Jobs, Jobs, Jobs and a Legal Snow Job
Headlines this morning are all about jobs and about Alvin Bragg's snow job of a legal case.
A small change in the jobs market turns out not to have much more behind it than a mere revision in the way the Bureau of Lying Statistics revises its statistics for seasonal affects, but that still has the mainstream financial bubble writers poring over the possibilities that the job market is finally tilting and giving way to Powell’s pressure. More astute analysis says Powell’s pressure is cracking the economy badly before it even slightly fractures the faulty job numbers that he is, for a fact, using to gauge when the Fed should be turning down its tightening efforts.
As a result, the economy is in purgatory and screaming down a path toward earnings hell if Goldman Sachs is right. Small businesses that were, at best, borderline zombies, dependent on endless cheap debt refinance to stay afloat, are filing for bankruptcy at record rates. Profits are plunging into a drop-off as deep as the infamous Pandemic Plunge.
Meanwhile, Alvin Bragg’s snow job against Donald Trump is being taken apart by a lot more people after my own takedown yesterday as probably the most pathetic compilation of cobbled-together legal film-flam ever imagined to take down a former president hated by Bragg’s constituents. Alan Dershowitz says Bragg will easily win his case in the political theater of the NYC courts, but it will just as easily be tossed out on appeal for the sham that it is once it makes it outside of the theater capital of the world. As Ann Coulter says, Bragg has accomplished nothing more than to give Trump a likely-to-succeed narrative and theme for the ’24 campaign.
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