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fred hickey
@htsfhickey
Editor, The High-Tech Strategist since 1987.
๊ฐ€์ž… November 2010
55 ํŒ”๋กœ์ž‰ ์ค‘    65.3K ํŒฌ
Headline: "U.S. payrolls rose 162,000 in August, much more than expected." What? Another massive miss to the "estimates?" And big revisions? That never happens๐Ÿ˜„. Why does anyone pay any attention? Answer: Because the gamblers on Wall Street need something to bet on every month. Reality is that the final, final jobs numbers a year from now will almost always be revised lower due to the inherent upward biases in the BLS's early numbers (such as including phantom jobs from their flawed "Birth/Death" model - see the final job revisions in the chart below). Of course, we wouldn't need this flawed government jobs "information" or the suppressed CPI/PCE numbers so quickly every month if our central planners at the Fed weren't manipulating short-term interest rates and long-term rates too (via their bond buying QE programs - using printed-up money). If the central planners weren't manipulating the price of money - maybe we wouldn't have so much real inflation? Here's an idea - why not let the free market determine what the price of money (interest rates) should be. Maybe it has better info than the BLS & Fed? Or even our market-intervening Treasury Secretary?
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