Feb 4, 2011 9:13 pm


Analysts expected the economy to add 145,00 jobs in January. What did it do? It added 39,000. Yes, the weather may have had much to do with it but analysts could have been expected to look out of the window before making their sage predictions. If that is not bad enough, we are told that unemploymnet has dropped to 9%. This is not just disappointing. It is absurd

Gallop agrees- It's polling shows a rise in unemployment to 9.8%.

My guess - One percent of the unemployed (elderly and second income earners) stopped looking for the time being. Given the rotten weather, it makes some sense. But doing what Bernanke wishes them to do and go shopping for Chinese goods would be insane as is his economic policy of trashing the US dollar.

Oh, yes, have you noticed how for the first time geopolitical (Tunisia, Egypt, Yemen, Jordan ++) unrest has not led investors to buy dollars. The opposite is true.

The future is here for those who have the guts to look it in the eye. David Stockman does.

"Thirty days ago we were told 130.7 million jobs in the economy, in December, this morning it was 130.2," he said, adding,"that's the half million."

"Over the last 19 months, since the recession ended, we had 130.7 million jobs in the economy. This morning they said we had 130.2, we're still down a quarter of a million jobs from when the recession ended," Stockman added.

In addition, the U.S. is issuing three times more bonds a month than the GDP is growing, he said, adding,"I don't think we are headed for a cliff, I think we are heading for a wall."

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