Author Topic: That is one ugly report  (Read 2638 times)

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Offline Allentownjake

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That is one ugly report
« on: December 03, 2010, 08:23:44 AM »
Despite the expiration of UE extensions on 12/1/2010 the Not In Labor Force number grew marginally and the U3 number went up.

http://www.bls.gov/news.release/empsit.t01.htm

Manufacturing Unemployment is down reasonably, but nowhere to support a robust economic recovery or the amount of stimulus and federal reserve intervention that has taken place since 2008

http://www.bls.gov/news.release/empsit.t01.htm

The amount of people part-time employed for economic reasons is up as well

http://www.bls.gov/news.release/empsit.t08.htm

This report is a giant stink bomb to end the year.

I hope we shall... crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country." --Thomas Jefferson to George Logan, 1816.

Offline Ballygrl

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Re: That is one ugly report
« Reply #1 on: December 03, 2010, 09:31:17 AM »
Thanks for posting the links, I can't read it now but I'll read it when I get home.
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Offline Allentownjake

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Re: That is one ugly report
« Reply #2 on: December 03, 2010, 10:09:17 AM »
Thanks for posting the links, I can't read it now but I'll read it when I get home.

If you read an UE report ignore the first page and read the following pages.

The first page is generally written by a political hack appointee to put the administration's spin on the data.

The truth is in the following pages.
I hope we shall... crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country." --Thomas Jefferson to George Logan, 1816.

Offline zeitgeist

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Re: That is one ugly report
« Reply #3 on: December 03, 2010, 10:30:54 AM »
It seems like only this morning I was reading a LTE in the local fish wrap about how the economy had turned the corner.  A picture is worth a thousand words.



Four years of democrat's reign on the hill coupled with two years of President Present won't be undone over night.  While Wall Street waits for the ensuing gridlock Main Street waits for the other shoe.

< watch this space for coming distractions >

Offline Allentownjake

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Re: That is one ugly report
« Reply #4 on: December 03, 2010, 10:34:43 AM »
Well the real panic on Wall Street and with Barry right now is the capital gains tax cut expiration.

The media focuses on the DOW as a symbol of the overall economy (not a really good indicator anymore with QE1, POMO, and QE2), Barry is facing one hell of a sell off in late December if that expires.

I hope we shall... crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country." --Thomas Jefferson to George Logan, 1816.

Offline zeitgeist

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Re: That is one ugly report
« Reply #5 on: December 03, 2010, 10:49:24 AM »
Well the real panic on Wall Street and with Barry right now is the capital gains tax cut expiration.

The media focuses on the DOW as a symbol of the overall economy (not a really good indicator anymore with QE1, POMO, and QE2), Barry is facing one hell of a sell off in late December if that expires.



True.  Monetizing of the debt will come with a price.  Every day I wake up it seems more like That Seventies Show is being re-run.  Coffee prices are set to go through the roof along with other commodities.  Corn feeds beef which then becomes costly to keep so it gets sold off.  Then you go to buy a hamburg and find out holy cow there ain't no change back from the twenty. First deceleration then inflation.  Seems like that is the way it goes.   Anyone else remember watching folk lose the farm back then? 

Maybe Timmy Geitner has some magic beans to help out. Heck maybe he will release his personal edition of TurboTax for all those caught in the crossfire.



< watch this space for coming distractions >

Offline Allentownjake

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Re: That is one ugly report
« Reply #6 on: December 03, 2010, 10:56:24 AM »
True.  Monetizing of the debt will come with a price.  Every day I wake up it seems more like That Seventies Show is being re-run.  Coffee prices are set to go through the roof along with other commodities.  Corn feeds beef which then becomes costly to keep so it gets sold off.  Then you go to buy a hamburg and find out holy cow there ain't no change back from the twenty. First deceleration then inflation.  Seems like that is the way it goes.   Anyone else remember watching folk lose the farm back then? 

Maybe Timmy Geitner has some magic beans to help out. Heck maybe he will release his personal edition of TurboTax for all those caught in the crossfire.





They are getting a little lee way in the fact that the EU is a defunct organization and one day the Germans are going to say Nein, issue their own currency and give the finger to the rest of the continent.

That and food inflation in the US causes discomfort and a cut to consumer spending.  Food inflation in China causes mass starvation and the Chinese are none to please with the game we are playing (which is fine by me, I'm none to please with the game they are playing).

Overall the best thing to be long is canned food, liquor, and gun powder.

Keynesian Economics is about to die a very long and painful death.  Which in the long run, is good for decent God fearing people.

Long live Hayek's principles.
I hope we shall... crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country." --Thomas Jefferson to George Logan, 1816.

Offline zeitgeist

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Re: That is one ugly report
« Reply #7 on: December 03, 2010, 12:24:16 PM »
They are getting a little lee way in the fact that the EU is a defunct organization and one day the Germans are going to say Nein, issue their own currency and give the finger to the rest of the continent.

That and food inflation in the US causes discomfort and a cut to consumer spending.  Food inflation in China causes mass starvation and the Chinese are none to please with the game we are playing (which is fine by me, I'm none to please with the game they are playing).

Overall the best thing to be long is canned food, liquor, and gun powder.

Keynesian Economics is about to die a very long and painful death.  Which in the long run, is good for decent God fearing people.

Long live Hayek's principles.  ^5

You provide sage advice. I do not look to curry favor with that remark.  It would be difficult to dig up and defrost gold burried in my back yard in the dead of winter when the frost can go four feet deep.





< watch this space for coming distractions >

Offline NHSparky

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Re: That is one ugly report
« Reply #8 on: December 03, 2010, 01:23:00 PM »
http://www.bls.gov/news.release/pdf/empsit.pdf

The above link has some very scary information in it.  I was particularly disturbed by the INCREASE in people who have been looking for over 26 weeks.  Even when unemployment was 10.1 percent a year ago the 26-week figure was lower than it is now.

Translation--lots of people have just flat-out given up, and they don't even show up in the U-6 figures.  If they did, that number would likely be approaching 20 percent versus the current 17 percent.
“Any man who thinks he can be happy and prosperous by letting the government take care of him better take a closer look at the American Indian.”  -Henry Ford

Offline true_blood

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Re: That is one ugly report
« Reply #9 on: December 03, 2010, 08:05:18 PM »
Well the real panic on Wall Street and with Barry right now is the capital gains tax cut expiration.
The media focuses on the DOW as a symbol of the overall economy (not a really good indicator anymore with QE1, POMO, and QE2), Barry is facing one hell of a sell off in late December if that expires.
BINGO! Very true. It's a fake spike.
Fake money in the system. Might as well be investing with Monopoly money.

Offline Ballygrl

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Re: That is one ugly report
« Reply #10 on: December 03, 2010, 09:22:08 PM »
http://www.bls.gov/news.release/pdf/empsit.pdf

The above link has some very scary information in it.  I was particularly disturbed by the INCREASE in people who have been looking for over 26 weeks.  Even when unemployment was 10.1 percent a year ago the 26-week figure was lower than it is now.

Translation--lots of people have just flat-out given up, and they don't even show up in the U-6 figures.  If they did, that number would likely be approaching 20 percent versus the current 17 percent.

Would they give up though if there wasn't a safety net for them?
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"The nation that couldn’t be conquered by foreign enemies has been conquered by its elected officials" odawg Free Republic in reference to the GOP Elites who are no difference than the Democrats

Offline Allentownjake

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Re: That is one ugly report
« Reply #11 on: December 04, 2010, 12:36:06 AM »
Would they give up though if there wasn't a safety net for them?

No they'd riot and be involved in terrorism.  Fact is our economic situation has created a problem in the demand position where there are more people looking for jobs than jobs that exist.  The UE extensions prevent people from action.

No one starves voluntarily, and in the case of the UE extensions you are talking about people that were working to qualify for UE 2 years ago.
I hope we shall... crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country." --Thomas Jefferson to George Logan, 1816.