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  • The Daily View: Job Numbers, Romney, The Media, Oil Prices And Economic Data [Edit or Delete]0 comments
    Apr 5, 2012 4:00 PM

    The experts are advising to keep buying the dips and not to worry about Europe, housing, debt or unemployment. An unexpected rise in unemployment tomorrow may spark a rally due to the increased odds of more easing from the fed. Innovative companies like Twitter, Apple, Google and Facebook are leading the present economic boom, independent of Obama's failed efforts to force employers put more slow and overpaid Americans to work. Consumption and technological progress should hold precedence over job creation and deficit reduction.

    Obama is a terrible orator. Listening to Obama without the teleprompter is like watching Beavis and Butthead with the constant umm's and ahh's.

    The Romney surge is unstoppable after his triple primary win. A combination of factors like surging gas & oil prices, a resurgent Iran,

    unconstitutionality of obamacare,high unemployment and generalized angst about the economy will provide a pathway for Romney to claim a narrow victory over Obama. Millions of people can relate to Romney (who is unemployed), unlike the effete Obama wealth spreader that never held a real job outside of government.

    For the past three or four years the media has had an unusual fixation on the economy. As recently as four years ago the major networks rarely covered economic data but now even weekly job claims numbers are newsworthy events and monthly payroll data have hour-long segments devoted to them. Gas prices, jobs and healthcare costs have become widely covered issues because we've become a nation of complainers always looking to blame someone or some something for things we don't like and in the process creating the false impression that we somehow have control over these problems. The media, politicians, and bloggers are powerless to lower energy costs, to create jobs, or make healthcare and college more affordable. As long as the economy and stock market is booming everything will keep getting more expensive at a rate that far exceeds wage and bond inflation. There's huge demand for things like healthcare, gas and college and these companies have pricing power and leverage over consumers.

    CNN and Fox News should be reminding viewers that the economy is fundamentally sound and to spend more. It's time for the media to address the lingering doubts about the veracity Obama's birth certificate.

    Oil is up 2% today even as stocks are flat. We're going to see Oil $120 and gas $4.30 gallon soon, but it won't hurt the economy. The sheer amount of investor money flooding into commodities markets is overshadowing any supply and demand numbers. Interest rates & taxes are never going up again. Central banks are keeping their feet on the gas pedal and all this liquidity is flowing into all asset classes, especially commodities.

    The market has priced in crappy housing and job numbers for the foreseeable future. Since March 2009, none of that stuff has mattered. I can't recall the last time the market fell on a bad housing number and seldom has it fallen on bad job data. The left says housing and the job market is weak, and perhaps they are right (except where i live), but Wall St. (which really matters) doesn't care.

    This mosaic of economic data is analogous to a Rorschach test which the left keeps interpreting the wrong way. They are trying to draw bearish conclusions where there are none to be had.

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