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There is no economic recovery. There is only bad news…a deepening depression on Main Street…and a media that cheers misleading jobs numbers. Today’s unemployment figures are Exhibit A.
Today we heard that 175,000 jobs were created. The stock market soared upon hearing the news. Happy Days are here again. But are they?
Just beneath the headlines is nothing but tragic news. First, last month’s jobs figures were adjusted downward. April’s jobs increase was revised downward from 165,000 to 149,000. Isn’t it a funny coincidence that the revisions are almost always downward? Isn’t it funny how the original figure is always good news…is announced in screaming headlines…and results in a soaring stock market. But no one ever notices the downward revision a month later. This government accounting scam happens almost every month. A private sector CEO would go to prison for fraud.
Originally posted by beezzer
reply to post by xuenchen
2. The stock market is like a balloon with a small leak in it. We don't see it spiraling downward because the Fed is pumping 85 billion a month into it, just to keep it propped up.