Friday, September 2, 2011

market dives as employment sputters

this is what i really detest about the markets and financial world in general:

U.S. adds no new jobs in Aug.; unemployment remains 9.1% - The Washington Post: "Job creation came to a halt in August, according to new government data that show an economic recovery that appears to be puttering out.

The Labor Department on Friday reported zero net job creation in August, far worse than the 68,000 net jobs analysts had expected to be added. The unemployment rate was unchanged at 9.1 percent. The July job growth number was revised downward, as well, to only 85,000 jobs added that month--not the 117,000 first estimated."
they have a fucking conniption and do a full belly flop on release of august employment data that shows that no new jobs were added during the period.

here are a bunch of rich fucks who don't feel the effects of getting laid off or continuing unemployment, having a spasm at a goddamn statistic!

if there were ever a more detestable bunch of people, it's the high rollers on wall street who cavalierly wreck the economy with their bad gambles, get bailed out on the public dime, do everything in their power to move production to the cheapest labor while destroying cities and states in the pursuit of higher profits.

the economy and the people whose lives it supports is nothing but some kind of video game, a virtual world like farmville where supercomputers are used to wring a fraction of a penny out of millions of high-frequency trades, making their owners and programmers rich while in the real world, there are real consequences for real people.

until the markets stop making deals and money, and start investing in people making things, we'll continue to totter along helplessly in the same pointless circles of boom and bust, until eventually it's all one big washout.

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