The Journal Finally Gets It : Says US Job Market May Not Be As Strong As Reported (Naysayer alert)

New York Post Business Column ^ | 05/31/2007 | John Crudele

[SirLinksalot]

It only took the nation's most prominent business newspaper a decade and a half to figure it out, but the Job Market's Strength May Have Been Overstated.

That was the headline the other day in The Wall Street Journal, which considers itself the nation's pre-eminent financial newspaper.

[Bon mots]

I don’t know - somehow 9 million Mexicans who shouldn’t have somehow found employment.

It doesn’t look like a bad job market to me.

[dirtboy]

If they aren't careful, the press will soon figure out why inflation is really worse than advertised

Nah, the press doesn't want to report that because it's the way the government is attempting to deal with the looming Social Security shortfall.

[Toddsterpatriot]

John could count all the jobs himself. Quick, you’ve got a month.

[Eric in the Ozarks]

North African Muslims have no trouble finding jobs in the Twin Cities. Fact is, the place is overrun with them. How’d this happen ?

[gas0linealley]

“It doesn’t look like a bad job market to me.”

You aren’t competing for a job with those “9 million Mexicans”, are you?

By the way, where did you get the “9 million” number from?

[philman_36]

If they aren't careful, the press will soon figure out why inflation is really worse than advertised and how big the federal budget deficit really is.
IMO they won't. They'll ignore it just like they have in the past.

[Rockitz]

I read a newsletter by Jim Shepherd (http://jasmts.com/) over a year ago that explained that there are also many who have had their unemployment benefits expire and thus can’t claim to be unemployed and many others who are simply living off the equity in their primary residence which explains why the debt levels for the average American are going through the roof and why the savings rate is now negative. The term “smoke and mirrors” comes to mind.

[SirLinksalot]

By the way, where did you get the “9 million” number from?

I'd like to know myself.

Some are even estimating 12 Million illegals. Do we really know how many there are ?

[Rockitz]

Addendum: Mr. Shepherd also talks alot about the loss of manufacturing jobs overseas due to free trade since Clinton signed it into law.

[Sidebar Moderator]

NY Post material must be excerpted in all circustances. Please make a note of it.

[1rudeboy]

I read a newsletter by Jim Shepherd (http://jasmts.com/) over a year ago that explained that there are also many who have had their unemployment benefits expire and thus can’t claim to be unemployed . . . .

Aw Jeez, not this crap again.

[gas0linealley]

I didn’t bother to read the other article, the one about the number of new jobs in May, because I don’t trust the Government to put out honest numbers.

As I was thinking about that, you posted this article. Great minds...

Some writers are guessing that the number of illegals may top twenty million.

[Toddsterpatriot]

explained that there are also many who have had their unemployment benefits expire and thus can’t claim to be unemployed

LOL!

[Bon mots]

By the way, where did you get the “9 million” number from?

The numbers commonly tossed about range from 6-20 million ILLEGAL aliens invading the USA. The same Mexicans who boo the US National anthem at sporting events and who booed Miss USA during a recent beauty pageant.

Even the MSM can't hide this issue: USA TODAY +6 million

Every major newspaper in the country that has reported a number -- from the Wall Street Journal to the Los Angeles Times to the Boston Herald to the St. Louis Post-Dispatch -- has given an estimate of about 11 million or 12 million.

I just split the difference - this is about 10% of Mexico's population.

[longtermmemmory]

The Wall Steet Journals NEWS PORTION IS and WAS rated among the most LIBERAL in the new media.

The reason they are seen as “conservative” is because of the editorial page the news people generally disregard.

This is just a piling on by liberal reporters.

[Mase]

I read a newsletter by Jim Shepherd (http://jasmts.com/) over a year ago that explained that there are also many who have had their unemployment benefits expire and thus can’t claim to be unemployed

Then Jim Shepherd is an idiot who never bothered to learn how the unemployment rate is calculated. Anyone interested can go to the BLS site linked below:

BLS FAQ's

..which explains why the debt levels for the average American are going through the roof and why the savings rate is now negative. The term “smoke and mirrors” comes to mind.

There's a term that comes to mind but it's not smoke and mirrors.

Looks like our debt to income ratio has increased by less than 1% over the past decade during a time of historically low interest rates and record home ownership. Does this look like our debt is going through the roof to you?

If the savings rate is so bad today, why have we achieved a record household net worth in this country? The savings rate, as calculated by the government, is always highest during economic downturns. As a matter of fact, the rate of savings was 12% during the 1982 recession. Maybe Americans find better returns in the stock markets than they do in passbook savings. I'd suggest other sources for your information than Jim Shepherd.

[gas0linealley]

What does the Federal Reserve say about the money supply? Exactly how many dollars are in circulation and how many are being added quarterly?

[iopscusa]

If after the 1986 Amnesty it was determined that the actual Illegal Alien figure was 3X’s the bogus number published prior to passage the ‘86 Amnesty bill!

Thus, a better estimate today is likely more than 30 MILLION illegals.....probably even more than 3X’s the bogus 12 Million given by the Amnesty crowd....IOWs, 36 Million ILLEGAL INVADERS+

[Toddsterpatriot]

Why don’t you explain deflation?

[Mase]

What does the Federal Reserve say about the money supply?

That it's growing about 3% faster than the economy.

Exactly how many dollars are in circulation and how many are being added quarterly?

If I supplied this information for you what could you possibly do with it? Besides, what does this have to do with how the unemployment rate is calculated or what our debt to income ratio is?

[gas0linealley]

A public corporation which either didn’t know how many shares of its stock were in existence, and how many new shares were being printed quarterly, or refused to divulge that information to interested parties, would have only itself to blame if its trustworthiness was called into question.

That is the situation with the Federal Reserve. You probably know it and yet you tout their pronouncements about the economy etc.

Tsk, tsk.

[Toddsterpatriot]

A public corporation which either didn’t know how many shares of its stock were in existence, and how many new shares were being printed quarterly

You don't understand how money is created, do you?

[TopQuark]

Just another SOCIALIST ZOT

[gas0linealley]

“Deflation”:

A. Re. the housing market. Subtract approx. ten percent of the population from the housing market and residential real estate prices will drop faster than they currently are.

Results: Rating entities will be forced to downgrade “Securitized” paper with the result that pension funds, insurance companies, and other institutional investors will be seeking compensation from Wall Street.

Many homeowners will be “upside down” re. home equity vs. debt. Abandonments will accelerate resulting in neighborhood value erosion, worsening the price decline.

More to follow...

[gas0linealley]

You don't understand how money is created, do you?

Oh, I think I do. It is printed on paper, unless it is the loose change variety, in which case it is made primarily of the cheapest metals available.

[Toddsterpatriot]

Subtract approx. ten percent of the population from the housing market and residential real estate prices will drop faster than they currently are.

What or who would subtract 10% of the population from the housing market?

Rating entities will be forced to downgrade “Securitized” paper with the result that pension funds, insurance companies, and other institutional investors will be seeking compensation from Wall Street.

So what?

Many homeowners will be “upside down” re. home equity vs. debt.

Still have to live somewhere.

More to follow...

Will it make sense? Will it have something to do with deflation?

[Toddsterpatriot]

Oh, I think I do.

I doubt it. You understand that the Fed doesn't create the entire money supply?

[Mase]

You don't understand how money is created, do you?

Where are all these tin foilers coming from who think the Federal Reserve has 666 inscribed above the doorway to their building?

I used to think they were joking when they claimed it was the Fed on the grassy knoll in 1963. But these loonies are serious. Bad craziness.

[Toddsterpatriot]

Where are all these tin foilers coming from who think the Federal Reserve has 666 inscribed above the doorway to their building?

Straight from a goldbug website.

[gas0linealley]

Neither of you offer intelligent rebuttals, only efforts to portray those who disagree with you as mental defectives.

Dream on.

[Toddsterpatriot]

You make it so easy.

[gas0linealley]

“I doubt it. You understand that the Fed doesn’t create the entire money supply?”

I would like you to tell me exactly how many dollars now exist, and how many new dollars are being added each quarter. If you also want to tell me other FACTS about the Federal Reserve, I’m open to that.

[Toddsterpatriot]

I would like you to tell me exactly how many dollars now exist

I don't know. Neither does the Federal Reserve. Do you?

and how many new dollars are being added each quarter.

Added by who?

[gas0linealley]

“Added by who?”

Let’s start with the US Treasury.

[Toddsterpatriot]

How do you think the Treasury impacts the money supply?

[gas0linealley]

Have they sold the printing presses to China?

[Toddsterpatriot]

You’re asking how much money is printed every quarter?

You know that printed money is only a small portion of the money supply, don’t you?

[gas0linealley]

You either don’t know the answer, or you are trying to conceal it to protect your position.

It is impossible to make intelligent, well informed, decisions about our currency without knowing how many dollars presently exist, and how many new dollars will be added each quarter.

The Fed must know (excepting counterfeit) but they aren’t telling the PUBLIC.

Such information must be very valuable.

[Toddsterpatriot]

You either don’t know the answer, or you are trying to conceal it to protect your position.

What position?

The Fed must know (excepting counterfeit) but they aren’t telling the PUBLIC.

Currency in circulation is currently $815.177 billion.

FEDERAL RESERVE Statistical Release

That's an increase of $15.4 billion in the last year.

Such information must be very valuable.

If you say so.

Do you understand that the Fed (or the Treasury) isn't responsible for all the dollars in circulation? Yes or no?

[gas0linealley]

What do you mean: “responsible”?

[Toddsterpatriot]

Every dollar in money supply is not a dollar issued (or printed) by the Fed.

[gas0linealley]

So what?

[Toddsterpatriot]

So they’re not responsible for every dollar in money supply.

[gas0linealley]

Who said they are?

[Toddsterpatriot]

You?

[VOA]

The Journal Finally Gets It : Says US Job Market May Not Be As Strong
As Reported (Naysayer alert)

Shall wonders ever cease?
Maybe the WSJ will admit there is noticeable inflation for regular
consumers.
(said watching the steady march up in food/beverage prices).

Not that I'm whining...2-3% inflation per annum is just normal.
I just get tired of the deceit from media/guvmint sources saying
how limp inflation is.
(And yes...I know current conditions beat the h-ll out of the
Carter years...I managed to survive that mess!)

[gcruse]

“The Journal - as well as its sister publication, Barron’s, and The New York Times - suddenly discovered that Washington’s numbers don’t jibe with figures compiled on a quarterly basis by the individual states.”

Not so. I remember reading a Barron’s fifteen or so years ago where columnist Abelson (?) was saying that it was insane for major investment decisions to be made based on government figures that were bogus, jiggered for a current administration’s purposes, and revised later when their impact has passed.

[scrabblehack]

Another thing that’s always bothered me — these surveys of employers that “plan to hire workers.” Well, anybody can answer “yes” to that one....the real question is whether they’ll actually do it or not.

[gas0linealley]

ping