Opinions From marketwatch.com
After Election, Jobless Claims Leap 78,000 to 439,000 – Controlled Media Blames Sandy – The People Blame Obama
Isn’t it interesting that the jobless claims reported in the weeks leading up to the election were so low, and now that the election is behind us we get a report like this one? Of course, it was all unexpected to economists, who didn’t see the whopping 439,000 coming. Naturally, MarketWatch is doing their duty and blaming it on Sandy. You know, because it couldn’t have anything to do with the massive layoffs due to Obamacare.
The damage caused by Hurricane Sandy sent U.S. jobless claims soaring by 78,000 in the week ended Nov. 10 to an 18-month high of 439,000, according to the latest government figures. A Labor Department official on Thursday said claims surged in the eastern parts of the country that laid in the path of the storm. The destruction of job sites, closure of government offices and widespread power outages caused more people to file claims after an initial delay. Economists surveyed by MarketWatch had expected claims to climb to 380,000 on a seasonally adjusted basis. Initial claims from two weeks ago were revised up to 361,000 from an original reading of 355,000, based on more complete data collected at the state level. (Read More)
Good grief, when they revise this number what will it go up to?
If that’s not bad enough, have you seen how the stock market has been doing since the election?
Ever since Obama won eight days ago, stock prices are down about 4% as this is being recorded. So stocks peaked September 14—two months before the election—when the Federal Reserve announced the current version of quantitative easing, and stocks held up pretty much right through an election day rally.
But now that the election is over stocks are dropping with no bottom in sight. This is no accident given investors’ fears of higher taxes and continued big spending, including higher taxes on capital gains, which inevitably will tank the economy. In fact, I believe we are headed for a recession. (Read More)
Opinions From Marketwatch.com
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