The Feds are going to throw all credit they have at it if
it sinks. They will keep this market liquid at all costs.
This time it's different. This time the bubble is a lot
bigger. The cost of this "recovery" has been more debt for
J6P. 35 Trillion dollars is the total for US debt. That's
just not good. Yep, this time is different - their actions
will destroy the dollar. It did not happen in 1929. A quote
from Fleck regarding job reports (see me posting to myself, it did not allow a long message):
"Joanie Jabs at Statistical Snow Jobs:
Turning 180 degrees to brilliant data analysis, I would
now like to turn over the microphone to Joanie, who sliced
and diced Friday's payroll report (buckle up, as it's on
the long side): "As the all-American classic, Casey
Stengel, often intoned: 'You could look it up.' So that's
exactly what we did in the quest to find the true meaning
of Non-Farm Payrolls for the month of October. Go directly
to BLS and give it a gander. There is no great mystery,
except perhaps in the pesky revisions which have
miraculously added 160k bodies 'as of' for the months of
August and September, bringing the three-month total of
jobs created to 286k. We then recalled how the BLS arrives
at the figures it uses in the so-called Establishment
Survey (a.k.a. CES).
"Voila:
If you are a business with more than 250 employees, there
is a very good chance that you are on the list. (Are there
any establishments with fewer than 250 employees that are
canvassed? Certainly. But that's too lengthy to go into in
this space. Suffice to say that the cutoff number of
employees is largely determined by what kindof business
you are in. Along these lines, the BLS notes that in the
categories of trade [plumbers, carpenters, etc.] and
services, establishments with a lot fewer workers are
canvassed because these industries tend to have smaller
operations.)
"And since Friday's report was chock full of services
jobs, we will interject right here by noting that a good
part of the kind that were created were low-paying, such
as healthcare and social services, with a comment from the
BLS that a lot of the social services was in childcare,
and about half of the increase in 'ambulatory healthcare'
were hires at doctor's offices!; do we have to go into the
low-paying retail jobs that were created? Good, You're
catchin' on!" |
