I was going to take a few days off- but yesterday’s news was big.
Actually- in the morning when I was about to post I almost gave a warning about the market [for real].
Not because of the terrible jobs numbers- I mean nobody saw that coming.
But because of the overall bad data that came in thru out the week.
Then sure enough the May jobs numbers came out- 69,000.
It was a disaster to say the least.
The Dow went down about 250- and the spin doctors were on call.
I really found it funny [amazing] to hear the spin.
Julian Epstein- an Obama guy- talked about the job loss at the end of the Bush years and the start of Obama’s term.
The loss was bad- about 800,000 a month.
Yes- it was a real recession.
So- Epstein noted that for the first couple of months of this year the jobs were positive- created a couple of hundred thousand a month on average.
So- he says ‘Obama has turned the jobs numbers on average to a positive 900,000 jobs a month’ [my paraphrase].
Yeah- according to him Obama has actually ‘created’ 900,000 jobs a month.
He said this was the most amazing job growth in our lifetimes.
This on a day when the numbers were the worst in a year.
Then I saw an interview with some Chicago big wigs.
Rahm Emanuel- another Obama fan- and a few talking heads were eating some Chicago pizza.
They said that the economy under Obama is actually great [not good- but really good!]
They gave a few numbers.
Then they said the problem is the media only play sound bites- and the public gets ‘fooled’.
I have heard this accusation before- that the insiders who surround the pres actually say this- that the true message of how well he is doing is not making it into the minds of the average person.
That the people who ‘cling to their God and guns’ are actually ‘less than intelligent’ and that’s why they don’t appreciate his presidency.
Then old Bill [Clinton] made the rounds- and he pulled a Cory Booker.
He said that Romney’s business record was ‘superb’.
Geez Bill- how bout he simply didn’t do shaky schemes? [Like the Chicago pizza crowd- Rezko- shady real estate deals. Jobs ‘created’ for the wife of a senator- making around 400 thousand a year. And after the senator leaves town and becomes president- the job never gets filled again. Or Rahm sending a dead fish to a political opponent- doing a cheap replay of the dead horse head in the God Father movie].
No- not only was Romney a good guy [according to Bill] but ‘superb’.
I bet Biden was jealous over this gaffe.
So the week was not good at all for the president.
Where do we stand?
To be honest- for the May jobs number to be that bad- was a shock.
You were hard pressed to find any market Bulls running yesterday.
I do think we are now in a major slowdown- and if we get any worse- we might see a double dip recession.
And it’s not just the U.S. economy- the far east is also slowing down.
China’s economy is not as hot as we hoped either.
‘Well John- then why are oil prices better’?
One of the reasons oil [gas] goes up- is because you think there is a demand for the stuff.
If you think the global economy is slowing down- then you think ‘maybe the demand for oil will be low’.
So that plays a role in the thing.
I found it sad to see the spin.
I watched most of the news shows during the day.
And on MSNBC- Matthews [Obama cheerleader] I did not even hear him mention the number one story of the day- the jobs numbers.
Matthews spent most of the show accusing Repubs of wanting to jail women who terminate their pregnancies because of gender bias.
Now- should women ever abort their kids because they wanted a boy instead of a girl?
But if you watched hardball- that was the story of the day- sad indeed.
The ‘real’ story is not that Obama actually has one of the ‘greatest job turn abounds in the history of the nation’.
Or that the media have tricked the gun toting God believing lemmings into thinking his presidency is not historic.
No- the real story is the hopes [on both sides] that this year we would see a real economic turnaround has now faded.
So- this year will not be a ‘superb’ year- by any means.
All the gains in the market for the year have now been lost.
The unemployment rate has ticked up to 8.2%.
And the economy is doing badly.
Yeah- the spin doctors were out in full force.
One particular dose of spin intrigued me.
It was a report on the Brewery companies.
They said this was one of the few businesses that has- for some strange reason- excelled.
I will quote you a verse- maybe it will shed some light.
‘Do not give strong drink to those who are doing well- but give it to those who have no hope- then they can forget about all the bad news and pass out’ Proverbs.
Yeah- I think that tells it all in a nutshell.
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