The jobs debacle today was no surprise to anyone who spends at least a little time on Main Street. Main Street is punk.
And, spending is coming from only a few specialized economic sectors these days.
THOSE WHO HAVE IT ARE SPENDING IT. AND THOSE WHO DON'T ARE SHOPPING AT THE THRIFT SHOPS! BUT, EVERYONE IS SPENDING SOMETHING.
One might ask:
Who needs wages when you can spend savings, house equity, and stock market winnings? And, that is true.
BUT STILL, THIS JOBS NUMBER SHOULD SHUT THE MOUTHS OF THE "DEUS EX MACHINA" OPTIMISTS ONCE AND FOR ALL!
JOBS, QUITE FRANKLY, AREN'T COMING BACK!
IN FACT, THEY ARE LEAVING FASTER THAN EVER NOW!
SOONER OR LATER, THE "ELITES" WILL HAVE BE DEAL WITH IT.
Dubya is probably a LAME DUCK now, unless BLOODY RALPH can turn the election yet again. And, amazingly, I think he can!
THE ONLY HOPE FOR KERRY & CO. IS THAT BUBBA AND THE NASCAR DAD'S FINALLY WAKE UP AND SMELL THE UNEMPLOYMENT LINES!
My hunch is that unemployment is more feared in BUBBALAND than even Gay Marriage!
SOMETHING CHANGED TODAY. SOMETHING BIG CHANGED TODAY.
ALL OPTIMISM ON JOBS IS NOW POLLYANNA!
AND, IT BEHOOVES THE POLITICAL CLASS TO START TALKING ABOUT IT.......RIGHT NOW!
Postscript:
As to the markets, perhaps up for a while! One percent rates are now Inter-generational! And, not just for Greenspan's generation either!
A weaker dollar is now the "sine quo non" of the American Economy.
Yeah Baby, Dow 10,000 forever. Only this time in AMERICAN PESOS!
COMMODITY INFLATION IS INEVITABLE! INDEED, IT'S ALREADY HERE.
AND, $2 GAS THIS SUMMER WILL JUST ABOUT COOK DUBYA'S LAME DUCK TO PERFECTION BY NOVEMBER!
TODAY WAS A VERY, VERY IMPORTANT DAY!
DESPITE THE RATHER TAME REACTION IN THE MARKETS!
