Also might NOT be interesting, as we've pretty well established that there is no real accountability, no matter how juicy a tidbit is leaked out accidently in front of the people who pretend to do things for this country.

GDD9000,

Got your pigged concurence.

--bh

" June 25, 2009

Industrial orders for factories in the 16-member eurozone dropped 35.5 percent year-on-year in April, Deutsche Presse-Agentur reported June 25, citing figures released by the European Union’s statistics office. The annual drop followed a 1 percent month-on-month decline in industrial orders in May."

Boomberg has downgraded Benjamins to a BBB rating.

@MrM - thanks!

How can you tell BB's prevaricating?

His mustache moves!

Hank just looks like a fascist.
Mussolini wanna-be.

Hank would have had more gravitas attired in baggy dictator pants, testifying.

Here's the guide to which politicians will ask softball questions:

Bank of America: Recipients | OpenSecrets

Is he under oath?

Commercial real estate: The day the mall died

Commercial real estate: The day the mall died

"Hank just looks like a fascist.
Mussolini wanna-be."

Dr. Evil comes to mind

Juvenal Delinquent (profile) wrote on Thu, 6/25/2009 - 9:38 am

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Because it's common for both men and women to work nowadays, as opposed to the Great Depression, when women hardly worked...

Might we expect an unemployment rate double to that of the Great Depression?
________________-

I think the more significant change is that we have moved from "womens' and "mens" jobs to an environment where there are jobs that both men and women compete for. This now means (because both husband and wife now work and for most they need both incomes to make the mortgage/ rent payment) every lay off results in a potential foreclosure. It is not as in the past that if the husband got laid off the wife could back into the work force competing for a "woman's" job in other words both job prospect rise and fall together.

By the way, do a search for the documentary "High on Crack Street" to see what Lowell , MA is like

Not that I want to play " Defend your hometown " I don't...That flick gives lowell a bad rap...Besides that what city in this country was not a crack haven in the 90's..they all were...some still are.

CR...
I'm curious why you say the following: " My view is the most useful number in the weekly claims report is the number of seasonally adjusted initial claims (with a 4-week moving average because it is so noisy)."

a four week moving average is used to 'smooth' volatility in the data but where's the noise?
Nine years ago I did a trend analytics project for Thomson that involved mutual fund data that
we had access to from Depository Trust due to our relationships with the various funds,
for example, when I tracked Lord Abbots' holdings and then tried to anticipate the funds holdings at Qtr end,
such a projection was based on data at hand where I had only had 48% of
their total accounts, what was missing is called noise, i.e., incomplete data set... No?

Judge grapples with her discovery of 15,000 unserved foreclosure cases

Daily Business Review: Unserved_foreclosure 

If government supplied numbers are suspect, but seldom circumspect in regards to the overall financial picture, of what use are they... really?

Arabic Numerals in large numbers have infiltrated the Fed, Weapons of Mass Delusion.

We've been jihad...

CR, you are saying the weekly numbers are incomplete or unreliable and prone to revision...

I heard the call of Issa about 20 years ago, when I got too close to the car next to me and it's alarm went off, and he admonished me.

He just wouldn't let me get a word in...

Weekly data is noisy because of holidays, some weeks straddle the end of the month, the mail can be late, on and on. It's just noisy, not bad. By using a 4 week moving average a lot of that averages out.

Ben Wa might be experiencing shrinkage, as the questions grow more pointed...

Yogi he had no support from the unions or the bankers. that is why he lost.

Bernanke just said " I didn't do it."

Bernanke basically said "(We didn't want to see Merrill stock go down)"

Grilled sacrificial lambs taste delicious in a mint-jelly sauce.

thanks for the answer... so the data is incomplete therefore noisy...
when I tracked spreads bwt corp bonds and Treasuries at SB,
most were smoothed using this or that moving average, not because of
incomplete data... harder to follow jagged trends

Half of CONgreff is going to get Spitzered.

The emails over at zero hedge are interesting

Zero Hedge: The Fed's Emails

Highlight from the 15K unserved foreclosures link posted earlier:

Foreclosures
Judge grapples with her discovery of 15,000 unserved foreclosure cases
June 24, 2009 By: Billy Shields

Miami-Dade Circuit Court judge discovered more than 15,000 foreclosure cases filed this year haven’t been served.

It’s the latest shoe to drop in a foreclosure crisis garnering nationwide attention, and an unwelcome discovery in the face of state budget cuts that produced layoffs for courts and clerks.

The backlog is critical because cases where homeowners haven’t been served within four months are subject to dismissal.
Daily Business Review: Unserved_foreclosure 

Unions don't have, and have never had, that kind of clout.

Also on the meaning of "didn't" and "do". Probably "I", too.

Knagaroo Court Where is Paulson?
Probably off with these guys:
'Stoned wallabies make crop circles'
Wallabies have been observed acting strangely in poppy fields
Australian wallabies are eating opium poppies and creating crop circles as they hop around "as high as a kite", a government official has said.
Lara Giddings, the attorney general for the island state of Tasmania, said the kangaroo-like marsupials were getting into poppy fields grown for medicine.

Graybeard (the pirated version) doesn't look to be walking the plank________

Paranoid Rantings?

Paranoid Rantings? - The Market Ticker

BERNANKE: FED ACTED WITH "HIGHEST INTEGRITY"

That doesn't say anything about Treasury, now does it.

I can't watch the hearing unfortunately. But in any case Paulson will be the one to watch, not Bernanke.

Got'em Kucinich ( I actually dislike him the least out of all the Congressmen)

Who's lying BB? You or Ken Lewis?

Comment on the last thread - I don't think continuing claims, initial claims, etc matter much in the Great Recession. U6 is the true number to watch.

I know in my modeling the number of new people hitting unemployment each week is not considered (for mortgage delinquency modeling). Many will make payments for a while from savings, pogey checks, etc.

It is the chronic, long term unemployment that really hits home. So the rate of increase (or decrease) of U6 matters most. If it is high for an extended period of time and still climbing like it is now, look out economy. Especially an economy that depends on the consumer for 70% of spending.

Even if no one new filed for unemployment, or say 100K did, what does that tell us? That companies have run out of people to lay off?

Without job creation this economy will continue to nose dive, with pauses along the way like we are having now.

"Tell that to Schwarzenegger. Nationally three letters U-A-W "

Schwarzenneger is a union candidate?

The UAW is so strong nationally they've managed to lose factories in Detroit to non-union plants in Louisiana, at lower wages, with less job-protection, health and pension benefits.

Are you sure you can't remember??????????

I thought "Paranoid Rantings" was the new title of Denninger's blog.

For the Ron Paul acolytes out there, he'll be in the new Sacha Baron Cohen (Aka Borat) movie this summer, Bruno.

It looks to be even more delightfully offensive than Borat was.

my favorite part is how he says that in order to preserve our free markets he had to insure asymmetric information was the rule.

with logic like that how can you go wrong?

and when I say asymmetric ofcourse I mean the GS crime family / the rest of the world.

"I heard the call of Issa about 20 years ago..."

"Isa' is Arabic for Jesus.

"Schwarzenneger is a union candidate?" - You can do better than that Yogi I know you can

UAW losing jobs Might have something to do with auto companies in Detroit being near bankruptcy for years

Not trying to argue that Unions are more powerful that bankers or big business I am saying that a DEM candidate cannot win without their enthusiastic endorsement.

"...my favorite part is how he says that in order to preserve our free markets he had to insure asymmetric information was the rule."

Minitru could have changed its name to the Ministry of Asymmetric Information.

Euphemisms like 'asymetric information' are symptoms of social, and mental, decline.

mr bernanke, did you instruct ken lewis, the ceo, what to do and would you instruct a ceo to do something that is not in the interest of the shareholders but to prevent a system meltdown?

bb: i did not instruct him and i hold the view the ceo has responsibility to shareholders.

would you say that if the advice or direction you gave would prevent a system meltdown then that advice is in the interest of shareholders.

bb: i could have not said that any better.

"I am saying that a DEM candidate cannot win without their enthusiastic endorsement. "

And I am saying that the unions must play power politics like anyone else and try to support the candidate likely to win, not the one most favorable to unions.

I agree esp nationally

ghostfaceinvestah said: "...Without job creation this economy will continue to nose dive, with pauses along the way like we are having now."

This is a common misconception in cause-and-effect. Growth creates jobs, not the other way around. As an example of this, look at the last recession. The NBER declared the recession trough as November, 2001, but it was nearly two years later before non-farm payrolls were consistently positive month after month. During that time other economic indicators (industrial production, manufacturing trade sales, real income) were signaling expansion The growth had to come first.

Not to diminish the plight of the people who do lose their jobs, but the recovery will be well under way (whenever that is) before we see major improvement in employment.

Sebastian