New Unemployment Claims dropped by more than expected last week, down 21,000 to 323,000. This is approaching a post-Bush Crash record, and that was where we were before the Tea Seditionists tried to end Western Civilization by bringing us to the precipice of default. It's been revealed that the major banks spent 100s of millions on contingency planning and had set up 'war rooms' in an attempt to hold things together had the Tea Bag actually burst.
The markets reacted well to improvement in the jobs outlook despite the usual crazy talk from 'Fed taper' crowd. The disaster capitalists keep saying the Federal Reserve will surely stop printing money if the economy should start to improve the least little bit and we should all panic immediately! This scary talk is starting to have very little effect since people are catching on to how stupid it is.
There is also improved confidence because of the certainty of Janet Yellen's appointment as Fed Chairman, now that the right-wing crazies can't stop Presidential appointments anymore. Besides eliminating uncertainty about who will be in charge, Yellen also has a better record than the current Chairman in her response to the last banking crisis.
Remember how the Republicans had been blocking Obama's appointments to the National Labor Relations Board forcing Obama to do recess appointments in order to have a functioning agency? Well the NLRB is finally starting to do its job and is bringing action against Walmart for its pattern of blatant union busting. This news should encourage the fledgling union movements by the employees of the wage slave operations in big box stores and the fast food industry.
Now that the Republicans can't block nominees this could allow the government work much more effectively. Not only will the top jobs now be filled in a timely manner, but there won't be the pressure to reappoint Bush cronies just to have somebody keeping the lights on. With competent people in charge it opens things up to reorganization and the elimination of corrupt Republicans that have been embedded deep in the government.
Just being able to fill Appeals Court positions should shift the Courts away from the hard right corporate rulings that have been coming down. The only fly in the ointment is that Supreme Court nominees weren't included in the filibuster crack down, so we're still in danger of having a hard right court run from the top down.
The right-wing noise machine is trying to claim (yet again) that Obama has been faking the unemployment rate by simply rigging the numbers, specifically they claim to have an insider that says this was done in the lead up to the election. The percentage rate of the unemployed is based a large phone survey of households to determine how many people are actually working. This is opposed to the Employer Establishment Survey that gives you the most often quoted number of new jobs, or during the Bush Crash, how we were losing 800,000 jobs per month. The household survey is considered to be the more accurate of the two surveys, but the media doesn't seem to grasp this, or more likely chooses not to.
The thing is, all of the raw survey data is available to researchers. It would take the complicity of everybody who worked in the Dept of Labor Statistics to pull off faking the numbers without getting caught. But if you're a right-wing ditto head you already believe everybody that works for the Federal Government is part of a vast conspiracy, and every storage lot with a chain link fence was built by FEMA to use as an extermination camp just as soon as Obama ends the filibuster.
Twitter @BruceEnberg - where I'm learning to knit in the manner of Madame Defarge