Whiners and Liars Hosed With Job Revisions, Free Market Hypocrites Out in Force

In my column titled Bull Market in Disingenuity, I challenged the whiners and liars who were misusing the so called disastrous March jobs data. I stated that with the revisions in that month, the job number wasn’t that bad, and that with the trend of revisions being positive, it was likely that March would come in line with original expectations.

I was wrong. The new numbers for March are now BETTER THAN ORIGINAL EXPECTATIONS.

The original estimate of plus whatever, implied an employment number of 135,246,000. After today’s report, the employment number for March is 135,309, or 63,000 jobs better than the original estimate.

Take that, whiners and liars, and abusers and obfuscators of the data in order to browbeat the Fed into more QE. Cause that’s what my column said they were doing. Either they were ignorant of the nature of the jobs report, or they understood the truth but used it to pound the table for more QE. Either way, the Free Market Hypocrites are out in force, bludgeoning the Fed for More, More, More.

You see, the Free Market Hypocrites want their cake, the other guys cake, and to eat it too. They want 0% crisis interest rates and infinite debt monetization to fuel levered speculation in financial assets. And they want it despite 6 months of record corporate profits, record share repurchases, and record margin debt levels. As good as things are for the Owners of Capital, these hypocrites scream for more government intervention to drive asset prices higher.

And the knuckleheads at the Fed, the clueless and the academics, give it to them under the ruse of job creation. Buying bonds does not create sustainable jobs from legitimate wealth accumulation. It does create artificial conditions of excess profitability and higher asset prices that might help the top 10% of the economic ladder to consume more. For a while. And it certainly does create inflation the Fed dismisses and manipulates away.

But it doesn’t put engineers and programmers to work. Nor does it educate the vast majority of unskilled laborers whose talents are less needed in our own ABE (Asset Bubble Economy). And unless you are a roughneck, most Providers of Labor are getting killed. Just killed from unreported inflation in food, energy, taxes, insurance, medical services, tuition, entertainment, etc, while their real incomes stagnate. The Fed is killing a good chunk of the population from conservative savers to the working poor, all in an attempt to garner a percent or two of GDP growth from the wealth effect on the very rich.

In summary, the Fed ignores the downside/risk to asset bubbles. Misstates true inflation. Permits the morons in Washington to fiddle while accommodating the structural imbalances in the economy with unprecedented balance sheet engorgement. And worst of all, creates a sense of entitlement in the Free Market Hypocrites with the biggest, highest strike priced Fed Put ever constructed by any chairman. That’s right, the Fed conditions investors to expect a Fed injection at any little squiggle in the jobs report or economy. You just saw that last month!

And they do all this under the rationale that inflation is too low, and they can create real, sustainable employment with asset bubbles. It would be hilarious if it weren’t so pathetic. So until the music stops, and Chuck Prince gets into the hedge fund business, enjoy the free money rally til it blows. Its gonna be an ugly reversion to the mean whenever we get to that point. And there are gonna be a lot of speculators that get pummeled when the music stops.

And expect the FMHs to cheer the strong macro, but insist that QEi stay around a lot longer. For it was just last month we had a “disastrous” employment number. Not really. After revisions, March was a huge month, up some 260,000 jobs from the original February baseline!

Next week a review of the Bernanke speech on May 5, 2011:” Implementing a Macroprudential Approach to Supervision and Regulation.” Hahaha