Via The Daily Bell
Patents seem like a good idea on paper. If you come up with something innovative, you should reap the rewards. That safeguards the hard work and money someone puts into an invention or technology.
But patents really amount to a legal monopoly, granted by government. And as is typical with government, this intervention into the economy creates some interesting side effects.
It should come as a surprise to precisely no one reading this post that wall street equity analysts have a 'slight' bias toward "Buy" ratings. After all, equity analysts aren't really in the business of helping clients make buy/sell decisions, their only real value comes from acting as an intermediary to setup the coveted 1x1's at lavish conferences in Miami between the hedge funds who pay them and the management teams of the companies they cover. And, of course, it's much harder to get those management teams to attend your conference if you spread too much truth about th
The September jobs report was a bizarre exercise in "goalseeked" data: from the first drop in Establishment Survey payrolls in 7 years, to the near record monthly surge in full-time jobs and Household Survey employment, to the erroneous calculation in average hourly earnings, virtually everything about the latest payrolls report was off.
Still, accurate or fabricated, here is the breakdown of the seasonally-adjusted job gains and losses that took place in the hurricane-impacted month.
Authored by MN Gordon via EconomicPrism.com,
How is it that seemingly intelligent people, of apparent sound mind and rational thought, can stray so far off the beam? How come there are certain professions that reward their practitioners for their failures?
The central banking and monetary policy vocation rings the bell on both accounts. Today we offer a brief case study in this regard.
Having pointed out a glaring error in today's payrolls report, which indicated that there was at least one math error in calculating the average hourly earnings number, and as a result casts doubt on every other piece of data released by the BLS, we urge algos and the handful of carbon-based traders, to take anything released by the BLS with a boulder of salt, especially data on wage inflation, until the BLS provides an explanation for what is going on.