The Golden Truth: The Recovery That Isn't: Jobless Claims Going the Wrong Way

Thursday, April 15, 2010

The Recovery That Isn't: Jobless Claims Going the Wrong Way

I don't care what that monkey Steve Liesman on CNBC says, the jobless claims numbers are getting bad again. The headline number was 484,000, seasonally adjusted. The raw, unadjusted number was 514,742 an increase of 99,730 from a week earlier. The Extended Unemployment Claims jumped 261,817 to 5,855,301 from the previous week. That number represents the number of people who are on the 2 1/2 year jobless benefits payroll. Here's the link: BLS Raw vs. CNBC BS

Now, here's a chart that CNBC DIDN'T show you this morning. I borrowed this from Casey's Daily Dispatch. This chart shows the amount of money States now have borrowed in order to hand out jobless benefits:

Take a good look at that chart. It shows 10's of billions in extra deficit spending that does not show up in Obama's Budget Mathematics. Note that California has borrowed nearly $10 billion to keep food on the tables of its unemployed. See the chart in a post below for another view on the unemployment numbers.

This economy is NOT improving. I combed thru JP Morgan's SEC filed 8-k report yesterday. It's much more revealing than what you might have seen reported on CNBC or the WSJ. JP Morgan's earnings yesterday reflected largely mark to market mark-ups on balance sheet positions that it can't get rid of. Paper profits - not cash.

In fact, most of the earnings that will be reported this month for last quarter will be the result of GAAP garbage. The truth is found by taking the extra step to dig up the real "grassroots" numbers which get egregiously distorted by the Government and mainstream financial media. Please note that's a polite way to say that the Government and CNBC are full of sh!t.

8 comments:

HalThursday, 15 April, 2010
interesting that with mark to BS, all the money that has been funneled to the banks--all the off balances sheet crap (ala Enron) still around if we could see it--the 18 largest banks still have to do window dressing at quarter end to maintain capital ration to stay in business so they can continue their prop desk businesses so the chosen few can get massive bonuses.

Ya can't make this stuff up.
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Dave in DenverThursday, 15 April, 2010
LOL. We all read Orwell in high school. He wrote about this in the 1950's...It's replay of Goebbel's and the 3rd Reich, only with different colors and flavors. Old wine in a new bottle, as one of my college English professors used to like to say.
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JoeThursday, 15 April, 2010
Only this time it's going to take out the whole world in a Tower of Babel analog.
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AnonymousThursday, 15 April, 2010
The propaganda/spin machine is in fifth gear-- have you guys seen the recent covers of Newsweak and Businessweak? Talk about Orwellian...
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HopiumThursday, 15 April, 2010
http://fofoa.blogspot.com/2010/04/21st-century-bank-run.html

Great piece!
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Dave in DenverThursday, 15 April, 2010
"Anonymous" asked how JPM and HSBC can get away with shorting the crap out of silver and gold and not be held accountable (I can find where the comment posted).

The answer is that they will be held accountable if enough longs take delivery some month. Right now JPM is short close to 200mm ounces of silver on the Comex. But there's only about 50mm ozs. deliverable ("registered"). One of these days a "big boy" will stand for delivery and JPM AND the Comex will be in trouble.

There has been a LOT of silver leaving SLV in the last several weeks (over 14mm ozs.) and the Comex has seen some unusually big withdrawals as well.

The day of reckoning for the bullion banks is not far off.
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EconomicDisconnectThursday, 15 April, 2010
"There has been a LOT of silver leaving SLV in the last several weeks (over 14mm ozs.) and the Comex has seen some unusually big withdrawals as well."

Sorry, that was me. Couldn't help it!
Obviously kidding.
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Dave in DenverThursday, 15 April, 2010
LOL. I know you LOVE your silver almost as much as you love those beef BBQ ree-ibs!
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Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.