Wall Street Breakfast: Must-Know News 24 comments
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- 'Bad bank' funding starts to take shape. The White House is said to be considering creating multiple investment funds to buy some of the bad loans and distressed assets at the core of the financial crisis. Obama's administration already announced last month that it plans to create private-public partnerships to buy these assets, but has yet to finalize the structure of the financing partnership. Sources say one leading idea is to create a series of separate funds to be run by private investment managers who would have to put up a certain amount of capital and would decide which assets to buy and at what price. Additional capital would be supplied by the government, which would share in any profits or losses. The government would also try to encourage other private investors to participate, possibly by offering non-recourse loans.
- Toyota may seek help from Japan. Sources say Toyota (TM) plans to ask the Japanese government for loan assistance as the company faces its first loss in 59 years and private investors demand as much as 50% more in interest for the company's debt. Public broadcaster NHK reported that Toyota's financial unit may ask for up to ¥200B ($2B) in loans; a Toyota spokesman confirmed the unit is in talks with state-owned Japan Bank for International Cooperation but didn't confirm the amount of the loan request or the timing. The company is expecting a ¥350B net loss after vehicle sales in the U.S., Toyota's most profitable market, fell off a cliff, dropping 31% last quarter.
- Chrysler hits dead end in bank talks. Talks have stalled between Chrysler and its banks because the banks are unwilling to discuss swapping loans for equity they feel is uncertain. The banks, including Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS) and JPMorgan (JPM), are first in line to be repaid in the event of a bankruptcy, and would lose that standing if they exchange debt for equity. The only other creditors Chrysler could approach to take more equity instead of debt would be the U.S. government and the United Auto Workers union, which has already agreed in principle to reduce its obligation by 50%. Chrysler needs to secure lender concessions by March 31 and reduce its debt by as much as $5B to remain viable.
- Senate moves to restrict tax havens. The Senate introduced legislation yesterday to "restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation." The Stop Tax Haven Abuse Act, as it's called, is meant to increase transparency and accountability in the wake of the Stanford Financial Group fraud and the ongoing legal battle between U.S. authorities and UBS (UBS) over tax evasion. The bill came as UBS CFO Mark Branson prepares to testify before Congress on Wednesday.
- Citi gives jobless homeowners a break. Citigroup (C) plans to announce a new program today aimed at addressing the problem of unemployed homeowners. Under the program, Citigroup will temporarily lower mortgage payments to an average of $500/month for certain borrowers who recently lost their jobs and are at least 60 days behind on mortgage payments. The lowered payments will last for three months, during which time Citigroup will waive any interest or penalties. Sanjiv Das, head of CitiMortgage, said he expects "there will be thousands of people we can help" and called rising unemployment "the single biggest issue facing mortgage servicers."
- Freddie needs new chief. David Moffett has resigned as the CEO of Freddie Mac (FRE), effective March 13, leaving the board of directors and the Federal Housing Finance Agency to find a replacement. Moffett, who is leaving the job just six months after being named to the post, indicated he wants to return to the financial services industry. However, the decision to resign was at least partly due to Moffett's frustration at having to consult regulators on all major decisions and follow public-policy mandates he felt weren't necessarily in the best interest of the company.
- OECD darkens forecasts. Klaus Schmidt-Hebbel, chief economist at the OECD, thinks the global economic downturn will be considerably worse than the IMF forecast last month of 0.5% global growth in 2009 and a 2% slide among advanced economies. Schmidt-Hebbel is preparing new forecasts to be published at the end of March, but says there's no doubt the recession will deepen, and thinks "this quarter will be the worst quarter of all."
- Quotables. "In hindsight, it was a tactical mistake because it put us in the same category as Citigroup (C)." -Bank of America (BAC) CEO Kenneth Lewis, on his decision to ask for more government money to help absorb Merrill's losses.
- Aussies hold rates steady. Australia's central bank left its benchmark interest rate unchanged at 3.25%, the first time in seven months that it has held the rate steady. The bank says government spending and the lowest borrowing costs in four decades are supporting the economy.
- Personal income increases. Personal Income increased 0.4% ($44.8B) (vs. -0.2% consensus); disposable personal income rose 1.7% ($183B). Personal spending (PCE) increased 0.6% ($56.4B) vs. +0.4% consensus. Core PCE +0.1% in-line. Personal savings in January - 5% of disposable income - was the highest since March 1995.
- More mfg contraction. The ISM Manufacturing Index came in at 35.8 in February vs. 33.8 consensus, its 13th consecutive month of contraction. None of the 18 manufacturing industries reported growth. Primary Metals and Wood Products led the laggards.
- Construction spending falls. U.S. construction spending -3.3% in January, far worse than the -1.5% expected, and -9.1% Y/Y. Residential private construction -2.9%; non-residential -4.3%.
Earnings: Tuesday Before Open
- AutoZone (AZO): FQ2 EPS of $2.03 beats by $0.18. Revenue of $1.45B (+8.1%) vs. $1.38B. (PR)
- Delta Petroleum (DPTR): Q4 EPS of $0.08 beats by $0.24. Revenue of $53.5M (+5.1%) vs. $48.7M. (PR)
- Tech Data (TECD): Q4 EPS of $1.17 beats by $0.42. Revenue of $5.71B vs. $6B. Sees Q1 revenue down by as much as 20%. (PR)
- Trina Solar (TSL): Q4 EPS of -$0.03 beats by $0.01. Revenue of $216M (+113.3%) vs. $201M. Financial climate makes guidance difficult. (PR)
Earnings: Monday After Close
- Eagle Bulk Shipping (EGLE): Q4 EPS of $0.32 in-line. Revenue of $62.4M (+64.6%) vs. $58.1M. Shares +14.3% AH. (PR)
- First Industrial Realty Trust (FR): Q4 FFO of $0.52 vs. consensus of -$0.17. Revenue of $145.4M (+44.3%) vs. $83.8M. Sees 2009 FFO of $1.34-1.44 vs. $1.20. Shares +2.9% AH. (PR)
- Hospitality Properties Trust (HPT): Q4 FFO of $0.94 misses by $0.01. Revenue of $24.3M vs. $282M. (PR)
- Live Nation (LYV): Q4 EPS of -$4.33, including $270M in goodwill impairment, vs. consensus of -$0.22. Revenue of $916M vs. $1B. Shares +0.95% AH. (PR)
- MBIA (MBI): Q4 EPS of -$5.30 misses by $4.54. Shares 7.2% AH. (PR)
- McDermott International (MDR): Q4 EPS of $0.19 misses by $0.04. Revenue of $1.66B (+9.1%) vs. $1.62B. Backlog remains near record levels. Shares -4.6% AH. (PR)
- TiVo (TIVO): Q4 EPS of -$0.04 beats by $0.06. Revenue of $59.2M (+16.5%) vs. $54.7M. Sees Q1 in-line. Shares +9.4% AH. (PR)
Today's Markets
- Asia markets opened lower after Monday's U.S. selloff, but rallied to finish the day with milder losses. Nikkei -0.69% to 7,230. Hang Seng -2.3% to 12,034. Shanghai -1.05% to 2,071. BSE -2.09% at 8,427.
- In Europe, stocks posted higher but quickly turned shaky. At midday, London -1.7%. Paris +0.05%. Frankfurt -0.4%.
- U.S. futures surged higher in the overnight session, but lost steam after Europe's gains didn't stick. Dow +0.2% to 6804. S&P +0.1% at 706.50. Nasdaq +0.25%. Crude +1.5% to $40.75. Gold -1.7% at $924.
Tuesday's Economic Calendar
- Motor Vehicle Sales
7:45 ICSC Retail Store Sales
8:00 Fed's Lockhart speaks about the U.S. economy
8:55 Redbook
9:00 Bank of Canada Announcement
10:00 Pending Home Sales
5:00 PM ABC Consumer Confidence Index - Notable earnings before Tuesday's open: AZO, CHS, DPTR
- Notable earnings after Tuesday's close: ADCT, PAY, URS
Seeking Alpha editor Eli Hoffmann contributed to this post.
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This article has 24 comments:
G.Kelly
On Mar 03 09:25 AM know nothing wrote:
> "You cannot legislate the poor into freedom by legislating the wealthy
> out of freedom. What one person receives without working for, another
> person must work for without receiving. The government cannot give
> to anybody anything that the government does not first take from
> somebody else. When half of the people get the idea that they do
> not have to work because the other half is going to take care of
> them, and when the other half gets the idea that it does no good
> to work because somebody else is going to get what they work for,
> that my dear friend, is about the end of any nation. You cannot multiply
> wealth by dividing it."
On Mar 03 09:25 AM know nothing wrote:
> "You cannot legislate the poor into freedom by legislating the wealthy
> out of freedom. What one person receives without working for, another
> person must work for without receiving. The government cannot give
> to anybody anything that the government does not first take from
> somebody else. When half of the people get the idea that they do
> not have to work because the other half is going to take care of
> them, and when the other half gets the idea that it does no good
> to work because somebody else is going to get what they work for,
> that my dear friend, is about the end of any nation. You cannot multiply
> wealth by dividing it."
On Mar 03 09:55 AM ATLBob wrote:
> Great quote: What is the source/who said it?
>
> On Mar 03 09:25 AM know nothing wrote:
Rachael - source ? Time period ? I find this hard to believe, given what has been happening in past months and the past quarter. We're putting 600,000+ out of work each month and income is rising ?
Government numbers are increasingly suspect..
On Mar 03 11:45 AM axelrod608 wrote:
> Know nothing - I got the same email last month from a friend. Is
> that "letter" yours personally or are you posting an anonymous email
> to the breakfast blog ?
On Mar 03 11:45 AM axelrod608 wrote:
> Know nothing - I got the same email last month from a friend. Is
> that "letter" yours personally or are you posting an anonymous email
> to the breakfast blog ?
The first 2 paragraphs were mine and then I remembered that e-mail. I realize these things are sent to everyone with a e-mail address, even so, I lived it! So I copied it and included it in my blog. To answer your question>
Skills and Motivation always earn more.
Consider that the Entrepreneur must come first to create the Jobs. When you rob the entrepreneur, no mater the feeling of benevolence you may feel, you reduce the capacity for job creation.
The Seething Ire for those that steal their companies riches through "legitimate" or nefarious means is well founded. However, cudgeling of all with the "Tax And Tariff" method does not provide the surgical implement that would be of benefit.
The Special Case Laws Of The Tax Code Needs To Go The Way Of The Dodo. The Leech Of Governmental Bureaucracy Needs To Be Reduced For Business To Flourish And Jobs To Be Created.
On Mar 03 10:22 AM rcomment wrote:
> How about a fair days wage for a fair days work? This is not a black/white
> issue, there needs to be give and take for all to prosper and think
> it is worth their time to do what it takes to get the job done. I
> think we, the USA have the makings of a lost generation of people
> who grew up thinking they could do the same jobs as their parents
> and that is not going to happen. The jobs held by the parents are
> essentially gone and those that are left do not pay enough to support
> a middle class life style. We need to educate, re-educate, train
> our working class to perform jobs that will support a middle class
> life style.
You and I come from the same mold, we have the same attitude about what is happening with this country.
But, without spending to much time on the cause, you can piece everyhting togther real fast, The November Election. We knew what the results were going to evolve into, with out a dought, because the sermon was for everyone you mentioned.
If there is a question about the problem, just watch, Judge Judy, Judge Joe and Judge Alex, you will know in seconds what our real problem really is and how they will continues to grow.
It will create quite a stir, but, we need to turn this country back about 50 years and never repeat the same mistakes going forward.
Your article really needs broad publication, for it's suited for every newspaper in the country, including everymail box for broad distribution.
We need to immeditatly vote for term limits, no more that two term for either house, we need to establish a line item veto, a two year trial period. we need to establish the official langauge as English without fail.
These are suggests to get the ball rolling, because there will be much to change for the roll back to be achieved.
Remember it's not a question should these suggests take place, it's when.
What are you thoughts.
John
On Mar 03 11:29 AM know nothing wrote:
> My parents died when was young, 12 yrs and 16yrs old. I had no uncles
> ,aunts, and only 1 sister. Noone ever gave me anything, and I never
> asked for anything I didn't earn. I didn't feel sorry for myself,
> I went to work, learned a trade, then started my own buisness, with
> the knowledge i learned, and the money I was able to save. Not to
> mention the relationships I formed with customers, vendors, and my
> employees.
>
> It takes self discipline, self sacrifice, hard work and determination.
> In america everyone has the same oppurtunity to expand their education
> and be all they can be, noone has taken any oppurtunity from anyone,
> you have to give yourself a chance, give yourself oppurtunity. When
> you are done working at night, thats the time to expand your horizons.
> But you can't expand your horizons by sitting in front of the T.V.
> or in the Bar. Thats were the self discipline comes in, either you
> want it or you don't! It doesn't get any more real than this.
> To All My Valued Employees,
>
> There have been some rumblings around the office about the future
> of this company, and more specifically, your job. As you know, the
> economy has changed for the worse and presents many challenges. However,
> the good news is this: The economy doesn't pose a threat to your
> job. What does threaten your job however, is the changing political
> landscape in this country.
> However, let me tell you some little tidbits of fact which might
> help you decide what is in your best interests.
>
> First, while it is easy to spew rhetoric that casts employers against
> employees, you have to understand that for every business owner there
> is a Back Story. This back story is often neglected and overshadowed
> by what you see and hear. Sure, you see me park my Mercedes outside.
> You've seen my home at last year's Christmas party. I'm sure; all
> these flashy icons of luxury conjure up some idealized thoughts about
> my life.
>
> However, what you don't see is the BACK STORY :
>
> I started this company 28 years ago. At that time, I lived in a 300
> square foot studio apartment for 3 years. My entire living apartment
> was converted into an office so I could put forth 100% effort into
> building a company, which by the way, would eventually employ you.
>
>
> My diet consisted of Ramen Pride noodles because every dollar I spent
> went back into this company. I drove a rusty Toyota Corolla with
> a defective transmission. I didn't have time to date. Often times,
> I stayed home on weekends, while my friends went out drinking and
> partying. In fact, I was married to my business -- hard work, discipline,
> and sacrifice.
>
> Meanwhile, my friends got jobs. They worked 40 hours a week and made
> a modest $50K a year and spent every dime they earned. They drove
> flashy cars and lived in expensive homes and wore fancy designer
> clothes. Instead of hitting the Nordstrom's for the latest hot fashion
> item, I was trolling through the discount store extracting any clothing
> item that didn't look like it was birthed in the 70's. My friends
> refinanced their mortgages and lived a life of luxury. I, however,
> did not. I put my time, my money, and my life into a business with
> a vision that eventually, some day, I too, will be able to afford
> these luxuries my friends supposedly had.
>
> So, while you physically arrive at the office at 9am, mentally check
> in at about noon, and then leave at 5pm, I don't. There is no "off"
> button for me. When you leave the office, you are done and you have
> a weekend all to yourself. I unfortunately do not have the freedom.
> I eat, and breathe this company every minute of the day. There is
> no rest. There is no weekend. There is no happy hour. Every day this
> business is attached to my hip like a 1 year old special-needs child.
> You, of course, only see the fruits of that garden -- the nice house,
> the Mercedes, the vacations... you never realize the Back Story and
> the sacrifices I've made.
>
> Now, the economy is falling apart and I, the guy that made all the
> right decisions and saved his money, have to bail-out all the people
> who didn't. The people that overspent their paychecks suddenly feel
> entitled to the same luxuries that I earned and sacrificed decades
> of my life for.
>
> Yes, business ownership has its benefits but the price I've paid
> is steep and not without wounds.
>
> Unfortunately, the cost of running this business, and employing you,
> is starting to eclipse the threshold of marginal benefit and let
> me tell you why:
>
> I am being taxed to death and the government thinks I don't pay enough.
> I have state taxes. Federal taxes. Property taxes. Sales and use
> taxes. Payroll taxes. Workers compensation taxes. Unemployment taxes.
> Taxes on taxes. I have to hire a tax man to manage all these taxes
> and then guess what? I have to pay taxes for employing him. Government
> mandates and regulations and all the accounting that goes with it,
> now occupy most of my time. On Oct 15th, I wrote a check to the US
> Treasury for $288,000 for quarterly taxes. You know what my "stimulus"
> check was? Zero. Nada. Zilch.
>
> The question I have is this: Who is stimulating the economy? Me,
> the guy who has provided 23 people good paying jobs and serves over
> 2,200,000 people per year with a flourishing business? Or, the single
> mother sitting at home pregnant with her fourth child waiting for
> her next welfare check? Obviously, government feels the latter is
> the economic stimulus of this country.
>
> The fact is, if I deducted (Read: Stole) 50% of your paycheck you'd
> quit and you wouldn't work here. I mean, why should you? That's nuts.
> Who wants to get rewarded only 50% of their hard work? Well, I agree
> which is why your job is in jeopardy.
>
> Here is what many of you don't understand ... to stimulate the economy
> you need to stimulate what runs the economy. Had suddenly government
> mandated to me that I didn't need to pay taxes, guess what? Instead
> of depositing that $288,000 into the Washington black-hole, I would
> have spent it, hired more employees, and generated substantial economic
> growth. My employees would have enjoyed the wealth of that tax cut
> in the form of promotions and better salaries. But you can forget
> it now.
>
> When you have a comatose man on the verge of death, you don't defibrillate
> and shock his thumb thinking that will bring him back to life, do
> you? Or, do you defibrillate his heart? Business is at the heart
> of America and always has been. To restart it, you must stimulate
> it, not kill it. Suddenly, the power brokers in Washington believe
> the poor of America are the essential drivers of the American economic
> engine. Nothing could be further from the truth and this is the type
> of change you can keep.
> So where am I going with all this? It's quite simple.
>
> If any new taxes are levied on me, or my company, my reaction will
> be swift and simple. I fire you. I fire your co-workers. You can
> then plead with the government to pay for your mortgage, your SUV,
> and your child's future. Frankly, it isn't my problem anymore. <br/>
>
> Then, I will close this company down, move to another country, and
> retire. You see, I'm done. I'm done with a country that penalizes
> the productive and gives to the unproductive. My motivation to work
> and to provide jobs will be destroyed, and with it, will be my citizenship.
>
>
> So, if you lose your job, it won't be at the hands of the economy;
> it will be at the hands of a political hurricane that swept through
> this country, steamrolled the constitution, and will have changed
> its landscape forever. If that happens, you can find me sitting on
> a beach, retired, and with no employees to worry about....
>
> Signed, THE BOSS
>
>
> __________ Information from ESET Smart Security, version of virus
> signature database 3843 (20090210) __________
>
> The message was checked by ESET Smart Security.
>
> www.eset.com
>
>
>
I would like to remember back to when if a member of the U.S. goverment was accussed of tax evasion, adultery, using illegal drugs, lieing, ....ect, his career as a politician was over, but not today, the bigger the crook, the faster they get elected and the longer they stay in office. What a shame! I believe that we are all headed for class warfare, the people that work hard and have achievements to be proud of, and then those who never want to do anything to help themselves, and blame the successful people for what they don't have! The new president, is helping instill this in the poor everytime he speaks, he imply's that the people who have accomplished something in their lives, have done it at everyone elses expense. Thats wrong ! I could go on and on, but I've already found there are alot of people on this blog that disagree with my thinking, and I believe the things they write confirms the resentment that the poor have toward others. It's not a matter of if we have class warfare, I believe it's a matter of when! If those same angry people were smart enough to realize that the goverment with all the false promises and lies were the problem,and focus their rage on the corrupt goverment politicians, we could actually unite again and accomplish something that would secure our children's and grand children's future.
Have a great day John, hope to hear from you again soon.
On Mar 03 12:43 PM jrheintz wrote:
> know nothing;
>
> You and I come from the same mold, we have the same attitude about
> what is happening with this country.
>
> But, without spending to much time on the cause, you can piece everyhting
> togther real fast, The November Election. We knew what the results
> were going to evolve into, with out a dought, because the sermon
> was for everyone you mentioned.
> If there is a question about the problem, just watch, Judge Judy,
> Judge Joe and Judge Alex, you will know in seconds what our real
> problem really is and how they will continues to grow.
>
> It will create quite a stir, but, we need to turn this country back
> about 50 years and never repeat the same mistakes going forward.
>
>
> Your article really needs broad publication, for it's suited for
> every newspaper in the country, including everymail box for broad
> distribution.
>
> We need to immeditatly vote for term limits, no more that two term
> for either house, we need to establish a line item veto, a two year
> trial period. we need to establish the official langauge as English
> without fail.
>
> These are suggests to get the ball rolling, because there will be
> much to change for the roll back to be achieved.
>
> Remember it's not a question should these suggests take place, it's
> when.
>
> What are you thoughts.
>
> John
>
> On Mar 03 11:29 AM know nothing wrote:
On Mar 03 12:11 PM know nothing wrote:
>
The class warfare is my biggest fear, we can not afford to divide this great nation, by putting the less fortunate against the more fortunate. Most of the wealhty have not taken from the poor for their own gain. With the exception of some less than honest, politicians, bankers,mortgage lenders, who would stop at nothing for their own personal gain. Most wealthy people in my experience, work longer hours, make larger personal sacrifices, make more commitment to those around them,take more risk in the buisness world, have more desire to achieve than others. This is neither good or bad, this doesn't make the buisnessman any better or any worse than the the employee. This is what comes out of a free capitolist society. Those who chose to live this life can, and those who don't want the responsibility, or stress, can work a 8 hour day and go home and not have to worry about anything the rest of the evening. Thats what makes this, the best country in the world.
But the resentment and hostility, that has shown itself as of late, is not the solution. Pehaps it was the Baptist minister that influenced peoples vote, so be it, if it's fact and something I believe in , then it's needs to be disclosed. I don't write on here for the thumbs up or thumbs down, rather I wish to share my opinion and give people another perspective on the challanging enviroment we now face. Thank you and have a great day!
On Mar 03 01:48 PM hpcooperjon wrote:
> Knownothing, I really appreciated your comment that was first made
> by Dr. Rogers. My surprise is that more negative votes showed up
> than positive despite the sentiment is overwhemingly that of the
> majority. Are they turned off by comments from a Baptist preacher?
> Possibly. I fully sympathize with your situation and wish you well,
> however I do take exception with your anticipated flight from your
> country. You have every right to do that and the means, I'm sure,
> but you know the vast majority of your countryman have to stay here
> and take whatever comes. People like you could possibly turn your
> talents and ambitions into benevolence and love which will be very
> much needed in the near future. I pray you will reconsider. The recovery
> will have to be accomplished by people like you who will take the
> moral high road.
I believe "the Iraq wars" the problem and if we had a constitutional amendment stating "NO WARS OR INSURECTIONS WITHOUT A MANDATORY 10% TAX INCREASE" we wouldn't be in the poor financial shape we're in today and having to ask folks like you to please pay a little more. This amendment would have forced all America to feel a small part the pain our solders have been feeling everyday.
This is a quote worth reading and holding onto...let it sink in!
"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it."
On Mar 03 02:36 PM Shaggieman wrote:
> know nothing: I here what your saying and I commend you for your
> hard work but do you realize the middle class, or what's left of
> it, has been supporting this group for a long while now. What's different
> is the new administration is asking the very well off to put the
> same amount in the pot as they did during the Clinton years; the
> last time we had a balanced budget.
>
> I believe "the Iraq wars" the problem and if we had a constitutional
> amendment stating "NO WARS OR INSURECTIONS WITHOUT A MANDATORY 10%
> TAX INCREASE" we wouldn't be in the poor financial shape we're in
> today and having to ask folks like you to please pay a little more.
> This amendment would have forced all America to feel a small part
> the pain our solders have been feeling everyday.
I am not so hubristic as to believe I am special or more wonderful than others. I have enough of a view to know that in most cases the phrase "There I go but for the grace of God" has real meaning.
Most people I know were working two jobs and trying to go to school before this train crash. These were the people who kept this economy going. If we want this thing to get back on track these people need help. If it doesn't come from us then who?
I hear your skepticism.
The stats are from the Bureau of Economic Analysis, for January 2009.
Here's the link:
www.bea.gov/newsreleas...
-R.G.
On Mar 03 11:40 AM axelrod608 wrote:
> >> "Personal income increases. Personal Income increased 0.4% ($44.8B)
> (vs. -0.2% consensus); disposable personal income rose 1.7%..." >>
>
>
> Rachael - source ? Time period ? I find this hard to believe,
> given what has been happening in past months and the past quarter.
> We're putting 600,000+ out of work each month and income is rising
> ?
>
> Government numbers are increasingly suspect..