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Once Again, our Gov't Creates a Mirage with Unemployment Report
This time it's a total joke. The gov't "Removed" 500,000 from the labor force to make the unemployment rate go down. They report it as "480,000 left the labor force".
If you're actually interested in the details, the attached link explains why we don't have a clue how many people are unemployed.
"If you look at the average labor force growth from 1948 to 2007 of 1,579,000 the labor force should have expanded by 6,316,000 2008-2011. Instead the labor force expanded by a mere 38,000!
Those who think the economy is improving based on the falling unemployment rate are looking at a statistical mirage based on an extremely atypical and prolonged drop in the labor force."
__________________ "No one walking this earth knows what is truly righteous"
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Re: Once Again, our Gov't Creates a Mirage with Unemployment Report
Big whipsaw on the EUR/USD trade when NFP announce came out, one dir when 8.6% rate announced then >180 pips down when info you cite was noted.
These numbers are an illusion, especially during election periods, who is running the Labor dept?????
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"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
Re: Once Again, our Gov't Creates a Mirage with Unemployment Report
I'm kinda hungry. Might be time for an Ipad on wheat.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Last edited by Real World; 12-02-2011 at 03:00 PM..
Re: Once Again, our Gov't Creates a Mirage with Unemployment Report
Quote:
Originally Posted by JackBauer
Was the reportage of said numbers done any differently than usual?
If you read the article from the link, it discusses in detail what has historically been done vs. the changes they've made over the past 3 years.
A boatload of inconstencies...so I guess "yes" is the answser to your question.
Here's one example....
"In the entire history of the labor force data, only in 1951, 1961, 1964, and 2009 did the labor force "shrink". It also "shrank" in 2011 off 2010. Also note that from 1964 to 2007, only in 1991 at 631,000, 1995 at 723,000 and 2002 at 801,000 did the labor force fail to add more than 1,000,000 people."
__________________ "No one walking this earth knows what is truly righteous"
Re: Once Again, our Gov't Creates a Mirage with Unemployment Report
Quote:
Originally Posted by PatriotsReign
working too much...I don't get it.
It stems from this exchange. The fed has been manipulating how it calculates inflation for a couple of decades now. I believe it's changed the formula as many as a dozen times or more. Anyhow, I thought the response of "I can't eat an ipad", was priceless, if not as to the point as one could be.
Sticker Shock
May 1, 2011 1:00 AM EDT
The Fed may deny it, but Americans know that prices are rising. Inflation is back.
Federal Reserve Chairman Ben Bernanke at press conference in Washington, D.C. on April 27, 2011., Joshua Roberts / Bloomberg-Getty Images
“I can’t eat an iPad.” This could go down in history as the line that launched the great inflation of the 2010s.
Back in March, the president of the New York Federal Reserve, William Dudley, was trying to explain to the citizens of Queens, N.Y., why they had no cause to worry about inflation. Dudley, a former chief economist at Goldman Sachs, put it this way: “Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful. You have to look at the prices of all things.” Quick as a flash came a voice from the audience: “I can’t eat an iPad.”
Dudley’s boss, Ben Bernanke, was more tactful in his first-ever press conference on Wednesday of last week. But he didn’t succeed in narrowing the gap between the Fed’s view of inflation and the public’s.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Re: Once Again, our Gov't Creates a Mirage with Unemployment Report
Quote:
Originally Posted by Real World
It stems from this exchange. The fed has been manipulating how it calculates inflation for a couple of decades now. I believe it's changed the formula as many as a dozen times or more. Anyhow, I thought the response of "I can't eat an ipad", was priceless, if not as to the point as one could be.
Sticker Shock
May 1, 2011 1:00 AM EDT
The Fed may deny it, but Americans know that prices are rising. Inflation is back.
Federal Reserve Chairman Ben Bernanke at press conference in Washington, D.C. on April 27, 2011., Joshua Roberts / Bloomberg-Getty Images
“I can’t eat an iPad.” This could go down in history as the line that launched the great inflation of the 2010s.
Back in March, the president of the New York Federal Reserve, William Dudley, was trying to explain to the citizens of Queens, N.Y., why they had no cause to worry about inflation. Dudley, a former chief economist at Goldman Sachs, put it this way: “Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful. You have to look at the prices of all things.” Quick as a flash came a voice from the audience: “I can’t eat an iPad.”
Dudley’s boss, Ben Bernanke, was more tactful in his first-ever press conference on Wednesday of last week. But he didn’t succeed in narrowing the gap between the Fed’s view of inflation and the public’s.
Re: Once Again, our Gov't Creates a Mirage with Unemployment Report
In my opinion, our gov't is going to continue to try to convince our citizens that things aren't as bad as they are. Why? So down the road, when unemployment is "only 6%, we'll think, "Cool, the economy is doing well again"
But the reality will be that the "new" 6% unemployment rate is really about 9-10%. I think our gov't thinks we'll all be stupid enough to SPEND our money if things "look" good. What they don't realize is that "confidence" isn't the key to getting our economy back on track...Jobs are the only key.
Meanwhile, we'll all wonder why we know so many people who are out of work.
__________________ "No one walking this earth knows what is truly righteous"
Last edited by PatriotsReign; 12-02-2011 at 05:00 PM..
Re: Once Again, our Gov't Creates a Mirage with Unemployment Report
Quote:
Originally Posted by PatriotsReign
In my opinion, our gov't is going to continue to try to convince our citizens that things aren't as bad as they are. Why? So down the road, when unemployment is "only 6%, we'll think, "Cool, the economy is doing well again"
But the reality will be that the "new" 6% unemployment rate is really about 9-10%. I think our gov't thinks we'll all be stupid enough to SPEND our money if things "look" good. What they don't realize is that "confidence" isn't the key to getting our economy back on track...Jobs are the only key.
Meanwhile, we'll all wonder why we know so many people who are out of work.
I wanted to puke tonight. I flipped channels and that awful Diane Sawyer was on the nightly news talking about the unemployment rate dropped, and should we be excited about the "recovery". ahahahaha, that's so why I never watch any of the nightly news shows. It's news for morons.
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To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
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Once Again, our Gov't Creates a Mirage with Unemployment Report
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