This bear market rally is truly amazing. Case in point is today's dow surge. It's amazing to me that in face of all the ACTUAL evidence out there, people still can hang on to a bull mentality. The propaganda and spin machine that is the media and federal government are in full force. If anyone just takes the time to look under the hood of all the so called "bullish" news, they would see it for what it is. Complete and utter non-sensical spin on top of skewed numbers.
While unemployment numbers may not look bad on the headline numbers, underneath the employment picture is absolutely terrible. Employers are slashing worker's hours at rates that have never been seen. While this may not translate into an "unemployed" number, the number of hours reduced forcing part-time employment was the equivalent of 400,000 lost jobs last month. OUCH!!! So headline employment looks ok, while employers just reduce hours for existing employees. Where's the good news in that? You now have millions of people working less hours than they were before. The "good news" is this causes no surge in unemployment and workers can't claim unemployment. The bad news is, that worker can't afford their mortgage, car and credit card payments and have zero chance at getting a better job.
Why is it so difficult for people to understand why the consumer confidence numbers are the worst in 30 years. EVERYBODY in this country is feeling what is happening, yet the media and government refuse to acknowledge the truth. Scary indeed. The hope is that this can all blow over before it gets worse. The reality is, it is getting worse and it won't ease up for years. There'll be no hiding from the fall-out of this credit bubble collapsing.
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