Posted on 02/08/2012 7:37:41 AM PST by lasereye
After countless attempts to discredit or defend Friday's jobs report, we can all agree on one thing: The data is complicated. So complicated that the BLS could make the economy look better than it was and no one would be sure.
Former Reagan budget director David Stockman said as much in an email to Bruce Krasting, in response to Krasting's criticism of the jobs report.
Stockman writes: "If you spend a little time with these numbers you will know that they are being made up."
Here's the email (via Wall Street Examiner):
Bruce– Great job on the Summers catch, but I’m wondering if this goes much deeper. I don’t particularly believe in tin foil hats, but all of these mainstream economists treat the BLS and BEA data like it’s holy writ—when it’s evident that the reports are so massaged, estimated, deemed, revised, re-bench marked and seasonally adjusted that any month-to-month change has a decent chance of being noise. What deep secret might they be hiding?
(Excerpt) Read more at articles.businessinsider.com ...
David Stockman is just another economist. He carries more weight than Krugman, for example, but he isn’t the “type of person” you might think.
Is that the David Stockman who defeated the Liberal Dem Congressman Jack Brooks in TX in ‘94?
1.2 million dropped out of labor market to rig 8.3% unemplyment to make obama look good is a fraud. It is a criminal fraud that should be indicted.Congress must instruct them immediately on elements on computation. First— there are no people dropping out!! They are still unemployed. all of them. That means our current unemployment rate is close to 11%!!!
BLS statistics a made-up figure?
Well, to quote a favorite TV character from years ago, Surprise, surprise, surprise.
When your fallback position is to depend on pixie dust and funding comes from the pot of gold at the end of the rainbow, then SOMETHING has to be done to bridge the very real gaps that keep showing up between the promises and reality.
The accepted strategy for this regime is simply to lie.
Thats not what the press was saying in the early eighties. Back then he was the only economist they'd listen to.
FR is littered with people who once were cited as authorities, but no longer.
My point is Stockman is establishment. That’s why it’s an eye opener when he says govt. data is made up.
That was Steve. Not related.
There is no forgiveness on FR
True, but he's smart and he knows what he is talking about here. Read his analysis. He makes a compelling case no matter what we think about him otherwise.
I think you meant for this post to apply to #13. I have no clue what you’re talking about.
Oh yeah; my bad. Thanks.
yep ...sorry I screwed up
Not a problem.
Wonder if MSNBC will have him on many of their shows tonight. Maddow, Schultz etc. to talk about this with his authority of serving under Reagan????? They had him on before when he was pushing tax increases??? Will they have him back as a Republician specialist now///LOL!!!!
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