I don’t know about you but I’m long. I have been the most bearish beginning late 2006, but no more. Yes, perhaps I’m late to the long game, but I think it has more room to go. I’m sure that those on the right, while chuckling between themselves about “stimulus”, would literally need to have their dicks stroked before they stop complaining, despite the fact that it would be the government doing the stroking. For those the following statistics won’t mean anything. But for those that have their heads out of their asses, here’s some Bloomberg stats. I hope the source is legitimate enough for the Fox crowd.
Non-farm payrolls (scroll down to see the charts)
Notice that the unemployment number, which is going down, despite the shrieks on the right, is a lagging indicator. What’s more important is the nonfarm payrolls chart. The peak of job losses hit on Jan 09 when Obama took office and has been steadily going down and is now at about Jan 08 level. If this is not progress then I don’t know what is. There are those, of course, that won’t be appeased no matter what happens, proclaiming Obama’s failure because the unemployment hasn’t hit 5% yet. I’m sure they manifest their gloomy disposition by being short. However, I doubt that last year’s rally in corporates and mortage-backed was fueled by left-wing fund managers bent on proving Obama right.
Unfortunately, I don’t think unemployment will dip below 8% this year, which will be bad for Democrats, because the unemployed don’t care about the freaking statistics, but care about the paycheck.
But just some food for thought.