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Friday, June 1, 2012

Obama Administration, Sans Any Plan, Gets Entirely Predictable Result Today*Updated

Wow. Some seriously shitty  numbers today. Even worse than I expected.

The unemployment rate actually ticked up even though the government statisticians added 200k jobs out of thin air with the birth/death model last month. Last months's report was revised down 35,000 jobs and today's report misses by nearly 100,000. Of course, today's report has been "touched up" and undoubtedly will be revised lower next month.

Dow futures are down -203 points. Oil is down HUGE....nearly 3 bucks a barrel. Brent is down under 100 a barrel. It looks like my call for 80 buck oil may have been too conservative although retailers are still gouging the hell out of us. Oddly, gold and silver are up. *Gold now up 67 dollars- putting a major hurt on the shorts.

The stock market, our default investment, looks terrible. The Fed will meet in June. This looks to get interesting as our crooked administration will not like today's numbers and I can easily see Bernanke and the FED hinting at some more money printing by then and ramping the market back up. That's why gold and silver are not budging today. Yet, anyway.

More at the link.

*President on television refusing to take any responsibility for unemployment problems. I decided to save on electricity today and turned the broadcast off. This is what he said. I'll be damned but I think he is even lying about this.

Obama says economy will come back stronger

President Barack Obama jogs to greet people on the tarmac as he arrives at Minneapolis-St. Paul International Airport in Minneapolis, Friday, June 1, 2012. (AP Photo/Carolyn Kaster)
GOLDEN VALLEY, Minn. (AP) — President Barack Obama says the May jobs report shows that the economy is not creating jobs "as fast as we want," but he says the economy will improve.
Obama says that "we will come back stronger. We do have better days ahead."

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