Monday, October 05, 2009


I am so so freakin' sick of hearing about the "jobless recovery" that supposedly exists, let alone is possible.

I've written extensively about this topic, and so I'm going to exhaust it here tonight and probably only bring it up a few hundred more times. Having said that, I'm going to puke all over myself projectile green Exorcist vomit style if I hear it again on TV or anywhere else.

Is it clear that I think its possibly the dumbest catch phrase ever? I hope so. We simply can not have any real lasting recovery unless there is JOB stimulus, unless unemployment starts to reverse, and not just slow down. Unemployment is well over 12% at this point, its probably closer to 15%. Recoveries come because comsumption picks up. People consume more because they are earning more. If you have so many people unemployed then you can't have those things, can you? I know a ton of people who are out of work. They sit on Facebook and Twit all day and some (many) have given up looking for jobs. Unless you can eat Facebook, or live in a Twitter account they aren't consuming much of anything except for AIR!

So, now that that's clear the market is headed into earnings season here and got a shot in the arm from the evil ones when GS upgraded the large banking sector to "attractive". Either that signals a market top near term, or they were really buying and we can get another pop here back to the highs. Tough call, but I would think we have a shot to try the highs unless earnings start collapsing. That doesn't seem likely on such short notice (off last 1/4s #s) but ya never know.

I'm beat, going to hit the hey, catch ya all manana.



1 comment:

fuji88 said...

Hi, Waxie, don't you think with the FED weak Dollar policy it is going to help boost up most company earning from over sea business!! which we may have a good 3rd quarter earning from the weak Dollar policy. Don't you agree that ? any thought ? WAXIE.