Thursday's usual grim report of new unemployment claims came out this morning, "the worst since June". And you know how good (sarcasm) it has been since June in the labor market. The weekly number of new unemployment claims (a measure of layoffs) has been at 400,000 or above basically since February (I don't count a recent 399,000 number a month or so ago as being "below" 400,000--as I am not a media idiot). This blog, exposing media lies every week on reporting this number, again correctly predicted the REVISED number from last Thursday's rep9ort: revised from 414,0000 to 417,000. The terrible four-week average puts us back where we were last November and December--NO IMPROVEMENT in almost a complete year. Over most of that time, Obama has bragged about how we ae "headed in the right direction".
The UNREVISED number of new unemployment claims (gross lost jobs) reported this morning, for Labor Day week, was 428,000. That means the number rose 14,0000 on an "apples-to-apples" basis (comparing the number initially reported last week with the number initially reported this week). Further, the revised number reported neext week will likely be 4310,000 or 432,000--given the conistent history of the revision over YEARS. The revised number is almost always 3,000 or 4,000 highter tha the number initially reported (about 90% of the time). 400,000, by the way, is a BAD number, since it is impossible to reduce the unemployment rate if the number of new unemployment claims stays at that level, or above.
Now Wall Street (The Stupidest People on Earth) started UP this morning. Thee is a reason for that. Unlike Rush Limaugh, I see Wall Street clearly, as I told Limbaug when he was saying that at Wall Street was rendereing its "verdict" on Obama when the stock market was way down in March of 20009, At that point, Limbaugh was saying that the guys and gals on Wall Street knew how to"predict" how the economy is going. That was, and is, absurd. Wall Street has become a computer gaming casio, and the stock market is almost completely divorced from the real economy (especially as to short-term moves, which is all preent Wall Street cares about). I said the same thing in March of 2009 as I am saing now: Stock market moves are now only about COMPUTER TRTADING, and the real economy only operates as someting of a trigger for computer "high frequency" trading. But there has been one thing that has become even more obvious since March of 2009: almost everyone on Wall Street has become an ECONOMIC FASCIST (nothing to do with Hitler, but with the theory that we need a "partnership" of Big Government and Big Business/financial peope, to CONTROL the economy for the benefit of Wall Street), Yes, this has been obvious since the BAILOUTS, and I hae been saying so. But it has become even more obvious as Wall Street looks every day to Bernanke, and politicians, to "save" them.
That is one reason the market was up early today, despite bad economic news. Walll Street believes that BAD economic news, especially on employment, will cause Bernanke and the Fed to BAIL THEM OUT AGAIN. In other words, Wall Steet belllieves that they hae convinced Bernanke that his main missioin is to HELP WALL STREET, and that Bernanke's first reaction to BAD economic news will be to do that. No, Wall Street does not care whether what Bernanke does will help or hurt temployment and the overall economy. The evidence is that Bernanke has HURT employment and the overall economy, along with the Federal Reserve. Bernanke remains, on the evidence, The Worst Failure in the History of World Finance. However, there is a lot of justification that Wall Street is right about Bernanke looking at the STOKC MARKET as the thing he can most easily "control" (with like minded people there). Bernanke has been an utter FAILURE for the United States. He has "been there" for Wall Street, and keeps giving signals thaat he will be there again if Wall Street really needs him. The economic fascists of Wall Street do not care if Bernanke is ruining our economy . They just believe that his ultimate mission is to HELP THEM (rather than you)--as Bernanke himself has described as one of the main things he has tried to do. Thus, if BAD employment news can be used as an EXCUSE for Bernanke to again "stimulate" the STOCK MARKET (and make sure Wall Street is okay), then that is GOOD news for Wall Street. Notice how this is also OBAMA policy, , even though Obama bd muths Wall Street, as Obama constantly pushes a "partnership" with Big Business.
Yes, Wall Street now is "all in" to the Magic Wand Theory of Government". No, it is NOT that Wall Street people really believe that all governmment s have to do is wave a magic wand to "sovle" all economic problems. Rather, what Wall Street believes is that all politicians have to do is wave a magic wand to BAILOUT WALL STREET and simillar people around the world. Thus, the stock market has gone straight up in in the past several days. That is partly computer trading, as Wall Street reached the botoom of its recent comoputer trading range. But notice that the big "up" days hav e beeen because of what POLITICIANS in Europe have SAID. The economic fascists, and computer traders, of Wall Sttreet do not care if any of this is REAL--if politicians are actually helping the world economy. Rather, what Wall Street wants is for politicians to REAFFIRM that they will do what WALL STREET wants them to do--economic ascism at work, from the Wall Street point of view--to make sure that financial people are bailed out. To Hell with the rest of us. To Hell with real economic theory. To Hell with reality itself. Wall Street thinks--stupid as these people are--that GOVERNMENT can always bail out Wall Street, and financial people everywhere, no matter how bad the world or U.S. economy gets (and even it it makes the economy itself worse).
Now you know why Wall Street is up today, and has again risen straight up into another stock market "bubble' (or at least approaching one).
Wll Street does believe that Bernanke is fillng to Wall Street music, and will continue to do so, even if it means that YOU burn. In fact, I believe that.
P.S. No proofreading or spell checking (bad eyesight).
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