The stock market loved it when 195,000 new jobs were created in June. The Federal Reserve pumped $85 billion into the economy (they do it every month) to buy worthless bonds and mortgages that no one else will touch. Meanwhile, first-time unemployment compensation claims averaged 345,500 every week in June.
Some kind of new math must account for all of this euphoric exuberance. In the good old days, the math would have told us there were 345, 500 x 4 = 1,382,000 newly unemployed people in June and only 195,000 (mostly part time) jobs were added in what was a rotten month.
Better keep those printing presses rolling Mr. Bernanke. Wall Street bankers and brokers who get those big bonuses won't love you if you don't CTA. By the way, those are some of the same banks that are so stingy with loans to small business.
How do politicians feel? The $85 billion (That’s BILLION with a B) donation to Wall Street has been described by some Washington insiders as "Chump Change."
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