Employment Report Insanity

Oh, what a tangled web we weave…when first we practice to deceive – Sir Walter Scott

The monthly non-farm payroll report has become perhaps one of the biggest tragicomedies manufactured by our completely fraudulent Government/Wall Street/financial media fairy tale factory.  The report generates as much anticipation, speculation and discussion as any of the economic reports released.  The week leading up to the release of the report is spent discussing and analyzing the numbers that are forecast by Wall Street’s brain trust, including the numerous last-minute revisions.  Today, for instance, with an expected headline print of 206k jobs created in March, CNBC’s Joe Kernan tried to heat up the anticipation even more  a minute before the release by exclaiming “some of the whispers are expecting a three-handle” (meaning over 300k jobs).

The complete tragic irony in all of this is that the employment report is probably the most deceptively fraudulent reports produced by the Government.  I’ve grown fatigued producing analysis which shows just how absurdly inconsistent the data is with reality.  When a very bright colleague of mine started in on the numbers I told him that I just don’t care anymore.

Think about all the resources and time we spend discussing, dissecting and analyzing the report every month.  The funny thing is that we spend all this time discussing meaningless numbers.  Meaningless because they are so completely inaccurate.  I know analysts who spend hours upon hours going through the reported data and comparing it with all the data and data-adjustments from previous reports over the years.  But it’s a complete waste of time.  It’s nothing but pure torture.

Then my colleague pointed out that the report moves the market – the market trades on the numbers.  To which I responded, quite correctly I might add, that the market doesn’t trade on the number – the market trades on the back of Fed intervention.   That’s it.  It’s that simple.  Occam’s Razor.  It’s a complete tragedy that we “legitimize” the numbers by discussing them.  CNBC/Bloomberg promote the “legitimacy” of the numbers by bringing on their panel of “experts” who then spend several hours discussing the report and its implications about the economy.   They legitimize the illegitimate by making it seem like the discussion is important.

Really, the important discussion we should be having is:  how on earth did we allow our system to become so fraudulent and corrupt?   The warnings were issued from the very beginning by the Framers of the Constitution.  And yet, humanity has proven once again that the only lesson we learn from history is that we don’t learn from the lessons of history.   When will this torture end?



14 thoughts on “Employment Report Insanity

  1. I checked your site this a.m. after reading that ridiculous report. I also read some dingbat CNN Money report heralding that jobs have been restored to pre 2007 levels.

    My fucking brain nearly explodes. it’s like being forced to read Huffington Post.

    Then the economic media- who make their living discussing economic numbers- are forced to talk about this latest piece of fraud like any of these numbers are remotely accurate or mean jack shit- which they don’t.

    Thank God for people like you Dave. Without you- I’d have lost my mind a long time ago.

  2. We humans are inherently flawed. And it seems we always return to our willfully blind and baser natures. It is ultimately a moral problem and I think that what we are reaping now is the consequences of a culture that has been teaching each person makes their own morality.

  3. Imagine the mental process for these ignorant folks when the GREAT REVEAL happens. When you wake up some day and realize you’ve been lied to for years and years, and you passed along this deception to others. Of course, DENIAL is a strong defender of sanity, but at some point such DENIAL does break down when things get bad, and then there’s no place to hide from yourself. If anyone is feeling a lack of compassion for these idiots, just know that their just desserts are just around the corner. These people will be in a world of hurt when their old paradigms collapse around them.

    In the future, I see a whole new realm of literature opening up: tell-all stories of our recovery from our madness (for those that don’t suicide first).

  4. I don’t pay any attention to the numbers as they only get me angry over the fraud that it is. Eveyone I knew that worked full-time for at-least over a decade are now part-time, on food stamps, and have medicaid. Some are behind on their rent for the first time in 15 years. This will eventually blow-up as nobody will have disposable income after the bills. Any money extra is being put away (and it’s pretty little amount). That’s the boat that I’m in. I’m not buying one damn bit of anything extra. Times that by millions or billions and it adds up to more businesses going under and more lay-offs.

  5. “Wall Street’s brain trust” We hope they have a brain, one that isn’t brain dead.

    …”the market doesn’t trade on the number – the market trades on the back of Fed intervention. ” Doesn’t/didn’t high frequency trading also have a hand in it? With so many computers front running the market and with so many orders being placed at once, couldn’t the HFTs help make the market go up?
    I admit I’m just guessing here, but HFTs could have been a component in making the market look better than it really is, especially since reality is treated like a member of Occupy Wall Street. Maybe someday reality will be released from false imprisonment and walk out a free man from Wall Street/Washington DCs jail.

  6. Great stuff as usual Dave.

    This shit drives me nuts too. The financial presstitutes are the worst as they want the ponzi to continue. I must admit, if I had no integrity and was a corrupt whore like Joe Kernan I would love bragging about driving my Porcshe to work daily to sit around and drink coffee bloviating about fraudulent government numbers while pulling in a 1/2 million a year for basically doing nothing. They should be more worried. I live in Thailand and during the last protest the first place they went was the state controlled media tv and they flew the anchors off the roof to save their asses.

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  8. Is humanity the apex of evolution, or some hideous aberration ? I sometimes wonder.

    BS is right, Dave, and your fatigue with parsing the numbers is understandable. It’s the same reason why I pay scant attention to politics these days (I find it ludicrous that so much attention is given over to the topic, like it matters simply because a bunch of talking heads think it matters). Clowns to the left of me, jokers to the right…

  9. Dave, many feel a strong peer pressure to deny reality and go along to get along aka “move along, nothing to see here”.
    Compulsory conformity via labor camps, gulags and drug dependent psychiatric hospitals of the Soviet Union didn’t end there. Solzhenitsyn wasn’t imprisoned and oppressed merely to perpetuate the fraudulent status quo and subservient economy. Today’s corollary in the USA draws from similar academic textbooks, dogma and sanctioning bodies:

    “Now thanks to thought policing by the American Psychiatric Association, the latest addition of the DSM-IV(Diagnostic and Statistical Manual of Mental Disorders) is setting up the dominoes for arbitrary diagnosis of any dissenting individuals.
    Listed as new mental illnesses are above-average creativity and cynicism. The manual goes on to identify a mental illness called “oppositional defiant disorder” or ODD.

    Defined as an “ongoing pattern of disobedient, hostile and defiant behavior,” symptoms include questioning authority, negativity, defiance, argumentativeness, and being easily annoyed.
    A Washington Post article observed that, if Mozart were born today, he would be diagnosed with ADD and “medicated into barren normality.” What used to be known as personality traits are now diseases, and of course there are treatments available.

    When the last edition of the DSM-IV was published, identifying the symptoms of various illness in children, there was a jump in the medication for children. Some states even have laws that allow protectives agencies to forcibly medicate, and even make it a punishable crime to withhold a prescribed medication.
    Beware people with a strong sense of individuality! Though the authors of the manual claim no ulterior motives, labeling freethinking and nonconformity as a mental illness has a lot of potential for abuse. As a weapon in the arsenal for a repressive state, it seems societal reality is morphing into a playbook for autocrats borrowed from a Phillip K. Dick novel.”

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