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Politics : High Tolerance Plasticity

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To: chowder who wrote (7572)	9/8/2001 11:42:50 AM
From: Sweet Ol	Read Replies (1) of 23153

DaBum, re.: "What happens if next month's employment numbers are worse than this month's numbers? Anyone willing to bet it won't happen? A large number of the people laid off got early retirement or good severance packages. Until those severance payments run out they don't show up in the unemployment stats. I think we are just now seeing the first of those layoffs hitting the numbers and the worst is yet to come. I don't think we have seen capitulation on Wall Street because things have not been so bad on Main Street. People out of work really gets people's attention. Furthermore, it will wreak havoc on the state and federal budgets because of the increased unemployment payments and associated expenses. Most state agencies have reduced their staffing at the unemployment offices and soon the TV cameras will show the long lines out the door because they can't process them fast enough. That will make it look worse than it is, but that will be the perception. Unemployment stats may be the catalyst for capitulation. Look for the market to bottom out before the unemployment stats top out. With that gloomy thought, I wish you all a happy weekend. JRH

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