If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State. – Joseph Goebbels, Hitler’s Minister of Propaganda
Think about the psychology behind Goebbel’s statement for a moment. If you are going to tell a lie, make it so outrageous that most people would fall into believing that it’s true because they would not let themselves believe that someone would try to present an extreme lie as the truth. It’s like a modified Stockholm Syndrome mechanism.
Dave , this is so transparent and bad that I am almost rendered speechless and I always have something to say. – John Embry in an email exchange
I didn’t bother to watch the American Horror Story presentation of the release of the non-farm payroll report as it was released. I’m not in the habit of turning on the Cartoon Network this early in the morning. But when I saw the headline numbers my response was to laugh out loud.
No sense dissecting the numbers because I’m also not in the habit of spending time analyzing and interpreting complete nonsense. Everyone reading this has seen the analytic dismemberment of the BLS data releases ad nauseum. After enough iterations, it becomes a boorish waste of time. I am looking forward to John Williams’ comments later today, of which I’ll share a few snippets.
Kudos to my friend and colleague who predicted how today would unfold almost perfectly. Almost. Even he vastly underestimated the degree to which the BLS would shove a lie in our face. Well, he got the sequence of plays right but he underestimated the size of the Big Lie – this was from Wednesday:
BD model adds 145,000 jobs. NFP for October comes in at 190,000. Mark Zandi gets quoted in every wire service saying it’s a clear indicator of the underlying strength and improvement in the economy. All jump even harder on the consensus December Fed rate hike band wagon. Stock market rips lower and Gold gets hammered to under $1100. Stock market rips at 3:30pm into the Friday close as they force massive short covering into green and Gold goes unchanged on the day.
It remains to be seen if the stock market rips higher by the end of the day. I bet it will. I doubts gold will rally however, at least today. It’s for sure going higher but we might have to wait until the market understands that there will be no rate hike in December and, if anything, more QE is coming. But the only way to support the Big Lie is keep a lid on the one indicator that would severe the Achilles’ Heel of the Big Lie.
On another note, the homebuilders are getting ripped apart again today. Gee, if so many people found jobs, doesn’t that mean homebuilders will selling more homes? Shouldn’t these stocks being flying? Two of the largest homebuilders have now reported big declines in deliveries in their third quarters through September. But I thought the summer was supposed to be the best period for home sales…bummer dude.
Burst of hiring sends unemployment to 5%!!!!! LOL! This is getting to be such a joke Dave. I’m getting crash fatigue. It’s like the Bataan Death March. Let’s get it over with my God! – blog comment from “Richard”