http://www.youtube.com/embed/p0Q3nhfHcY0
The White House has rolled out the President’s 70 point plan to reform the immigration system. Will building a wall, hiring more officers and prosecutors, mandating E-Verify, and other enforcement measures help solve the problem? Or is there a better way?
In a note that we'll file away under the definition of 'irony', Bloomberg wrote today that the fun-loving, free-spirited socialists of San Francisco are suddenly really pissed off that their liberal economic policies have resulted in a wave of restaurant failures, making it nearly impossible to find good food at an 'affordable' price.
We would be pissed too...who could have guessed that artificially raising wages well above market supported rates would result in business failures?
If Bernie Madoff taught us anything it's that every successful ponzi scheme requires precisely one critical component to keep it afloat: a steady stream of fresh capital to fund redemptions. Absent that key component, even the most carefully crafted ponzi, with the best, most creative accounting fabrications in the world, will inevitably fail from a lack of real, cold, hard cash to keep the illusion going.
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.
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.