Bending the Third Rail
Because We Should, We Can, We Do
Friday, May 05, 2006
No Wonder
Now I know why the stock market is flying today:
+138K new jobs, below the expected 200,000 that CNN told me would be "good news for the Bush administration.
There's nothing quite like a tepid, very tepid, jobs report to make businessmen smile. Actually, it because the market thinks this means the Fed will stop raising rates.

The Bush "recovery" has been pathetic. The only people who have benefited are ..... yep .... the rich. And in a consumer dominated economy (2/3rds of GDP is consumer spending), benefiting only the rich leads to a lousy economy for most people.

UPDATED: Uh oh. I didn't see this on first blush:
NFP's [Non-farm payrolls] soft number 138k number for April -- and the 36,000 downward revisions for the prior two months -- heartened equity and bond holders alike, as both asset classes rallied.
Ooops.

Time to rally like it's 1999!
Written at 9:35 AM by Greyhair.
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