area that will have stellar earnings. The sheeples have to meet their margin calls so down they go. Might just take the day off and let this play out. Nothing to do as long as you have 0 margin. That is suicide. And I never buy generic stocks.
What makes this so sad is we just delayed the year of reckoning. Had we let the system reset in 2008 I think we would actually be moving higher now on real growth, not phony stimulus with phony dollars. Yes, it would have been painful, yes more would be unemployed. But no, politics ruled and taking care of the cronies and squids was paramount. So now we begin to pay the price, as all we did was delay what we here know is inevitable.
"Never in the history of man has any nation prospered by creating debt, never". This time is no different.
It all makes perfect sense when taken into account that sociopaths are running the game.
Yeah I knew the big drop off numbers had to be coming soon. If in late July they said 2.7 Million would lose benefits by the end of the year you knew the Fall would be terrible.
Get used to 100-200K people dropping off the Doll every week till Christmas. The depression is accelerating and there id nothing the Government can do now...
Open DXY (US Dollar Index) Monthly and see
2009 - 2010 around 88.50 double top, ones it's rises up there
(currently 78.63)
Bernank will hit it with 1 trillion QE, that's my bet.
3-5 month time frame.
So, >400K is considered a legit number now, as long as it is slightly lower than expectations (to be revised later, of course).
The idiocy of the groupthink is staggering.
Indeed.
But when the media is in constant rah-rah mode, you need to filter the horrible news into something "good" for the sheeple to digest.
Futures down 33 now. Awaken the algos.
Dow will be up 50 pts at the close.
Everything is just lies now compounded upon lies. Garbage in garbage out. The function of government is completely corrupted by the dishonesty of every individual a part of it. Any sense of order has all been, and is just us deluding ourselves. It's been nice, but it's really time to move on isn't it? We labor under anarchy already. Let's face it.
Welcome back to October 2008.
Lets look at the bright side. The fewer people employed the lower the new jobless claims.
This does not look good
http://content.usatoday.com/communities/ondeadline/post/2011/09/postal-s...
It's been months since I posted anything here. (Before the site update.)
Nothing has changed. The people in charge are still in charge and doing better. The rest of us are still sitting on the couch and posting comments. Does any of this matter?
i'm not sure.
http://www.youtube.com/watch?v=EmL8XbC6Zmo
I've moved from the couch to my bedroom with a book on Learned Hand, Bloomberg on mute on the box, and The Clash on continuous repeat on the stereo.
Not one shred of difference. However, we do get to criticize and flip off in cyber world the sociopaths running the show. They know ... and they know in a just world they'd be pushing up daisy's by now.
NOVEMBER SPAWNED A MONSTER
Bloomberg just posted this:
Leading Economic Indicators in U.S. Rise 0.3%: The index of U.S. leading economic indicators increased more than forecast in August, easing concern the economy is headed for recession.
Great choice of words though I wonder who is being soothed by them. I'm buying more physical silver today.
This is what the Bushies did with their budget projections. They'd put out some really bad forecast that they knew would never materialize and then when budget time came they'd crow about how wonderful they were because their deficit was so much less than what they'd previously forecast.
Well, the have nothings and have less than nothing were his base ... oh wait