Unemployment ticked up to 8.1%.
The household survey came in at 851,000 jobs lost versus only 651,000 from the establishment survey.
Total Recession job losses now exceed 4 Million
I am of course away from the turret at this hour — please use comments to flesh out the data
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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March 6th, 2009 at 8:38 am
March 6 (Bloomberg) — The U.S. unemployment rate surged in February to the highest level in more than 25 years and the economy lost more than 600,000 jobs for a third consecutive month, pointing to further reductions in spending. Payrolls fell by 651,000 and revisions for the prior two months lopped off an additional 161,000 jobs, the Labor Department said today in Washington. The jobless rate surged to 8.1 percent, more than forecast and the highest since December 1983.
March 6th, 2009 at 8:39 am
what would cause that one month increase in the Civilian Labor force?
And since that seemed to jump in the last month doesn’t that make the announcement of unemployment at 8.1% misleading?
I think it’s also worth noting, though not a lot of people seem to mention it is the decline in overtime hours worked.
I’m sure all of us are aware that for a lot of people that over-time is where they actually make some money and without it they don’t have the ability to do any discretionary spending, the further that gets cut I think it’s worth paying attention to.
March 6th, 2009 at 8:41 am
Once again the prior months revisions were the news. The revised losses are ALWAYS worse, is this accidental or deliberate?
March 6th, 2009 at 8:44 am
Soon, the only job growth will be government sector.
March 6th, 2009 at 8:46 am
Check out the A-12 employment chart:
http://www.bls.gov/news.release/empsit.t12.htm
Notice the U-6 number: It jumped nearly a full percentage point: !
Excuse me, I meant to say: !!!
March 6th, 2009 at 8:47 am
Who has bets on when the first, new “Jobs Corp” is announced?
March 6th, 2009 at 8:56 am
The criminally disgraceful birth death adjustment added 134,000 jobs, including 36,000 in businesss services, 35,000 in leisure, and 8,000 in financial services. These phantom jobs will be changed in 2 years to show a loss of 200,000. The real number is north of 1 million. The BLS is another worthless agency of hack bureaucrats.
March 6th, 2009 at 8:57 am
lars,
i think we are pretty much already there
March 6th, 2009 at 9:01 am
Jobs corp by the summer – just needs a new label. Skills Corps? Coxey’s Army, ohhh thats already taken…
Coxey’s Army was a protest march by unemployed workers from the United States, led by the populist Jacob Coxey. They marched on Washington D.C. in 1894, the second year of a four-year economic depression that was the worst in United States history to that time. Officially named the Commonweal in Christ, its nickname came from its leader and was more enduring. It was the first significant popular protest march on Washington and the expression “Enough food to feed Coxey’s Army” originates from this march.
March 6th, 2009 at 9:04 am
Here is a short pdf illustrating the distinctions from U-1 to U-6.
Jobs Corps? I guess I must be old since I remember that term.
March 6th, 2009 at 9:06 am
Oops. Link to pdf is
http://www.ilo.org/wcmsp5/groups/public/—dgreports/—integration/—stat/documents/presentation/wcms_101414.pdf
March 6th, 2009 at 9:18 am
Another massive slashing of jobs… and as expected, everyone is talking about the bottom. A lot of talk about jobs being a lagging indicator, which is true. So let’s make it a “current” indicator, by looking at the job market today, March 6th. Do your own analysis and look around, does anyone see any hiring going on? Of course not, so we know there won’t be any hiring to offset any losses in March.
Now let’s look at the job losses going on now, or coming down the pipe. Anyone think companies are “right-sized” yet? Not likely even close. Major industries are still gushing blood (autos, retail, banking) as we continue to see companies close up shop. We all know there will be major blood in the auto industry, regardless of bankrupcy or liquidation, which means more massive layoffs.
Randy
March 6th, 2009 at 9:19 am
Mark – interesting idea on the Jobs Corp. I would obviously have a different take on that than you, but I don’t necessarily like the idea.
The one thing that has been on my mind is that for all the 2 trillion dollars that the US government invested in the bailout of Wall Street, AIG, etc., it could have created The Third Bank of the United States for less money. Since the fundamental worry was about credit availability in a systemwide meltdown, a taxpayer-owned national bank could have been established to sustain the financing needs of American businesses and consumers even if there had been a meltdown of the financial private sector. That bank could have had a ten- or twenty-year charter, after which the government could privatize the bank at a profit. Instead, however, we (by we, I mean the Republican administration in charge and the foolish Democratic Congress that allowed itself to be coerced into approving The $700 Billion Bailout) chose to apply supply-side Keynesian bailout economics again, with the hope that credit availability would trickle down, which it ultimately has not. And yet, at least some of the government-supported banks might get nationalized anyway, or fail anyway.
My point is that in the interest of appearing to preserve the mirage of capitalism – and the illusion of capitalism’s stability – we chose the more expensive, wasteful path to socialism. We abhor socialism so much that we absolutely kill ourselves in the ineptitude of our socialism when that is our last resort. And yet, as a nation, we cannot politically accept that capitalism is naturally violent and leads to severe pain during down cycles.
March 6th, 2009 at 9:24 am
My father guffawed at me when I guessed 10% unemployment in 09 (this was six months ago). I hope that I wasn’t being optimistic.
March 6th, 2009 at 9:29 am
One more thought…
February was the month everyone said the market, and main street, had comes to terms with how bad things are, and finally readjusted their outlook on life. At the same time, even the Obama admin thinks things will get better by EOY. Do you see the disconnect? This is not a garden-variety recession, which if it was would mean we should expect things to “get back to normal” soon. Do you really think America has come to terms with a recession/min-depression that will last years and years? All signs say this one certainly will.
On a technical note, there has been no volume with the recent selloff in February. The market is “ok” with being at these levels, which is scary. If that is the case, the “uncomfortable” level at which the market will be “oversold” and force a snapback rally could be much lower from here. Remember, only until we completely wipe out those that still have hope will we start fresh again.
But remember, NOBODY knows where the market is going next, so have a plan B.
Randy
March 6th, 2009 at 9:31 am
Job Corps announcement – The week of Labor Day of course.
March 6th, 2009 at 9:34 am
What is the projected unemployment rate if GM and Chrysler go down, including the shock effects throughout the economy? Does anyone know?
Also, what would the unemployment rate be if our measurement were conformed to Germany’s methods, or even the ones used during the Great Depression?
Just curious…
March 6th, 2009 at 9:39 am
The B/D number remains a joke – here’s the link – http://www.bls.gov/web/cesbd.htm
March 6th, 2009 at 9:40 am
These numbers should be good for a 3-4% pop on the S & P (snark).
March 6th, 2009 at 9:41 am
Cy, that’s funny, made me think they should roll it out on May Day..
with it’s many, potential iterations, here’s one: “May Day is synonymous with International Workers’ Day”
~~
rdhall,
w/this: “everyone is talking about the bottom….”– yes, we’ve been hearing how it’s “the 6th inning”, or so..
as you point out, they’re dreaming–floating on the heavy Soma..
We’re, barely, if that, at the mid-point of the first game in a, assuredly, Day/Night Doubleheader.
March 6th, 2009 at 9:47 am
@CNBC Sucks,
RE: GM / auto job cuts;
I keep hearing a data point that about 1 in 10 jobs are related to the auto industry in some way so you could do some rough math on that and draw some really bad conclusions if both GM and Chr. go down. I don’t know if that figure is accurate
March 6th, 2009 at 9:52 am
Thanks, Ben. I also saw Peter Boockvar write on another post that if you include the “job wanters”, the unemployment rate would currently be 11%. So, yeah, do the math and compare to the GD’s 25%, and an auto meltdown would put us past the halfway point to the GD.
Short covering rally today, though.
March 6th, 2009 at 9:59 am
U-6 Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers
http://www.bls.gov/webapps/legacy/cpsatab12.htm
2009 15.4 16.0
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
March 6th, 2009 at 10:01 am
On a topic related to jobs – Covidien (the old Tyco Healthcare) decided to relocate a medical feeding pump manufacturer from upstate NY to China. Chinese manufacturers seem determined to move upmarket. They are tired of making junk for Walmart.
Given my experience with products manufactured in china (two flat screens that went up in under a year, water cooler broke in a year, a/c unit broke in 18 mths), I’m not going to be too excited when I start seeing “made in China” in the hospital room.
March 6th, 2009 at 10:02 am
Thanks, Mark. So we are clearly past the halfway point?
March 6th, 2009 at 10:17 am
CNBCS,
to GD levels? certainly seems like it..
but, as we know, the Past may be indicative of, but does not guarantee, Future events..
~~
Grindstone,
you make a very valid observation. the vast majority of Goods MIC need to be excised from all of our Portfolios–the quality, lack thereof, is injurious to anyone’s long-run wealth accumulation..
March 6th, 2009 at 10:18 am
Oh… what does it matter? Havent we “fleshed” out the fact that these numbers dont mean anything? I feel like we go through this every NFP day. Its a terrible data point in its efficacy… and doesnt mean a thing if we are trying to determine what the most likely future course of the economy is. Only the rear view. Anyone want to talk MLB spring training or off season football trades?
March 6th, 2009 at 10:19 am
“database currently unavailable”
2009 15.4 16.0
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
March 6th, 2009 at 10:21 am
Yawn. Wake me up when something surprising happens.
March 6th, 2009 at 10:26 am
But I bet the various branches of the military aren’t having any problems meeting their enlistment goals like they were just a few years ago… now if we could only come up with somewhere new to send them
March 6th, 2009 at 10:37 am
Totally agree, Mark. I was just looking for the point where upside risk is about the same as downside risk and I think we are approaching it. It might get a lot worse, but you have to worry about missing the U.
March 6th, 2009 at 10:40 am
Pete,
try the top link, it, still, worked from there..
CNBCS,
“but you have to worry about missing the U.” why is that/what do you mean?
March 6th, 2009 at 10:47 am
@ Grindstone Financial:
I’m not going to be too excited when I start seeing “made in China” in the hospital room.
Too bad you can’t invest in personal injury firms.
March 6th, 2009 at 10:47 am
Mark: “Who has bets on when the first, new “Jobs Corp” is announced?”
You know, I grew up in country where evidence of the CCC’s (Civilian Conservation Corps, for those too young to know) was evident all over the place (hiking trails, buildings in parks, etc.) and the people around there understood why it was done and really appreciated it. I know entreprueners would scream bloody murder that they weren’t given the chance to bid on things like that, to rip the government off for more money, but I don’t think it is a bad idea.
March 6th, 2009 at 10:49 am
Great column by Krauthammer. Obama is using a rope-a-dope strategy (voters and the MSM are the “dopes”) to grow the size of government beyond imagination. The recession is only a convenient excuse to spend us into oblivion, and of course the MSM is completely out to lunch.
http://www.realclearpolitics.com/articles/2009/03/a_dishonest_gimmicky_budget.html
———————
“The “day of reckoning” has now arrived. And because “it is only by understanding how we arrived at this moment that we’ll be able to lift ourselves out of this predicament,” Obama has come to redeem us with his far-seeing program of universal, heavily nationalized health care; a cap-and-trade tax on energy; and a major federalization of education with universal access to college as the goal.
“Amazing. As an explanation of our current economic difficulties, this is total fantasy. As a cure for rapidly growing joblessness, a massive destruction of wealth, a deepening worldwide recession, this is perhaps the greatest non sequitur ever foisted upon the American people.
“At the very center of our economic near-depression is a credit bubble, a housing collapse and a systemic failure of the entire banking system. One can come up with a host of causes: Fannie Mae and Freddie Mac pushed by Washington (and greed) into improvident loans, corrupted bond-ratings agencies, insufficient regulation of new and exotic debt instruments, the easy money policy of Alan Greenspan’s Fed, irresponsible bankers pushing (and then unloading in packaged loan instruments) highly dubious mortgages, greedy house-flippers, deceitful homebuyers.
“The list is long. But the list of causes of the collapse of the financial system does not include the absence of universal health care, let alone of computerized medical records.
March 6th, 2009 at 10:57 am
Krauthammer?!?! Really? The putz who was dead wrong about Iraq and our neo-con adventure in the Middle East. Move along, please.
March 6th, 2009 at 10:59 am
dean,
Amendment XIII
Section 1. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction.
Section 2. Congress shall have power to enforce this article by appropriate legislation.
http://www.law.cornell.edu/constitution/constitution.amendmentxiii.html
Amendment V
No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a grand jury, except in cases arising in the land or naval forces, or in the militia, when in actual service in time of war or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.
http://www.law.cornell.edu/constitution/constitution.billofrights.html#amendmentv
We are still able to read it, are we able to understand and apply it?
March 6th, 2009 at 11:03 am
Obama is chipping away at the edges.
Not fixing the black hole in the financial system? No, he’s not… We don’t have the money for that. He’s setting up some side projects so people will have things to do — and as he said a few weeks ago– improving the medical system will improve the quality of care and reduce the cost long term. It is an investment.
Or we can throw more money in the black hole of AIG.
I’ll take the computerized medical records, personally. And a hiking trail.
Will it make Citibank whole? no, but I don’t think the political will exists to give Citi the quantity of money required to make a difference.
Also, Krauthammer is an ass-hat, so listening to him will make you all confused and sound stupid.
March 6th, 2009 at 11:07 am
TOM K, please. Just please stop.
Obama was handing a hole the size of the Grand Canyon brimming with shit and our nation poised to sink right in. And you’re going to bag on the guy for wanting to build some really large bilge pumps? I mean, come on, Krauthammer has so much blood on his hands from the last 8 years I’m surprised he ever stops washing his hands.
Obama is not going to make everything perfect, but the poor guy is flying blind trying to land a packed, burning 747 that’s lost 3 of 4 engines. Cut the dude a little slack until this thing at least gets on the ground. Krauthammer and that group of asses had their dream shot with GWB, this is their mess. No damn credibility, zero, to have an input on how to clean it up.
March 6th, 2009 at 11:07 am
Not to be too contrarian here but if you look at the last three months NFP numbers they are all quite similar.
Since leftback isn’t as brilliant as the quants who brought us Black-Scholes, we interpret this cautiously.
However, since leftback learned calculus at the age of 12 we know that the 2nd derivative of jobs is now ~ zero.
Some might offer this as an indication of a short-term turning point. The caveat is Feb has only 28 days.
March 6th, 2009 at 11:11 am
Speaking of people who were wrong in a ghastly manner, Dick Bove was just on Bloomberg. Dick Bove!
I think one that a good first baby step to recover would be for this country to stop listening to people who are wrong almost all the time, oftentimes in astonishing fashion. Is that too much to ask?
March 6th, 2009 at 11:16 am
Jeff,
seeing this: “Obama is not going to make everything perfect, but the poor guy is flying blind trying to land a packed, burning 747 that’s lost 3 of 4 engines. Cut the dude a little slack until this thing at least gets on the ground.”
it just might be..
March 6th, 2009 at 11:31 am
Mark, I meant that even though things will probably get worse or even a lot worse, the upside risk of a reversal towards growth is approaching, such that you have to account for it. As you know, I have been 100% pessimistic since I started CNBC Sucks in June 2008, but in my mind, there exists now a possibility – however small – that things turn around.
I am not calling an economic bottom, not by a long shot, just the “upside risk” of a bottom for which you have to account.
March 6th, 2009 at 11:46 am
Look at the revisions for the last 2 months. That is your trend!!!
Get used to it. Accept it!
March 6th, 2009 at 11:53 am
CNBCS,
I hear you, though, to me, it sounds like you’re describing a “V”, as opposed to a “U”..
though, no matter, hedge whichever risks you deem Important, one can always buy LEAPs (Calls), instead of shares, if they’re concerned w/ ‘missing the train’..
to me, though, we should be more worried that the rails are still in place, rather than responding to ‘Whistles’..
March 6th, 2009 at 11:58 am
You cannot be near the bottom when you have impending employment contractions in CRE, Hospitality, Airlines/Travel, Auto et al. When that flushes out and the economy has a year at operating at 50% capacity we will have bottomed. An increase from 50 to 60% in productivity will be the first sign of recovery. What are the odds of an October bottom?
March 6th, 2009 at 12:04 pm
U6…up by almost one million Americans..
March 6th, 2009 at 12:06 pm
http://stats.bls.gov/news.release/empsit.t12.htm
Table A-12. Alternative measures of labor underutilization
March 6th, 2009 at 12:12 pm
CNBCS,
also, since we’re talking about it, you should see/read this:
the economic fractalist Says:
March 5th, 2009 at 9:26 pm
The Science of Saturation Economics
The value of individuals’ assets is growing: animal spirits are high; the value of individuals’ assets are declining; one has lost his house, lost his car; lost his job: is homeless and cold: animal spirits are low. What is this? At some point between the first derivative of money supply growth in the real economy and corresponding asset valuation growth and the first derivative of money supply decline in the real economy and correlative asset valuation decline, animal spirits too under correlative transition. What is cause and what is effect? Does the macroeconomic system have limits that are based on a maximum debt load paired with over production of assets, paired with asset overvaluation, and paired with jobs in the real economy that produce those goods and carry that debt load? The question is rhetorical. ‘Animal Spirits’ are the qualitative way that someone trained in psychology views the world. But human psychological states of elation and depression while part of the system are qualitative cause and effect epiphenomenon of an elegantly quantitative macroeconomic system that transitions through its growth, saturation areas, and decay periods in a highly predictable manner – a manner with simple mathematical patterns or ‘laws’ akin to the scientific laws of physics and chemistry – and exactly represented by the transitioning total money supply and interchangeable money equivalents that are undergoing integrated rotational quantum fractal valuation growth, saturation, and decay of the complex macroeconomy’s various tradeable assets..
http://www.ritholtz.com/blog/2009/03/robert-shiller-on-animal-spirits-how-psychology-drives-the-economy/#comment-151155
March 6th, 2009 at 12:15 pm
Mark – all valid, but even in an “L” recovery, you will have some sectors that go up faster than others.
Thanks again for your heads-up. I did NOT realize the U-6 had gotten as bad as it has as fast as it has, which to me is an indicator to really stop posting on TBP and start looking for opportunities. My theory is that even in wartime Rwanda, some people were still employed, so we are not going to see 100% unemployment. I still think it is going to get a lot worse, and maybe stay bad a long time like a GD, but at least you won’t be wasting energy for certain against an impossible downward momentum.
March 6th, 2009 at 12:23 pm
Marl – By the way, do you follow Taleb’s work with Mandelbrot?
March 6th, 2009 at 12:23 pm
That would be Mark. Goddamn Wordpress.
March 6th, 2009 at 12:27 pm
LB and Mr Shorty were out in the woods in Tennessee with Bruce looking for magic mushrooms for their friend Mark E Hoffer when they saw the Bear coming towards them looking awful hungry.
Bruce and leftback are a bit nervous but remain calm. Mr Shorty says: “Don’t worry, guys, I am Short. The Bear only eats Longs.” But the Bear keeps coming. Bruce nudges leftback and points to a gap in the woods, asking: “Hey lefty, old sport, do you think we can out-run the Bear?”. Lefty smiles and replies: “No need, Bruce, old chap, we just need to out-run Mr Shorty…”
Careful, shorties. Lefty smells a rally. The Bear eats whatever he catches, and he doesn’t discriminate.
March 6th, 2009 at 12:35 pm
What does a bear market rally smell like, Lefty? Maybe you should just light a match…
March 6th, 2009 at 12:35 pm
“Obama was handing a hole the size of the Grand Canyon brimming with shit and our nation poised to sink right in.”
You seemed to have missed Krauthammer’s point. He’s saying Obama is using the crisis to shepard through his big government vision, and isn’t focused on policies that will fix the situation.
@Mannwich, don’t read or attempt to comprehend, just continue to chant and clap your hands over your ears and HOPE the economy gets better.
March 6th, 2009 at 12:41 pm
Krauthammer? An often off, dogma driven, finger wavin’ spectator if there ever was one.
“The list is long. But the list of causes of the collapse of the financial system does not include the absence of universal health care, let alone of computerized medical records.”
Not if you think that is an argument ANYONE is making. But me thinks the healthcare burden on businesses that are now laying off Tom, Dick, Harry and Mary doesn’t help in the least. Not to mention the burden on the entire country when those spit out land in the nation’s ERs with no insurance. The sooner it’s dealt with the less of a burden it will be the next time a bubble goes pop… unless this is the last one. It’s a long term view.
Good idea or not, the new gov is trying to use this crisis as an opportunity to reverse the approach that got us here. When they decide that it can’t be done all at once, they’ll pull back, nationalize this, delay that and wait for another day. No one’s trying to ride us into the ground. At least not anymore.
March 6th, 2009 at 12:44 pm
@ Bruce: A bear market rally smells like Mr Shorty on toast. Or a burger fresh off your grill, sir.
Market no lower than SPX 660 on this leg. 10% higher by the end of March. SPX 740 or higher. Deal?
March 6th, 2009 at 12:46 pm
@Tom K: I never said Obama or the Dems were the be-all end-all (in face, I’m very down on what they’ve been doing too, for the most part) but you do a disservice to demonstrating your intelligence by trotting out Clownhammer to make any point, so please just stop. Come up with someone or something else that has any credibility to make your point. Otherwise, it makes you sound like a clown.
March 6th, 2009 at 12:46 pm
Lefty:
Gotta go, but I spent one morning this week buying more boring 2-3 year cd’s…I can’t wait until the economy returns, but that is how I am going to spend the coming months…I hope you catch the bullish blip in full stride…
Bruce
March 6th, 2009 at 1:11 pm
CNBCS,
of course, their stuff is top-notch.
now, lb, about that mycelium..
March 6th, 2009 at 1:58 pm
Top-notch Amanita muscaria for you, MEH. Nothing but the best.
March 6th, 2009 at 1:58 pm
Leftback:
Through…and 660 S and P…you’re on..
March 6th, 2009 at 2:00 pm
I wrote here the other day that this looked like a bottom and how some name like AAPL QCOM were holding.
Well that seems to be history now, as high beta takes a huge hit today. I was looking at AAPL AMZN charts and now they look like they head even lower.
QQQQ should also make new lows I think.
Boy this market is really different.
March 6th, 2009 at 2:05 pm
wow, lb, I had to learn about that one..
“Amanita muscaria var. muscaria (Fly Agaric) is perhaps the most fascinating mushroom on this beautiful planet: It has been accused of being everything from the fruit that Adam & Eve ate in the Garden of Eden, to the true origin of Christmas and his flying reindeer, to the inspiration for countless religious sects including Buddhism, Hinduism, and even Christianity. The Amanita and its infamous red and white spotted cap has a history unlike any other mushroom, yet has been veiled in mystery for thousands of years. Could this be the ancient Soma that Gordon Wasson talks about; the Mushroom of Mankind? ”
http://www.amanitashop.com/
from the looks of search results, seems that “Fly Agaric” has set fruit to serious businesses..
and, “For hundreds of years mushrooms have excited both the minds and stomachs of millions of people. They have been used for food, medicine, religious ceremonies, and for poisoning enemies. Mushrooms have been an important part of many cultures around the world. In California some Native Americans have made soups out of shredded mushrooms. The Indians collected fresh specimens, dried and then shredded them before storing the fungi for later use. Fresh mushrooms were boiled and added to acorn soup. Occasionally when a person became ill after eating a poisonous mushroom, an antidote was made by boiling dried deer brains in water and drinking the greasy broth. This was the Native American’s way – survival through the use of whatever resources were at hand, including those plants we call mushrooms.
For thousands of other people, winter is an exciting time when “rainy season people” are out searching for nature’s jewels, mushrooms and other fungi. The colors, shapes, smells, and curious habits of mushrooms have provided endless hours of study for devoted fans. From painting, photography and microscopic study, mushrooms have given us a better understanding of our complex environment.
http://pt-lobos.parks.state.ca.us/Mushrooms.htm
March 6th, 2009 at 2:06 pm
Optionstrader,
fade AAPL to 40
March 6th, 2009 at 5:38 pm
@Hoffer: Agree with you on Apple. They’re next to get clobbered.
Also thinking health care eventually going to get whacked. Tempted to grab some RXD but it’s lightly traded right now. Should have grabbed it at 50 earlier this year. Now in the low 80’s the last I checked.
March 6th, 2009 at 5:44 pm
@Mannwich Says:
Try separating the message from the messenger. I haven’t seen anyone on this thread logically or rationally challenge Krauthammer’s assertion.
And name-calling like “Crownhammer” is so 3rd grade. Tell me why you think he’s wrong. I’m willing to listen.
March 6th, 2009 at 7:52 pm
@Tom K: Someone who’s been as wrong as Krauthammer has been over the past 8 years isn’t worthy of listening to anymore. Period.
March 6th, 2009 at 8:13 pm
“Payrolls fell by 651,000 and revisions for the prior two months lopped off an additional 161,000 jobs”
I had to leave shortly after Hampton announced the figures. I’m back twelve hours later so I’ll apologize if I repeat part of someone else’s post but I’m not going to read all 67 of them. If revisions for the two prior months average another 80K job loss than we can expect at least the same revision to February’s number. Make that 731,000. These are BLS numbers which we know are “fixed”. 800K? No problem.
March 7th, 2009 at 6:50 am
Mark Hoffer, I’m not sure where you were going with the Amanita post, but I would stay away from those. They’re like playing Russian Roulette. There are old mushroom pickers and there are bold mushroom pickers. There are no old bold mushroom pickers. I should probably tie this in with the rest of the blog. Please substitute the word “mushroom” with the word “bank stock” and say it to yourself. Bye