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Santelli: "I Don't Trust the Unemployment Rate" (December 2, 2011)
cnbc.com ^ | December 2, 2011 | none (video)

Posted on 12/02/2011 6:42:33 AM PST by truthkeeper

The link will provide a brief video of Santelli's take on today's numbers when they broke this morning.

In short, he's not buying them.


TOPICS: Business/Economy; Chit/Chat; Miscellaneous
KEYWORDS: ricksantelli; santelli; unemployment; unemploymentrate
Sorry about the annoying commercial at the beginning.
1 posted on 12/02/2011 6:42:34 AM PST by truthkeeper
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To: truthkeeper

Something stinks about these numbers. My guess is that we will see yet another “adjustment” to these numbers next month, which of course the MSM will ignore.


2 posted on 12/02/2011 6:51:45 AM PST by econjack
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To: truthkeeper

I don’t trust anything the 0bama administration claims .


3 posted on 12/02/2011 6:52:20 AM PST by Lionheartusa1 (-: Socialism is the equal distribution of misery :-)
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To: truthkeeper

Rush is right. They’re massaging the numbers down. Now they can say unemployment is at 8% when it used to be at 9%. We’ll hear nothing of the decimals from this point forward from either the media or the administration (which are the same thing).


4 posted on 12/02/2011 6:54:14 AM PST by cotton1706
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To: cotton1706

Agreed...I’m sure Rush will have plenty to say about this today.


5 posted on 12/02/2011 6:55:31 AM PST by truthkeeper (Vote Against Barack Obama in 2012!)
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To: truthkeeper

I should think most “new” jobs are seasonal such as SA’a bell ringers, mall employees and mall Santas.


6 posted on 12/02/2011 6:58:20 AM PST by DJ MacWoW (America! The wolves are here! What will you do?)
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To: DJ MacWoW

LOL...I think you’re right.


7 posted on 12/02/2011 6:59:16 AM PST by truthkeeper (Vote Against Barack Obama in 2012!)
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To: truthkeeper

The number is massaged an fake, and has been for a long time. Just like GDP and inflation figures.


8 posted on 12/02/2011 7:00:45 AM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: truthkeeper

You could have 75% of working age people unemployed and the unemployment rate will still be less than 10%.


9 posted on 12/02/2011 7:02:12 AM PST by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: truthkeeper

In the video I *think* the guy claimed that they were factored out. Um.......bunk.


10 posted on 12/02/2011 7:02:41 AM PST by DJ MacWoW (America! The wolves are here! What will you do?)
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To: truthkeeper
In short, he's not buying them.

No one is - not even the leftists on the blogs. (I just had to look)

Maybe they think they can fool people into thinking things are going so well, they'll spend, spend, spend for Christmas and temporarily increase the consumer confidence before election day?

It's too far from the election right now, so it's designed to affect something else later.

11 posted on 12/02/2011 7:03:31 AM PST by concerned about politics ("Get thee behind me, Liberal")
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To: truthkeeper

The unemployment rate is what it is, and it’s a combination of things.

U/(E + U)

U = Unemployment
E = Employment

Employment when up fine.
Unemployment (number of people without jobs looking for work) went down big. It went down half because of Employment and it went down half because people without jobs stopped looking.

The Employment part is good, and the Unemployment part is partly bad. A mixed picture.

BUT a mixed picture is better than a uniformly bad picture.


12 posted on 12/02/2011 7:04:01 AM PST by Redmen4ever
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To: truthkeeper
I don't want to sound conspiratorial, but for these numbers to have dropped a half a percent in one reporting period seems awfully fishy. One only need to ask the question, "what has changed?" to cause this improvement?

There have been no new trade deals, no new legislation (or overturned legislation), no other signs that would drive employers to hire so many people. In fact, that last UE report indicated there were MORE unemployed. The only explanation would be that there is some short-term hiring as a result of holiday sales.

Sorry, I'm not buying it.

13 posted on 12/02/2011 7:04:52 AM PST by Lou L (The Senate without a fillibuster is just a 100-member version of the House.)
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To: truthkeeper

Everyone is wary. Most of us know multiple people who have not been able to find work in a looooong time.


14 posted on 12/02/2011 7:07:15 AM PST by BunnySlippers (I LOVE BULL MARKETS . . .)
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To: Lou L
what has changed?

315,000 fewer people than last month are being counted. These are discouraged workers who have given up actively looking for work, and thus are no longer considered unemployed. Isn't government great?

15 posted on 12/02/2011 7:10:20 AM PST by kevao
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To: BunnySlippers
Most of us know multiple people who have not been able to find work in a looooong time.

No argument here. I work in the legal field (family law and bankruptcy) and people out there are in bad shape. You should hear the stories.

But then I guess we all hear them.

16 posted on 12/02/2011 7:22:09 AM PST by truthkeeper (Vote Against Barack Obama in 2012!)
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To: GeronL

What the unemployment stats are is what the government says they are, period. Just like the stats of illegal immigrants currently in this country being approx 3 million and CO2 is toxic. Sure.


17 posted on 12/02/2011 7:23:57 AM PST by drypowder
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To: drypowder
Just like the stats of illegal immigrants currently in this country being approx 3 million

I think it's been determined that the politically correct number is 11 million. That number has been bandied around for at least 10 years. (But I know what you mean, figures don't lie but liars can figure.)

I'm still waiting to hear the first candidate admit, in a public forum, that these numbers are bogus.

18 posted on 12/02/2011 7:30:58 AM PST by truthkeeper (Vote Against Barack Obama in 2012!)
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To: BunnySlippers
Everyone is wary. Most of us know multiple people who have not been able to find work in a looooong time.

You are correct. One of our neighbors has been out of work since 0 bummer shut all the dealerships that did not donate to his campaign. He is now working on the farm with his dad. Our neighbor who works in real estate, has given up looking for a job.

19 posted on 12/02/2011 7:38:58 AM PST by Arrowhead1952 (Dear God, thanks for the rain, but please let it rain more in Texas. Amen.)
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To: Arrowhead1952

Not to mention the volume of people bartering for goods and services and working under the table.


20 posted on 12/02/2011 8:04:03 AM PST by truthkeeper (Vote Against Barack Obama in 2012!)
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To: truthkeeper

Fox news just said that 315K people stopped looking for work and are no longer counted. These numbers are so cooked that they are like a mushy steak.


21 posted on 12/02/2011 8:11:25 AM PST by Arrowhead1952 (Dear God, thanks for the rain, but please let it rain more in Texas. Amen.)
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To: truthkeeper

Trust is earned, and the administration is peopled with politicians.....they have been for centuries...


22 posted on 12/02/2011 8:13:12 AM PST by petro45acp (NO good endeavour survives an excess of "adult supervision" (hence the American experiment))
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To: econjack

Fox News pointed out that the reason for the drop is more people giving up looking for a job—but I wonder if the mainstream media will even point that out. I expect them to tout the figures as a sign that the Obama administration is fixing the economy.


23 posted on 12/02/2011 8:39:48 AM PST by Verginius Rufus
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To: cotton1706

Ironically they didn’t want it to drop to 7% since another reduction (created out of thin air) will be made in Spring ‘12 to plump up Broke Owebama’s prospects.


24 posted on 12/02/2011 8:46:10 AM PST by relictele (Unions: organized crime with better PR)
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To: truthkeeper

Don’t apologize for CNBC. They’re the asshats that put that commercial at the front of the video.


25 posted on 12/02/2011 8:49:01 AM PST by BigSkyFreeper (You have entered an invalid birthday)
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To: truthkeeper

Hey, did you notice how convenient it was for the Birth/Death number for businesses was not available when Rick Santelli asked for them from Steve LIESman?

This is a purely fictional number that is literally made up by the Bureau of Labor Statistics on a monthly basis and directly influences the number of new jobs created.

When asked, LIESman replies, “No, I don’t have the Birth/Death number.”

How convenient!

What a joke!


26 posted on 12/02/2011 8:53:20 AM PST by JohnG45
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To: econjack

What stinks is they’re manipulating them to the White House’s advantage. The media reports say 120,000 jobs were added, BLS says 315,000 were also trimmed, yet even if the 120K figure is correct in order to account for that .4% drop there would have to be 600,000 jobs lost.


27 posted on 12/02/2011 8:55:08 AM PST by BigSkyFreeper (You have entered an invalid birthday)
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To: JohnG45
When asked, LIESman replies, “No, I don’t have the Birth/Death number.”

"I left it on the coffee table and the dog ate it."

28 posted on 12/02/2011 9:05:12 AM PST by N. Theknow (Obama - 5 letters; loser - 5 letters; poser - 5 letters; cheat - 5 letters; idiot - 5 letters)
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To: relictele

Of course, if the unemployment number keeps going down, why would we need Obama’s jobs plan?? Quite a conundrum.

Of course we know the reason, the jobs bill was never intended to create jobs. It was just something to campaign about.


29 posted on 12/02/2011 9:07:58 AM PST by cotton1706
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To: Verginius Rufus

There are two effects that take place: 1) The Discouraged Worker Effect, where workers simply give up because they feel job search is a waste of time, and 2) Additional Worker Effect, where new workers enter the labor force because the primary breadwinner has become unemployed. The first causes unemployment to be understated while the second causes it to be overstated. While I can’t prove it, I think the DWE dominates and we are severely underestimating the unemployment rate. Throw in the “underemployed” and my guess is that unemployment is at least 15%.


30 posted on 12/02/2011 9:17:57 AM PST by econjack
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To: econjack
15% is probably an underestimate. I have seen similar numbers bandied about as the "real" unemployment" rate (if you count those who want a full-time job and can't find one).

With the widespread discrimination against older workers, a lot of people in their 50s and 60s just decide they will never be able to find another job and give up looking--so they don't get counted in the official unemployment rate.

31 posted on 12/02/2011 12:03:18 PM PST by Verginius Rufus
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To: truthkeeper

The true number is about 20%!


32 posted on 12/02/2011 12:26:05 PM PST by Tucker39
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