Chuck sure hits on some simple, basic points.
http://www.dailypfennig.com/
"...HUGE drop in job losses for July from 467,000 to 325,000... But the number, according to the BLS, was 247,000!!!!!!! Way to Go Corporate America! Geez Louise, I wish it were that full of seashells and balloons! This smells of yesterday's fish folks... OK, let me get this straight... The forecast was for 325,000 job losses, and an unemployment rate of 9.6% (up from 9.5% in June)... And the jobs lost were 247,000, a difference of 78,000, and the unemployment rate fell to 9.4%... So, the BLS is telling me, and you, that 78,000 jobs not being lost, was equal to .2% (9.6 to 9.4)? Come on! I didn't just fall off the turnip truck!
So... You know what? I'm not even going to go down the road I usually travel of digging into the numbers, and pointing out what buffoons the BLS people are... No! I'm going to take the road that tells me to smile, and be happy about the fact that the job losses have peaked, and maybe, just maybe, we're on the road to recovery... How about that?
Of course the little guy on my other shoulder is telling me to say something about how Corporate America rushed to the exit doors with jobs cuts to prepare for the tough row to hoe, which was to be 2009, and therefore maybe, just maybe, cause you never know, all the jobs that can be cut have been cut, there are no more to cut, without going out of business!
But you won't hear that from U.S. officials, who took Friday's Jobs Jamboree as an opportunity to remind everyone that this wouldn't have happened without the stimulus... Hmmm The current administration is in real bad need of a "win" , you know something that makes them look like they know what they are doing, so they can get the Health Care shoved down our throats..."
"...It was uncovered this past weekend by a guy named Chris Mortenson that the past auction of $28 Billion in 7-year Treasuries had a twist to it... A large chunk was purchased by Primary Dealers to the tune of $10 Billion worth of the auction, and then, very quietly, without fanfare, and right under the noses of the currency traders and media that are supposed to be following up on this stuff... The Fed bought it all back from the Primary Dealers... That's Quantitative Easing folks, they monetized the debt, and with all the fanfare of being more transparent, they did it under the dark of night in a back alley... Shame, Shame, Shame!
Is this not a sad state of affairs, that not only did the Fed HAVE to monetize the debt, they did so in a way to manipulate the markets, and pull the wool over the eyes of the public! Would this have been a "failed auction" if the Fed hadn't worked out this deal with the Primary Dealers? I think so! And the Fed, dealt a blow to currency holders by pulling off this shell game! And the calls for the current administration to be transparent, along with the Fed... All comes back to haunt them..."
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