Job Whacks, Misunderstanding the Fed

Out of Tune Thursday!

Don’t look now, but that grand economist Rod Stewart said it best:  “Every Picture Tells a Story, Don’t It?

Why, if George Thorogood (corrected) offered econometric models, this would be Bad to the Bone.

To quote from the press release this morning:

“CHICAGO, June 6, 2019 – U.S.-based employers announced plans to cut 58,577 jobs from their payrolls in May, up 46% from the 40,023 cuts announced in April, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
May’s cuts are up 86% from the same month last year, when 31,517 cuts were announced. So far this year, employers have announced 289,010 job cuts, 39% higher than the 207,977 cuts announced in the same period last year.
“The Tech sector announced the highest number of job cuts last month. Large Tech firms are finding they need to move workers through the pipeline in order to become more agile. In fact, we’ve seen a number of Tech and Telecom companies offering buyouts to older workers over the last year,” said Andrew Challenger, Vice President of Challenger, Gray & Christmas, Inc.
Companies in the Technology sector announced 12,635 job cuts in May, bringing the year-todate total to 18,568, 342% higher than the 4,205 announced through this point last year. Telecom companies announced the second-highest number of cuts in May with 6,751, 60% of the 11,202 total cuts announced for the year.
Tech companies, however, are not the biggest job cutters in 2019. Retailers continue to lead all sectors with 50,243 cuts, 2,167 of which were announced in May. Retail cuts are down 28% over last year, when 69,316 were announced. “

“What does the Fed have to do with this?”

Ah, Iron Butterfly!  Ure point exactly!

When people are all strung-out on prescription-uppers, they tend to look (in their delirium) at how everything is “Glass  Half Full!”  Invasion from Mexico, evolving trade war, democrats STILL trying to impeach of imprison the elected president…all good, right?

Wrongo, sport.

When the Fed Boss comes out and says something like “Well….er….we MAY lower rates….”  the shills in the financial press simply repeat the common misunderstanding which, in the current example is the epic-fail to ask the only good news-worthy question on the Planet:

Why would Jerry Power LOWER rates?”

  • Does he juss luv crony capitalists so much that the Fed wants to cut ’em a break?  Nope.
  • Does he think this will juice the economy and increase capital formation and we can all continue on the road to Nirvana?  Smells like teen spirits to us…
  • Gentle Ben’s Lower For Longer (L4L) rate idea would be a safe experiment for the class?
  • Well, how about a chicken in every pot, or something?

OK…here’s a wild-ass thought – one in keeping with the past public hints of “bad things to come” offered those paying attention by past Fed Bosses when the brick wall was looming.

Let me do some math for you:  Wednesday’s ADP report said job growth fell to just 27,000 in May.  And now we see cuts up 58,577.

Wanna know how I skated through grad school?  Asking obvious shit like this.  (“Well, Dr. Dalton if we only added 27-thou and then we drop almost 58-thou, does that mean we’re going into a recession?  Yeah…4.0 in grad school…but that’s not the oink here.)

The main oink is that in the ADP numbers, businesses with less than 50 emps were down 52K while Big Biz was up 68K…the story about “new business formation seems to have been run over out in the street,”if’n you was to ask.”  Most people are too dumb to ask…they sponge up the lib media hype while the strong hands unload into the weak (you) and it’s a centuries-long game wherre workers lose every round.

The way we’ve got this figured, like we called “Turnaround Tuesday” this could turn into a turnaround Thursday, ‘ceptin this time it will be a doggie downer if we have it right.  No warranty and doesn’t include destination fees or tax, or license.

We never offer investment advice since the Answer is Blowing in the WindThere’s a whiff of stock yard about, though.

In keeping with our theory that the market is a casino, we are eyeing an armload of Texas All-In levered goodies because I’m serious…there’s only one reason we could think of that would cause the Fed would lower from here.  And we have hopes that when other deep-thinkers notice the brick wall ahead, we’ll make some Dirty Money, love come down, eh Diddy?

The ECB is trying to be cool and sit out the delusion: ECB Extends Forward Guidance, Will Keep Rates Unchanged Until First Half Of 2020, Announces TLTRO Terms.  LOL, if WE go down, THEY go down…don’t kid Ure self.

Sobriety arriving about 90-minutes into today’s session?  All For the love of money, brothers and sisters.

So much for being the world’s leading financial blog-jock.  We now return you to the routine stupidity that entertains…

Elsewise and Elsewhere

Think this can support a further rally? CoreLogic Reports the Negative Equity Share Fell to 4.1% in the First Quarter of 2019.

New Trade Figures have just popped:

And sure, there’s a pop in productivity, but if I’m reading this right, you may not be getting the bennies because labor costs are down…:  Down with Humans, Up with Machines!

Meanwhile, this sure as hell won’t help: China warns of “serious harm” as Taiwan confirms U.S. arms request.  (Back to music, then, shall we?)

Once, twice, three times a ladybugA Ladybug Swarm in California Was Big Enough to Show Up on Weather Radar.

Havana Blues (cue Chico!) as U.S. cruise operators stop sailing to Cuba, travelers vent anger online.

Baby you can drive my car Dept: Exclusive: India to order taxi aggregators like Uber, Ola to go electric.

Computers discriminate?  Well, we had to ask since reading in Fortune how The Rise of A.I. Threatens to Leave Women Behind: Broadsheet.

Worst Headlines of the Day

(Hand me the envelope…thanks)  CNN!  for Marcia Cross says her anal cancer is linked to husband’s throat cancer.  TMI or ratings desperation?

What?  Another envelope?

Runner up Award?  Fox for Bikini model poses for glamour shot while in labor, is accused of staging photo.  9-months to stage, perhaps?

Guest Rap Sunday?

We have some really good things in our “comments” section – so much so that we will be adding a “subscribe to comments” tool here, shortly.

In the meantime, occurs to me that we aren’t posting anything on Sundays, so why not open it up to guest commentary and discussion…sort like First Monday deep-think stuff, but without the webtronicacentric focus.

Speaking of First Monday do take the time to read Testing popular news discourse on the “echo chamber” effect: Does political polarisation occur among those relying on social media as their primary politics news source?

If you don’t know the answer is “Hell Yes!” you ain’t paying ‘tention…  Social Media is a floating beer hall putsch. Sig Social…Sig Social…. 

Take your meds now, quote us on your next talk-show call-in,  and we’ll have moron the morrow…

45 thoughts on “Job Whacks, Misunderstanding the Fed”

  1. If you ever viewed Lori Toye’s “I am America Earth Change Map” shown in a prophetic dream to Lori in 1983 & published in 1989, you will see how her prophecy shows how the evil in America will be eliminated.

    We all know in America that the economy is not the problem. The problem is our Polititions who have corrupted our Republic.

    If you view Lori’s “I am America Map” you will see that the West Coast disappears & the corresponding East Coast cities of evil also disappear. Basically, the deplorables as defined by Hillary are left. The Constitution will once again govern our country. The downside is that I will need to move.

    • Of course the economy is the problem,you can’t give away your manufacturing base and still have any kind of a viable economy, while trying to use the financial system as a catch all to shore up the middle class,the cut in the taxes on the companies and corporations (the 1%) while they stash their proceeds in off-shore accounts.

      As far as getting back to the constitution forget it you gave that away back in the 60’s with all of the killings, (JFK,Bobby,King and a host of others while the Federal agencies including some congress members, covered it up) so that the same group could take complete control of the government,as Bush said the constitution is nothing but a peice of paper and promptly set about destroying it,,so you may as well put it on a roll in the bathroom to cushion your backside, that way it would at least have a purpose, and you will be damn lucky if you can even hang on to the Bill of Rights.!!!.!!!

  2. That’s George Thoroughgood and the Delaware Destroyers, not ZZ Top.
    But still a great song!

  3. Wow Mr. Ure – interesting frame of mind this morning! Been reading / subscribing for quite a few years and these moments don’t come around often.

    Kudos for the mashup!
    Cheers,
    M

  4. Hey George,

    Minor point but your link to ZZ Top is actually a link to George Thorogood. George is Bad To The Bone!

  5. BTB & BTBT !

    Beware the Bounce & Beware The Bull Trap..

    Simple prediction..day the Fed announce Rate cut will be day the Crash of 19 starts to really get rolling..

    Got Gold? – and stay away from the “magic beans”, or you might get Blocked and Chained.

  6. George, I have previously cited to NASA’s position regarding climate change. Yet you continue to ignore and mis-characterize their position. Here it is — again:

    “Observations throughout the world make it clear that climate change is occurring, and rigorous scientific research demonstrates that the greenhouse gases emitted by human activities are the primary driver.”

    “Multiple studies published in peer-reviewed scientific journals [1] show that 97 percent or more of actively publishing climate scientists agree*: Climate-warming trends over the past century are extremely likely due to human activities.”

    https://climate.nasa.gov/scientific-consensus/

    So, I ask again, if 97% of reputable engineers said the bridge was defective, would you ignore that, and drive your family over it? You tell me where the commonsense lies. Best, Mike.

    • READ THE EFFING FOOTNOTE!!!!
      This is rehashed John Cook 2016 and 2013 crap.
      J. Cook, et al, “Consensus on consensus: a synthesis of consensus estimates on human-caused global warming,” Environmental Research Letters Vol. 11 No. 4, (13 April 2016); DOI:10.1088/1748-9326/11/4/048002

      Cook is a PSYCHOLOGIST and published one of the CLIMATE CHANGE BOOKS and his whole world involves MAKI8NG CLAIMTE CHANGE REAL.

      Forbes – which is more articulate and insightful than me – rips him a statistical butt over here:

      https://www.forbes.com/sites/uhenergy/2016/12/14/fact-checking-the-97-consensus-on-anthropogenic-climate-change/#1c64922b1157

      “Cook is careful to describe his 2013 study results as being based on “climate experts.” Political figures and the popular press are not so careful. President Obama and Secretary of State John Kerry have repeatedly characterized it as 97% of scientists. Kerry has gone so far as to say that “97 percent of peer-reviewed climate studies confirm that climate change is happening and that human activity is largely responsible.” This is patently wrong, since the Cook study and others showed that the majority of papers take no position. ”

      NO POSITION!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
      (miss that????)
      NO POSITION

      Not 97%

      You are no better than a left politician. Manufacturing consent.

      Your 97% or engineers offered no conclusion but did write papers about bridges.

      Can’t you apply enough mental acuity to get this?

      • You should encourage Mike to move to a state (or better yet, province) where all energy sources are 100% renewable wind and solar sourced, and damming rivers for hydroelectricity and cutting trees for firewood or building materials are illegal. Also, any building materials made from hydrocarbons, or materials derived from fired energy processes such as insulation or bricks must be strictly banned. Of course, this place should have no combustion based transport or combustion energy consumption; however, electric cars and mule wagons can be permissible, so long as the cars are charged from the proscribed renewable sources, and the mules are fed government-certified organic foods. Raising livestock or hunting for food will be a capital cruelty crime, so Mike will be going vegan.
        Also send him a pitchfork, straw hat and coveralls as a move-in gift, so he can pose for pictures in front of his new sod house hovel. There won’t be a house warming, since heaters and warm houses won’t be legal at his new green residence. His mule can quarter with him, since they are likely soulmates.

      • Is Mike a bot? I can’t imagine any slightly self aware person repeating the same trite, repeatedly debunked talking points over and over and over again to the same audience.
        Mike: But what about… *shuffles cards* …you never said tax cuts bad?

      • He can’t George; he’s here to be like a wicked burr in everyone’s backside, BUT mostly yours. He can’t learn from you because he doesn’t want to. He can’t contribute because he spouts lies. He shows no common sense only hostility disguised as arrogance. He’s a master of nothing not even himself. He is obviously a paid troll, trolling your site day in and day out.

      • Maybe it means what I’m saying (God, grub, gold, and guns) along with paid up land, taxes paid ahead really IS the route to salvation along with being debt free and having the luxury of great health, a perfect partner and almost six figures in checking…(We get to count the digis right of that dot thing, right? LOL

      • You tell ’em George! Wishful thinking on the part of the “glo-bull warming” proponents who want to “do something”! What’s left out is, even if we COULD do something, would it be the right “thing” or make matters worse?
        Really, we Humans are a blip on the Earth’s radar screen. How egocentric of us to even think we understand Earth and how it self-corrects through the ages!
        It’s just another tool in the politician’s box to squeeze more tax out of us!
        Earth is a self-correcting organism. We better not screw it up!

      • Agreed. We have been terrible stewards of the oceans (plastics, plutonium, over-fishing and more) but in reality, it will fix itself (and us) over time.

        What people DON’T come to terms with is where to focus their real intentions and action. Come on people, it ain’t that hard:

        You walk more. Try to grow some of your own food. Sequester some carbon or don’t buy paper towels.

        But it’s like Bitcoins: People are only willing to give radical lip service to things like the environment IF it means that have to give up their own Jones’ing. Around here, we wear clothes until they have holes, we actually garden, and if you don’t have a plan to deal with real famine, then you don’t understand the variability of weather.

        $100-bucks sez 90% of the climate promoters don’t own (and work their own) vegetable gardens. Come on, anyone? They’re all so full of shit (and themselves) it makes me sick. We will be probably putting up 15-20 gallons of frozen here tomatoes this season…held in the frozen state with our own solar which runs the hydroponics and…

        Gawd I hate the hypocrisy of these Dick-taters on socialist schmedia…

      • Man made Global warming…..I’m a little confused. CO2 has a weight of 44 grams/mole (Google it). Air has a weight of 29 grams/mole. In other words, CO2 is 52% heavier than air. So, how does CO2 get into the Stratosphere to form the greenhouse?

    • Mike I do not believe in men made global warming but I do believe in men made pollution. So ten years ago I took 62 acers of corn out of production and returned it to a fresh water wet land. That is 1600 tons of co2 sequestered each year. Which is enough for around 72.7 people yearly. That is all my siblings and there children and grandchildren which is 39 people leave enough for 33.7 more people a year. Which cost me thousands every year my why of paying back. But in the last ten years everyone I have met who preaches global warming including family have done nothing but preach global warming. George has his tree farm I have my wet lands my question to you is what have you done besides preaching?

    • YOU CAN NOT COMPARE ENGINEERS TO THOSE WHO MAKEUP THEORIES
      theories are UNproven , engineering is proven facts
      ask a wholly mammoth about global warming, those damn humans did it to them

      • (Now see what you’ve gone and don, Mike? Pissed off a LOT of readers who ARE engineers!
        Why, these are the people who already know (and followed ClimateGate and know the underlying data has been “adjusted” to the foregone conclusion… mental acuity issues aside, we have the following:

        1. Your engineers aren’t P.E.’s at all on the climate side, they are psychologists and more lib arts types than you can count. (I ever mention I almost sat for my P.E. in Wash State?)

        2. Climate change book writers turned experts who get quoted by fellow true believers in govt appointed by an expansionist government president prior to this one…

        3. No DEFINABLE way to actually CHANGE the climate, even with unlimited money…

        And 4. A buncha-frickin whiners who yell climate and are working to destroy it with an energy wasting pseudo-currency that has no intrinsic value *(because like used toilet paper it is not possible to duplicate…butt (!) so what?)

        Point is: GIGO data Garbage in the parrot press.
        And crypto’s kill climate

        Am I going too fast for you, bud?

      • “4. A buncha-frickin whiners who yell climate and are working to destroy it with an energy wasting pseudo-currency that has no intrinsic value *(because like used toilet paper it is not possible to duplicate…butt (!) so what?)”

        AMEN..

        wanna change it.. Green construction..instead of concrete put in eddible greens.. tar roofs garden tops.. solar wind coal.. use them all.. but do it so that they work together..

        https://www.ancient.eu/Hanging_Gardens_of_Babylon/

        https://www.youtube.com/watch?v=44LMhCq8lxE

        https://www.youtube.com/watch?v=k9RGdbxzsBY

        https://www.youtube.com/watch?v=phmLSHmAQ9Y

        https://www.youtube.com/watch?v=pSn6S-H7m-8

        china gets it.. but then they had to learn the hard way.. they didn’t have any air quality standards or water quality regulations.. or standards.. it was so bad that they had to do something..
        we need to..but right now there is to much profit .. the people building buildings and meridians etc.. the city planners.. that is where it has to start.. at the bottom.. since planting six trees per car and six trees per person that has to be changed.. put up co2 filters on lamp posts solar tree’s get people to put a small co2 scrubber in each home.. they are cheap enough to build.. a couple bucks and will take out 25 lbs of co2 per person.. which can be reprocessed into oil.. charging a carbon tax.. in my opinion is stupid.. sheer stupid..

    • @ Mike,

      “So, I ask again, if 97% of reputable engineers “…and wtf do YOU know about ANY of these so called reputable engineers…..YOU were schooled Twice by George…and you continue with you same BS proven comments…in my world ain’t nuttin 97% reputable, especially your comments…join mark on that ‘wall of shame’…

    • Mike I do not believe in men made global warming but I do believe in men made pollution. Ten years age I took 62 acers of corn out of production and returned it to wetlands. That 62 acers sequesteres 1600 tons of co2 yearly which is enough for 72.7 people a year. My family including all brothers and sisters and there children’s children is 39 people which leave 33.7 people a year that I sequester co2 for and do not get a dime which is fine. But my problem is everyone I hear who complains about global warming including family do nothing about it. They all want the government to force others to do it rather then step up and do what they can. George has his tree farm I have my 62 acers my question is what do you do to sequester your co2?

    • NASA – Never A Straight Answer. Ask Richard C. Hoaglund about NASA answers. He was a former consultant to NASA & worked for Walter Cronkite. Don’t expect the truth from NASA when it pertains to something they don’t want you to know. Don’t be gullible.

    • OMG… Mike.. I cannot believe I am actually going to answer this one again..

      granted MAN does have an effect on climate.. seven billion flatuating furnaces.. the fact that we take but don’t give back has an affect.. we turn fertile farmland into concrete jungles.. does have an affect…….
      BUT…
      it is a natural cycle its going to happen anyway….
      stopping all carbon fossel fuels is not the answer.. If we as man was going to make some changes we should have in 1800 or before.. anything we do today will not affect anyone of us.. it won’t affect our grandkids.. it might affect our great grandkids slightly..
      NASA has not told anyone any lies.. they put it out there as best they can.. you have the ya butts and the what Ifs.. there just like us..
      I think they are a great bunch and I will stick up for the kids of NASA.. I totally adore those guys and what they are trying to teach each and every one of us.( did I mention they are family friendly to.. ). No secrets.. oh theres a few scary things that they would rather not let people know but that is because they would hate to see mass panic. Yet even those are available..( a secret is one person knowing.. the govt. has everything triplicated and has so many involved the only thing they can do is release everything then discredit.. that way there is always the clause of deniability.. best kept secret is out in the open.. the I told you wasn’t you paying attention LOL).. LOL LOL LOL run into the mall and scream FIRE and see what happens LOL
      the issue of climate change can be debated pro or con all day long..
      when in actuality there isn’t any debate at all.. we all were taught in grade school that there are changes to the weather.. that there was an ice age etc etc.. yada yada yada.. the big debate is.. are we to blame.. No… its a natural cycle.. the earth will go through its natural changes and shake the problem childs free of it.. extinction level.. and I believe personally that mankind is in this catagory this time around..

      Here is some lite coffee time reading.from the boys at NASA. I could possibly give you a thousand reports and studies.. there is a new one though that says that changes on the ice is actually reducing co2 which actually shocked them LOL..

      https://www.sciencedirect.com/science/article/pii/S0301421512009275

      https://thesis.library.caltech.edu/9536/

      https://agupubs.onlinelibrary.wiley.com/doi/pdf/10.1029/2007GL030675

      https://www.sciencedirect.com/science/article/pii/S0012825201000617

      https://www.sciencedirect.com/science/article/pii/S0016703798002634

      https://academiccommons.columbia.edu/doi/10.7916/D8V12F42

      https://www.nature.com/articles/35047138

      https://www.sciencedirect.com/science/article/pii/S1367578817300573

      https://www.osti.gov/biblio/1089453

      two very good books.. I definitely recommend reading them both..

      https://books.google.com/books?hl=en&lr=&id=OfVcCwAAQBAJ&oi=fnd&pg=PP2&dq=caltech+studies+on+Human+involvement++on+exceleration+of+climate+cycles&ots=d5_EI3B9xl&sig=4UnbVJVIPSZQY3GHBIM7RZdWlQw#v=onepage&q&f=false

      https://link.springer.com/chapter/10.1007/978-3-319-22512-8_5

      https://www.oapen.org/download?type=document&docid=1002049

  7. Ure had it right! the ZZ Top listing was on the video. George Thourghlygood is awesome

  8. George, that coffee must have gone down pretty good this morning ! You are on a roll my man. I always enjoy your moments of pure rant, because it holds a potential for a public speaking career. If we had the old “60 Minutes” program, you could be Andy Rooney !!

  9. Love the musical references today from the Cars to Rod Stewart …but no link to Iron Butterfly’s one hit wonder In-A-Gada-Da-Vida? Had to ask Alexa to play that, once I saw the reference. Not sure i ever really liked that song, but it brought back good memories of my youth nevertheless. Don’t hear that song much on classic rock stations because it’s such a long song when you throw in the drum solo.

    • There was also a short version that was played on the radio. Didn’t do the song justice.

  10. I’ve said it before. Mike… Mark… Robert… Predictable trolls using standard troll techniques. I give George credit for the rebuttals and NOT eliminating them. They make outstanding examples, and clearly everyone here is ‘ON TO THEM’. Yet they continue…. unaware they are failing miserably in their mission.

    George, you have hit the ‘Big Time’. You have your own government sponsored troll groupies!

    • We are not trolls. Why do you insist on labeling us? We are Tax Paying Americans just like you with differing political views. That’s it. Other than that. I can guarantee you would have an incredible time having a beer with me. That I can do very well!

      • Mark, mate, why the WE?! I have noticed Mr. Ure almost always responds to you, obviously considers your opinions worth responding to. But, you lose the plot when you want to be identified with multiple others. Shankar

  11. Plagiarism is the “wrongful appropriation” and “stealing and publication” of another author’s “language, thoughts, ideas, or expressions” and the representation of them as one’s own original work. Plagiarism is considered academic dishonesty and a breach of journalistic ethics.

      • Mr. Ure, looks like some weirdos out of the wood works to try and make abstract insinuations. Please keep up the sterling work you have been doing forever, from when these weirdos were quite likely getting their nappies changed. All the way from India. A dedicated reader

      • Blessings on your house Shankar…I think it helped me immensely living outside the US in a tax haven (Cayman Islands) for a couple of years…Americentricism is dangerous to one’s mental health.

  12. G Man – can we all just relax and sit back for a moment, to appreciate the Socialist Paradise that is Venezuela today?
    Why even Jack Dorsey(verybadboy/weknow) at Twitter&Square, has suspended the second AOC parody account earlier today over funny “AOC” tweets like ..”in Venezuela they have hotdogs made with real dogs. Not cheap knockoffs like hear in the USA”

    One of the truly wonderful benefits of living and or working in Venezuela is that the current cost to mine (1) Bitcoin is under $600 ! Smells like PROFIT$ !

  13. Earth Changes; North Pole magnetic moved 150 miles last month..if inner core movement than outer core is stationary and oblique earth means ‘fat’ equator butting against ‘slim’ north underneath.. quakes, volcanoes, ocean slips of plates.. not nice… coasts may not be good place to be.. large caverns under neath mountains in continents (i.e. catastrophism based rises due to planetary flybys due to nubu orbital pertubations) probably not good either (west coast USA)..

  14. how much commission plus fees on your account..commission in percentage ? and what of brokerage co buy outs….? just so many wordy gibber jabber.rip offs!

    • Huh?
      You want to translate that into something an earthling can understand?

      commission plus fees on your account? (Any of the big name online discount brokerages are clear enough on this)

      What of brokerage buyouts? If you’re not happy with a broker or brokerage, go to another firm…

      rip offs? What is you talkin’ ’bout? This site is free and we just calls ’em like we see’s ’em.

  15. Tomorrow never knows.

    Imagine. Anglo-Irish-American John Lydon could qualify as your Secretary of State.

    Mr. Lydon aka Johnny Rotten of the formerly reprehensible Sex Pistols has been rehabilitated into polite society notwithstanding certain residual vulgarities. Voted a “national treasure”, Mr. Lydon’s name is uttered in the same sentence as “knighthood”. Such honorable mention eludes The Violators with their QE2 sample seguing into “Government Stinks”.

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