Posted on 11/06/2009 8:58:29 AM PST by TigerLikesRooster
Wall Street: Dumb as It Ever Was
November 06, 2009 | about: DIA / QQQQ / SPY
Todd Kenyon
I had to take a few moments away from shouting at the circus-of-the-inane on CNBC to vent. All the focus on this jobs number this morning should confirm to any rational person that the great majority of what goes on in Wall Street is a complete waste of time at best and a criminal destruction of value at worst.
Being trained as a scientist in a former life just makes it harder to watch this garbage. Yesterday afternoon some random NYSE floor monkey, CNBC's "expert of the moment", expounded that if the unemployment rate came in at 9.9%, the market was going to the moon, Alice. But (God forbid) if the rate was 10%, we're all doomed. At which point my left eyeball began twitching followed by my Bond-trader office mate and I embarking on a 30 minute session of throwing things (Literally and figuratively) at the TV. Only a session of cranking some classic reggae could calm us.
(Excerpt) Read more at seekingalpha.com ...
Ping!
It's that the numbers show the trend and prove that the situation is still getting worse.
The hopy changy economists would have you believe that since we showed a 1 quarter GDP growth and the rest of the economy is getting worse at a slower rate, we should rejoice. THE RECESSION IS OVER!!!! WOO HOO!
We can downplay the numbers and rejoice in the fact that we are tanking slower today than we were three months ago, but the ship is still taking on water.
Not to mention that the government statistics are manipulated.
The market is a paper hangers’ convention. The numbers don’t have anything to do with real business, real productivity, or real investment. Just a bunch of connected guys ginning the ups and downs and skimming off the movement.
CNBC - mute button until Santelli appears ...
It has been thus for decades.
What made it obvious all of a sudden? The missiong trillions$ maybe?
That does tend to get one’s attention. But they’re right back at it. So it goes.
The fact you can hang a S***load more paper with a mainframe than with a rotary dial telephone! ;-)
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