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Money McBags is the preeminent financial humorist and money maker in the world. While known for his ability to find and invest in undervalued equities, Mr. McBags is also a world class dick joke teller, an aficionado of lovely ladies, and avid reader of books without pictures in them. With... More
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When Genius Prevailed
  • 2/5/2010 Midday Report: Unemployment rate drops as more jobs are lost, for next trick, unemployment rate to solve world peace by creating more wars 0 comments
    Feb 5, 2010 12:46 PM | about stocks: TSYS

    The market is down again today as Europe's sovereign debt problem keeps rearing it's ugly head like Mayim Bialik on the ABC Family network.  The big news in the US markets is that the unemployment rate fell to a measly 9.7% (though if you include people who stopped looking for work and those working part time, it was 16.5%, but that is just a minor detail, like needing to keep your eyes on the road when you drive or not crossing the streams).  The economy lost 20k jobs in January while totals for November were revised up by 60k (to 64k jobs created) and the totals for December were revised down by 65k (to 150k jobs lost, or as they say on the streets, a "fuckload").  While the revised numbers essentially cancel each other out, it does leave us wondering if any of these numbers are reliable at all, like the brakes on that shiny new Prius you just bought.  Money McBags will wager Alan Geenspan's credibility and Eliot Spitzer's dignity (and since both of those are non-existent, it may be a bit of a sucker's bet) that the 20k number released today is not within 20k of the actual revised number to come out in two months when no one will really care.  The point is, people are not working regardless of what made up number Hilda Solis and her No-Labor Department release.


    In international news, potential sovereign debt defaults in Greece, Portugal, and Spain have investors questioning the viability of the Euro like people with working auditory canals question Heidi Montag's singing career.  European Central more...

    Disclosure: no positions
    Stocks: TSYS
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