Posted on 09/04/2011 7:40:05 AM PDT by blam
That Miserable Jobs Report, And The Case For A Stronger Q4
David Kotok, Cumberland Advisors
Sep. 4, 2011, 9:45 AM
My long-time friend and fishing guide Ray Sockabasin put the onion rings in a special beer batter concoction that he characterizes as an “old Passamaquoddy Indian recipe.” With the frying pan on the fire, in went the onion rings… sizzle, sizzle, sizzle, and out they came – fabulous. They were so light you could think of them as almost floating – why, you might use one as a ‘bobber’ if you were bait fishing in Big Lake in Grand Lake Stream, Maine.
Labor Day weekend is a quieter time in Maine. This is a place where you can read, study research reports, take some time to go fishing, have conversations, and at the same time consider some very serious issues. On Friday morning via Leen’s Lodge satellite connection, the eyes were fixed on the employment report.
We channel-flipped between CNBC and Bloomberg. We happened to catch the release on CNBC when another good friend and skilled economist, Bob Brusca, was guest hosting for the hour. We listened to the dialogue among Brusca, Diane Swonk, Mark Zandi, Steve Liesman, and others. Setting aside some commentary, which I would consider rather innocuous, let me focus specifically on the skilled comments that came from Liesman and the three guest economists.
No matter what one does with this employment report, one has to come away with an ominous feeling. It simply was not good. Interpretation of details could suggest that it was break-even, or “not any worse than I thought,” or subject to reinterpretation because of the revisions. There was nothing in it that was robust or optimistic.
(snip)
(Excerpt) Read more at businessinsider.com ...
WAIT: Some Really Good Economic News That Should Actually Make You Happy
All the charts and the author say "Things have gotten so bad, there's no way to go but up!"
I'm sure someone was saying the same thing in 1932.
On the other hand:
How do you think the justice dept law suit against the banks on behalf of Fannie and Freddie will affect the situation?
I don't know but I hope the banks counter sue the government for the pressure to make so many idiot loans to Democrat voters.
Those that don't believe a situation can become worse suffer from a lack of imagination.
I don’t even understand how the government can sue the banks over this, because it wasn’t the government that suffered the losses, it was the investors who bought the bundled securities. Where was the loss to the Fannie and Freddie?
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