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Disappointing jobs report sends stocks sliding
The government's May jobs report came as an unpleasant surprise for investors who had grown a little more upbeat about the domestic economy the past few days.
Through all this horror my cat stalked unperturbed. - H.P. Lovecraft
NAR: Existing-Home Sales Decreased to 4.19 million SAAR in March; Median
House Prices Increased 4.8% Year-over-Year
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Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home
Sales Decreased to 4.19 million SAAR in March
Excerpt:
*Sales Year-over-Year and ...
4 hours ago
4 comments:
Glad you caught my video!
I LOVE cats. My ultimate best friend (my cat) died 4 years ago and I am still messed up!
After today I am going to Sams Club and getting all the toilet paper I can buy for fiat $4000. You were right!
$4,000 of toilet paper? Holy crap!
Pun intended.
In my view, the best analysis on the markets reaction to the jobs report so far has been offered by Aimlow Joe:
"Let’s just cut the fake surprise bullshit and admit that there is a systemic problem in the economy and no amount of wishful thinking is going to dig us out of this hole.
We’d all be a lot better off realizing that we are experiencing an economic paradigm shift that will result in a lowing of economic output for many years to come.
If we stopped hoping for a recovery and started work to adjust the economy to reflect the “new normal” we would be better able to deal with the fallout.
I am not holding my breath waiting for someone to come up with a cogent alternative plan. I’ll see you right back here next year. People will still be feigning surprise.
"
If there is one weakness in Joe's argument I believe it has to be his underestimation of the United Corporations of America.
G.H.,
We’d all be a lot better off realizing that we are experiencing an economic paradigm shift that will result in a lowing of economic output for many years to come.
We've pulled so much demand from the future (with stimulus and debt) that there's a decent risk we'll soon be pushing demand back.
Here's a reason to be optimistic though.
Nearly Perfect in Detroit
That's from the New York Times!
Oh wait. That's just baseball game commentary. Never mind.
Rather than watch baseball Wednesday night, I should have been reading up on local news reports. The problem was that I didn’t really understand the numbers in any of them. Newt Gingrich told the state’s business and political leaders that the City of Detroit should attract business by charging zero tax on new investment for 10 years. It wasn’t clear to me how those all those zeroes would tally up to equal prosperity.
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