DUDE – WHERE’S OUR JOBS?

As almost 400,000 more people join the food stamp program, Wall Street bankers party on. They had a wonderful weekend in the Hamptons. The cocktail parties were exquisite. The weather was fabulous. They only had to call the cops once to run the ignorant masses off their private beaches. Retail sales at Tiffanys and Saks 5th Avenue are booming. They are looking forward to another record year of $200 billion in bonuses for their absolutely brilliant financial acumen. Who else on the planet could take free money and generate risk free profits?

Meanwhile, in the real world, the unemployment rate is 22% and the economy has ground to a halt. The $7 trillion of stimulus has failed. Paul Krugman declares that if it had been $14 trillion, it would have worked. There are no jobs being added. More people are getting laid off. QE2, which has propped up the stock market for the last 6 months will end in 3 weeks. Anyone with an ounce of brains (this eliminates Wall Street economists, CNBC anchors, and 99% of the politicians in Washington DC) can see we are already back in recession.

The government response to this downturn will set the course of this country for the next ten years. Do you think they will choose wisely? 

Horrible Economic Data Continues: ADP Plunges To 38K On Expectations OF 175K; Downward NFP Revisions Next

Tyler Durden's picture

Submitted by Tyler Durden on 06/01/2011 08:18 -0400

The latest economic data is out and it is horrendous: with expectations for the ADP employment number to come at 175K, following a downward revised 177K print previously, it tumbled to a puny 38K in May. While this number is extremely irrelevant in terms of correlating to the actual NFP number due out this Friday, expect to see a spate of downward NFP revisions on this latest confirmation that the US economy has stalled even with QE2 still in effect for another 29 days (and soon to be extended). From the report: “Today’s ADP National Employment Report suggests that employment growth slowed sharply in May. Employment in the nonfarm private-business sector rose 38,000 from April to May on a seasonally adjusted basis.  A deceleration in employment, while disappointing, is not entirely surprising. In the first quarter, GDP grew at only a 1.8% rate and only about 2¼% over the last four quarters. This is below most economists’ estimate of the economy’s potential growth rate and normally would be associated with very weak growth of employment.” Precisely as expected by Zero Hedge.

More:

May’s ADP Report estimates employment in the service-providing sector rose by 48,000, marking 17 consecutive months of employment gains while employment in the goods-producing sector fell 10,000 following six months of increases. Manufacturing employment fell 9,000 in May following seven consecutive monthly gains.

Employment among large businesses, defined as those with 500 or more workers, decreased by 19,000, while employment among medium-size businesses, defined as those with between 50 and 499 workers, increased by 30,000. Employment for small businesses, defined as those with fewer than 50 workers, rose 27,000 in May.

Employment in the construction industry dropped 8,000 in May, completely reversing April’s increase. The total decrease in construction employment since its peak in January 2007 is 2,124,000.

Also, so much for the financial and construction work renaissance:

The only thing now preventing the Fed to begin the push for QE3 is the continuously resilient stock market, which needs to drop at least 15-20% before Bernanke is given a carte blanche. Yet paradoxically, it is stocks’ anticipation of QE 3 that makes the actual political case for QE 3 impossible. Geithner upcoming NYT op-ed: “Welcome To The Catch 22.”

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Reverse Engineer

Guys, there is no voting. Only the Nazi Fuehrer decides. Syphillis victims like llpoh seem unable to grasp simple ideas like this.

RE

newsjunkie
newsjunkie

I hate it when you guys are all on the rag at the same time. I’ll just slowly back out for a few days…

StuckInNJ
StuckInNJ

How RE views HIMSELF
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How WE view RE
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Opinionated Bloviator
Opinionated Bloviator

LLpoh – your animated girl gif – I bet her tits are silicone. And people tell me don’t give up your day job.

FRED FLINTSTONE
FRED FLINTSTONE

RE: What the hell Alice? Really? You are really gonna play the nobody loves my work card NOW?? I have had to sift through millions of characters of your “work” ( I’m OCD don’t ask) and now you are going to require grovelling to continue the supply? You sir are a piece of work. Good day.

llpoh
llpoh

Fred – you have read millions of his words/characters? Holy shite, you need help. .

But I am glad you see what drives RE – kinda of like a toddler that every minute is yelling look Mommy look at me.

When he lays off that he is almost bearable.

RE – seriously, if you want to post, post. Few here will get down on their knees and beg. Maybe ER will. But that’s about it.

Colma Rising
Colma Rising

Reverse Engineer is an Illuminati Pig Man.

Reverse Engineer

This gets nuttier by the post.

Even if Fred is OCD and expects me to keep writing articles here to satsify his compulsion, I don’t have an obligation to continue. Even if Jim will publish anything anyone writes, there is no obligation for anyone to write anything, including me.

I enjoyed publishing my rants on TBP, I enoyed the lively debate they engendered ithe Comments, but periodically Jim gets ticked off and either threatens to ban me or he invites me to stop publishing and return to my little Yahoo group, or both. After a few rounds of this I decided to take him up on his suggestion and just publish the Rants on Yahoo.

I still write plenty here, I still enjoy the group dynamic, I still think TBP is one of the most informative websites on Collapse topics, but if Jim is going to threaten to ban me and tell me to take my bat and ball and go home, at a certain point I’ll take him up on that. That certain point was reached in the last Rant.

Say you are a parts supplier who works with a parts distributor. The parts supplier keeps telling you he doesn’t need your parts and go sell them to somebody else. Eventually, you get tired of this behavior, so you actually take up the Distributro on his suggestion. In the case of a parts supplier, he might have a financial obligation to the distributor, but that is not the case here, there are no financial obligations. There has to be some other reason to maintain the relationship when there is no monetary exchange. My mistaken belief was that Jim wanted me to contribute, but he clearly does not, so I stopped contributing articles. That is all.

RE

llpoh
llpoh

RE – I read the quotes you attributed to Admin. The first one basically said if you don’t like it here piss off. Fair enough. The second one seems more a statement of fact. His site his rules. He is VERY generous in his rules. If it was me I would have bitch slapped you for some of the liberties you have taken. He is damn benevolent. But it seems you require absolute assurance that you can post anything, and I mean anything, and not be banned. Well, the only way you can get that assurance will be on your own site.

Publishers accept some material, and some they decline. Jim accepts almost all of it. Send your stuff to the WSJ or NYT and see how much gets published.

If you want to post, then post. If you do not, then don’t. It is your decision. If Jim pissed you off that is your problem. Not like you didn’t deserve it. In this you remind me of my old man. He LOVED to goad people for laughs. But when it turned ugly, which sometimes but rarely happened, he wouldn’t back down one fucking inch and would get all indignant. Does that remeind you of anyone? Shit, you have admitted to posting all kinds of crap you either don’t believe or for the express purpose of starting a shitfight.

So if you want to post then fucking post. If you get banned, then you can jump up and down. You are being way too fucking precious.

I am giving you A1 gold-plated advice here. I couldn’t care less if you post or don’t, and have never to my knowledge said otherwise. I have hammered righteously away on the length of you stuff, for good reason.

But please, no more of this blaming the Admin crap. It is entirely your choice until it isn’t.

Reverse Engineer

Thanks, I’ll pass. Live with it.

RE

Reverse Engineer

Whether anyone cares or not is irrelevant. You fucked up. Beating a dead horse won’t change that.. Live with it.

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RE

StuckInNJ
StuckInNJ

RE

Why don’t you just Fuck Off.

Seriously.

Your whining and crying and bitching about your hurt feelings is tiresome. You are the definition of Narcissism. Pussy.
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.
Jim, just get it over with and ban him. You really don’t need to put up with his CONSTANT SHIT day in and day out. He is NOT worth the aggravation. He is a detriment to this board at this point. At least give him a “time out” and ban him for 30 days. Maybe he can grow a brain in that time frame.

Reverse Engineer

Obviously you never learned the lesson that you don’t get out of a hole by digging yourself in deeper.

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RE

Thinker

Jim, you do like to taunt Boomers, don’t you? 🙂

Voting with Stucky on this one.

Reverse Engineer

You would have to do some pretty impressive grovelling.

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RE

StuckInNJ
StuckInNJ

OK, Jim … if you’re having fun then I’ll try to play nice as well. I just thought he was shitting all over you and stinking up the place. I am not only The Judge … I am also The Enforcer, it’s my job to protect your flank and inflict an asskicking (figuratively and literally) whenever necessary.

RE, you are one lucky motherfucker Jim is gracious and filled with the Holy Spirit.

Reverse Engineer

Stuck, you are clueless.

RE

Thinker

I’ll email it to you directly, Jim.

AWD

I think Jimbo can handle himself.

Maybe we can all chip in and get RE this wonderful gift, an “Ostrich pillow.”

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AWD

(in use)
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Buckhed
Buckhed

Jim…where did you get the picture of Obama flipping the bird ?

Robmu1
Robmu1

When we ran off 2-time TBP Douchebag of The Year David Pierre, TBP lost a little something – we need someone to abuse in the normal course.

Don’t leave, RE.

Reverse Engineer

Sorry, that wasn’t sincere enough to change the outcome. However, I accept your apology.

RE

FRED FLINTSTONE
FRED FLINTSTONE

The picture of RE inside the giant nutsack pillow is precious

Punk in Drublic

No more RE’s rants…. China is flaming out….. Gonzola Lira is hurling turds on a regular basis…. Congressman Weiner is showing off his 11 1/2 inch trouser trout….

Yoohoo, Smokey…. You can come back now.

llpoh
llpoh

For fuck sake. RE – stop being such a fucking dickhead.

Reverse Engineer
Reverse Engineer

I will, once You stop being an Asshat.
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Reverse Engineer

@ llpoh

That will happen when

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RE

newsjunkie
newsjunkie

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a cruel accountant
a cruel accountant

RE has you all wrapped his finger. Just ignore him and he will go away.

Reverse Engineer

@a c a

Its Pavlov. Its EZ!

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RE

Reverse Engineer

MSM starting to Attack Obama-sama. Should be an entertaining electoral charade.

RE

Economic news is bad for Obama’s reelection bid

View Photo Gallery —  Some of Obama’s critics have described him as “anti-business.” Here’s a look at some of the president’s attempts to change that image by engaging with executives and workers.

Zachary A. Goldfarb and Peter Wallsten, Published: June 3

Any notion that President Obama’s reelection campaign was gaining momentum was shaken this week by a string of worrisome economic reports showing weakness in the job market and new lows for housing prices.

The bad news for Obama stood in contrast to a run of positive developments that had given many Democrats reason for confidence. The economy had been adding jobs at a steady clip. A president once accused of being weak on national security ordered the raid that led to the killing of Osama bin Laden. And several potentially strong Republican presidential candidates took a pass on the race.

See which industries are adding jobs and which are still in bad shape.
Republicans slam White House over jobsStocks extend losing streak on jobs reportMixed signals could sink Obama’s reelectionRomney to Obama: It’s your economy nowGet the latest from PostPolitics
.But on Friday, a surprisingly grim employment report was a warning that Obama could face a more challenging economy than had been expected. The government said the economy had added far fewer jobs than analysts had projected.

The disappointing news posed a predicament for Obama, who had scheduled a visit to a Chrysler plant Friday to herald the rebirth of the U.S. auto industry. As he gave a celebratory speech to cheering autoworkers, his advisers in Washington scrambled to explain the jobs report.

During Friday’s visit to the plant in Toledo, Obama did not mention the grim jobs number that was released Friday. Rather, he talked of saving a “proud industry” and “more than a million jobs.”

Still, he acknowledged continuing challenges. “[W]e still face some tough times,” Obama said. “There are still some head winds that are coming at us.”

Some political analysts said Obama would have to confront just how fierce those winds are.

“The prospect of economic growth getting up to a point and unemployment getting down to a point that is comfortable for an incumbent are declining by the month, and are now not very high at all,” said William Galston, a policy adviser in the Clinton White House and a veteran of Democratic presidential campaigns.

He added, “I hope there’s someone on the inner circle with the standing and the guts to tell the president that, if things continue the way they’re going, despite everything he’s done, he’s going to be in trouble.”

Behind the economic distress is a series of unexpected events, including the earthquake and tsunami in Japan, the European debt crisis and rising gasoline prices. As a result of the unemployment rate turning back up and the housing market reaching new lows since the slump began in 2006, numerous economists have reduced their expectations for economic growth this year.

Even more challenging for Obama is that some of the hardest-hit states, such as Florida, Nevada and Michigan, are critically important for his reelection strategy.

Democrats believe the auto bailout can be a big political winner in the industrial Midwest. But the administration has struggled to show progress in helping struggling homeowners.

And White House allies concede that the economy may present greater challenges than they had thought.

“The president is going to be running for reelection in an economy that’s still too weak,” said Jared Bernstein, who until last month was chief economic adviser to Vice President Biden. “It is improving and is in a far better place than it was when he got there but still is not adequately lifting the living standards of the broad middle class.”

TeresaE
TeresaE

The BLS (or was yesterday’s report DOL, as if it matters, it is all BS) has a known bias of creating around 100k jobs a month out of thin air via their “Birth/Death” model.

Which means we LOST jobs just as thousands of grads & students are looking for work to continue paying for degrees that are quickly becoming nothing but a huge albatross around their future necks.

Ah, smell the success.

Because I truly believe that every jobs number released since the early 2000s, is pure and utter bullshit, it strikes me as funny that the lie becomes a little closer to reality at this particular time, in this particular month.

Mmmmm, what exactly is happening this month that would lead the government to want things to appear worse? Could it be the end of their free moola from the Fed? The end of the banks free profits?

Nah, sure it is just a coincidence and that things won’t be packaged as “worse” to give justification to Benny to keep his inkjets working.

I expect stocks and employment to go down over the summer so that the smell of panic can cover the fact that it is too farking late.

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