The bad news is flying fast and furiously as the market ramps up again. So what's new, right? Just when you thought we were out of the woods and some sort of normalcy or realism is setting in, the manipulators show they are not dead yet. Here is a smattering of news that will hopefully emphasize the impending doom that we will eventually be forced to endure courtesy of the elitist, protectionist assholes in charge.
Late last week Zero Hedge provided BLS Discloses It Has Overrepresented Payroll Data By 824,000 Or 15% and backed it up today with Charles Biderman Trashes BLS Flawed Payroll Model. OK, so there is a flaw in the way the government tracks something? Wait a freaking minute, you meant they are screwing around with the numbers and not telling us the truth? LOL, this does not just happen with the BS (excuse me BLS) reports. "These numbers are a joke." I could not agree more Charles.
While on the topic of employment, I'll bring Denninger's Employment: You're SMOKING Green "Shoots" post from Friday to the table. "This is an unmitigated catastrophe, and it did NOT abate during the so-called "economic expansion" of the 2000s. If that was a true economic expansion - that is, driven by people going to work and earning a productive living - then the "NILF" numbers would have contracted on a 12 month trailing basis during that so-called "expansion." They did not, which means the so-called "expansion" didn't come through productive labor." So what Karl is pointing out is that the employment situation has continually worsened wince 1999. Nice!
Mish (in a must read) takes a different angle on proving the BLS numbers are a bunch of bullshit in BLS Owner's Equivalent Rent Numbers From Twilight Zone. Mish concisely takes apart the RE side of the BLS report and exposes more green shoot anomalies that CNBS will undoubtedly be pouncing on soon. Just a thought, do you think the CNBS writers are on a career path from the BLS similar to the ones the GS execs take to the government? Just wondering.
Naked Capitalism exposes some of the more serious issues behind the bullshit that goes on behind the scenes in Why is Goldman allowed to game the system?. "I think eyes should be focused firmly on the government’s responsibility and not Goldman when it comes to these issues. Which is why the issues that Simon Johnson raises are important. They go to the core of the regulation of banks." And to those of you that question my market manipulation theme and why some of my calls (see XLF below) hold a high degree of caution, now you know.
The Pragmatic Capitalist has INSIDERS CONFIRM THAT THE RALLY IS FAKE, ECONOMY IS “GETTING WORSE”. "We’re slowly beginning to piece together the puzzle of insider selling that has been so pronounced throughout the rally. By now we all know that the uptick in the economy has been mostly stimulus based. We also know that businesses are still seeing deteriorating top line growth and unsustainable growth via cost cuts. These have been the primary reasons for our skepticism regarding the sustainability of the rally and the economic upturn. As the market soars higher insider selling has been confounding to say the least, but the recent comments from Ken Langone and the Business Roundtable Survey essentially confirm what we have long thought: the rally is built on quicksand." This one is GREAT! PUMP AND DUMP baby! Congratulations, your 401k has been sucked up, up, up and now without your knowing it is being pick pocketed. But don't worry, you be aware of it soon enough.
FOX News has IG Report Finds Paulsen, Bernanke Misled Public on Bank Rescues. So, why is Bernanke still in charge? Cause he is the grand PooBah. He is the untouchable one. He can say whatever the hell he wants.
I certainly do not think I am crazy, but I am a firm believer that our government is totally screwing us. Not only did they allow all of this to happen via ZERO regulation (and the removal of a few hurdles), but they have the balls to try to tell us to our faces (on a consistent basis) that things are fine and improving. Bullshit! Improving my ass. Not getting worse, maybe in some sectors. Hell it is hard to get lower than low. What is that pond scum joke we all used in high school? The lies will all come out in the wash the way your mom and dad always told you they would. The lies are becoming increasingly harder to cover up. When the truth is known, we will be the joke of the world and our transformation from the world's wealthiest fraud to bankrupt nation will be complete.
Don't miss the XLF post below.