Comments on: Waiting for a FUGLY Employment Situation Report

By: Winston Munn

Winston Munn — Fri, 07 Nov 2008 13:56:12 +0000

Bruce in Tn said, “One other thing…this business of the greatest transfer of wealth of all time, from us to our government who, with these massive bailouts, has created a generational debt for all to pay.”

As the Bard of Avon might have said,

Oh, what mess we realize
when first we start to socialize

By: Mr Sun

Mr Sun — Fri, 07 Nov 2008 13:27:22 +0000

NFP results have most likely already been factored in. One week outlook for the SPX calls for a sharp bounce to the 1000 level. Also, shame on Berlusconi…

By: Bruce in Tn

Bruce in Tn — Fri, 07 Nov 2008 13:04:16 +0000

One other thing…this business of the greatest transfer of wealth of all time, from us to our government who, with these massive bailouts, has created a generational debt for all to pay. (This is what I think is going to happen). The debt has to be paid, and we taxpayers are about to get it..(by not letting zombie companies die a natural death..)

Well, it has started in spades in California. The governator will now cause Los Angelenos to pay a 10.4% sales tax next year, ever higher, and this on top of their huge income tax bill for citizens of the state.

http://capoliticalnews.com/s/spip.php?article1009

Guv Demands Sales Tax Raise of 1.5%—NOW

Perhaps the huge bailout was the right idea, and continuing to add layer after layer to it, also may be right…but I know we won’t get out of this without a massive shift of our individual resources to the government. A huge transfer of wealth…mark it in ya book…..

By: grumpyoldvet

grumpyoldvet — Fri, 07 Nov 2008 12:52:25 +0000

I’m just amazed at all the sudden “fiscally prudent” characters showing up on CNBS. This AM had some guy from the Pete Peterson Group “advising” President-elect Obama that he can’t do the things he wanted/promised to do as it is fiscally impossible. While I agree in principle, I wonder how come none of the “fiscal advisors” said anything over the past several years. Seemed to me they all agreed with Dick Cheney’s statement, “Ronald Reagan proved deficits don’t matter”.

By: Prieur du Plessis

Prieur du Plessis — Fri, 07 Nov 2008 12:50:12 +0000

The ISM employment indexes and the ADP data have sent a similar message of very weak labor market conditions. This implies bad payroll and unemployment numbers. But keep in mind that the stock market has sold off significantly over the past two days on the back of renewed concerns about the dismal economic conditions. Some of the expected poor NFP stats may therefore already have been discounted.

http://www.investmentpostcards.com

By: Bruce in Tn

Bruce in Tn — Fri, 07 Nov 2008 12:46:54 +0000

Agree with what you say this morning Barry, and the huge question is how long and how deep this lasts, again since the entire world has decided to go on strike.

On another note, I found out where the bailout out money that we’ve spent on companies like AIG has gone. People were beginning to wonder where the money went. You remember, like Pepsodent..”You’ll wonder where the yellow went , when you brush your teeth…..”

Turns out they have just been burning it. That’s right, like leaves in the fall.

AP
Ford announces $129M 3Q loss, burns $7.7B in cash

http://biz.yahoo.com/ap/081107/earns_ford.html

Paulson and Bernanke were seen in Michigan with leaf rakes just burning piles of it.

Now I can sleep better knowing……

By: Barry Ritholtz

Barry Ritholtz — Fri, 07 Nov 2008 12:36:15 +0000

LOL

Actually, they both already have jobs — they were each applying for a promotion, which they did not get . . .

By: VennData

VennData — Fri, 07 Nov 2008 12:01:35 +0000

The Birth Death model is so cockamamie, in addition to Obama/Biden, it’ll count McCain/Palin as getting new jobs.