The August jobs number was evidence of a highly toxic economy...
The drop in the number of the unemployed was almost equal to the number of people dropping out of the labor force! This of course is not even mentioned in mainstream commentary!
The decline in retailing shows that the consumer is weakening badly.
The decline in manufacturing shows that the trade deficit will continue rising and has become structural.
The huge increase in health care spending is further evidence that along with Big Oil...Big Health Care is looting the economy to the bone... After all, you can't live without gas and medicines.
And of course wages and hours fell...as more jobs are cut back or given to illegals who are now flooding the country. I was at a food court at a major university recently...and EVERY WORKER except the one taking orders at the cash register was an illegal Hispanic! Spanish has truly become the "Language of the Grill" in the US today!
Many of these new "retail workers" could be illegals, and thus "off the books," this could account for the big drops in retail hiring lately...??
Nevertheless, Wall Street is happy with the continued oppression of the American working and middle classes... But I fear the joy on the Street will be short lived. Many middle class Americans are financing "life style" on credit cards these days...WITH THE FALSE HOPE THAT THEIR HOUSE WILL SELL AT AN INFLATED PRICE...!
Indeed, many are now refinancing at HIGHER RATES to pay off bills...even as their real equity declines...
The only salvation for people refinancing existing mortgages to pay bills is that appraisal values could be "sticky" at the old bubble levels...simply because so few homes are selling in the newly established BUYERS MARKET!!
If you can't sell your house for big bucks to a sucker....you may be able to make the bank "buy" your house at the old apprasial levels before the new prices kick in!
THE DISMAL NEWS CONTINUES...BUT ALAS, WALL STREET SEES ONLY WHAT IT WANTS TO SEE...
SO RALLY ON!!
