So I saw an article on bloomberg.com that the job losses for last month were 12,000 less than projected. Gee, you think that the losses would lessen more considering we are losing 650k jobs a month!
It's common sense to me that if we have 6.66 million people collecting unemployment insurance that the numbers of initial job losses would slow down. That isn't the issue so much as no one is hiring! If 600k factory workers loose their jobs but are hired as UPS drivers... it sucks if your one of them but at least you got another job! With the current economy a job loss is a sentence of poverty as no company is hiring.
Where I work has had an on-again off-again hiring freeze for two years now. We are way understaffed and management just wants us to suck it up. Well working all the time means burnout, and I'm making mistakes I never would have in the past. I, and my fellow teammates, are just too tired to get it done right.
So the bigger question is what does this mean. I think this is definitive proof that there is active stock market manipulation going on. With sustained job losses of this magnitude there will be no recovery anywhere in the near future. The CBO estimates our budget deficit of 9.3T over the next 10 years. In 2009, it will be about 1.75T. Did I mention that is with an unemployment rate of 8.1%? Silly me, that number will skyrocket as our unemployment numbers will top 11%. those are the cooked numbers, not the real ones. Real numbers for unemployment is at 20%, courtesy of shadowstats.com.
There is no flipping way there are any "green shoots" or any of that other malarkey. This bear market is just a false rally that is trying to suck in whatever fools money they can. Do NOT invest one cent in the stock market. Buy tangibles! Fill up your heating oil tank now, buy precious metals. Buy land, livestock and farm equipment. With the gun-grabbers in power it might be a good idea to buy additional firearms just to sell them later. If I wasn't in the shit at my job I would. I was about to buy a popgun(ar-15 clone) and 200 rounds of ammo to sell it years later at a slight profit (inflation, don'tcha know). But there went that idea.
Buy tangibles. Buy food, water, medicine, heirloom seeds, etc.