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View from Main Street, USA

Its amazing that John Cannally of LPL Financial can make such bold statements such as "We aren't doing a whole lot of hiring yet, but I think you can safely say the firing is starting to stop. And this shows that we're close to adding more jobs." ......Excuse me sir! Close to adding jobs??? Your own firms website shows its 2010 outlook as having strong headwinds for investors in the second half. Once again when the easing and stimulus exit the system our dismal and initially overstated GDP will find the door as well. Just because your no longer reducing your workforce in no way signifies that your ready to start hiring. I wouldn't exactly be looking for work in the Vegas hospitality industry (the main source of income in Nevada)  or the marine/boating industry either with what our president is saying at his town hall jobs meetings this week. 
          Bank of America came out this week stating that they are planning on hiring 2000 brokers this year. Fantastic, but hiring 2000 presumably fully commissioned sales people doesn't put a dollar to GDP less we forget that the investor has to be willing to work with these brokers. Can anyone see the BOA cubicles filled with a bunch of suits playing solitaire all day? Maybe its just me. Schwab and Fidelity also came out this week stating that they are going to be reducing their online fees and commissions, this again doesn't sound too positive for financial institutions that believe were turning the corner into steady, sustainable growth. 
       Did anyone catch Dennys CEO Nelson Marchioli on Bloomberg today at lunch? His quote hit the nail on the head with his ear directly pointed to the blue collar worker, the cornerstone of the franchise is the blue collar, under $45k worker. His take "Wall street may be in the midst of a recovery, but main street isn't"
      So with today's view from the street (main street that is), have a great day.

Disclosure: Short Financials